Aluminum in China Rangebound Ahead of Chinese New Year

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Aluminum stocks in China will balloon after the Chinese New Year holiday, as goods continue to arrive while consumption stagnates during the holiday, Shanghai Metals Market predicts.

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Holding steady on the LME, the aluminum cash price remained at $1,831 per metric ton for Monday, February 16. On the LME, the 3-month price of aluminum held steady around $1,846 per metric ton. The Indian aluminum cash price saw little movement last Friday at INR 114.80 ($1.85) per kilogram.

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Chinese aluminum prices closed flat for the day. At CNY 12,500 ($2,004) per metric ton, the price of Chinese aluminum scrap was essentially unchanged. Chinese aluminum billet held its value last Friday at CNY 12,940 ($2,075) per metric ton. Chinese aluminum bar saw little change in its price last Friday at CNY 13,720 ($2,200) per metric ton. The Chinese aluminum cash price saw little movement last Friday, closing out around CNY 12,930 ($2,073) per metric ton.

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