Alcoa promoted its global primary products (GPP) CFO Roy Harvey to COO so that he can oversee the company’s smelter and refinery business.
“In his new role, Harvey would focus on the day-to-day operations of Alcoa’s 22 aluminium smelters and nine alumina refineries worldwide, as well as bauxite assets in Australia, Brazil, Jamaica, Suriname, Guinea and, soon, Saudi Arabia,” according to miningweekly.com.
Perhaps he’ll shut a couple of them down to help bring the global market back into balance? (With China still pumping out aluminum like nobody’s business, Alcoa’s potential shutdowns may be peanuts…)
Today’s Aluminum Prices:
The cash price of primary aluminum closed as the biggest mover for Thursday, July 18. Switching from a downward trend, the metal closed at $1,772 per metric ton following a 1.1 percent increase. Following a 0.9 percent rise yesterday, the 3-month price of aluminum closed on the LME at $1,816 per metric ton.
The Indian aluminum cash price weakened by 0.5 percent.
The price of Chinese aluminum scrap remained steady. Chinese aluminum billet saw little change in its price yesterday. Chinese aluminum bar remained essentially flat, and Chinese aluminum cash price saw little movement on Thursday as well.