Alcoa will invest $190 million in new equipment and technology at its Davenport, Iowa, works, the aluminum producer said today in a statement.
The company said it will use the new technology to produce airplane parts, such as wing ribs and fuselage frames.
Alcoa will install equipment that can stretch very thick pieces of aluminum plates. The company said the process helps reduce stress on the plates, making them stronger.
The Indian aluminum cash price saw a 0.7% increase on Friday, October 31, reaching INR 126.25 ($2.06) per kilogram and making it the biggest mover for the day. On the LME, the primary aluminum cash price inched up 0.2% to $2,015 per metric ton. The 3-month price of aluminum closed at $2,010 per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.2% on the LME.
Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap held steady at CNY 12,250 ($1,995) per metric ton. The price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,213) per metric ton. The price of Chinese aluminum bar continues hovering around CNY 14,200 ($2,312) per metric ton for the fifth day in a row. The Chinese aluminum cash price saw little movement at CNY 13,960 ($2,273) per metric ton.