Russian billionaire Oleg Deripaska’s Central European Aluminum Company (CEAC) has decided to sue Montenegro for $140 million “over the failure of its aluminum plant there,” reports Reuters.
“A statement issued in Cyprus, where the Russian company has its headquarters, CEAC said the case will heard in Vienna.”
“The statement said Montenegro violated a 2010 settlement agreement, leading to the plant going bankrupt.”
“In a separate statement, Montenegro’s government denied any wrongdoing.”
With a decline of 0.6 percent on the LME to $1,699 per metric ton on Tuesday, December 3, the cash price of primary aluminum recorded the biggest decline of the day. The aluminum 3-month price reached a 30-day low on the LME after decreasing 0.4 percent to $1,746 per metric ton. The cash price of primary Indian aluminum fell 0.3 percent.
Chinese aluminum prices were mixed for the day. The Chinese aluminum cash price fell 0.2 percent on Tuesday after two days of no change. The price of Chinese aluminum scrap held steady. The price of Chinese aluminum billet saw little movement. The price of Chinese aluminum bar was unchanged.