Vale's Shares In Norsk Hydro For Sale; Chinese Aluminum Scrap Down

Vale has decided to sell most of its shares in Norsk Hydro “in a planned exit from an asset it has long considered non-core, the company said on Monday in a securities filing,” reports Reuters.

“Vale, which holds 21.6 percent of Hydro, said it will [sell] 407.1 million Hydro shares in an accelerated bookbuild and may also sell another 40.7 million through an overallotment option, potentially ending its stake in Hydro.”

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“If the overallotment option is not exercised Vale’s stake would be reduced to 2 percent of Hydro, the Vale filing said.”

On Monday, November 11, the day’s biggest mover was the price of Chinese aluminum scrap, which saw a 4.4 percent decline. This was the first move after three changeless days. The cash price of Chinese aluminum fell 0.1 percent yesterday. The price of Chinese aluminum bar held steady. Chinese aluminum billet held its value yesterday.

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After a 0.6 percent increase, the cash price of primary Indian aluminum finished the day. The primary aluminum cash price weakened by 0.6 percent on the LME, settling at $1,765 per metric ton. The aluminum 3-month price saw a 0.4 percent decline on the LME to $1,812 per metric ton.

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