Alcoa, after their May announcement to shut down aluminum smelting capacity, follows through on both sides of the equator.
Via Reuters: “Alcoa said it is temporarily stopping production at smelters in Brazil that have annual capacity of about 124,000 tonnes, and will permanently close a 40,000 tonne potline at its Massena East plant. Massena East’s current capacity is about 125,000 tonnes per year.
“The company expects to take between $5 million and $10 million in after-tax restructuring charges in the third quarter, or about 1 cent a share, of which about half will be non-cash. After the latest closures and curtailments, about 16 percent of its capacity will be sitting idle.”
On Wednesday, August 14, the day’s biggest mover was the cash price of primary aluminum, which saw a 0.4 percent increase on the LME to $1,839 per metric ton. On the LME, the 3-month price of aluminum gained 0.3 percent to finish at $1,887 per metric ton.
The cash price of primary Indian aluminum weakened by 0.1 percent.
Chinese aluminum prices were mixed for the day. Following a couple days of improvement, the cash price of Chinese aluminum weakened by 0.2 percent. The price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet remained steady. The price of Chinese aluminum bar saw little movement.