Vedanta Aluminum's Smelter Hits Wall as LME, China Prices Climb

India’s Vedanta the shining example of what’s going wrong on that subcontinent.

Via the FT: “Vedanta Aluminium ploughed more than $6.7bn into the Orissa complex – including a 1m ton alumina refinery and aluminium smelter – before securing the most crucial element: permission to mine high-quality bauxite buried in the nearby Niyamgiri Hills, held sacred by a local animist tribe. Now the company, which has spent the last 10 years battling local opposition, has reached a dead end in its quest for bauxite from the controversial site.”

What are today’s aluminum prices?

The aluminum 3-month price saw the biggest upwards shift for the day, rising 7.0 percent on the LME to close at $1,931 per metric ton on Tuesday, August 20. The primary aluminum cash price experienced a big shift on Tuesday, gaining 5.5 percent on the LME to finish at $1,872 per metric ton.

The cash price of primary Indian aluminum inched up 0.9 percent.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese aluminum prices were mixed for the day. Chinese aluminum billet prices rose 0.3 percent. Following two days of rising prices, the cash price of Chinese aluminum dropped 0.3 percent. The price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum bar saw little movement.

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