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Primary Aluminum Saw 1.8% Increase To $1,746
www.investing.com/analysis/primary-aluminum-saw-1.8-increase-to-$1,746-200018
Primary Aluminum Saw 1.8% Increase To $1,746
By MetalMiner | Jan 24, 2014 09:56AM ET Looks as though “Constellium NV and UACJ Corp will form a joint venture in the United States to supply the auto industry in response to growing demand for light-weight materials, the companies said on Thursday,” reports Reuters.
“Car manufacturers are turning to aluminium to raise fuel efficiency in line with new regulations, and some analysts expect a fivefold increase this year in the auto aluminium sheet market in the United States.”
“Dutch-based Constellium and Japan’s UACJ plan to invest about $150 million to develop a production facility for aluminium sheet for car bodies, with an initial capacity target of 100,000 tonnes, they said in a joint statement.”
“The partners aim to launch production in the first half of 2016, a Constellium spokesman told Reuters, adding they would probably develop a new site rather than add a line at an existing plant.”
In metal price news for aluminum
The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary aluminum, which saw a 1.8 percent increase on the LME to $1,746 per metric ton. This comes on the heels of a 1.2 percent decline the week prior. The aluminum 3-month price rose 1.6 percent on the LME to $1,788 per metric ton after falling 1.3 percent during the previous week. The cash price of primary Indian aluminum remained unchanged for the week.
Chinese aluminum prices were mixed for the week. Chinese aluminum scrap fell 0.8 percent. The Chinese aluminum cash price rose 0.2 percent after falling 2.8 percent during the previous week. The price of Chinese aluminum bar did not change since the previous week.
Korean 3003 coil premium over 1050 sheet prices held steady from the previous week. Prices for Korean 5052 coil premium over 1050 sheet remained constant, closing the week. The price of European 5083 plate did not change since the previous week. European 1050 aluminum traded sideways last week.
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Primary Aluminum Saw 1.8% Increase To $1,746
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