Unfortunate news for Montenegro’s sole aluminum plant. On Wednesday, a Montenegrin court declared the “plant and a top exporter bankrupt, paving the way for its sale to repay 380 million euros ($516.67 million) of debt,” reports Reuters.
“In its heyday in the late 1970s, Kombinat Aluminijuma Podgorica had 5,000 workers. With its workforce cut to a fifth and debt equalling 10 percent of the country’s economic output, it has become a big burden for the government.”
The aluminum cash price saw the biggest increase at 1.5 percent on the LME, finishing at $1,818 per metric ton for Wednesday, October 9. The Indian aluminum cash price rose 1.5 percent. The 3-month price of aluminum finished the market day on the LME up 1.5 percent per metric ton.
Chinese aluminum prices were flat for the day. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet remained essentially flat. The price of Chinese aluminum bar saw little movement. The Chinese aluminum cash price held steady.