aluminum price

The Aluminum Monthly Metals Index (MMI) dropped three points once again, falling to 80 this month.

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After holding sideways for most of February, LME aluminum prices once again grew weaker later in the month. Prices hit new short-term lows as of early March.

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This morning in metals news, arbitration fell in favor of the Department of Justice vis-a-vis the proposed merger of Novelis and Aleris, January steel shipments rose 5.6%, and copper made gains off of multiyear lows.

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This morning in metals news, the Aluminum Association filed antidumping and countervailing duty petitions alleging imports of aluminum sheet from 18 countries are harming the U.S. industry, the British Steel takeover is set to be completed today, and the issue of steel and aluminum tariffs on Brazil remains up in the air.

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The Construction Monthly Metals Index (MMI) dropped four points this month for a March MMI reading of 75.

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This morning in metals news, oil prices ticked up Wednesday, the European Steel Association welcomed the start of E.U.-U.K. trade negotiations, and Century Aluminum recently released its Q4 and full-year 2019 financial results.

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The Automotive Monthly Metals Index (MMI) held flat this month for a March MMI reading of 86.

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Tesla’s Model 3. Source: Tesla

Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including coverage of: Tesla’s struggle between price competitiveness and battery range; supply chains amid the coronavirus outbreak; U.S. industrial production; zinc’s global supply deficit; and E.U.-U.K. trade talks.

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A recent article by respected Reuters columnist Andy Home reports on the impact of the coronavirus, COVID-19, on the supply-demand balance in China, the world’s largest consumer and producer of aluminum, and the ramifications steps taken to contain the virus could have for the market.

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For the first time in more than a decade, demand in the global aluminum market fell slightly last year as trade wars and slowing consumption from the automotive sector dampened demand.

Even so, China’s massive primary aluminum industry continued to churn out metal and add new capacity.

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This morning in metals news, Australian miner Fortescue reported financial results for the first half of fiscal year 2020, Chinese iron ore futures rise and the LME primary three-month aluminum price slides.

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Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including coverage of: India’s auto sector; a merger of Geely and Volvo; China’s steel industry amid the coronavirus outbreak; the E.U.’s anti-dumping probe of aluminum extrusions from China; and iron ore prices.

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