Is this another sign of the times for the bloated aluminum market?
Via Reuters: Following the finalization of Glencore + Xstrata, “Glencore’s top managers may consider a shake-up of the department, one source said. The aluminum group, one of the firm’s six mining and metals divisions, has seen more turnover at the top than other parts of Glencore, a company in which loyalty is fiercely prized…
“Glencore is still the most influential player in the 50 million tonne a year aluminum market. Two years ago it estimated that it controlled 38 percent of the ‘addressable’ global market – a figure that excludes supplies that are not freely traded – of alumina, and 22 percent of aluminum.”
Current Global Aluminum Prices:
On Tuesday, May 21, the day’s biggest mover was the cash price of primary aluminum, which saw a 1.6 percent decline on the LME to $1,811 per metric ton. The aluminum 3-month price saw a 0.9 percent decline on the LME to $1,846 per metric ton.
Chinese aluminum prices closed flat for the day. The Chinese aluminum cash price ended a two-day climb. The price of Chinese aluminum scrap showed little movement yesterday. The price of Chinese aluminum billet was unchanged. For the fifth consecutive day, the price of Chinese aluminum bar held flat.