Alcoa Inc. said last week it signed a multiyear contract to supply aluminum sheet and plate products for aerospace giant Boeing’s commercial jetliners valued at more than $1 billion.
Alcoa has been expanding its efforts to diversify amid declining aluminum prices and has targeted the commercial aerospace sector, which has benefited from strong demand for passenger jets, as one key area for growth and profits.
Dropping 0.9 percent, the cash price of primary Indian aluminum was the biggest mover on Monday, September 15, closing at INR 124.15 ($2.04) per kilogram. Following a two-day drop, the primary aluminum cash price increased by 0.3 percent on the LME to $2,008 per metric ton. Following a 0.3 percent rise on Monday, the 3-month price of aluminum closed on the LME at $2,046 per metric ton.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,997) per metric ton. The price of Chinese aluminum billet saw little movement at CNY 13,590 ($2,216) per metric ton. The price of Chinese aluminum bar continues hovering around CNY 14,200 ($2,315) per metric ton for the fifth day in a row. The cash price of Chinese aluminum saw essentially no change for the fifth day in a row, remaining around CNY 13,960 ($2,276) per metric ton.