South32 expects the sale of its aluminium value chain assets to Alcoa to be completed in the six months ending June 2027. The proposed transaction covers its aluminium operations and related bauxite and alumina assets in South Africa, Australia and Brazil. The sale follows a binding conditional agreement signed by the two companies, under which Alcoa agreed to acquire the assets for up to USD 5.6 billion . The assets include South32's Hillside Aluminium smelter and the idled Bayside smelter in South Africa, its interests in the Boddington bauxite mine and Worsley alumina refinery in Australia, and the Mineração Rio do Norte bauxite mine and Alumar alumina refinery and aluminium smelter in Brazil. Explore the production, demand and consumption forecasts of bauxite and alumina in our...
LME aluminium cash prices recorded an increase on November 5, 2026, with the cash offer price rising by 0.80 per cent day on day to USD 3,160 per tonne from USD 3,135 per tonne on November 4. On November 5, the LME aluminium cash bid price stood at USD 3,158 per tonne, up by 0.75 per cent from USD 3,134.5 per tonne recorded on November 4. The cash offer price increased by USD 25 per tonne. Similarly, LME aluminium 3-month prices moved higher. The 3-month bid price rose by 0.78 per cent to USD 3,097 per tonne on November 5 from USD 3,073 per tonne on November 4. The 3-month offer price increased by 0.76 per cent to USD 3,097.5 per tonne from USD 3,074 per tonne. For December 27 contracts, the bid price advanced by 0.33 per cent to USD 2,997 per tonne on November 5 from USD 2,987 per tonne...
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LME aluminium ended last week in a drop from its weekly high of US$1,981 per tonne on Thursday, March 30, to US$1,946 per tonne on Friday, March 31. The contract declined 0.46 per cent from Thursday's closing at US$1,955 per tonne. The price movement of the light metal on LME was in tandem with the US dollar index that slowed down towards the end of the week after a consecutive four-day bull run. This divergence is likely to continue in the short term. Reuters analysis suggests, LME aluminium may test a support at US$1,948 per tonne and retrace towards US$1,913 per tonne over the next few days. A break below US$1,948 could cause a further loss to US$1,934, while a break above US$1,970 could lead to a gain to US$1,984. The fall in LME aluminium prices can also be explained by the drop in...
The sustained rise in LME aluminium prices met with an end-of-the-week halt as the contract came down from its yearly high at US$1,981 per tonne on Thursday, March 30 to close at US$1,946 per tonne on Friday, March 31. The day marking the end of the FY2016-17 financial year for many companies saw the contract being traded at lower volumes. However, "The March data is going to be the first 2017 data we can take at face value," said an analyst. As Reuters puts it, gains in aluminium have been recently driven by buying from a mix of CTAs (commodity trading advisers), discretionary funds and traders. LME official on-warrant stocks fell to the lowest since mid-2008. Considering the weekly stock movement, LME official opening stock of aluminium which was estimated at 1936275 tonnes on March 27,...
South 32, a spin off from mining giant BHP Billiton has started seeing brighter days after the charge of metal prices in the end of 2016. The miner reported a net profit of $US620 million ($804 million) in H2 2016, from the $US1.7 billion loss in 2015, which was primarily due to asset write-downs. The company, however, has taken a wise decision to hang on to a large chunk of its cash for security. The company announced it will pay shareholders an US3.6¢ a share interim dividend. This will cost the company $US192 million, with net cash balance standing at $US859 million. Graham Kerr, CEO of South 32 said the company "will continue to manage our financial position to ensure we retain the right balance of flexibility and efficiency". The company will use some part of the cash to finance the...
A company statement from the London listed Vedanta Resources Plc confirms that its CEO) Tom Albanese will leave the $2.7 billion Indian resources giant by the end of August after completing his three years tenure. "Vedanta Resources...Has agreed to extend the Executive Service Agreement of its chief executive officer, Tom Albanese until 31 August 2017," the company statement says. Albanese, who was previously the CEO of Rio Tinto Group, joined Vedanta in 2014, a led the metal and mining conglomerate through the industry downturn that literally crippled the commodity sector and helped the company recover its stock position amidst rock bottom commodity prices and plunging demand. Market Analysts have reiterated the fact that Albanese “played a major role behind the cost cutting and cost...
LME aluminium is rising and how. The light metal which touched the highest since mid of May 2015 at US$1,931 per tonne on Wednesday, March 29, climbed further up to close at US$1,955 per tonne (+1.24%) on Thursday, March 30. Shanghai Metals Market (SMM) predicts LME aluminium will trend higher and keep fluctuating at US$1,955-1,980 per tonne on Friday, March 31. According to Reuters' analysis, LME aluminium may consolidate in a range of US$1,957-$1,970 per tonne for one day before falling again, as suggested by its wave pattern and a Fibonacci projection analysis. As on March 30, LME official cash buyer price of aluminium stands at US$1,954.50 per tonne, cash seller & settlement price is US$1,955 per tonne, 3M buyer price is US$1,959.50 per tonne, 3M seller price is US$1,960 per tonne,...
Trimet, Germany’s largest producer of aluminum, is testing technology to turn its smelters into a "virtual battery" capable of delivering 1.12 gigawatt-hours of flexible capacity. The family-owned business is investing €36 million ($39 million) in a two-year industrial-scale pilot of systems that will allow power use across 120 electrolysis cells to be dialed up or down by 25 percent in either direction, for up to several hours. The pilot is being carried out on a single production line in Trimet’s Essen aluminum smelter. The production line will be able to compensate for fluctuations in the power grid, making it easier to manage intermittent renewables. The virtual battery concept relies on adjustable heat exchangers, developed with help from the University of Wuppertal in North...
Oman is Middle East’s fifth-largest producer of aluminium after the United Arab Emirates, Bahrain, Saudi Arabia and Qatar. International mining players have taken keen interest in the country for investment in recent years. Oman is well positioned geographically and logistically for distribution of metals and minerals to southern and eastern Asia. {newsStudioGallery} Sohar Aluminium was formed in September 2004 to undertake a landmark Greenfield aluminium smelter project in the Sultanate of Oman and is jointly owned by Oman Oil Company, Abu Dhabi National Energy Company PJSC - TAQA and Rio Tinto Alcan. The company accounts for the total aluminium production in the country. The Sohar aluminium smelter has an annual production capacity of 375,000 tonnes of high quality Aluminium. SA is keen...
Against a required production growth rate of nearly 11 per cent during FY2016-17, Coal India is likely to close the year with a 2.5 per cent growth and a 2 per cent rise in sales over the previous year. “We hope to achieve a 2.5 per cent production growth by the end of this fiscal and sales are likely to witness a 2 per cent growth," a senior Coal India executive said. The official said Coal India's production was majorly impacted this year by issues at the Talcher mine and those related to rehabilitation and resettlement. Less than anticipated power demand growth led to lower sales. This in turn increased stocks at pit heads ultimately affecting production. At present, some 100 million tonnes of coal stock is available at pit heads and thermal power plants. Coal India's efforts to make...
The rising momentum in LME aluminium has taken the contract to US$1,931 per tonne on Wednesday, the highest since mid-May 2015. The spike of 0.66 per cent from its previous close is the highest LME aluminium has registered in last one week. The strong uptrend in the light metal is expected to continue over the short term driven by speculations that the US will post a higher GDP in the fourth quarter. Shanghai Metals Market says LME aluminium will move between US$1,945-1,970 per tonne on Thursday, March 30. As on March 29, LME official cash buyer price of aluminium stands at US$1,930.50 per tonne, cash seller & settlement price is US$1,931 per tonne, 3M buyer price is US$1,938 per tonne, 3M seller price is US$1,938.50 per tonne, Dec1 buyer price is US$1,973 per tonne, and Dec1 seller price...
During the FT Commodities Global Summit in Lausanne, Jean-Sébastien Jacques, CEO of Rio Tinto said that China’s crackdown on polluting steel furnaces would lead to greater demand for higher-quality raw material iron ore. The restructuring of the country’s state-owned enterprises would lead to demand for the iron ore it produces in Australia. He at the same time added that the same is not true for the aluminium industry restructuring. Mr Jacques, who took charge as the chief executive of the Anglo-Australian mining giant in 2016, had a more cautious approach on aluminium. China’s restructuring of the aluminium industry will take longer. Aluminium industry has been highly subsidized and supported by the government in order to create employment. The fear of potential loss of jobs in remote...
Emirates Global Aluminium (EGA), the largest aluminium producer in the Gulf Cooperation Council, has mandated Bank of America Merrill Lynch, Goldman Sachs and JP Morgan to advise on its initial public offering, reported sources aware with the development. One of the sources said the company’s EBITDA stands at $1.5 billion, and its closest publicly traded comparison Norsk Hydro is trading at a forward looking enterprise value-EBITDA multiple of 6.1. Last week EGA had invited banks to pitch for the IPO but that the offering size was yet to be determined, reported Reuters. EGA was formed from a merger between Dubai Aluminium (Dubal) and Abu Dhabi's Emirates Aluminium (Emal). An enterprise value of $15 billion was put at the time of its merger. It is owned by Abu Dhabi state fund Mubadala...
Alro, the largest aluminium producer in Continental Europe (excluding Russia and Scandinavia), has posted a net profit of RON 67 million in 2016 vs a net loss of RON 24 million in 2015. The adjusted net profit stands at RON 101 million in 2016 vs RON 45 million in 2015. Marian Nastase, President of the Board of Alro said, “Even if 2016 was a year marked by an unstable macroeconomic climate and lower aluminium prices at international level, it was an important year in Alro’s history, being the first year with a profit after four consecutive years of losses.” As per company’s data, the turnover registered a decline of 2.1 billion from RON 2.3 billion in last year. The EBITDA level stands at RON 247 million in 2016 compared to RON 224 million in 2015. The company gives credit to its...
LME aluminium is back to where it was a week ago. At US$1,918 per tonne after Tuesday's night trading, the contract has inched higher from its previous close of US$1,916 per tonne on Monday but remains at the same level where it was seven days back. The news about the US President Donald Trump signing the administrative order to launch a new time of energy industry and employment on Tuesday night seems to have boosted the market sentiment. OPEC's decision to extend oil output cut has also added to the cheer. The decision is likely to support crude oil and aluminium prices. However, Reuters believes LME aluminium will test a support at US$1,856 per tonne over the next three months, a break below which could cause a further drop to the next support at US$1,775. In the short term, LME...
Aluminium ingot inventories in China major markets dropped for the first time after the 2017 Chinese New Year Holiday, reported Shanghai Metals Market. The total aluminium inventories in five key trading hubs fell 4,000 tonnes last week, SMM survey data showed. The shrink in inventory, though a small one, marked the first drop since the end of the Chinese New Year holiday this year which was celebrated from late January till February first week. As per Reuters' report, some Japanese buyers have agreed to buy the metal from aluminium producers at a premium of US$128 per tonne for three months contract with scheduled shipment in June. The 3-month aluminium premium agreed on saw a 35 per cent surge from the previous premiums of US$95 per tonne in the first quarter, marking a consecutive...
LME aluminium dipped marginally after meeting resistance at US$1,940 per tonne. The contract moved below the 5-day moving average to close at US$1,916 per tonne on Monday, March 27. The previous closing was recorded at US$1,917 per tonne. Shanghai Metals Market (SMM) estimates LME aluminium will test support at the 10-day moving average and move higher between US$1,920-1,935 per tonne on Tuesday, March 28. As on March 27, LME official cash buyer price of aluminium stands at US$1,917 per tonne, cash seller & settlement price is US$1,915 per tonne, 3M buyer price is US$1,924 per tonne, 3M seller price is US$1,924.50 per tonne, Dec1 buyer price is US$1,958 per tonne, and Dec1 seller price is US$1,963 per tonne. The current LME official Opening Stock of aluminium is estimated at 1936275...
2017 seems to be a positive beginning for Vedanta driven by the upturn in commodity market that started towards 2016 –end and is still continuing with bullish trends. The company reported a total group revenue of USD 3,067.4 million and the revenue for the aluminium segment stood at USD 532 million, a 26% and 27% increase YOY respectively. Group EBITDA stood at USD 882.3 million, up 79% YOY. Operating profits in December quarter was the highest in last seven quarters. Share prices for Vedanta have grown more than three-folds from lows of INR 60 last February to highs of INR 275.40 in March 2017. There are a number of growth triggers that have indicated a strong growth outlook for Vedanta in 2017. Base metals have seen a strong run with zinc being the best performer since December and...
Technology advancement and skilled manpower development are the two key essentials of manufacturing sector transformation in India. While the country seems to be gaining momentum in the first part, in the second area, that is, in skilled manpower development, it still lags behind in comparison to other industrialized countries of the world, noted Dr. Tapan Kumar Chand, CMD, National Aluminium Company Limited. He was addressing a seminar on “Emerging Technologies: The demand on talent and skills” organized by School of Management Studies, Ravenshaw University, on 25th March 2017 in Cuttack. There he said, “Robotics is replacing repetitive tasks by around 30% but medium skills have seen an incremental growth of about 12% only. With a population of nearly 1.2 billion, of which 65% is...
Heavy industries are among the major catalysts that underpin the economy of Abu Dhabi, with the emirate having invested more than AED51 billion over the past 15 years to establish a robust industrial infrastructure for aluminum and steel industries, according to a recent media report. Citing official figures of the Emirates Global Aluminum, EGA, and Emirates Steel, ES, the report, recently published by the Dubai-based Al-Bayan Arabic newspaper, said the aluminum and steel industries have been rapidly growing in the emirate over the past few years, producing and exporting hundreds of premium quality products to more than 50 countries all over the world. The EGA’s sales in 2016 hit AED18 billion, while ES' reached AED6.7 billion, according to the report. One of the company’s major...
