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Aluminum &Specialty Metals:Aluminum tracker,Smelting margins squeezed as alumina climbs

类型:投资策略  机构:德意志银行   研究员:Jorge Beristain  日期:2017-10-13
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LME aluminum price increased $19/t (1c/lb) to $2,111/t ($0.96/lb) throughSeptember, as Chinese curtailments became more apparent. DBealuminum smelter margins lost ~$107/t (5c/lb) in September. Aluminum is$458/t (21c/lb) or 28% higher than one year ago.

    US Midwest regional premia +22% MoM to 9c/lb, while European andJapanese premia increased 4% and 7% to 7c/lb and 4c/lb, respectively.

    Raw materials: Alumina increased 20% MoM to $383/ton (+64% YoY) onanticipated Chinese curtailments. Bauxite ore +6% MoM to $49/t (+7%YoY). DBe alumina refining margins +$57/t.

    Apparent demand: NA August consumption +25% YoY to 494kt (+3%MoM), on both higher net imports (+102kt YoY) and shipments (+15kt).

    Chinese apparent demand decreased 4% YoY to 2.5mt while net exportsincrease 14% to 185kt despite 3% lower production of 2.6mt.

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