Aluminum Up on LME, UC Rusal Posts $3.2 Billion Loss for 2013

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UC Rusal posted its biggest annual loss since 2008 this week as the world’s largest aluminum producer wrote down the value of assets after prices for the metal fell. The net loss widened to $3.2 billion in 2013 from a restated $528 million loss a year earlier, Rusal said.

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On Monday, March 31, the day’s biggest mover was the Indian aluminum cash price, which saw a 1.9 percent increase to INR 107.30 ($1.79) per kilogram. After falling for two days, the primary aluminum cash price rose 1.6 percent on the LME to $1,709 per metric ton. The aluminum 3-month price is back up, rising by 1.5 percent on the LME on Monday to close at $1,752 per metric ton.

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Chinese aluminum closed mixed on Monday. The Chinese aluminum cash price rose 0.8 percent to CNY 12,590 ($2,030) per metric ton. The price of Chinese aluminum scrap continues hovering around CNY 12,250 ($1,975) per metric ton for the fifth day in a row. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row, remaining around CNY 13,590 ($2,191) per metric ton. The price of Chinese aluminum bar was unchanged at CNY 14,200 ($2,289) per metric ton.

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