Novelis said ‘peace out’ to its asset in the not-so-up-and-coming segment of aluminum foil, and Reynolds offered to pick up the slack.
“Novelis Inc NVLX.UL said on Tuesday it has agreed to sell its North American consumer aluminum foil business to Reynolds Consumer Products Inc for $35 million as part of its drive to focus on higher-margin markets such as automotive,” according to Reuters this morning.
MetalMiner is still looking to have a one-on-one with Novelis’ Marco Palmieri, president of North American operations, to get the true scoop on what the company sees ahead…
Meanwhile, In Aluminum Prices
The cash price of primary Indian aluminum saw a 3.9 percent drop on Tuesday, November 19, making it the biggest mover of the day. On the LME, the aluminum 3-month price saw little change in its price on Tuesday at $1,784 per metric ton. After dropping for two days on the LME, the primary aluminum cash price flattened at $1,737.
Chinese aluminum prices were flat for the day. The Chinese aluminum cash price saw little movement yesterday. Chinese aluminum scrap stayed flat. The price of Chinese aluminum billet was essentially unchanged. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat.