Bell Bay Aluminium (BBA), Australia's oldest aluminium smelter, is reviewing its workforce and offering redundancies for a small number of positions, just over a month after receiving an AUD 200 million (USD 137.52 million) government support package aimed at securing the facility's future until at least 2031. Up to 10 roles are understood to have been affected by the review, although the smelter is expected to retain its existing workforce of approximately 550 full-time equivalent (FTE) employees. Some redeployment opportunities will also be available, while the positions identified are not understood to involve frontline services. The changes reportedly include some former participants in Bell Bay Aluminium's graduate programme. Rio Tinto, which operates the smelter near George Town in...
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...
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Taking advantage of availability of cheap gas based power in the Gulf region, National Aluminium Company (Nalco) plans to go for toll-smelting arrangement soon with three Iranian companies to produce aluminium. Nalco CMD, T K Chand, who was in Iran recently as part of an Indian business delegation, has already held preliminary discussion in this regard with top officials of the government there and state-owned Iranian Mines & Mining Industries Development & Renovation Organization (IMIDRO). "Nalco is exploring the possibilities of toll-smelting in Iran through IRALCO (Iranian Aluminium Company), Al-Mahadi, and SALCO. If things work out, the toll-smelting can be done in next 3 to 4 months", Chand said. This arrangement, he said, will be a precursor to the proposal to set up an 0.5 million...
Norsk Hydro has announced its financial results for the first quarter ended on March 31, 2016. The underlying earnings before financial items and tax of the Norway based energy and aluminium producer declined to NOK 1,501 million in the first quarter, down from NOK 1,566 million in the fourth quarter of 2015. The decline mainly reflected lower realized aluminium and alumina prices, partly offset by positive currency effects, lower raw material costs and seasonally stronger downstream results. • Underlying EBIT of NOK 1 501 million for Q1 • Lower realized alumina and all-in aluminium prices • BNOK 2.9 Better improvement ambition progressing according to plan • 2016 global primary metal market largely balanced Underlying EBIT for Bauxite & Alumina decreased compared to fourth quarter mainly...
SHFE 1606 aluminium will face possible short selling and move at RMB 12,600-12,800/mt Today, SMM observed in an early morning forecast. Despite hawkish tone during the US Fed’s policy meeting, chance remains small for a rate hike in June. LME aluminium will move at USD 1,630-1,650/mt. In China’s spot aluminium market, spot discounts of RMB 0-30/mt and spot premiums of RMB 0-10/mt are expected over SHFE 1605 aluminium contract. Key macroeconomic indicators for base metal prices Diverging trend among base metals should intensify on Thursday. Attention is turning to US annualized Q1 GDP today and market will continue digest news form US Fed April rate meeting. US Q1 GDP growth is expected to slow down, which can be reflected by US soft labour market, weak inflation, consumption and property...
The Supreme Court of New Zealand has rejected an application by the operator of the Tiwai Point aluminium smelter to challenge a High Court decision requiring it to stump up some $20 million in back-pay after a complaint from the smelter workers' union that they were underpaid for days in lieu. The Court of Appeal had already rejected the arguments put forward by New Zealand Aluminium Smelters, a company majority-controlled by Anglo-Australian metals giant Rio Tinto against the 2013 High Court decision. In essence, the case boiled down to workers being paid out for lieu days as if they normally worked eight hour days when their shifts were routinely 12 hours. "I welcome the certainty the Supreme Court's decision has given us," said NZAS chief executive Gretta Stephens. "Right now we are...
Global demand for aluminium will continue to remain strong as worldwide supply tightens. This will raise prices from seven-year lows, says Vladislav Soloviev, chief executive of Russia’s UC Rusal, the world’s second-biggest aluminium producer. Exports of processed aluminium from the People’s Republic of China are expected to drop thanks to investigations of the fake semis market and resulting anti-dumping measures taken by the United States, Australia, and the European Union, explained Soloviev. “Rusal estimates that [global] aluminium consumption will grow by 5.7 per cent to 59.5 million tonnes this year,” he told the South China Morning Post. “Chinese growth is expected to continue to be strong at 7 per cent year-on-year in 2016 to 31 million tonnes.” He went on to explain that the...
Aluminium prices declined by INR 2 per kg in Indian non-ferrous market on Tuesday, April 26, due to reduced industrial offtake. However, other base metals held steady in thin trade. Traders said fall in demand from consuming industries mainly led to the decline in aluminium prices. In the national capital, aluminium ingots, sheet cutting, wire scrap and utensils scrap were down by INR 2 each to INR 155, INR 151, INR 151 and INR 149 per kg respectively. Following were the metal rates on April 26 in the national capital (in INR per kg): • Aluminium ingots INR 155 • Aluminium sheet cutting INR 151 • Aluminium wire scrap INR 151 • Aluminium utensils scrap INR 149
Aluminium at London Metal Exchange will move at USD 1,530-1,550/mt today struggling around the 5-day moving average, Shanghai Metals Market foresees. SHFE 1606 aluminium will move at RMB 12,750-12,900/mt, testing support at the 5-day moving average. Spot discounts of RMB 0-40/mt in China's spot aluminium market are expected over SHFE 1605 aluminium contract. A survey by SMM indicated that base metal in most likelihood would get support from positive China data. Market sentiment in base metal market is expected to improve on Wednesday. “Rising oil price failed to boost Shanghai price in night trading compared with LME market, mainly because of weakening ferrous metals market, and if results of China’s data due for release today are positive, market sentiment will get a lift, but not much...
Shanghai aluminium futures jumped to their highest level in nearly 10 months on Monday, tracking gains on the London Metal Exchange amid optimism about a demand pick-up up in top consumer China. While demand is recovering, restarts among aluminium smelters in China after production curbs last year had been slow, tightening supply. "The whole restarting process has been very slow," said Jackie Wang, analyst at CRU consultancy in Beijing. This is supporting prices as demand recovers after a series of policies from the Chinese government to boost the real estate sector including lower downpayment and interest rates, said Wang. The most-traded aluminium for June delivery on the Shanghai Futures Exchange rose as far as 13,075 yuan ($2,010) a tonne, its strongest since July 2, 2015. It closed...
Profit at Chinese aluminium smelters kept expanding, but now is not the time to cheer up yet, SMM noted. Power tariff subsidies to smelters in Qinghai have been cut following aluminium price gains. This, together with rising alumina prices, will deter smelters in Qinghai from bringing idled capacity back online, SMM expects. No adjustments have been made in power tariff subsidies to smelters in Gansu, but previous power tariff subsidies have not been fully in place, SMM learned. Besides, rising coal prices will add to power costs at smelters with captive power, SMM added. With aluminium prices rising above 12,200 yuan per tonne, profit at Chinese aluminium smelters surveyed by SMM has expanded to more than 1,200 yuan per tonne.
Aluminium Bahrain B.S.C. (Alba), the Bahrain-based international aluminium smelter, announced that its Reduction Maintenance & Services department has achieved 2.5 million work hours without Loss Time Injury (LTI). This achievement emphasises Alba’s continuous drive to maintain a zero accident work environment within the company. Commenting on this occasion, Alba’s Chief Executive, Tim Murray said: “Safety achievements are a collaborative effort and represents the level of awareness of all Alba employees. I would like to congratulate our employees for accomplishing this feat and working towards our infinite objective of achieving a zero accident work environment." Alba strengthens its safety culture through numerous campaign throughout the year, which focus on plant-wide as well as...
DUBAL Holding LLC, the wholly-owned subsidiary of Investment Corporation of Dubai that has been operational since 2014 to look after, among other things, a 50 per cent share in Emirates Global Aluminium, today held its annual general meeting at the Rulers Court. HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and the Chairman of the DUBAL Holding, was present with shareholder representatives from ICD, the DH board, DH management, and its auditors. HH Sheikh Hamdan bin Rashid Al Maktoum who presided over the meeting, was presented with an update on EGA which was formally established at the beginning of 2014 by combining the aluminium industry assets of ICD and Mubadala Development Company. HH Sheikh Hamdan bin Rashid Al Maktoum stated that in 2015...
The Aluminum Association of Canada reported that primary aluminum production in Canada continued its upward trend by increasing for the tenth consecutive month. Production in March 2016 increased 1.6 percent to an annual rate of 3,202,689 metric tonnes, up 49,145 tonnes over the February 2016 rate of 3,153,544 TPY. Compared to a year ago, production was up 13.9 percent over the March 2015 rate of 2,811,418 TPY. Actual production in March totalled 271,266 metric tonnes. Through the first three months of 2016, production is up 12.1 per cent over the same period in 2015.
Aluminium on London Metal Exchange will hold firm at USD 1,640-1,670/mt today, SMM forecasts. SHFE 1606 aluminium will challenge resistance at RMB 13,000/mt and move at RMB 12,750-13,050/mt on market bullishness. In China’s spot aluminium market, spot discounts of RMB 0-40/mt are expected over SHFE 1605 aluminium contract.
The Aluminium Association of Canada (AAC), consisting of Alcoa, Alouette and Rio Tinto, is thrilled with the decision of the United Steelworkers (USW) to withdraw its petition for the imposition of a 50 per cent tariff on aluminium imports. "We share the USW's determination to find solutions to the market's structural disruptions. We also believe that the continued support of governments through commercial diplomacy is the best way to ensure the sustainability of North America's aluminium industry," says Jean Simard, President and CEO of the AAC. "We applaud the USW-affiliated unions in Quebec and the Unifor union, and the Canadian and Quebec governments, for their contribution to resolving this crisis. We managed to protect our industry thanks to a shared vision of the issues, the...
Just as provisional safeguard duty was imposed on the import of steel last year, the Government of India is likely to recommend the same for aluminium import as well, reports . Indian aluminium giants like Hindalco, NALCO, BALCO and Vedanta have complained about the incessant dumping from China and Middle East. FY15 saw a rise in imports of the metal to 56 per cent. The government had hiked the import duty from 5 per cent to 7.5 per cent in the budget. But the local aluminium companies feel it isn't enough and have asked for a 20 per cent import duty. But the government hasn't given any details on how much relief will be provided to these companies as of yet.
Aluminium hit the highest in over eight months on Friday, April 22, but many analysts were wary that prices were stretched and could be due a correction lower with demand still patchy. Strong buying lifted metals in the European afternoon as stops were hit and speculators chased prices higher after they rallied on Thursday, last week, partly on optimism about an economic rebound in top metals consumer China. But many analysts have said underlying supply and demand do not justify the extent of the price gains. "The price increases are exaggerated, so I would expect to see setbacks or corrections in the short term because much of the price rises were driven by greater risk-on sentiment and by speculators," said analyst Daniel Briesemann at Commerzbank in Frankfurt. Three month aluminium...
Aluminium was quick to correct lower after stalling at $1,605 early in March, dropping to $1,475. The sell-off attracted buying that led to a rebound to $1,548. Prices then consolidated but have since pushed higher again; the push has turned to a sprint, with prices gaining more than $100 in four days. While prices look overbought in the short term, having been underwater for so long and having put in a solid base that has been tested on various occasions, the rally may well have further to run, analysts suggest. Next resistance is likely to be encountered around $1,646 and $1,655, they opined. Macro factors According to the industry experts, the build-up in cancelled warrants is the main feature of the market – slowly but surely, available LME stocks have shrunk while metal has flowed...
Aluminium along with a few other select base metals strengthened by INR 2 per kg at the non-ferrous market today in India, following pick up in demand from consuming industries coupled with a firm global trend. Traders said besides pick up in demand from consuming industries, a firm global trend kept select base metal prices trade higher. Following are today's metal rates (in INR per kg): • Aluminium ingots INR 156 • Aluminium sheet cutting INR 152 • Aluminium wire scrap INR 152 • Aluminium utensils scrap INR 150
