UC Rusal Pledges 75% of Irish Alumina Plant to Glencore Xstrata for a Supply Credit

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Russian aluminum giant UC RUSAL has pledged 75% of its Irish alumina plant Aughinish Alumina against a credit from Glencore Xstrata for alumina supplies in 2014-2016, as seen by PRIME economic news agency in a document that metal giant Norilsk Nickel sent to its major shareholders on Wednesday.

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The credit agreement includes a $400 million prepayment. The credit is provided at LIBOR plus 4.95% and must be redeemed before the end of 2016.

The cash price of primary Indian aluminum experienced the biggest price decline of the day, dropping 0.8 percent to close at INR 113.40 ($1.88) per kilogram on Tuesday, June 24. On the LME, the cash price of primary aluminum rose 0.7 percent to $1,857 per metric ton. On the LME, the aluminum 3-month price gained 0.6 percent to finish at $1,896 per metric ton.

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Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum weakened by 0.2 percent, settling at CNY 13,320 ($2,139) 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 saw little movement at CNY 13,590 ($2,183) per metric ton. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row, remaining around CNY 14,200 ($2,281) per metric ton.

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