CNBC reported that Russian aluminum producer UC Rusal is considering raising its outlook for the third quarter despite the ongoing sanctions against Russia and reports that the country’s central bank is considering imposing capital controls.
Vladislav Soloviev, first deputy CEO of Rusal, said that the sanctions imposed by the west following Russia’s incursion into neighboring Ukraine were not having a significant impact on the company.
Rising 0.8% to close at $1,898 per metric ton, the cash price of primary aluminum experienced the biggest change on the LME for Tuesday, October 7. On the LME, the aluminum 3-month price gained 0.7% to finish at $1,925 per metric ton. The Indian aluminum cash price rose 0.4% to INR 118.80 ($1.94) per kilogram after a two-day drop.
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 continues hovering around CNY 13,590 ($2,213) per metric ton for the fifth day in a row. The price of Chinese aluminum bar held steady at CNY 14,200 ($2,312) per metric ton. The cash price of Chinese aluminum was unchanged at CNY 13,960 ($2,273) per metric ton.