Analysis
November 3, 2023
CRU Aluminum: Scrap Flows Remain Global Issue as Market Prepares for 2024
Written by Matthew Abrams
The LME aluminum three-month price was unchanged on the morning of Nov. 3 and was seen trading at $2,235 per tonne. Meanwhile, SHFE cash was also broadly stable to end the week ended Nov. 3. The cash contract settled at RMB19,230 per metric ton (t) and was trading at RMB19,250/t on Friday.
The smelters in Yunnan province plan to do curtailments from Nov. 1 due to the power shortage in the coming dry season. The four aluminum companies in Yunnan province are expected to cut 1.16 million metric tons per year aluminum smelting capacity in total. Normally, the rainy season begins in May. The closed capacities are expected to remain closed until the beginning of the rainy season.
