COLUMN-Alcoa powers up in Brazil as China aluminium powers down: Andy Home [Reuters]
Alcoa Corporation (AA)
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Source: Reuters
LONDON, Sept 23 (Reuters) - After six years of lying idle the Alumar aluminium smelter in Brazil is about to restart operations. Alcoa, which owns a 60% stake in the joint venture plant, said on Monday it will reactivate its 268,000-tonne-per-year share with first metal due in the second quarter and full capacity timed for the fourth quarter of next year. The resurrection of the Sao Luis smelter is a sign of the changed times in the global aluminium market. Back in 2015 aluminium was locked in a multi-year downtrend and the London Metal Exchange (LME) three-month price sank to a six-year low of $1432.50 per tonne in November of that year. China's primary metal production growth was accelerating, up 11% after 7% growth in 2014, as investment poured into smelting capacity. Exports of semi-manufactured products were booming, up 14% in 2015, eating into demand everywhere else. Fast forward to 2021 and the LME price is trading around $2,950 per tonne, having hit the $3,000 level
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- Alcoa Co. (NYSE: AA) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
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