Noranda Aluminum reported a smaller loss in the third quarter, but a slowdown at its New Madrid, Mo., smelter didn’t allow it to take full advantage of rises in aluminum prices.
The Franklin, Tenn., company reported a net loss of $3.9 million, or 6 cents per share, compared with a loss of $18.2 million, or 27 cents per share, a year earlier. Revenue increased 6% to $361.4 million, driven by increases in the global price of aluminum.
On Monday, November 3, the aluminum cash price experienced the biggest change, rising 2.1% on the LME to $2,057 per metric ton. On the LME, the aluminum 3-month price rose 1.3% to $2,036 per metric ton. The cash price of primary Indian aluminum inched up 0.3% to INR 126.60 ($2.07) per kilogram.
Chinese aluminum prices were flat for the day. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,995) per metric ton. The price of Chinese aluminum billet saw little movement at CNY 13,590 ($2,213) per metric ton. For the fifth day in a row, the price of Chinese aluminum bar remained essentially 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.