Novelis Inc. blamed its lower profits on a decline in average aluminum prices, lower shipments, and lower conversion premiums.
Via Business Standard: “Hindalco Industries lost 3.09% after its US subsidiary Novelis Inc. reported weak Q1 result on Monday, 12 August 2013. Novelis’ net profit fell 84.61% to $14 million on 5.56% decline in net sales to $2.408 billion in Q1 June 2013 over Q1 June 2012. Excluding certain tax-effected items, net profit for Q1 June 2013 was $21 million.”
Daily aluminum prices, however, moved up on our index. On Tuesday, August 13, the day’s biggest mover was the Indian aluminum cash price, which saw a 1.4 percent increase.
On the LME, the 3-month price of aluminum increased 0.8 percent to $1,880 per metric ton. On the LME, the cash price of primary aluminum gained 0.6 percent to finish at $1,832 per metric ton.
Chinese aluminum closed mixed on Tuesday. The cash price of Chinese aluminum inched up 0.1 percent. The price of Chinese aluminum scrap continues hovering in place for the fifth day in a row. The price of Chinese aluminum billet remained essentially flat. For the fifth consecutive day, the price of Chinese aluminum bar held flat.