India’s NALCO, “may invest 50 billion rupees ($811 million) to boost its alumina refining capacity and revive earnings that are forecast to slide to a three-year low,” reports Bloomberg.
“The company will enhance its annual ability to process alumina by 43 percent to 3.3 million tons over the next two years, and will export any surplus, Chairman Ansuman Das said in an interview. The planned expansion is the second in three years to benefit from higher margins offered by alumina, a white powder derived from the ore bauxite, as prices of the end product aluminum slump.”
The Indian aluminum cash price moved up 2.0 percent on Friday, October 4, making it the day’s biggest mover. The cash price of primary aluminum is back up, rising by 0.7 percent on the LME last Friday to close at $1,785 per metric ton. Following a 0.7 percent rise last Friday, the 3-month price of aluminum closed on the LME at $1,832 per metric ton.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap was essentially unchanged. The price of Chinese aluminum billet continues to hover for the fifth day in a row. The price of Chinese aluminum bar was unchanged. For the fifth day in a row, the Chinese aluminum cash price remained essentially flat.