Novelis plans to produce 40,000 tons annually after an expansion in its Gottingen, Germany, plant – a strange move, considering the location (the EU in general) is officially in a recession.
Via PR Newswire: “”The increased production at our Gottingen plant is part of our global expansion plan in the automotive sector,” says Erwin Mayr, Senior Vice President, Novelis and President, Novelis Europe…Novelis is investing around the world to boost its automotive finishing capabilities. In North America, an expansion at the company’s Oswego, New York plant will add 240,000 tons and a new plant under construction in Changzhou, China will have a capacity of 120,000 tons.”
While the primary aluminum markets still appear to be quite oversupplied, apparently Novelis is confident enough to produce and supply for the burgeoning auto markets specifically; time will tell to see if this is a good move…
Meanwhile, the week’s biggest mover on MetalMiner’s Aluminum MMI® was the Indian aluminum cash price, which saw a 3.6 percent increase. This comes on the heels of a 5.7 percent decline the week prior.
More weekly aluminum price movements:
The cash price of primary aluminum rose 2.1 percent on the LME to $1,837 per metric ton after falling 4.6 percent during the previous week. The 3-month price of aluminum rose 2.0 percent on the LME to $1,871 per metric ton after falling 4.1 percent during the previous week.
Chinese aluminum prices were mixed for the week. The price of Chinese aluminum scrap rose 1.4 percent after falling 0.4 percent during the previous week. The Chinese aluminum cash price rose 0.8 percent after falling 0.2 percent during the previous week. Chinese aluminum billet saw its price rise 0.3 percent over the past week.
Prices for Korean 3003 coil premium over 1050 sheet remained constant. Korean 5052 coil premium over 1050 sheet traded sideways last week. European 5083 plate prices held steady from the previous week. The price of European 1050 aluminum did not change since the previous week.
The Aluminum MMI® collects and weights 12 global aluminum price points to provide a unique view into aluminum price trends. For more information on the Aluminum MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.