Aleris Corp., the aluminum maker owned by Oaktree Capital Management LP, agreed to sell its recycling unit to Signature Group Holdings Inc. for $525 million in cash and stock, Bloomberg News reported.
Global Recycling and Specification Alloys is the largest independent recycler of aluminum, Sherman Oaks, Calif.-based Signature said today in a statement. The growth in recycled aluminum consumption is expected to outpace primary aluminum for the next decade, it said.
The Indian aluminum cash price experienced the biggest price decline of the day, dropping 0.5% to close at INR 119.55 ($1.95) per kilogram on Thursday, October 16. On the LME, the cash price of primary aluminum rose 0.2% to $1,912 per metric ton. On the LME, the 3-month price of aluminum rose 0.1% to $1,940 per metric ton.
Chinese aluminum prices were flat for the day. For the fifth consecutive day, the price of Chinese aluminum scrap held flat at CNY 12,250 ($1,995) per metric ton. The price of Chinese aluminum billet was unchanged at CNY 13,590 ($2,213) per metric ton. The price of Chinese aluminum bar held steady at CNY 14,200 ($2,312) per metric ton. The Chinese aluminum cash price saw essentially no change for the fifth day in a row, remaining around CNY 13,960 ($2,273) per metric ton.