A planned electricity rate hike in Quebec has Alcoa warning that it “would make its three smelters in the Canadian province uncompetitive,” reports Reuters.
“Alcoa has notified provincial power company Hydro-Québec that it plans to reduce its contractual obligations to buy power starting Nov. 1, 2014, the company said in an emailed statement. Rates are set to rise on Jan. 1, 2015.”
“A competitive power rate is needed that allows Alcoa to continue to invest in its operations and maintain its important economic impact in Quebec,” Alcoa said.
Following two days of increases, the Indian aluminum cash price dropped by 0.8 percent on Wednesday, October 30. At $1,849, the primary aluminum cash price finished the market day on the LME up 0.5 percent per metric ton. On the LME, the 3-month price of aluminum gained 0.5 percent to finish at $1,896 per metric ton.
Chinese aluminum closed mixed yesterday. The cash price of Chinese aluminum finished the day after a 0.1 percent increase. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet held steady. The price of Chinese aluminum bar remained essentially flat.