Alcoa recently announced that it is expanding the Alcoa Power and Propulsion facility, located in Hampton, Va. The company will invest $25 million to scale-up a process technology that will reduce the weight of its jet engine blades by 20%, and significantly improve their aerodynamic performance. The company will add equipment for a new production line and modify existing machinery at the Hampton facility to produce the blades.
The expansion of its Hampton facility is consistent with the company’s strategy of focusing on its value-added products, in view of a subdued pricing environment for aluminum affecting its upstream businesses.
Following two days of increases, the cash price of primary Indian aluminum dropped by 0.8 percent to end at INR 114.30 ($1.90) per kilogram on Monday, June 23. The primary aluminum cash price ended a two-day climb, settling at $1,845 per metric ton on the LME. Following a two-day rise on the LME, the aluminum 3-month price flattened at $1,885.
Chinese aluminum prices closed flat for the day. The cash price of Chinese aluminum saw little change in its price yesterday at CNY 13,350 ($2,145) per metric ton. The price of Chinese aluminum scrap held steady at CNY 12,250 ($1,968) per metric ton. The price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,183) per metric ton. The price of Chinese aluminum bar saw little movement at CNY 14,200 ($2,281) per metric ton.