Novelis Inc. was forced to import aluminum can sheet from Asia and South America to make up for lost output from a 3-week outage at its US joint venture rolling mill in January, Chief Executive Officer Phil Martens said on Monday.
The mill, which Novelis co-owns with Tri Arrows Aluminum, lost 20,000-25,000 tons of can sheet, Martens said in a conference call after the release of third-quarter to end-December results for the world’s No. 1 flat-rolled products maker. Novelis brought in can sheet from its own operations in Asia and South America after the Russellville, Ky.-based Logan Aluminum mill’s “unexpected” outage between Dec. 29 and Jan. 17, Martens said.
Novelis reported net income of $46 million in the third quarter, up from $13 million in the same period the prior year, driven by an increase in shipments of rolled aluminum products.
The cash price of primary Chinese aluminum saw the biggest upwards shift for the day, rising 0.8% to close at CNY 13,120 ($2,098) per metric ton on Friday, February 6. Chinese aluminum bar prices inched up 0.8% to CNY 13,130 ($2,100) per metric ton. After a 0.8% increase, Chinese aluminum scrap finished the day at CNY 12,600 ($2,015) per metric ton. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row, remaining around CNY 13,200 ($2,111) per metric ton.
The aluminum 3-month price saw a 0.7% decline on the LME to $1,862 per metric ton. The cash price of primary aluminum weakened by 0.7% on the LME, settling at $1,849 per metric ton. The Indian aluminum cash price increased 0.5% to INR 117.00 ($1.90) per kilogram.