Oleg Deripaska’s aluminum behemoth, UC Rusal, is looking to get cozy with an exotic bedfellow – Aluminum Corp of China (Chalco) – to take advantage of “Eastern Siberia’s rich mineral deposits, its hydropower potential and its closeness to China,” Oleg Mukhamedshin, Deripaska’s second-in-command, is quoted as saying at World Economic Forum meeting in Tianjin.
The timeline on this is still not solid, as Rusal has enough to deal with in the LME warehousing debacle, but they keep making moves to keep their profits afloat.
Meanwhile, In Aluminum Prices…
The aluminum cash price saw a 0.5 percent increase on Tuesday, September 9, reaching $2,085 per metric ton on the LME and making it the biggest mover for the day. On the LME, the aluminum 3-month price inched up 0.4 percent to $2,107 per metric ton. The cash price of primary Indian aluminum saw a 0.2 percent decline to INR 127.10 ($2.10) per kilogram.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,995) per metric ton. The price of Chinese aluminum billet held steady at CNY 13,590 ($2,213) per metric ton. For the fifth consecutive day, the price of Chinese aluminum bar held flat at CNY 14,200 ($2,312) per metric ton. The cash price of Chinese aluminum held steady at CNY 13,960 ($2,273) per metric ton.