The biggest mover on the weekly Aluminum MMI® was the aluminum cash price, which saw a 2.8 percent increase on the LME to $2,047 per metric ton. This comes on the heels of a 3.4 percent decline the week prior.
The 3-month price of aluminum rose 2.6 percent on the LME to $2,085 per metric ton after falling 3.0 percent during the previous week.
Since last week, the price of the Indian aluminum cash price fell 0.2 percent.
Chinese aluminum prices were mixed for the week. After a 0.5 percent decline, Chinese aluminum scrap closed out the week down. The Chinese aluminum cash price dropped 0.1 percent this week, closing out the third consecutive week of falling prices. Chinese aluminum bar remained essentially flat from the previous week.
Prices for Korean 3003 coil premium over 1050 sheet remained constant. Korean 5052 coil premium over 1050 sheet prices held steady as well.
The price of European 5083 plate did not change since the previous week. European 1050 aluminum also remained unchanged.
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.
For a large portion of 2012 – between April and November, to be exact – the Indian steel sector was growing at a phenomenal rate as compared to the rest of the world, propelling the country to the ‘No. 1 global Steel Producing Country’ slot in terms of growth.
At 5.4 percent, the sector grew at five times the world average rate of 0.97 percent.
Though everybody had an idea that India’s steel sector, besides China’s, had by and large remained unaffected by the global recession, the fact that India was the fastest growing steel producing nation seems to have caught even government officials here, too, by surprise.
Good question, and the answer is as much around what is driving demand as it is who you ask.
Certainly a Reuters article this week goes into considerable detail about the physical supply and demand balance expected to influence the price during 2013.
Thomson Reuters GFMS said on Wednesday that persistent concerns over the health of the US economy and pressure on the dollar will send gold prices to a record average high during 2013, predicting the metal’s 12-year bull run will then top out late in the year.