UC Rusal, the world’s largest aluminum producer, is in the same boat of struggles with Alcoa Inc. and other companies, floating among low historical prices and oversupply.
“RUSAL said on Monday it would cut aluminium output by 357,000 tonnes, or around 8.5 percent of production, more than previously planned cuts of 7 percent, as it seeks to support prices in the face of a global supply glut. It produced 4.2 million tonnes of aluminium in 2012,” according to Reuters. This, after the Oleg Deripaska-led company posted a net quarterly loss of $208 million.
The Indian aluminum cash price saw the biggest increase at 1.1 percent for Friday, August 16.
On the LME, the 3-month price of aluminum inched up 0.4 percent to $1,891 per metric ton. On the LME, the cash price of primary aluminum increased 0.4 percent to $1,842 per metric ton.
Chinese aluminum prices were mixed for the day. The Chinese aluminum cash price finished the market day up 0.4 percent per metric ton. Closing out a three-day flat streak, the price of Chinese aluminum billet moved up 0.3 percent. The price of Chinese aluminum scrap held steady. The price of Chinese aluminum bar saw little movement.