This morning in metals news, Norsk Hydro plans to restart its Alunorte alumina refinery, Shanghai steel rebar prices fell and Turkey plans to impose steel import quotas.
Aluminum Prices Back Down
After surging last week on news of Norsk Hydro’s shutdown of its Alunorte alumina refinery, aluminum prices have come back down on the latest Alunorte.
According to Reuters, Norsk Hydro plans to restart the refinery after having acquired a permit to use technology that would extend the life of the refinery’s disposal area.
MetalMiner’s Take: The news of Norsk Hydro planning to restart production in Alunorte drove LME aluminum back to its $1,970-$2,170/mt band.
Aluminum prices decreased on Monday for the second consecutive day as supply concern eases. LME aluminum prices increased sharply last Wednesday, driven by potential supply concerns.
The recent aluminum peak was a reaction of alumina supply concerns. However, tightness in the aluminum market may support prices in the long term.
Shanghai Rebar Prices Drop
Shanghai steel rebar prices fell Monday on concerns of rising inventories, Reuters reported.
Turkey Plans to Impose Steel Import Quota
In response to what it says has been a surge in imports, Turkey plans to impose an additional 25% duty on imports exceeding planned quotas, according to a Reuters report.
In a World Trade Organization (WTO) filing, Turkey argued duties imposed by the U.S. and other countries have led to steel supplies being diverted to Turkey.