Lates News

Jefferies said aluminum prices have fallen about 17% since early June, partly because aluminum smelters in the Middle East have been gradually resuming production, boosting supply. Citing a Monday meeting with Alcoa executives, the bank said the producer expects the pace of further restarts of previously idled smelting capacity in the Middle East to be slower. Jefferies noted that local smelters face severe economic challenges, especially the high cost of imported alumina. Over the longer term, Jefferies said Alcoa management expects that "most of the capacity previously planned to be added in the Middle East before the war will now be harder to bring to market."