Alcoa Willing To Discuss Selling Italian Plant; Primary Indian Aluminum Increases Significantly

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Alcoa has confirmed that it is willing to reopen the discussion of selling its plant in Italy to Klesch, reports Reuters.

“Alcoa broke off negotiations in June to sell its smelter on the island of Sardinia to Klesch, which put forward a formal expression of interest last year.”

“‘We confirm our willingness to sell the plant but only to a reliable counter-party,’ an Alcoa spokeswoman told Reuters after union and government officials had announced Alcoa was willing to re-open talks.”

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On Monday, October 28, the Indian aluminum cash price experienced the biggest change, rising 3.1 percent. The aluminum 3-month price is back up, rising by 0.4 percent on the LME on Monday to close at $1,855 per metric ton. Following a two-day drop, the primary aluminum cash price increased by 0.3 percent on the LME to $1,807 per metric ton.

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Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap remained steady. The price of Chinese aluminum billet showed little movement on Monday. The price of Chinese aluminum bar remained essentially flat. The Chinese aluminum cash price saw little change in its price yesterday.