Things are looking better for United Co. Rusal whose “quarterly loss narrowed from the previous three months after the largest aluminum producer shut unprofitable plants and cut costs,” reports Bloomberg.
“The net loss shrank to $172 million in the third quarter from $458 million in the second, Moscow-based Rusal said today in a statement. Adjusted earnings before interest, taxes, depreciation and amortization reached $130 million, in line with the $129.8 million average of six analyst estimates compiled by Bloomberg. The year-earlier loss was $118 million.”
“Slowing global economic growth has eroded demand for aluminum, dragging down prices for the metal used in cars, aircraft and drink cans. Supply of the metal is outpacing demand for a seventh consecutive year, Morgan Stanley estimated. Rusal expects aluminum consumption to grow on average 6 percent annually in 2013 through 2015, it said in the presentation.”
The aluminum 3-month price saw the biggest decline of the day, dropping 0.4 percent on the LME to close at $1,805 per metric ton on Tuesday, November 12. On the LME, the cash price of primary aluminum declined 0.3 percent to $1,760 per metric ton. The Indian aluminum cash price finished the market day up 0.2 percent per kilogram.
Chinese aluminum prices were flat for the day. Chinese aluminum scrap saw little change in its price yesterday. The price of Chinese aluminum billet was essentially unchanged. The price of Chinese aluminum bar continues to hover for the fifth day in a row. The Chinese aluminum cash price showed little movement yesterday.