The aluminum market has been in surplus for almost a decade, but Alcoa believes this year it will move into deficit.
IBC Advanced Alloys signed an MoU with Nu-Cast, giving the companies an opportunity for development and market expansion of their high performance casting solutions for the aerospace sector.
The aluminum market was hit with oversupply in 2013, which looks like it could have an impact on the market in the year to come.
Exports of Japanese aluminum scrap are approaching record levels this year, fueled by a weaker yen and higher recycling capacity in Korea.
Bloomberg reported that Fitch Ratings has cut Alcoa Inc.'s (NYSE:AA) credit grade from BBB- to BB+, one level below investment grade. The firm "sees Alcoa’s total debt remaining more than 2.5 times its earnings before interest, taxes, depreciation and amortization."
Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF), a cleantech company currently commercializing its high-purity alumina process, released a general update on previously announced financing activities.
Novelis Inc. announced that Red Hare Brewing Co. will be the first customer for its evercan, a beverage can made mostly of recycled aluminum.
Alcoa Inc. (NYSE:AA) announced its results for the first quarter of 2014, commenting that it recorded a net loss of $178 million, or $0.16 per share. That includes $276 million worth of "special items largely tied to smelter and rolling mill capacity reductions."
China will impose tiered power rates on aluminum smelters, starting on January 1, as part of its efforts to address severe overcapacity in the industry, Shanghai Metals Market reported.
Bloomberg reported that according to the Tiberius Group, aluminum prices will most likely drop after investors begin to unwind financing deals overshadowing most of London Metal Exchange stockpiles.
MSNBC reported that Reliance Steel & Aluminum Co.'s (NYSE:RS) third-quarter profit surged 74 percent due to rise in steel volumes as well as prices.
Bloomberg reported that Aluminum Corp. of China Ltd., (SHA:601600) announced that few of its units will most likely face difficult cash-flow situations as prices continue to inch down.