LME prices surge as Rio Tinto declares force majeure on alumina
Rio Tinto alumina shipments disrupted; Protestors hold up aluminum waste relocation in Thailand.
Rio Tinto alumina shipments disrupted; Protestors hold up aluminum waste relocation in Thailand.
The index had been flat for much of the second half of last year. It then steadily began falling, hitting a two-year low in March, before bouncing back in April.
A roundup of the latest news in the global aluminum and steel markets.
The LME aluminum price has overcome an important resistance level at $2,300/mt but it remains to be seen if support can be built above that level.
Aluminum Roundup: IAI reports aluminum industry greenhouse gas emissions declined in 2022
For the West Coast export market, Tet/Chinese New Year ended on Monday and buyers were just coming back to the market.
In 2023, the US economic performance has exceeded expectations. The Bureau of Economic Analysis reports an estimated real GDP growth of 2.5% for 2023.
Market contacts have noted a reduction in the availability of refinery-grade (#2) scrap in January. This follows a slight improvement in December, as export markets were less attractive to European scrap dealers due to the freight disruption that has resulted from the conflict in the Red Sea.
Trade body Seifsa has revived its call for the government to end prohibition of scrap metal exports, saying it is threatening the whole industry with collapse.
The government of Kazakhstan intends to prolong prohibition of foreign shipments of steel scrap and waste in order to support the domestic economy. “The decision was made collectively against the backdrop of the situation that has arisen due to the lack of raw materials for local processing enterprises and the restrictive measures on the export […]