China's trade in industrial metals looks set for significant upheaval this year as the country adapts to fast-evolving supply chains.
Aluminum Mining News
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.
US consumers to lose.
Trump said the agreement "would be a wonderful deal with a wonderful ally."
Chalco increased net profit by 274 percent last year as supply-side reforms and an environmental crackdown lifted aluminium prices.
Rio Tinto has hired UBS AG to explore a possible initial public offering on the Australian Securities Exchange after planned trade sales came up short.
Donald Trump is already taking up a lot of Justin Trudeau’s bandwidth. Steel tariffs sent it to another level.
German Chancellor Angela Merkel said Europe must be ready to respond to the unilateral imposition of trade tariffs by the United States but she first hoped for talks on the issue.
Trump has also demanded concessions from the European Union and has threatened to hike tariffs on auto imports from Europe.