Bloomberg.com reports today that in anticipation of the increased need for aluminum ( 5.3%/ per year for the next decade), aluminum producers will need to increase global output by two-thirds, according to executives at Rio Tinto’s (NYSE:RIO) Alcan division. The story is quoted as saying: Unless new smelters are built by 2020, demand for the [...]
The Alcan aluminum plant in Sebree, Kentucky reported that it has laid off dozens of line workers. For full story, click here
Aluminum prices are near five-year lows as orders drop from automakers, builders and appliance manufacturers. The global recession, collapsing consumer and corporate confidence and plunging demand for industrial metals have combined to drop the aluminum prices on the LME to their lowest monthly rate since April 2003.
Aluminum industry executives sent a warning to other market leaders that unless large aluminum producers make deeper output cuts, the entire industry will likely take many years to recover from the current slump. Just 10% of world aluminum output is slated to be taken offline, and unless this number is pushed higher by more output cuts long-lasting damage to the sector is possible.
The price of aluminum has slumped some 50 percent since peaking at $3,380 per tonne last July as the global economic downturn has hit demand for the metal. To kick off 2009, the aluminum market received some positive news as the metal climbed to a three-week high in Shanghai trading.
National Aluminium Company Ltd has signed a strategic alliance agreement with Rio Tinto Alcan, a Canadian company and global supplier of bauxite, alumina and aluminum, for increasing its presence in India and abroad. For full story, click here
National Aluminium Company Ltd has signed a strategic alliance agreement with Rio Tinto Alcan, a Canadian company and global supplier of bauxite, alumina and aluminum, for increasing its presence in India and abroad. For full story, click here
World aluminum prices recorded a marginal gain on Monday on the back of news that the incoming US administration will be unveiling a major stimulus package. US President-Elect Barrack Obama announced plans for the biggest infrastructure investment since the creation of an interstate highway in the 1950’s.
The preparations for the 2008 Summer Olympics in Beijing, China, have impacted commodity spot prices worldwide: aluminum consumption in China is at near-record heights, and continues to surge.
Rio Tinto Alcan has signed an agreement to help secure workers for constructing a proposed $2.5-billion aluminum smelter in northwestern British Columbia. Wayne Peppard, executive director of the British Columbia and Yukon Building and Construction Trades Council, said: What they’re concerned about mainly is the first access to the skilled trades. For more information, click here For [...]
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