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.
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.
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.