In Canada, the USA and the UK Aluminum prices have either decreased slightly or remained stable throughout the month of August
Market pundits continue to state that any decline in pricing is expected to be short-lived as the mills continue to shutter outdated, inefficient smelters and focusing on more lucrative downstream markets like aerospace and automotive. The market continues to struggle with the oversupply of this product, which continues to hamper planned mill price increases. It is expected that we will see both rising and falling costs over the next few months
Canada: Alcan plans to move forward with investing on their Canadian Smelting operations – a $2.5 billion modernization of its Kitimat smelter in B.C. & $2.2 billion to improve the efficiency of its Quebec facilities.
USA: Aug 29 (Reuters) – A U.S. judge on Friday dismissed nationwide antitrust litigation accusing banks and commodity companies of conspiring to drive up aluminum prices by reducing supply. The plaintiffs had accused Goldman Sachs Group Inc., JPMorgan Chase & Co, the large mining company Glencore Plc, and various commodity trading, metals mining and metals warehousing companies of having colluded since May 2009 to manipulate prices by hoarding inventory.
United Kingdom: Recently a court in the UK struck down a new LME (London Metal Exchange) policy reform. The new policy would have required warehouses to ship out more Aluminum than received. The new rule would have increased the supply in the Aluminum markets, thus driving Aluminum prices down.
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