LME aluminium prices softened across key contracts on September 23 compared with the previous session, while opening stocks remained broadly stable. The sharpest movement was recorded in cancelled warrants, which declined by more than 20 per cent. The LME aluminium cash bid price stood at USD 3,239.5 per tonne on September 23, down from USD 3,240 per tonne on September 22, a decline of 0.02 per cent. The cash offer price fell to USD 3,240 per tonne from USD 3,242 per tonne, down 0.06 per cent. For the three-month contract, the bid price declined to USD 3,258 per tonne from USD 3,263.5 per tonne, marking a 0.17 per cent decrease. The offer price fell to USD 3,260 per tonne from USD 3,264 per tonne, down 0.12 per cent. The December 2027 aluminium bid price stood at USD 3,180 per tonne,...
Oklahoma Primary Aluminum has released a new economic impact study for its proposed USD 4 billion primary aluminium facility at the Tulsa Port of Inola, projecting a cumulative USD 49 billion contribution to the state’s economy through 2060. The study, prepared by Regional Economic Models Inc, describes the project as a “generational economic anchor” for northeastern Oklahoma, with thousands of jobs, higher household income and significant annual additions to state and national GDP. It was published as the developers face a local construction moratorium, a planned referendum and ongoing environmental and legal reviews. Scale and economic impact The joint venture between Emirates Global Aluminium and Century Aluminum says the 750,000-metric-tonne-per-year smelter would: Generate...
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The US dollar continued to decline on Monday after a large bullish breakout last week, in a risk-off move spurred by the rise in coronavirus cases. LME base metals fell across the board last night. LME aluminium went down 0.7%. Three-month LME aluminium slipped to a session low of US$1,690 per tonne. It then closed down 0.7% on the day at US$1,699 per tonne. The contract is likely to trade between US$1,680-1,720 per tonne. As on Monday February 24, LME aluminium cash (bid) price stands at US$ 1671.5 per tonne, LME official settlement price stands at US$ 1672.5 per tonne; 3-months bid price stands at US$ 1696 per tonne, 3-months offer price is US$ 1698 per tonne; Dec 21 bid price stands at US$ 1825 per tonne, and Dec 21 offer price stands at US$ 1830 per tonne. The LME aluminium opening...
Alro Group, by production capacity, one of the biggest aluminium producers in Europe, accounted for a combined turnover of 2.8 billion lei in 2019. The preliminary financial results were made public today. The company has posted a 7% downfall and a net loss of 68 million lei, in comparison to a profit of 233 million lei in 2018. The group concluded the year 2019 with an EBIT of 99 million lei. The reason behind the downfall was the impact of several unfavourable factors, domestic and international like trade conflicts, excess production, lower levels of demand, listing on the London Stock Exchange and higher utility prices during 2019. Marian Năstase, President of the ALRO Board of Directors said: "Although we have continued, throughout 2019, to develop, produce and sell high and very...
Pacific Aluminium the subsidiary of Rio Tinto has announced a net loss of $46 million with its interest in the New Zealand Aluminium Smelter for the year 2019. Pacific Aluminium holds 79% shareholding in New Zealand’s Aluminium Smelter, and say: “the loss is a result of consistently lower and volatile aluminium prices, coupled with uncompetitive energy prices. Aluminium prices were 15% lower during 2019 than the prior year, averaging $US1791 a tonne.” The CEO of NZAS, Stew Hamilton said: “the result underscored the reasons for the strategic review at Tiwai Point smelter, which last year made $NZ422 million in payments to New Zealand suppliers, including $NZ58 million to suppliers in Southland.” NZAS smelter is considered one of the two smelters in the world producing ultra-high purity...
The US dollar declined last Friday as downbeat US economic data grew concerns that the coronavirus outbreak has taken a toll on the US economy. Three-month LME aluminium pared some losses after it broke down US$ 1,710 per tonne, ending 0.06% lower on the day at US$ 1,711 per tonne. A softened US dollar is expected to keep LME aluminium between US$ 1690 per tonne and US$ 1730 per tonne. As of Friday, February 21, LME aluminium cash (bid) price stood at US$ 1676 per tonne after declining significantly by US$ 10 per tonne from the previous day, while LME official settlement price dropped to US$ 1677 per tonne from US$ 1687 per tonne. 3-months bid price came in at US$ 1702 per tonne and 3-months offer price at US$ 1703 per tonne. Dec 21 bid price stood at US$ 1833 per tonne and Dec 21 offer...
Rio Tinto has announced that the company will appoint three new independent non-executive directors to its board. Hinda Gharbi and Jennifer Nason will join the board with effect from 1 March 2020. Hinda Gharbi is executive vice president of Reservoir & Infrastructure at Schlumberger Limited (Schlumberger), and Jennifer Nason is a Global Chairman at JP Morgan Chase & Co (JP Morgan). Ngaire Woods, Professor of Global Economic Governance at Oxford University, will join the board with effect from 1 September 2020. Rio Tinto chairman Simon Thompson said,"I am delighted to welcome Hinda, Jennifer and Ngaire and look forward to benefiting from their insights and expertise in natural resources, finance, technology, governance and public policy. Their diverse international experience will further...
Century Aluminium, on Friday, February 21, announced a 2 per cent quarterly rise in primary aluminium shipments in Q4 2019 and 8 per cent year-on-year growth in the whole of 2019. In Q4, the shipments totalled at 202,870 tonnes compared with 198,543 tonnes in Q3, while that in the entire 2019 came in at 811,244 tonnes in comparison with 749,850 tonnes. The company also mentioned that its net sales in Q4 decreased by 1 per cent from $438 million in Q3 to $435.5 million, primarily attributing to lower LME prices partially offset by higher volume and product premiums. In the whole year also, net sales decreased by 3 per cent from $ 1,893.2 million in 2018 to $1,836.6 million. Century’s net loss in Q4 2019 was $4.8 million or $0.05 per share, while that in the whole year $80.8 million or...
The US dollar rose almost 2% on Tuesday against the yen, reaching its highest in almost 10 months. LME base metals fell across the board last night. LME aluminium declined 0.8%. Three-month LME aluminium hovered weakly around US$1,710 per tonne and finished the session 0.75% lower at US$1,712 per tonne. The contract is likely to trade between US$1,700-1,740 per tonne. As on Thursday February 20, LME aluminium cash (bid) price stands at US$ 1686 per tonne, LME official settlement price stands at US$ 1687 per tonne; 3-months bid price stands at US$ 1713 per tonne, 3-months offer price is US$ 1715 per tonne; Dec 21 bid price stands at US$ 1843 per tonne, and Dec 21 offer price stands at US$ 1848 per tonne. The LME aluminium opening stock stood at 1150775 tonnes. Live Warrants totalled 813875...
Global primary aluminium production stood at 5.451 million tonnes in January 2020, an increase of 0.57% from 5.420 million tonnes in January 2019. The output inched up by 0.22% month-on-month, according to the latest data showed by the International Aluminium Institute (IAI) on Thursday, 20 February 2020. In 2019, primary aluminium came in at 63.697 million tonnes, slightly down by 0.99%% from 64.336 million tonnes in 2018. In Asia ex-China, aluminium production declined by 6.17% year-on-year and 4.89% month-on-month to 350,000 tonnes in January. The production in 2019 amounted to 4.395 million tonnes, a decrease of 0.45% from 2018’s production. In the Middle East, primary aluminium production totalled 508,000 tonnes, up 10.2% year-on-year and 0.4% month-on-month. The total production in...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, stood at 1.23 million tonnes as of Thursday, 20 February 2020. That was up 137,000 tonnes compared to a build of 148,000 tonnes in the previous week. Primary aluminium stocks increased this week, as demand has yet to recover amid the ongoing coronavirus outbreak. The chart below shows the current status of the primary aluminium inventories across China in more details: Primary aluminium stocks in Wuxi and Shanghai increased by 62,000 tonnes and 3,000 tonnes from February 13 to stand at 447,000 tonnes and 111,000 tonnes on Thursday, 20 February 2020. Stocks in Nanhai, Gongyi, Hangzhou, and Linyi stood at 258,000 tonnes, 209,000 tonnes, 125,000...
Alcoa, on Wednesday, February 19, announced that it received certification from Aluminium Stewardship Initiative under ASI Performance Standard and also Chain of Custody Standard. The company said Mosjøen smelting facility received certification against ASI Performance Standard, while the 10 other facilities in Australia, Canada, Spain, and Norway, including bauxite mining operations, alumina refining facilities, and smelting facilities received ASI CoC Standard certification. ASI has the industry’s most comprehensive system for third-party certification of sustainable manufacturing processes. The ASI Performance Standard defines the environmental, social, and governance principles and criteria, aiming to address sustainability issues in the aluminium value chain. The CoC Standard...
First Bauxite LLC, a natural resource company engaged in the exploration and development of bauxite deposits in Guyana, South America has indicated to the Government of Guyana, regarding its intention to build an aluminium smelter in the country, provided natural gas, a cheap source of electricity generator, could be brought from offshore located hydrocarbon fields. Finance Minister of Guyana, Winston Jordan said: “They said if we can bring natural gas in sufficient quantities, they are prepared to put a smelter right there in Guyana.” He communicated at the turning-of-the-sod for two hotels at former sugarcane estate lands at Ogle, East Coast Demerara. Winston Jordan announced as First Bauxite draw up to commission its Bauxite mine this week at Bonasika, Upper Demerara River. He also...
The US dollar rose on Wednesday to near a three-year high against a basket of other currencies, as a decline in the number of new coronavirus cases in China and expectations for more stimulus measures boosted investors’ appetite for risk. Three-month LME aluminium rallied after fell to a session low of US$ 1,710 per tonne, ending up 0.2 per cent on the day at US$ 1,725 per tonne. Both open interest and transaction volumes shrank. A strong US dollar is likely to keep LME aluminium between US$ 1,710 per tonne to US$ 1,750 per tonne today, February 20. As of Wednesday, February 19, LME aluminium cash (bid) price stood at US$ 1684 per tonne after rising by US$ 3.5 per tonne from US$ 1680.5 per tonne on the previous day, while LME official settlement price rose from US$ 1681 per tonne to US$...
Aluminium Bahrain (Alba), the world’s largest aluminium smelter ex-China, has appointed Bahraini national Hamad Alshaibeh to serve as the new Director of Administration. Alba’s Chief Executive Officer, Al Al Baqali said: “With more than 18 years of experience in Alba, Alshaibeh has played a key role in developing the Human Resources Department. In addition to enhancing Alba’s overall organisational performance, Alshaibeh, in his new role, will be responsible for achieving our overarching HR Strategy – higher levels of Bahrainisation and developing the nationals – in alignment with Bahrain’s Economic Vision 2030. I wish him all the very best in his new role.” Alshaibeh began his career as a Trainee Supervisor in HR Department in 2002. In 2009, he was then promoted to Head - Employee...
The US dollar rose on Tuesday to its highest in nearly three years against the euro. LME aluminium added 0.3%. Three-month LME aluminium increased 0.26% on the day at US$1,721.5 per tonne, but the increase remained capped by a strengthened US dollar. The contract is likely to trade between US$1,710-1,750 per tonne. As on Tuesday February 18, LME aluminium cash (bid) price stands at US$ 1680.5 per tonne, LME official settlement price stands at US$ 1681 per tonne; 3-months bid price stands at US$ 1708 per tonne, 3-months offer price is US$ 1708.5 per tonne; Dec 21 bid price stands at US$ 1835 per tonne, and Dec 21 offer price stands at US$ 1840 per tonne. The LME aluminium opening stock stood at 1177425 tonnes. Live Warrants totalled 813875 tonnes, and Cancelled Warrants were 363550 tonnes....
Hindalco Industries Ltd has reduced the prices of aluminium ingots, billets, and wire rods by nearly 1.2% with effect from Tuesday, 18 February 2020. The aluminium ingot price now stands at INR 137,500 per tonne, a decrease of 1.26% from INR 139,250 per tonne on February 13. The prices of wire rods and billets stand at INR 148,100 per tonne and INR 144,100 per tonne, down 1.17% and 1.2% from INR 149,850 per tonne and INR 145,850 per tonne on February 13. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down more than 5% in the current quarter as compared to the end of the previous quarter. Aluminium operations of the company, excluding those of its US arm Novelis...
The US dollar index held steady on Monday and climbed to the highest level at 99.211 since October 8, 2019. Three-month LME aluminium slipped to close at US$ 1,700 per tonne and finished the day 0.17 per cent lower at US$ 1,717 per tonne, primarily attributed to stronger US dollar and rebound in inventories. The trading range is expected at US$ 1,700 per tonne to US$ 1,760 per tonne today, February 18. As of Monday, February 17, LME aluminium cash (bid) price yet again recorded a sharp decline from US$ 1704 per tonne, as of February 14, to US$ 1678 per tonne, while LME official settlement price from US$ 1704.5 per tonne to US$ 1678.5 per tonne. 3-months bid price came in at US$ 1711 per tonne and 3-months offer price at US$ 1712 per tonne after declining by US$ 22 per tonne. Dec 21 bid...
Australasia’s largest aluminium smelter and has been operating 24 hours a day since 1983, Tomago Aluminium’s employees and contractors have again came up to show their social responsibility in regards to charitable causes, especially those affecting their communities. Though it came as little surprise when seeing the impact of the bushfires raging across NSW they established a bushfire appeal and yet again gave generously out of their own pockets. When fires were rampaging across the state, staff initiated the Tomago Aluminium Bushfire Appeal and donated $21,000. The aluminium smelter company which contributes $1.5billion annually to Australia’s economy added another $29,000 to take the total donation to $50,000 which was donated to the NSW Rural Fire Service on 17 th February’20. The...
According to a recent report, GE has signed a contract with Vedanta to install its digital smelter solution at the latter’s aluminium plant at Jharsuguda in Odisha to enhance productivity. The news came after the two companies jointly announced on Monday, February 17, that “GE and Vedanta Ltd.’s aluminium & power business signed an agreement to implement GE's digital smelter solutions at its largest smelter in India at Jharsuguda in Odisha to significantly increase its operational efficiency and productivity." For the first time, a digital twin technology will be deployed at an aluminium smelter in India, which together with advanced data analytics will expectedly reduce power consumption substantially at the plant. On every 1 per cent reduction in specific power consumption about US$ 4-5...
