US industrial policy needs to be systematic, not just ad hoc – Part 2
Our current approach can win economic skirmishes, but not the geopolitical conflict. – Part 2 Impact #5 of ad hoc industrial policy: Failing to use all required tools Industrial policy is often caricatured as just tariffs and subsidies. Mis-framed debates that evaluate the merits of tariffs in...
US industrial policy needs to be systematic, not just ad hoc – Part 1
Our current approach can win economic skirmishes, but not the geopolitical conflict. – Part 1 After decades during which the very concept was taboo and the reality swept under the rug, the US has now rediscovered industrial policy. But this rediscovery remains incomplete, as too much of it is...
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China alumina output to fall in November after a rise in October
China’s alumina output to fall back from October’s highs in November as falling alumina prices have driven more producers to losses, expects Shanghai Metal Market. Losses aside, poor demand from aluminum smelters, year-end cash tightness and high inventories will also discourage alumina producers...
Chinese aluminium producers approach state to buy surplus supply
China's aluminium producers have asked Beijing to buy up surplus metal, sources said, the first coordinated effort since 2009 to revive prices suffering their worst rout since the global financial crisis. The state-controlled metals industry body, China Nonferrous Metals Industry Association,...
Alcoa +4.5% after confirming Elliott stake, support of plan to split company
Alcoa continues to rally following confirmation that Paul Singer’s Elliott Management bought a 6.4% stake in the company, which says it has had "constructive discussions" with Elliott. The activist firm also supports Alcoa's planned spinoff next year, announced in September, of downstream assets...
Alcoa reaches agreement with New York state to increase competitiveness of Massena West Smelter
Lightweight metals leader Alcoa today announced that it has entered into a three-and-a-half year agreement with New York State to increase the competitiveness of the Massena West smelter. The company had previously announced plans to curtail the facility amid prevailing market conditions. The...
Primary aluminium market ended in deficit during Jan - Sep 2015
The latest report published by the World Bureau of Metal Statistics (WBMS) indicates that global primary aluminium market has recorded a deficit during the initial nine months of the year. As per the report, the market reported a deficit of 370,000 tons when matched with the deficit of 654,000...
Aluminium market rises on short covering, open interest drops 4.88%
Aluminium prices settled flat as prices recovered from lows despite of concerns over faltering Chinese demand and the dollar traded at its strongest in more than a decade. Russian aluminium giant Rusal plans to decide in mid-December which aluminium smelters to suspend as a part of its plans to...
China signals curbs on aluminium output in accord with Russia
China signaled it’s prepared to curb aluminium production to try to stem oversupply as part of an agreement with Russia. The Sino-Russian protocol on energy cooperation, signed November 16 by Russian Deputy Prime Minister Arkady Dvorkovich and Chinese Vice Premier Zhang Gaoli, includes a section on...
China aluminium stocks’ collapse might not be indicative of a market turnaround
China’s aluminum stocks stopped growing and fell 37,000 tonnes on a monthly basis as of November 12. However, this slump is unlikely to indicate at a turnaround in market fundamentals. Market players should be aware that aluminum stocks are actually well above 340,000 tonnes seen a year ago, said...
Rusal to decide on aluminium plant suspensions in mid-December
Russian aluminium giant Rusal plans to decide in mid-December which aluminium smelters to suspend as a part of its plans to potentially cut up to 200,000 tonnes of production, Chief Executive Vladislav Soloviev told reporters on Tuesday. Rusal, the world's top aluminium producer, is looking to cut...
Vedanta rating increased to "Buy"
Vedanta was upgraded by an international investment research firm from a “sell” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $6.25 price target on the stock. The firm's price objective indicates a potential upside of 12.82% from the stock’s previous close....
SMM sees LME aluminium mired around $1,500 per tonne this week
LME aluminium will be stuck around $1,500 per tonne next week, SMM says. Weak SHFE aluminium , a firm US dollar and concerns over demand in China will keep LME aluminium in check. SHFE aluminium should range 10,100-10,350 yuan per tonne, as market fundamentals remain poor. In China’s spot market,...
Alcoa to scrap old ship to curtail cost amid mounting aluminium market challenges
Leading aluminium producer Aloca plans to decommission MV Portland, the ship used until now for domestic supply chain. Citing the parlous state of aluminium industry, the company said it was a strategic decision ahead of 2017, when operating life of Portand comes to an end. Cost to keep it...
China’s aluminium exports flood market, keep prices low
China’s surging exports of aluminium are becoming as contentious as its fast-rising shipments of steel as prices of the metal used in cars to beverage cans continue to hover just above their six-year low. Despite a dip last month, China’s aluminium exports are up 14.4 per cent so far this year,...
Aluminium market rises on short covering, open interest drops 14.65%
Aluminium settled up 1.66% at 100.95 after London Metal Exchange (LME) data showed 99,500 tonnes of the metal was booked to leave warehouses in Vlissingen. LME prices jumped 1 percent to finish at a two-week high of $1,523 a tonne despite fundamentals remain poor due to oversupply. While a strong...
Global glut of aluminium sinks once strong U.S. Industry
Alcoa’s latest aluminum-making cutback is signaling the end of an iconic American industry. For 127 years, the New York-based company has been churning out the lightweight metal used in everything from beverage cans to airplanes. Now, with prices languishing near six-year lows, it’s wiping out...
Novelis reports a net loss while maintaining solid liquidity in Q2 2016
Novelis, the world leader in aluminum rolling and recycling, reported a net loss of $13 million for second quarter of fiscal year 2016. Excluding tax-effected special items, the company reported net income of $25 million in the second quarter of fiscal 2016 compared to $36 million in the second...
Aluminium remains a structurally challenged market, more curtailments necessary: BofAML
LME aluminium prices though inched up higher this week, it is still a far cry from where it can pacify aluminium producers in major markets globally. According to Bank of America Merrill Lynch, while China’s aluminium exports have now stabilised somewhat, headwinds to aluminium quotations may...
LME aluminium may rise into $1,532-$1,548 range
Aluminium on London metal Exchange (LME) may break resistance at $1,515 per tonne and rise towards the resistance range of $1,532-$1,548, as indicated by its wave pattern and a Fibonacci projection analysis. Resistance is provided by the 114.6 percent Fibonacci projection level of a downtrend from...
