China’s Aluminum Corp of China (Chalco) decided to scrap its plans (or at least suspend them) to open a $1 billion aluminum smelter in Malaysia, according to Reuters.
Since China’s aluminum market operates in a sort of vacuum from the rest of the global aluminum sector, immediate effects on prices may not be all that tangible. However, we all know the last thing primary producers need is more global supply, so at least Chalco’s move may be seen as a good one for now.
The cash price of primary Indian aluminum experienced the biggest price decline of the day, dropping 3.3 percent on Tuesday, September 3.
The cash price of primary aluminum weakened by 0.6 percent on the LME, settling at $1,764 per metric ton. On the LME, the 3-month price of aluminum declined 0.2 percent to $1,813 per metric ton.
Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum rose 0.1 percent after a two-day drop. The price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet held steady. The price of Chinese aluminum bar remained essentially flat.
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