Alcoa has unveiled a new alloy for aluminum wheels. The new alloy, MagnaForce, is “lighter and is on an average 16.5% stronger than the industry standard 6061 alloy, also made by Alcoa. The new material also provides the same corrosion-resistance as compared with this industry standard,” reports NASDAQ.
“Alcoa will utilize the new material to make wheels for commercial transportation, where demand for lightweight material is high, and to increase fuel efficiency. According to Alcoa, MagnaForce will ensure the strongest and lightest wheels as required to increase fleet payload and enhance stability along with reduced fuel utilization.”
The cash price of primary aluminum saw the biggest increase at 0.7 percent on the LME, finishing at $1,808 per metric ton for Monday, October 21. On the LME, the aluminum 3-month price rose 0.6 percent to $1,854 per metric ton. The Indian aluminum cash price rose 0.4 percent.
Chinese aluminum closed mixed on Monday. Chinese aluminum scrap prices inched up 0.2 percent. The price of Chinese aluminum billet remained steady. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat. The Chinese aluminum cash price held steady.