LONDON--Canada's Alcan Inc. used the market oversupply in alumina last year to boost its own supplies and move its commercial and trading book from short to balanced, Dick Evans, the company's president and chief executive, said Wednesday.
Speaking on a conference call, Evans said high alumina prices in 2006 meant it was "fairly expensive" for the company to buy in its raw material needs.
"We've now balanced the alumina book out, filled in the near-term intermediate term deficiencies to better balance our commercial position," Evans said.
This move will leave Alcan in its strongest position for alumina in decades, Evans said.
Earlier Evans noted alumina prices "gyrated wildly" in 2006, moving from above $650/ton to below $200/ton. A recent strike in Guinea pushed the market back up to around $350/ton.
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