glencore century aluminum
Sources said Glencore bought more than 1 million tons from Russia’s Rusal last year and takes the bulk of production from Century Aluminium, in which Glencore has a more than 40 percent stake. “Some of that metal will move across the road,” an aluminum industry source said, adding that price differentials for contracts along the maturity curve were an incentive for Glencore to buy now and sell forward. Premiums are a reference to the extra paid for metal in the physical market over and above the benchmark LME aluminum price at around $1,860 a ton. Our Standards: The Thomson Reuters Trust Principles. Swiss-based Glencore owns a fully diluted stake of 47 per cent in Century, which operates two smelters in Kentucky and another in South Carolina that have long teetered on the brink. This is a space where subscribers can engage with each other and Globe staff. Sign up today. This translation has been automatically generated and has not been verified for accuracy. Reporting By Luc Cohen; Editing by Cynthia Osterman. We aim to create a safe and valuable space for discussion and debate. European premiums on COMEX have risen to $78 a ton, the highest since October and compared with $60 at the start of January. Undercut by Canadian producers that relied on cheap and clean hydroelectricity to power modern smelters, and unable to compete with subsidized Chinese imports, the U.S. industry had shrunk to five plants operating below capacity. Century struck the deal with Glencore in November 2004 and June 2005, but the Monterey, California-based aluminum producer said it sees greater value in open market transactions for its aluminum. Please log in to listen to this story. But overall exports remain in line with 2017 levels. Century’s output in 2017 was more than 740,000 tons. Click here to subscribe. There are few examples in the metals industry of traders not backed by large companies buying production facilities, but it has happened with oil. Welcome to The Globe and Mail’s comment community. Not that Mr. Trump cares about that, of course. Premiums came under pressure at the start of the year on expectations that large amounts of aluminum would come flooding into Europe after the United States lifted sanctions on Rusal. But neither long-time senator looks to be in danger of losing. Rio Tinto, which purchased Montreal-based Alcan for US$38-billion in 2007, also invested US$2.7-billion to modernize its smelter in Kitimat, B.C., starting in 2011. But imports have remained below historical levels as the pandemic saps demand for value-added aluminum parts and products. Noranda filed for bankruptcy in February after struggling with a sharp downturn in aluminum prices amid a global glut. Many observers saw the renewal of a 10-per-cent tariff on Canadian primary aluminum as an election-year move aimed at buttressing the political fortunes of Mr. Trump and other Republicans in states and districts that are home to aluminum smelters. Hence, a more likely explanation for Mr. Trump’s decision to reimpose tariffs on Canadian aluminum lies in the oversized influence of a single producer, Chicago-based Century Aluminum Co., and its largest shareholder, Glencore PLC.
Thank you for your patience. Mere speculation that Mr. Trump would reimpose tariffs on aluminum helped lift its price, which is set on the London Metals Exchange.
2 aluminum trader Matt Lucke, is buying a bankrupt smelter in the United States, its first acquisition since its founding nearly three years ago. Glencore, which operates a sophisticated metals trading operation, also purchases the bulk of Century’s production, according to the company’s 10-K filing with the U.S. Securities and Exchange Commission. Century Aluminium did not immediately reply to requests for comment. Our Standards: The Thomson Reuters Trust Principles. See here for a complete list of exchanges and delays. Glencore, Rusal and ISTIM declined to comment. Mr. Trump said a “surge” of Canadian aluminum imports had threatened the U.S. industry’s survival. Tariffs Mr. Trump imposed on Canadian raw aluminum imports in 2018 bought the U.S. industry some time, but not enough to fix its fundamentals. Three-quarters of electricity in Kentucky, where the bulk of Century’s production is located, comes from dirtier coal-fired power plants. Canadian capacity stands at more than three million tonnes. Lucke’s purchase represents a bet on one of the few remaining U.S. smelters as producers struggle with low metal prices, high electricity costs and stiff competition from lower-cost producing regions like the Middle East and China. If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. 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Meanwhile, the Cook Political Report, which uses a detailed quantitative formula to “rate” congressional races, does not anticipate much, if any, movement in House of Representatives districts in the three Republican-dominated states. See here for a complete list of exchanges and delays. Welcome to The Globe and Mail’s comment community. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Neal Shear, who helped build Morgan Stanley’s commodity trading business during 25 years at the bank, purchased the aging Come by Chance refinery in Newfoundland alongside veteran trader Kaushik Amin. Noranda Aluminum Holding Corp said on Friday it sold its 263,000 tonne-per-year New Madrid primary aluminum smelter in Missouri to ARG for $13.7 million in a court-approved auction. That means: Comments that violate our community guidelines will be removed. Glencore wants the aluminum for delivery to clients but sources said the move was also a direct challenge to ISTIM, which is preventing companies from taking LME warranted metal when needed from its warehouses in Port Klang. 351 King Street East, Suite 1600, Toronto, ON Canada, M5A 0N1, Just $1.99 per week for the first 24 weeks, var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o? Glencore will for now buy aluminum from Rusal on a quarterly basis,” an aluminum trader said. Glencore was buying aluminum from Rusal under a seven-year contract to purchase 14.5 million tons from 2012. © Copyright 2020 The Globe and Mail Inc. All rights reserved. “There is a lot of aluminum in LME warehouses in Malaysia, and Port Klang is one of the cheapest places to store metal.”. Full Disclaimer. Audio for this article is not available at this time. When the tariffs were lifted last year – as part of a good-faith gesture aimed at securing ratification of the United States-Mexico-Canada trade agreement – it was only a matter of time before U.S. aluminum producers began to clamour for their renewal. We hope to have this fixed soon. LONDON (Reuters) - Mining giant Glencore has bought 200,000 tons of aluminum on the London Metal Exchange and will take delivery of the metal from warehouses owned by ISTIM UK in Port Klang, Malaysia, five sources familiar with the matter said. In Iceland its face is Century Aluminum, but behind them, at the heart of this web lies the secretive commodity broker Glencore International of Switzerland. What’s more, the overwhelming majority of U.S. manufacturers that transform primary aluminum into value-added products denounced renewed tariffs on Canadian imports, arguing the levies would only increase the cost of finished products, such as cars. Also available in French and Mandarin. The pandemic depressed global aluminum prices this year, threatening the plant’s survival. U.S. automakers, which have opposed tariffs on aluminum, employ tens of thousands of workers in swing states where Mr. Trump is trailing, such as Michigan. Storing metal off warrant costs about 10 cents a ton a day, sometimes less, a fraction of the more than 50 cents for aluminum on LME warrant in many LME locations. Mr. Trump remains all but certain to carry each of those states, as he did in 2016. “They’ve (Glencore) canceled 200,000 tons in Port Klang. Some polls have indicated a tightening in Senate races in Kentucky and South Carolina, where GOP incumbents Mitch McConnell and Lindsey Graham are up for re-election, respectively. Canceled aluminum - material earmarked for delivery - in ISTIM’s Port Klang warehouses stood at 309,800 tons at the end of January, up from 30,000 tons at the end of December. Commodity trader Glencore is a major player in the aluminum market outside China, though it doesn’t produce any itself. Glencore, which operates a sophisticated metals trading operation, also purchases the bulk of Century’s production, according to the company’s 10-K …
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