Aluminum Scrap Markets
June 6, 2024
Written by Stephanie Ritenbaugh
Atlanta-based aluminum products manufacturer Novelis Inc. is hitting the brakes on its plan to raise up to $945 million through a U.S. initial public offering due to “market conditions”.
Novelis had announced it would launch its IPO roadshow last week.
The National Association of Wholesaler-Distributors (NAW) has filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit, challenging the district court’s decision to uphold Oregon’s version of the Extended Producer Responsibility (EPR) laws that are popping up across the country.
Rio Tinto will exclusively market billet from RevoCast’s new British Columbia plant under a long-term agreement combining primary and recycled aluminum.
Recycler forward expectations swung toward oversupply in September as inventory drawdowns eased and export demand lost August’s improving responses.
Aluminum sheet lead times rose in September even as more respondents became more comfortable with overall supply.
A new US aluminum trade group is seeking lower costs on primary metal while backing duties on competing finished imports.