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Mar.29.2024 1USD=7.095RMB
  SteelHome >>Nonferrous Metals>>Market Info>>International Dynamics
 
Al Flat Prices Notched Up in 4-month Absence

https://en.steelhome.com [SteelHome] 2019-03-07 09:33:43

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Korea’s aluminum flat product makers decided to raise 10,000 won per ton as of March 1, rebounding in four months absence assisted by the LME aluminum price hike by $13.7 for February versus January as well as thanks to a little depreciation of Korean currency against the US dollar.

For instance, Choil Aluminum decided its offering prices for 0.3mm aluminum foil flat product to increase 10,000 won per ton setting at 3,230,000 won per ton at the Korean market over the March shipment, and by $10 per ton for the local export market to $2,730 per ton respectively. Novelis Korea also lifted its Korean offering prices to 2,980,000~3,000,000 won per ton depending upon the relationship with the clients for March.

The leading factor to the Korean pricing policy on the aluminum flat product categories takes to watching the LME market of aluminum which hiked $13.7 per ton to $1,859.6 per ton on average during February last year. The foreign exchanger rate on dollar heightened 0.45 compared with the average of the previous month trading for 1,122.45 won per dollar.

Besides, the US sanctions on Russia’s Rusal, the world No.1 largest aluminum producer, was lifted to lessen the bullish upside trends in aluminum prices. That said, the projections come out that China’s aluminum production will be attenuated in accordance with the environmental protection measures. Since July last year, the permit of strip mines is no longer issued, leading to the production cuts. The problems in China’s aluminum production caused to slow the degree of global aluminum production growth, but to stimulate the bauxite prices.

The second quarter 2019 Main Japanese ports Premium(MJP) the Korean aluminum industry applies as the benchmark of aluminum premium is apparently tilting to the upside ahead of the negotiations over the March delivery. According to the industry source, a certain global aluminum producer offered $112 per ton for the second quarter 2019 MJP. If concluded at the level as offered, the second quarter MJP will gain 33 percent compared with the first quarter of $84 per ton, or 33 percent hike, taking the upturn in three quarters absence.

Source: Steel&Metal News
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