Rio Tinto Plc is on its way to shedding some unprofitable investments.
Via RTT News: “Mining giant Rio Tinto plc (RIO: Quote,RIO.L, RTNTF, RTPPF) said Saturday that it has received a binding offer for two of its unprofitable aluminum plants in France from Germany’s largest aluminium producer, Trimet Aluminium SE. Financial terms of the offer were not disclosed.”
On Friday, July 12, the aluminum cash price experienced the biggest change, rising 2.2 percent on the LME to $1,800 per metric ton. The aluminum 3-month price rose 2.1 percent on the LME to $1,842 per metric ton. Today marked the fifth in a row of increasing prices and the improvement has accelerated since Monday, July 8.
Following a couple days of improvement, the Indian aluminum cash price weakened by 0.1 percent.
Chinese aluminum prices were flat for the day. The Chinese aluminum cash price saw little movement last Friday. Chinese aluminum scrap held its value last Friday. Chinese aluminum billet stayed flat. The price of Chinese aluminum bar saw little movement.