On Monday, Ford Motor Co. CEO Mark Fields told investors the company will not make money in Europe until 2016, because of Russia’s deteriorating economy, and fall as much as $2 billion short of earlier forecasts on its 3-quarter earnings, but he also said Ford will use aluminum on the next generation of Super Duty pickups.
Switching the Super-Duty pickup to aluminum will add an estimated 350,000 heavy-duty trucks to 750,000 F-150 light-duty pickups annually. That presents economies of scale that help offset aluminum’s higher cost.
Dropping 1.8% on the LME, the aluminum 3-month price was the biggest mover on Friday, October 3, closing at $1,897 per metric ton. On the LME, the primary aluminum cash price declined 1.5% to $1,869 per metric ton. The Indian aluminum cash price saw a 0.3% decline to INR 120.15 ($1.96) per kilogram.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap held steady at CNY 12,250 ($1,996) per metric ton. The price of Chinese aluminum billet saw little movement at CNY 13,590 ($2,214) per metric ton. For the fifth consecutive day, the price of Chinese aluminum bar held flat at CNY 14,200 ($2,313) per metric ton. The Chinese aluminum cash price was unchanged at CNY 13,960 ($2,274) per metric ton.