The City Council of Barstow, California voted on Monday night “to approve the framework of a development agreement that would bring a $1.5 billion aluminum production facility and as many as 2,000 high-skilled manufacturing jobs to the Barstow area,” reports The Daily Press.
“The proposed Exclusive Negotiating Agreement with Newport Beach-based Scuderia Development to build a 2.95 million-square-foot facility for China Zhongwang Holdings Limited on 964 acres between Lenwood and Hodge roads has been in the works since the fall, city officials said.”
“One of the largest secondary aluminum production factories in the world would be constructed in multiple phases over several years, but the first phase of the project would likely be operational within three years, according to city documents.”
In metal prices news for aluminum…
Dropping 2.9 percent on the LME, the aluminum cash price was the biggest mover on Tuesday, March 4, closing at $1,674 per metric ton. On the LME, the 3-month price of aluminum fell 2.4 percent to $1,722 per metric ton. The cash price of primary Indian aluminum weakened by 0.9 percent.
Chinese aluminum closed mixed on Tuesday. The cash price of Chinese aluminum fell to a 30-day low after shifting 0.3 percent. The price of Chinese aluminum scrap held steady. For the fifth consecutive day, the price of Chinese aluminum billet held flat. The price of Chinese aluminum bar saw little movement.