“There is kind of a bearish sentiment that is related to global recessions, dips in the London Metal Exchange three-month aluminium price and Chinese scrap import news,” Russian aluminium producer Rusal’s head of marketing Jerome Lucaes told Fastmarkets.
“These factors have completely changed the current market outlook and global flows of material but this is a short term disruption.”
Fastmarkets assessed the aluminium pressure diecasting ingot DIN226/A380, delivered Europe,
at €1,260-1,290 ($1,394-1,428) per tonne on Friday November 15, down 19.5% or €310 per tonne at the midpoint of the range from the year high of €1,560-1,610 per tonne on January 28.
Aluminium scrap and ingot prices are currently hovering at 10-year lows. The downtrend in ingot prices, used primarily to be smelted for car parts, has been widely attributed to a downturn in demand from the automotive sector. European...