Aleris Corp is preparing itself, “[warning] on Wednesday that global aerospace demand will remain weak over the next few quarters as aircraft makers work through a high inventory of aluminum product amid overall uncertainty about the health of the world economy,” reports Reuters.
“The less-than-upbeat outlook came as the company swung to a net loss in the third quarter as revenues fell 1 percent to $1.1 billion from the year-earlier period.”
“‘We continue to face softer demand in aerospace due to short-term customer destocking and some sluggishness in our North American rolled products demand, including building and construction,’ said Steven Demetriou, chairman and chief executive officer in the statement.”
The Indian aluminum cash price saw the biggest upwards shift for the day, rising 3.5 percent to close on Wednesday, November 6. On the LME, the primary aluminum cash price declined 1.1 percent to $1,767 per metric ton. The 3-month price of aluminum weakened by 1.0 percent on the LME, settling at $1,813 per metric ton.
Chinese aluminum closed mixed yesterday. The price of Chinese aluminum billet fell 0.3 percent yesterday after three straight days with no change. The price of Chinese aluminum scrap held steady. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat. The Chinese aluminum cash price held steady.