Alcoa may be closing an Australian aluminum smelter. “More than 500 workers at Alcoa’s ageing Point Henry aluminium smelter at Geelong are to find out if the plant will close when the US aluminium giant completes a formal review of its future by the end of March,” reports The Australian.
“Closure of the struggling operation is considered a certainty by analysts, raising the prospect of more fallout for the Abbott government from its hardline stand on stopping “corporate welfare” through the provision of subsidies to struggling industrial operations.”
“The closure would also be another blow to the Victorian economy after Holden’s December decision to quit making cars in Australia by 2017, and the decision seven months earlier for Ford to do the same in 2016.”
In metal price news for aluminum…
The Indian aluminum cash price saw a 1.4 percent increase on Friday, January 3, making it the biggest mover for the day. Declining prices continue for the cash price of primary aluminum on the LME. It closed at $1,755 per metric ton only after falling further, this time by. On the LME, the 3-month price of aluminum declined 0.5 percent to $1,802 per metric ton.
Chinese aluminum prices closed flat for the day. The cash price of Chinese aluminum saw little change in its price last Friday. The price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet was unchanged. For the fifth consecutive day, the price of Chinese aluminum bar held flat.