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.
If there was anyone who had reason to celebrate the failed BHP takeover of Rio Tinto, it would be China, and more specifically Chinese smelters. Last February, Aluminum Corp. of China together with Alcoa, paid $14.1billion for a 12% stake in Rio-Tinto’s London listed shares. Conspiracy theorists said the move was engineered by Beijing.
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