United Company Rusal may be making a large investment by the end of the year: “Russia’s aluminum giant United Company Rusal wants to make Indonesia a regional hub for its alumina production and will decide on an initial investment by the end of this year, said a senior official with its parent company,” reports Reuters.
“Maxim Sokov, first deputy CEO of En+, told Reuters it was an “ideal time” to invest in Indonesia with global aluminum prices expected to bottom out this year, thanks in part to the country’s ban on bauxite exports.”
“’We are in the moment in the cycle when there are a number of events that are coming together to help prices start to go upwards again,’ Sokov said this week during a visit to Jakarta as part of a high level Russian delegation led by its deputy prime minister.”
“’Indonesia ticks all the boxes and is the best platform for the next cycle of growth.’”
“Indonesia banned all unprocessed mineral ore exports last month in an effort to force miners to build smelters and process their raw materials domestically. Before the ban, the Southeast Asian nation provided around 60 percent of China’s bauxite imports.”
In metal price news for aluminum…
On Wednesday, February 26, the day’s biggest mover was the 3-month price of aluminum, which saw a 0.7 percent increase on the LME to $1,754 per metric ton. At $1,708, the cash price of primary aluminum finished the market day on the LME up 0.5 percent per metric ton. The Indian aluminum cash price showed little movement on Wednesday.
Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum reached a 30-day low after decreasing 0.3 percent. The price of Chinese aluminum scrap saw little movement. The price of Chinese aluminum billet remained essentially flat. For the fifth consecutive day, the price of Chinese aluminum bar held flat.