Aluminum Physical Delivery Premiums Finally Begin to Fall

Aluminum physical delivery premiums finally started to fall this week. MetalMiner’s Stuart Burns wrote that speculation is ongoing as to what is behind greater availability but most attribute it to a combination of slow demand in Europe, rising exports from China and traders/funds being unable to roll material over in financing deals due to the flat forward curve on the London Metal Exchange.

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The aluminum 3-month price closed last week at $1,801 per metric ton, after a 1.0% drop on the LME. Following a 0.8% drop on the LME, the primary aluminum cash price finished the week at $1,784 per metric ton.

Following a 1.6% decline to INR 110.80 ($1.79) per kilogram, the cash price of primary Indian aluminum finished as the week’s biggest mover on the weekly Aluminum MMI®.

Chinese aluminum prices were flat for the week. The cash price of Chinese aluminum remained steady from the previous week at CNY 12,910 ($2,063) per metric ton. At CNY 13,700 ($2,189) per metric ton, the week finished with no movement for Chinese aluminum bar. At CNY 12,940 ($2,067) per metric ton, the price of Chinese aluminum billet did not change since the previous week.

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The price of Korean 3003 coil premium over 1050 sheet rose 0.3% to KRW 3,847 ($3.50) per kilogram after falling 4.4% during the previous week. The price of Korean 5052 coil premium over 1050 sheet rose 0.3% to KRW 3,997 ($3.63) per kilogram after falling 4.3% during the previous week. Prices for European 5083 plate remained constant, closing the week at EUR 2,897 ($3,293) per metric ton. European 1050 aluminum prices held steady from the previous week at EUR 2,617 ($2,974) per metric ton.

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The Aluminum MMI® collects and weights 12 global aluminum price points to provide a unique view into aluminum price trends. For more information on the Aluminum MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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