Novelis announced it is on track to reach its goal of 50% recycled content of all of its products by 2015.
Novelis achieved 46% recycled content of its aluminum input in the latest fiscal year, which is up 3% from the previous year and 13% up against its 2007-09 baseline. The company says 50% will be achieved because of an improvement in its can division, a key market, which accounts for 62% of its overall aluminum output.
Novelis’ aluminum can sheet was introduced to the packaging market this year with a minimum 90% recycled content and the company will convert its recycling plants and replace previous beverage can sheets with the new product by 2017.
Dropping 1.7% on the LME, the cash price of primary aluminum was the biggest mover on Wednesday, November 19, closing at $2,015 per metric ton. The aluminum 3-month price weakened by 1.6% on the LME, settling at $2,005 per metric ton. The Indian aluminum cash price fell 0.8% to INR 125.40 ($2.03) per kilogram.
Chinese aluminum closed mixed yesterday. Following a quiet couple of days, the price of Chinese aluminum scrap fell 0.4% yesterday to CNY 12,950 ($2,115) per metric ton. The price of Chinese aluminum billet remained essentially flat at CNY 13,900 ($2,270) per metric ton. The price of Chinese aluminum bar remained essentially flat at CNY 14,200 ($2,319) per metric ton. The cash price of Chinese aluminum saw little price change on Wednesday at CNY 13,670 ($2,233) per metric ton.