GUANGZHOU, Sep 3 (SMM) – Spot prices of aluminum extended their increases on Tuesday
September 3 as prices of nickel, raw material to produce aluminum, surged this week after
advanced Indonesia export ban sparked fears of ore supply disruption.
As of Tuesday September 3, quotes of aluminum in Wuxi of Jiangsu province climbed 100-300 yuan/mt on the day, extending a rally of 420-500 yuan/mt on Monday.
Relatively tight supply also helped fuel the rebound in prices of aluminum, which grew an average 100 yuan/mt from last Friday to stand at 14,000 yuan/mt in Wuxi as of Monday September 2 Prices of aluminum scrap also moved higher on stable purchases, with strong performance expected in the near term. SMM assessed that prices rose 300-400 yuan/mt from last Friday to stand at
14,450-15,700 yuan/mt for casting scrap.