Some interesting articles on aluminium.
Chinese earthquake rockets aluminium at the LME
China Aluminium Network
Post Time: 2008-5-21
Click Amount: 65
The aluminium price moved on the upside the previous week at the LME aided by the uncertainty over the impact the earthquake in China had on certain local smelters. Furthermore a weaker dollar and some short-covering at the end of the week led the light metal over the $3,000/mt mark.
According to Chinese sources Aba Aluminium with installed capacity of around 120,000tpy seems the most affected, as it is located very near to the epicentre of the quake. Latest reports are that production has been completely halted with no time-table yet for any restart. The Guangyuan Qimingxing smelter, with capacity of around 110,000tpy, has confirmed it suffered some damage, affecting around 5% of its pots. Rumors of a second Chinese smelter going down since Monday's earthquake emerged at the end of the week but no further details are known.
The primary aluminium price ended at $2,903/mt on Monday (12/05), edging higher to $2,946/mt on Tuesday's session. Wednesday saw the light metal retreating to $2,926/mt, while on Thursday ali rocketed to $2,996/mt. The primary aluminium price extended its gains on Friday (16/05), reaching $3,029/mt.
China's Chalco to buy stakes in six aluminum firms for 4.175 bln yuan
China Aluminium Network
Post Time: 2008-5-22
Click Amount: 65
BEIJING (XFN-ASIA) - Aluminum Corp of China Ltd (Chalco) (SHA 601600; HK 2600) said it has signed an agreement with its parent company Chinalco and China Nonferrous Metals Processing Technology Co Ltd involving the purchase of stakes in six aluminum companies for 4.175 bln yuan.
The stakes are 100 pct of Lanzhou Liancheng Longxin Aluminium Co, 100 pct of CSWA Cold Rolling Strip Co, 75 pct of Chinalco Ruimin Strip Co, 60 pct of Chinalco SWA Strip Co, 84.02 pct of Henan Aluminum Fabrication Co, and 56.86 pct of Huaxi Aluminium Co.
About 4.052 bln yuan will be paid to its parent company, while the remainder will go to China Nonferrous Metals, the company said in a statement filed with the Shanghai Stock Exchange.
No further details were provided.
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