The largest aluminium producers to be deprived of billions in premiums
Edited by Rhod Mackenzie / 2013-10-25 10:09:05
The world's largest aluminium producers UC Rusal, Alcoa and Rio Tinto have received $5.6 billion of additional income in the form of premiums for aluminium supplies in 2011-2013, the Vedomosti writes, referring to The Wall Street Journal’s research.
Only in the last year Alcoa and UC Rusal earned $1.4 billion. Today the premium to exchange price is $245 per 1 tons or 13% of the aluminium price at LME. This is result of difficulties with metal supply from the exchange depots. “LME depots dispatches about 3 000 tons of metal every day and the turn around sometimes exceeds 100 days,” – the Director of the Hong Kong Stock Exchange (HKEx, owner of LME) Charles Lee explained in the summer.
