Bankruptcy is looming for aluminum maker Aluminij Mostar.
The “crucial pillar of Bosnia’s economy, began shutting down its smelter on Tuesday and said it would be forced into bankruptcy unless the government helped it settle a debt to the state-owned power company,” reports Reuters.
“The company, EPHZHB, succeeded on Monday in freezing Aluminij Mostar’s bank accounts to try to force it to settle a debt of 38 million Bosnian marka (19 million euros), Aluminij General Manager Ivo Bradvica told a news conference on Tuesday.”
On Tuesday, October 15, the cash price of primary aluminum fell by 0.4 percent on the LME, landing at $1,822 per metric ton and making it the day’s biggest mover. The cash price of primary Indian aluminum declined 0.3 percent. On the LME, the 3-month price of aluminum showed little movement yesterday, hovering around $1,874 per metric ton.
Chinese aluminum prices closed flat for the day. The cash price of Chinese aluminum saw little change in its price yesterday. The price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet remained steady. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat.