End-users decry Goldman aluminum swap offer

Aug 26, 2013 | 03:23 PM | Michael Cowden

Tags  Goldman Sachs, Metro International Trade Services, London Metal Exchange, LME, Giampaolo Group, Matalco, Triple M Metal, Robert Roscetti Novelis

CHICAGO — Metal consumers have not jumped at an offer from Goldman Sachs Group Inc. to swap warehoused aluminum for immediately available product in part because few of them, if any, were in the queue for aluminum when the offer was made, according to market sources.

Quick access to metal appears to have been available only to those already in the queue when the swap announcement was made July 31 (amm.com, July 31), according to the bank and market sources.

"No end-users have taken Goldman up on its offer," a spokesman for the New York-based bank told AMM. Asked whether the swap was available only to end-users in the queue on the day the announcement was made, the spokesman said, "Why don’t you just assume it was for people who had metal in queue as of July 31."....

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