The market for aluminium 226 ingot fell to its lowest level since November 2009 on Friday May 24 after rumors of distressed selling in Italy exacerbated already weak demand from the European automotive sector.
Fastmarkets assessed the price for aluminium diecasting ingot 226 at ?,?1,340-1,380 ($1,495-1,539) per tonne on Friday, down by ?,?40 per tonne from ?,?1,380-1,430 per tonne the previous week. European secondary aluminium prices universally fell to 10-year lows on May 17, precipitated by automotive decline with German passenger-car production alone falling by 14% month on month in April 2019. And market participants continue to report that the confluence of weak automotive demand, an illiquid market going into the third quarter and macro headwinds continues to exact downward pressure on the secondary aluminium market this week. Last week's decline in the secondary aluminium market continued with fresh rumors of...