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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Aluminum falls to a six-year low after manufacturing weakened in China, the largest metals user. A private Chinese factory gauge released on August 3 fell to a two-year low in July and an official index last week slipped to the lowest in five months, adding to a near-$4 trillion rout in Chinese stocks. The country uses about 50 percent of the world’s aluminum. “It’s no surprise, but this is just another piece of bad news,” said Nic Brown, head of commodity research at Natixis SA. “What we need to see now in the industrial metals market is what China is going to do in order to support growth over the coming years.” Commodity prices have slumped to the weakest level in 13 years as supply gluts emerged in everything from oil to metals and crops. The Bloomberg Index of Industrial Metals fell...
LME aluminum drifted lower after opening at USD 1,641/mt last Friday. It rallied to USD 1,643/mt at one point as weak US economic data softened the US dollar. However, it fell back later as the US dollar regained strength, and ended at USD 1,620/mt. Trading volumes were up 4,689 lots to 13,124 lots, and positions were down 619 to 879,000. Crude oil futures prices recorded its biggest single day decline since the 2008 financial crisis on July 31. OPEC expressed no intention of production cuts, and drilling activity in the US increased, causing crude oil to fall. Last Friday night, SHFE 1510 aluminum contract moved below the 5-day moving average after opening at RMB 12,245/mt, and finished the night session at RMB 12,225/mt. Trading volumes were down 16,690 lots to 10,924 lots, and...
The future of the Tiwai Point aluminium smelter looks assured after South Island power generator and retailer Meridian Energy signed a variation to its existing deal with the Rio Tinto-controlled with New Zealand Aluminium Smelters Ltd (NZAS). NZAS had the right to terminate the existing contract today with effect from 1 January 2017. By signing this variation, the right has been waived. "It has been a complex and demanding negotiation, but this is a good outcome for Meridian," Meridian chief executive Mark Binns said in a statement. NZAS said the deal would allow the smelter's three potlines to remain fully operational. Chief executive Gretta Stephens said this was good news for the NZAS workforce, Southland and New Zealand. "We have crossed a hurdle today and now have more certainty...
The average cost at Chinese aluminum smelters dropped 3.57% month-on-month in July, driven by lower power costs, SMM survey showed. Power costs fell 7.8% compared with June. Some aluminum smelters have received preferential power tariffs due to China’s power reform. Smelters with captive power plants benefited from falling coal prices. These positive factors allowed the average power tariff at those surveyed to fall to 0.3 yuan/Kwh, down 0.045 yuan/Kwh from early June. Alumina cost slid 0.82% on a monthly basis.
Anil Agarwal led Vedanta Resources said it is planning to restructure high-cost operations in aluminium segment and has suspended ramp-up at its plant due to volatile commodity market. The mining conglomerate has been facing a challenging environment as global commodity prices are undergoing a volatile phase leading to downward pressure on prices, affecting the company's profit and revenue. "In light of the low LME (London Metal Exchange) prices and premiums we are reviewing restructuring some of our high cost operations in the Aluminium segment," Vedanta Resources said in a statement. EBITDA (operational earnings) for the June quarter was significantly lower and negative at USD (1.9) million due to reduced LME and metal premiums and USD 37 million provision made for RPO for previous...
Demand for aluminium has gradually picked up in China along with improved domestic macro-economy. Especially in domestic real estate market, the sales volume and selling price of apartment and house have rebounded. Domestic aluminium price has declined significantly. There is an expectation that production cut of high-cost capacity will happen again in domestic aluminium smelting sector in the coming months, which will further ease the surplus on domestic aluminium market. According to China Nonferrous Metals Industry Association (CNIA) China’s consumption in 2015 is forecast to grow at a lower rate than previous years, at 6 per cent, facilitating 25.5Mt of consumption. Demand will continue to be underpinned by consumer durables and the automotive industry. World aluminium consumption is...
LME aluminum will fall to $ 1,630-1,660 per tonne next week, Shanghai Metals Market foresees. Expectations for US interest rate hike will keep the US dollar index elevated, thus pressuring LME aluminum. Selling pressure at highs and tumbling Chinese stock market will send SHFE 1510 aluminum contract down to 12,150-12,300 yuan per tonne.
Arab nations exported $3.377 billion worth of products to Brazil during the first half of 2015, according to the statistics released by Brazil's Ministry of Development, Industry and Foreign Trade, and compiled by the Arab-Brazilian Chamber of Commerce. Exports from Qatar grew 87.96 per cent to reach $424.50 million in the first half of 2015 from $226 million in the same period of 2014. Kingdom of Saudi Arabia exports hit $776 million, followed by Kuwait's $243 million and the UAE's $239 million during the first half of 2015. Other Arab countries, including Egypt, Oman and Bahrain exports reached $54.36 million, $41.45 million and $33.36 million, respectively. Dr Michel Alaby, secretary-general and CEO of Arab-Brazilian Chamber of Commerce, said: "The flourishing exports from the Arab...
Non-ferrous metals producer Hindalco is in talks with banks to refinance around R7,000 crore of loans for two projects - Aditya Aluminium and Utkal Alumina International (UAIL) - under the Reserve Bank of India’s (RBI) 5/25 scheme, two bankers aware of the development told FE. “Although the company’s financials are not really stressed at the moment and it has been repaying its loans on schedule, it wants to free up some liquidity by stretching loan repayments,” a banker explained, adding that the refinance has not yet been approved. The Aditya Aluminium project comprises a R13,000-crore smelter-power plant complex at Lapanga in Sambalpur district of Odisha with a smelter capacity of 3,60,000 tonnes. The UAIL project in Rayagada district, Odisha, comprises a 1.5 million tonnes per annum...
Aluminium futures traded a shade higher at INR 104.50 per kg, largely in tandem with a firming trend in base metals at the London Metal Exchange (LME). Besides, increased demand at domestic spot markets also influenced prices. At Multi Commodity Exchange, aluminium for delivery this month rose 60 paise to INR 104.50 per kg in a business turnover of 544 lots. Metal for delivery in August contracts also rose by a similar margin to trade at INR 106.20 per kg in 51 lots. Market analysts said the rise in aluminium prices in futures trade was mostly due to a firming trend in base metals at the LME and rising demand at the domestic spot market here.
The Board of Directors of Hind Aluminium Industries Ltd at its meeting held on May 30, 2015, have recommended a Final Dividend of 15% on the equity shares of the Company for the year ended March 31, 2015. (Previous year @ 15%). The Register of Members & Share Transfer Books of the Company will remain closed from August 25, 2015 to August 27, 2015 (both days inclusive) for the purpose of Payment of Final Dividend & Annual General Meeting (AGM) of the Company. Shares of HIND ALUMINIUM INDUSTRIES LTD. was last trading in BSE at Rs.67 as compared to the previous close of Rs. 67.1. The total number of shares traded during the day was 1308 in over 17 trades. The stock hit an intraday high of Rs. 68.7 and intraday low of 64.5. The net turnover during the day was Rs. 87543.
Rusal has no intention of restarting aluminum smelters idled in 2013 and sees its aluminum output this year to be flat with 2014, it said in its quarterly report. The aluminum giant produced 908,000 tonnes of aluminum in Q2, up 0.8% quarter-on-quarter (QoQ) and 1.1% year-on-year. However, its aluminum sales fell 5.1% QoQ to 880,000 tonnes in Q2. It attributes the decline to higher-than-normal sales in Q1 2015. The average price fell 7.7% QoQ to $ 2,124 per tonne in Q1, due to lower LME cash prices and falling physical premiums across key export markets.
Aluminium Bahrain B.S.C. (Alba) announced the release of its second quarter and first half of 2015 results on Wednesday, July 29, 2015. Commenting on Q2 & H1 2015 Results, the Chairman of Alba’s Board of Directors, Daij bin Salman bin Daij Al Khalifa: “Alba was able to outperform the industry and continue to deliver on Safety. We plan to use this positive momentum as we gear-up for Line 6 Expansion Project which will make Alba the largest single-site aluminium smelter in the world.” Alba’s Chief Executive Officer, Tim Murray added: “Alba continues to excel in what we control -- which is Safety, Production and Cost. As we look ahead for the remainder of 2015, we see a large drop in the all-in-aluminium prices; however, we expect to deliver solid results despite these challenges.” Alba's...
Vedanta Limited (formerly known as Sesa Sterlite Ltd./Sesa Goa Ltd) today announced its unaudited consolidated results for the first quarter ended 30 June 2015. A summary of the results below: Financial Highlights: • Revenues at INR 16,952 crore • EBITDA at INR 4,039 crore is flat sequentially; EBITDA margin1 at 31%, improvement sequentially from 28% • Attributable PAT at INR 866 crore, 76% higher sequentially • Strong balance sheet with Cash & Cash Equivalents of over INR 47, 000 crore Aluminium section reports record quarterly aluminium production notwithstanding domestic and international weaker markets. Mr. Tom Albanese, Chief Executive Officer, Vedanta Limited, said: "In Q1 we saw continued volatility in commodity prices, but Zinc has held up quite well in view of its strong...
Noranda Aluminum Holding Corporation announced today that it has received written notice from the New York Stock Exchange that the Company is not in compliance with one of the NYSE's continued listing standards because the average closing price of its common stock was less than $1.00 per share over a 30 consecutive trading day period. The Company also announced today that it has set August 24, 2015 as the date it will hold a special meeting of stockholders to seek approval of an amendment to its amended and restated certificate of incorporation that would effect a previously announced proposal for a 1-for-7 reverse stock split of its common stock (the "reverse stock split") and a similar reduction in the number of authorized shares of its common stock. Proxy materials regarding the...
Jinjiang Group has reached a consensus with the government of Qianxinan Prefecture, Guizhou Province, to build a coal-electricity- aluminum project in Xingren County. The vertical project consists of 2 million-tpy aluminum liquid, 4 million KW power generating units and supporting aluminum processing facilities. The project will be built in three phases, with phase one targeting 500,000-tpy aluminum liquid production.
US mines have produced 142,000 tons of primary aluminium in May this year, according to latest data from the U.S. Geological Survey (USGS). The average daily production was 4,570 tons in May, essentially the same as the daily production during the preceding month but 3% less than that in May 2014. Total aluminum recovered from scrap in May 2015 was 286,000 tons, 5% less than that recovered in April and 7% less than that in May 2014.
China imported 7,100 mt of primary aluminum in June, down 51.63% YoY, but up 5.97% MoM, customs data showed. Imports totaled 53,800 mt in H1, plunging 76.31% YoY. Aluminum premiums in Japan fell to a six-year low of around USD 100/mt for Q3 shipment. The SHFE/LME aluminum price ratio climbed to above 7.3. Both factors offered incentive for imports, which explained the MoM rise in import volumes. SMM expects China’s primary aluminum imports to stay low for the rest of the year on depressed domestic and overseas aluminum market. Overcapacity persists in domestic aluminum market, and flooding of Chinese aluminum semis has grown overseas supply.
