Wednesday, January 21, 2009

Another big egg

Wall Street Journal:
Unless large aluminum producers make deeper cuts in output instead of waiting for peers to do it, prices will take years to recover from their slump, industry executives said.

Producers are privately warning that this game of brinkmanship, in which just 10% of world aluminum output is slated to be taken offline, is likely to create long-lasting damage to the sector.
...
Middle Eastern producers such as Dubai Aluminium Co. and Aluminium Bahrain BSC haven't announced cuts, nor has India's National Aluminium Co.
...
Aluminum prices on the London Metal Exchange have halved since a peak in July at $3,380 a metric ton.
Dubal is "one of the largest non-oil contributors to Dubai's economy."

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