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    AMU

    July 19, 2024

    CRU aluminum news roundup

    Written by Marziyeh Horeh

    Rio Tinto reports decline in recycling output in Q2

    Rio Tinto published its latest operational results for the second quarter. Primary production was 824,000 metric tons (mt) in Q2, 1% higher year over year (y/y). ISAL in Iceland returned to 100% capacity after reducing its electricity load following volcanic eruptions in the prior quarter. Average realized aluminum prices including premiums for value-added products (VAP) decreased 4% to $2,746/mt in the first half of 2024. Although the LME price increased was up 1% y/y, the Midwest premium was down 28% y/y, which is 59% of total volumes. VAP sales decreased to 45% of primary metal sold in the first half of 2024 versus 47% last year.

    Marziyeh Horeh

    Marziyeh Horeh is an aluminum analyst at CRU. She covers extrusions and the secondary market in North America. Prior to joining CRU in August 2023, Marziyeh was a post-doctoral fellow at Purdue University focusing on the economics of climate change and sustainability. Marziyeh holds a PhD in Natural Resource Economics from West Virginia University.

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    AMU: Edward Meir’s week in review and thoughts for the week of Oct. 12, 2026

    Base metals had a mixed week. Tin lost almost 4% on the week, finishing at $53,000/ton. Prices dropped to a low of $51,259/ton at one point. Aluminum was another loser, off by about 1.6% on the week. Investors are expecting more aluminum supply going forward, especially out of China and Indonesia. Copper prices tacked on 1.1%. They have now recovered more than half of the $700/ton loss sustained (over the course of a week) following reports/rumors in mid-September that US tariffs on refined copper imports might not proceed after all.