An executive from Russian aluminum group UC Rusal said on Thursday it was in “very good shape” and will be able to cope with its debt repayment schedule. The metal producer, which reported its worst annual results since 2008 with a loss of $3.2 billion for 2013, said that while it needed more time to come to final agreements with banks, it was confident of the outcome. Net debt at the end of December stood at $10.1 billion.
“I believe, honestly, we are in very good shape,” said Alexandra Buriko, CFO of Rusal told CNBC. “In the beginning of the year we have successfully completed the buyback of our ruble bonds for almost half a billion dollars. We have syndicated loans with international lenders and Russian lenders for about $3.6 billion and we are at very advanced stage of negotiations with them on rescheduling the principal repayments.”
On Friday, April 25, the cash price of primary Chinese aluminum experienced the biggest change, rising 0.8 percent to CNY 13,400 ($2,144) per metric ton. The price of Chinese aluminum bar remained essentially flat at CNY 14,200 ($2,272) per metric ton. The price of Chinese aluminum billet continues hovering around CNY 13,590 ($2,175) per metric ton for the fifth day in a row. The price of Chinese aluminum scrap held steady at CNY 12,250 ($1,960) per metric ton.
The cash price of primary Indian aluminum fell 0.5 percent to INR 115.50 ($1.89) per kilogram. On the LME, the cash price of primary aluminum rose 0.3 percent to $1,840 per metric ton. After a 0.2 percent increase, the 3-month price of aluminum finished the day on the LME at $1,877 per metric ton.