European leaders sought unity on Wednesday toward threatened U.S. import tariffs on steel and aluminium, balancing the views of those most fearful of a trade war and those determined not to be bullied into concessions.
Aluminum Mining News
Conditions may be in place for increased demand and increased prices for a number of commodities including natural gas, copper, aluminum, and gold.
Votorantim said profit was also boosted by sales growth in its aluminum and cement businesses.
Alcoa and Rio Tinto announced the launching of Elysis, a joint venture company whose goal is to push towards commercial production a newly discovered, carbon-free aluminum smelting process.
The smelter, which produces some 430,000 metric tonnes of aluminum annually, has been operating at reduced capacity by non-union workers since Jan. 11.
In response to CNN investigation, car manufacturer Daimler promises to audit cobalt supply 'to the mine'
Daimler has pledged to investigate its supply chain to ensure child labour is not being used to power its electric vehicles.
Aluminum remains in focus almost a month after the U.S. introduced sanctions against United Co. Rusal, then eased off.
China's trade in industrial metals looks set for significant upheaval this year as the country adapts to fast-evolving supply chains.
Guinea is Africa's top bauxite producer and output more than doubled last year to about 50 million tonnes.
Two sources told Reuters earlier on Friday that Rusal would soon appoint a fully independent board.
The sanctions against Rusal, world's second-biggest aluminium producer, have up-ended the supply chain as companies cut contracts to use Rusal metal.
By extending the sanctions deadline to Oct. 23, 2018, the Treasury Department has given Rusal and the aluminium market some much needed breathing space.
“The US government is not targeting the hardworking people who depend on Rusal and its subsidiaries,” Treasury Secretary Steven Mnuchin said.
If the commodity sector keeps the pace for the rest of 2018, this will be the best year for the asset class since 2003.
Chalco produced approximately 3.61 million tonnes of aluminium last year, according to a filing to the U.S. Securities and Exchange Commission last week.
Aluminum prices on the London Metal Exchange tumbled more than 8 percent after the U.S. Treasury Department announcement.
Rusal's 90 percent owned Bauxite Company of Guyana produced 1.05 million tonnes of bauxite - the raw material used to make aluminium - last year.
Castleton Commodities International LLC is sitting on a veritable gold mine as a scramble for aluminum unfolds in the wake of U.S. sanctions.
As supply fears grow, the market's attention is turning to China as a potential source of aluminium.
Aluminum rallied as much as 7.1 percent, a record intraday gain, to $2,718 a ton in London.
Price surges nearly 5% to three-year high over worries that top producer Norilsk could befall the same fate as aluminum giant Rusal.
Alumina prices have already rocketed, jumping by more than a quarter in the last week and heading for a record high.
The U.S.’s decision to blacklist United Co. Rusal, the world’s second-biggest aluminum maker, set off a rush to secure supply.
Glencore Chief Executive Ivan Glasenberg resigned from his role as Rusal director on Tuesday
Rusal owns 20 percent of Rio's Queensland Alumina operation, of which Rio owns the remaining 80 percent.