Ormet Corp Gets Power Deal Approval, Aluminum Climbs On LME

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Good news for Ormet Corporation. “The Public Utilities Commission of Ohio voted on Wednesday to approve Ormet Corp’s revised power deal with energy supplier American Electric Power Co Inc, saving the U.S. aluminum producer from likely closure,” reports Reuters.

“The commission added, however, that it was modifying parts of Hannibal, Ohio-based Ormet’s request for a unique subsidized power arrangement, as it works to emerge from bankruptcy.”

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Rising 3.4 percent to close, the Indian aluminum cash price experienced the biggest change for Wednesday, October 2. After improving for two days, the primary aluminum cash price declined 1.0 percent on the LME to $1,785 per metric ton. Following two days of rising prices, the aluminum 3-month price dropped 0.7 percent on the LME to $1,836 per metric ton.

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Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap held steady. Chinese aluminum billet held its value on Wednesday. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat. The Chinese aluminum cash price saw little movement on Wednesday.