Novelis Commissions $200M Expansion; 3-Month Price of Aluminum Rises

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Novelis has “commissioned a $200 million expansion of its rolling operations in Oswego, NY. The expansion increases the company’s North American capacity for producing aluminum sheet for the automotive industry by 240,000 tons, five times the company’s existing capacity in the region,” reports The Wall Street Journal

“This automotive expansion in North America is an important piece of our global strategy in a market that is experiencing explosive growth,” said Phil Martens, Novelis President and Chief Executive Officer. “We are aggressively increasing our capacity to produce automotive sheet worldwide and we are well-positioned to extend our leadership in this strategic market segment.”

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On Wednesday, October 23, the 3-month price of aluminum experienced the biggest change, rising 3.8 percent on the LME to $1,879 per metric ton. On the LME, the primary aluminum cash price rose 2.2 percent to $1,829 per metric ton. The cash price of primary Indian aluminum declined 0.8 percent.

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Chinese aluminum prices were mixed for the day. Chinese aluminum scrap finished the day up 1.2 percent. The price of Chinese aluminum billet increased 0.7 percent. The cash price of Chinese aluminum increased 0.4 percent. The price of Chinese aluminum bar continues to hover for the fifth day in a row.