UC Rusal is considering the sale of about $1 billion worth of non-core assets, according to Reuters, including its stakes in the Aluminum Smelter Company of Nigeria (ALSCON) located in Akwa Ibom State. The Reuters report quoted BCS financial group analysts who said the sale talks were at an advanced stage.
Other assets that could be sold include stakes in the Bogatyr coal company in Kazakhstan, the analysts said in a research note to clients after meeting Rusal’s management in August. Shell, Chevron, Agip and other oil multinationals have disclosed decisions to sell more assets in Nigeria in what they term the divestment exercise.
On Thursday, September 4, the Indian aluminum cash price fell by 1.5 percent, landing at INR 126.50 ($2.09) per kilogram and making it the day’s biggest mover. The aluminum 3-month price weakened by 0.4 percent on the LME, settling at $2,091 per metric ton. On the LME, the primary aluminum cash price declined 0.3 percent to $2,077 per metric ton.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,994) per metric ton. The price of Chinese aluminum billet continues hovering around CNY 13,590 ($2,213) per metric ton for the fifth day in a row. The price of Chinese aluminum bar was unchanged at CNY 14,200 ($2,312) per metric ton. For the fifth day in a row, the cash price of Chinese aluminum remained essentially flat at CNY 13,960 ($2,273) per metric ton.