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Metals &Mining:Aluminum tracker,LME pricing gains,1H16apparent demand hold steady

2016-08-16 11:13:28

For the period ended July 29:

Aluminum price was steady at $0.74/lb (+5c/lb or 8% YTD, relatively flat at+1% MoM)

Regional premiums decrease: Midwest aluminum premium was marginallydown at 7c/lb (-23% YTD, -4% MoM),Japanese aluminum premium wasalso lower at 4c/lb (-16% YTD, -4% MoM) while European duty paidpremium was steady at 5c/lb (-31% YTD, flat MoM).

Raw material prices: Alumina was down at $236/ton (+17% YTD, -2%MoM) despite steady aluminum prices, while Bauxite was ~$4/ton higherat $50/ton (-11% YTD, +8% MoM)

Apparent demand: YTD (through June) NA consumption estimated to beflat YoY at 2.4m tons, notable increase in import share which jumped 20pp,YoY in month of June, due to closures of US smelting capacity. Chinesedemand increased marginally to 12.9m tons (+1% YoY) while net exportsdropped to 15% (-119bps YoY) of production