This morning in metals news, the LME aluminum price has tracked back down after spiking last Wednesday, U.S. steel import permit applications fell in September and a Chilean state-owned miner is in talks to sell copper to China’s Minmetals.
LME Aluminum Hits One-Week Low
The London aluminum price has come back down after surging last week, when news of Norsk Hydro’s decision to shut down its Alunorte alumina refinery sent prices rising.
However, after being granted a permit to use new technology related to waste disposal at the refinery, Alunorte is set to resume operation, Reuters reported, and the aluminum price has retraced to a one-week low.
MetalMiner’s Take: LME aluminum prices decreased, falling again to their previous levels.
Alumina supply concerns moved the LME aluminum price out of its price range. Despite the sharp downtrend, LME aluminum prices do not seem to be in a bear trend. Selling trading volume does not support the downtrend in prices, meaning that prices are just retracing.
LME aluminum prices seem less volatile than other base metals, but they react sharply to news of supply concerns.
Steel Imports Down 10.6% in YTD
U.S. steel imports have dropped 10.6% in the year to date, the Times of Northwest Indiana reported (citing American Iron and Steel Institute data).
According to the report, September steel import market share hit 21%.
Codelco in Talks for Copper Supply Deal with Minmetals
Chilean state-owned miner Codelco is in talks to enter into a copper supply deal with China’s Minmetals, Reuters reported.
According to the report, the miner is in talks to enter a three-year supply deal with the Chinese firm, providing 60,000 tons of copper per year.