US’ aluminum smelters may cut capacity as crude oil prices plunge

Thursday, Mar 12, 2020

   According to the report from the US consultancy Harbor Intelligence, the collapse in the crude oil prices had a negative impact on aluminum prices and significantly increased the likelihood that London Metal Exchange (LME) aluminum would hit US$1,550/ton very soon.

  The sharp drop in oil prices would devalue currencies of emerging markets and strengthened dollars at the same time, which would have a negative impact on the cost competitiveness of US aluminum smelters.
  If the oil prices fell to around US$28/barrel, LME aluminum prices might fall to US$1,430/ton, potentially forcing most US aluminum smelters to shut down.

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