Novelis expects aluminum sales to the automotive sector to account for 20% of its product mix by 2017.
The company said this could rise to 25% “by the end of the decade,” President and CEO Phil Martens said during the company’s earnings conference call May 16. Novelis said it expects automotive sector shipments to “accelerate” in fiscal 2015, noting its “key supplier role to Ford’s new aluminum-intensive F-150 program,” which the company previously described as a “game changer” for the aluminum industry.
The cash price of primary Indian aluminum saw the biggest decline of the day, dropping 1.6 percent to close at INR 103.55 ($1.77) per kilogram on Tuesday, May 20. On the LME, the 3-month price of aluminum fell 0.5 percent to $1,766 per metric ton. The cash price of primary aluminum weakened by 0.4 percent on the LME, settling at $1,724 per metric ton.
Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap saw little movement at CNY 12,250 ($1,964) per metric ton. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row, remaining around CNY 13,590 ($2,179) per metric ton. The price of Chinese aluminum bar continues hovering around CNY 14,200 ($2,277) per metric ton for the fifth day in a row. The Chinese aluminum cash price held steady on Tuesday, remaining around CNY 13,010 ($2,086) per metric ton.