Novelis announced today that they have completed their 2-year expansion program in South Korea. The expansion of “its Yeongju and Ulsan plants increases the company’s production capacity in the region by more than 50 percent to approximately one million metric tons of aluminum sheet per year,” reports The Wall Street Journal.
“Investing further in Korea has been a key element in the company’s global strategy,” said Phil Martens, President and CEO of Novelis. “Asia is the largest and fastest growing region in the world for aluminum, and this expansion allows us to maintain our leadership in this dynamic region across key markets such as beverage cans, consumer electronics and automobiles.”
The aluminum 3-month price saw a 1.2 percent increase on Thursday, October 10, reaching $1,887 per metric ton on the LME and making it the biggest mover for the day. On the LME, the cash price of primary aluminum inched up 1.1 percent to $1,839 per metric ton. After a couple of days of improving prices, the cash price of primary Indian aluminum held steady.
Chinese aluminum closed mixed yesterday. The price of Chinese aluminum scrap rose by 1.1 percent after a three-day flat streak. The price of Chinese aluminum billet gained 0.7 percent. After remaining flat for three days, the cash price of Chinese aluminum fell 0.3 percent on Thursday. The price of Chinese aluminum bar saw little movement.