Looks like one primary aluminum production is not concerned about cutting capacity.
“Noranda Aluminum Holding Corporation, a leading North American producer of aluminum, will significantly expand the footprint of its smelter in New Madrid, [Mo.], Gov. Jay Nixon announced Friday. The facility expansion includes a $45 million capital investment and is expected to create 29 new jobs.”
The smelter will expand by 80,000 square feet, adding to the 13 percent of total US primary production it already accounts for, according to Noranda CEO Kip Smith.
Meanwhile, the Indian aluminum cash price saw a 1.3 percent drop on Friday, July 26, making it the biggest mover of the day.
Following a couple days of improvement, the cash price of primary aluminum weakened by 1.2 percent on the LME. Prices closed at $1,784 per metric ton. Weakening prices followed two days of improvement as the 3-month price of aluminum dropped 1.2 percent on the LME to $1,828 per metric ton.
Chinese aluminum scrap, bar, billet and cash prices were flat for the day.