Rio Tinto Sells Most Of Stake In Aluminum Products Maker; Indian Aluminum Drifts

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Rio Tinto has opted to sell “most of its stake in aluminum products maker Constellium NV for about $330 million, according to a regulatory filing on Monday,” reports Reuters.

“Rio which had a 28 percent stake, sold 19,316,355 shares of Constellium on Nov. 14 at a price of $17 per share, less the underwriting discount. It retained a 9.22 percent stake, or some 9,597,570 shares, according to the filing with the U.S. Securities and Exchange Commission.”

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Dropping 1.8 percent, the cash price of primary Indian aluminum was the biggest mover on Monday, November 18. The primary aluminum cash price saw a 0.1 percent decline on the LME to $1,738 per metric ton. After a couple of days of decreasing prices on the LME, the aluminum 3-month price held steady at $1,785.

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Chinese aluminum prices closed flat for the day. Chinese aluminum scrap held its value yesterday. The price of Chinese aluminum billet showed little movement yesterday. The price of Chinese aluminum bar continues to hover for the fifth day in a row. The Chinese aluminum cash price held steady yesterday.