Russian aluminum producer United Co. Rusal declared that it doesn’t need to deepen output cuts if aluminum prices stay above $1,400 a metric ton, but said prices aren’t expected to recover significantly until 2011. For full story, click here
As LME aluminum prices have surged by 18% since early March, a timely announcement by Hydro Aluminium of Norway came out this week to quell any fears among aluminum consumers that capacity cutbacks would eventually bring the market into supply/demand balance and push up prices to levels seen last year. For full story, click here
United Company Rusal reported that aluminum prices were bottoming out and that a very crucial recovery was expected in 2011. For full story, click here
With global spot aluminum ingot prices dipped around 60¢ this week, a new forecast from veteran aluminum analyst Lloyd O’Carroll slices the expected 2009 price average for aluminum ingot to 11¢/lb under the consensus forecast. For full story, click here
Reliance Steel & Aluminum Co sees demand for steel and aluminum products remaining weak at least through the first half of 2009, with customers holding off their purchasing until they believe prices have touched bottom. For full story, click here
Aluminum prices closed at its best since last Thursday as LME inventories witnessed their smallest daily increase by 900 tones. For full story, click here
Aluminum producer’s cutbacks have done little to stabilize the metal’s free fall. In London, the price of aluminum fell to $1,321 per tonne from $1,345. In New York, it was selling for 59 cents per pound. Six months ago, the metal’s going rate was $1.50 per pound.
India’s public sector aluminium major, National Aluminium Company Ltd, announced a heavy price cut in the aluminum prices considering the global financial slowdown. For full story, click here
Aluminium for delivery in three months on the London Metal Exchange fell to a low of $1,279 a tonne – the lowest level since November, 2001. Record high stocks were responsible for the overwhelming downward pressure. Aluminium LME warehouse inventories leapt by 13,125 tonnes to stand at 3.17 million tonnes, their highest ever.
Aluminum prices declined to $1,285 (U.S.) a tonne as inventories hit a record high. For more information, click here
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