Rusal Plc Maintains Steady Aluminium Production in the Third Quarter Even Though Price Falls
United Company Rusal Plc of Russia continued a steady aluminium output in Q3 and recomfirmed that the company was reviewing certain operations due to a drop in commodity pieces globally to close to its lowest in the last six years.
In the third quarter, the leading aluminium producer of the world produced 916,000 tonnes which is one percent higher than the earlier quarter. In the initial three quarters, the production grew by 1.4% to 2.7 million tonnes.
In this year alone, the price of Aluminium has dropped twenty percent on the London Metal Exchange falling under $1,500 a tonne compared to levels noted after the financial crisis in 2008-2009. The main reason for the price drop is slowing demand with appetite scaling down in aerospace and automotive sectors with increased exports from China.
With a weaker ruble, Rusal, stated that the sales prices are thirteen percent down compared to the previous quarter. The oversupply is also increasing the trade tensions. The U. S. authorities were asked to investigate allegations regarding misclassification of aluminium exports from China in September by the U. S. Aluminium Association.
In this month, the prices of aluminium in Shanghai touched record lows successively with likely drops further. The mirrors the lower costs of input costs and the regional government's unwillingness to reduce the capacity, as the industry provide jobs contributing to the overall economic growth.
New Zealand News
- Tesla offering new discounts & perks in China amid negative press
- Electric Vehicle Council slams Victoria Government for proposed punitive mileage tax on electric cars
- Chinese EV brand Ora unveils VW Beetle-inspired electric car Punk Cat
- Swapping personal car for e-bicycle saved over $50,000 in just 7 years: San Francisco woman
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- Tesla pockets roughly $101 million in profit from sale of some of its bitcoins
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden