National Aluminium Company Limited (NALCO) expects revenue to reach INR 190-200 billion (USD 2.29–2.41 billion) in the current year, supported by higher alumina production and stronger aluminium prices, while an INR 250-billion (USD 3.01 billion) expansion programme is set to reshape its upstream, smelting and power capacities by FY31. The state-owned aluminium producer expects revenue to increase from approximately INR 178 billion (USD 2.14 billion) last year as its new refinery capacity lifts alumina production and higher aluminium prices support realisations. NALCO Chairman and Managing Director Brijendra Prasad Singh attributed the revenue outlook to these two factors. INR 250 billion capex to expand aluminium value chain NALCO is simultaneously advancing a INR 250-crore (USD 3.01...
According to SMM statistics, changes in aluminium ingot and aluminium billet (collectively referred to as aluminium inventory) inventories in major consumption areas in China around the National Day holiday, 2020-2026: overall destocking before the holiday, with the most concentrated inventory buildup during the holiday. During the one-week National Day holiday from 2020 to 2025, aluminium ingots, aluminium billets, and total aluminium inventory all saw inventory buildup (aluminium ingots up 4.0 per cent -17.3 per cent, aluminium billets up 12.7 per cent -66.0 per cent, total aluminium inventory up 6.9 per cent -21.2 per cent ). In the second week after the holiday, aluminium ingots did not see further inventory buildup except in 2021, while aluminium billets destocked in all six years....
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Aluminium prices on London Metal Exchange (LME) may break support at $1,475 per tonne and slide to the next support at $1,462, to complete a downward wave (c). This is the third wave completed by LME aluminium of a three-wave cycle from the September 9 high of $1,655.50; it may eventually stand at around $1,462, the 161.8 percent projection level. The latest support at $1,475, the 150 percent level, could be transitory and will be broken in the short term. An increase over the October 27 high of $1,493.50 could be extended to the 123.6 percent projection level at $1,505.
AluSolutions 2016, the only free exhibition and conference addressing sustainability challenges in aluminium production and processing, has just announced two new feature areas. The AluSolutions exhibition will now include a ‘Lightweight Vehicle Zone’ and ‘Aluminium in Architecture Area’. The dedicated zones will offer companies the opportunity to display aluminium applications and highlight how the metal’s environmental benefits continue into the use-phase. The two-day exhibition, being held on 10-11 May 2016 at the Abu Dhabi National Exhibition Centre, will host equipment OEMs, plant suppliers, smelters and recyclers, while the conference will invite speakers from around the world to discuss growing sustainability across the industry, recycling targets, case studies, technological...
State-owned Emirates Global Aluminium (EGA) is in talks with banks to raise a $5 billion loan, four banking sources aware of the matter said on Wednesday, to refinance debt taken on for some of its projects. EGA, created by the merger of two state-owned aluminium companies Dubai Aluminium (Dubal) and Abu Dhabi's Emirates Aluminium (Emal), is jointly owned by Abu Dhabi investment fund Mubadala [MUDEV.UL] and the state company which holds Dubai's most high-profile assets, Investment Corporation of Dubai (ICD). The company is seeking funds to refinance loans taken for the Emal projects, the sources said. The $5.7 billion Emal Phase 1 project was commissioned in 2009 while the $4.5 billion phase two was commissioned in 2014. A significant part of the projects' funding was through bank loans...
Aluminium prices tumbled to six-year lows on Wednesday, October 28, as traders fretted about the likelihood of large surpluses this year and next and the lack of substantial output cuts to balance the market. Benchmark aluminium on the London Metal Exchange (LME) slumped to $US1460 a tonne in early trade, its lowest since June 2009. It later recovered to close at $US1484 on Tuesday. "Aluminium's fundamentals are extremely challenging, we haven't seen anyone really seriously cutting back production," observed an industry analyst. "Problem is they are all waiting for someone else to do the decent thing." A latest survey conducted earlier this month showed analysts on average expect the aluminium market to have a surplus of 815,000 tonnes this year. The range of forecasts was from 440,000...
Taha International, headquartered in Bahrain, as part of its further growth strategy, and to support the company entering a robust new phase of expansion, has strengthened the management team with three key appointments. Graham Bruce , formerly CEO of Gulf Aluminium Rolling Mill (Garmco) Bahrain, and ex-Chief Commercial Officer of Oman Aluminium Rolling Company, (OARC) Oman, has taken up the post of deputy CEO of Taha effective 18th October. Mr Bruce has been in the region since 2010 and is delighted to return to Bahrain to join Taha at this exciting moment in the company’s development. Max von Arnim , a partner at Fjord Capital has taken up the role of CFO for the Taha Group in Bahrain. Fjord are a London - based private equity investor focused on industrial resource efficiency and have...
Taking positive cues from global market and strong demand at India spot markets, aluminium prices edged up 0.43 per cent to INR 94.25 per kg in futures trade today as participants increased their bets. Marketmen said apart from increased domestic demand, a firming global trend after an interest rate cut in China last week and before a meeting of US Federal Reserve that is expected to keep rates unchanged, helped aluminium futures to trade higher. At the Multi Commodity Exchange, aluminium for delivery this month inched up by 40 paise, or 0.43 per cent, to INR 94.25 per kg in a business turnover of 273 lots. The November traded higher by 35 paise, or 0.37 per cent, to INR 95.90 per kg in 49 lots. Globally, aluminium climbed 1.2 per cent to $1,514 per tonne at the London Metal Exchange.
Aluminium hits a fresh six-year low as spot aluminium closed at $1,442 per metric ton in the London Metals Exchange (LME) on October 26. Prior to this, spot aluminium made a closing low of $1,496 per metric ton on August 24. Of all base metals, aluminium looks the weakest as of now in the commodity marketplace. Industry analysts attribute this price fall to global aluminium oversupply. Years of production cuts by major aluminium producers failed to restore the desired balance in the market. Aluminium production cuts by companies such as Rio Tinto (RIO) and Century Aluminium (CENX) have been counterbalanced by growing Chinese exports. Aluminum demand strong Aluminum demand, on the other hand, is stronger than most other industrial metals. Alcoa expects global aluminium demand to rise 6.5%...
Indian miner Vedanta Limited (formerly known as Sesa Sterlite Ltd) has announced its unaudited consolidated results for the second quarter ended 30 September 2015. Revenues stood at INR 16,349 crore and a cash flow of INR 7,145 crore was generated despite a challenging commodity price environment prevailing in the domestic as well as global marketplace. Following are the financial highlights of the results: • Continued optimization of opex and capex to maximise free cash flow and reduce net debt; generated free cash flow of INR 7,145 crore and net debt reduced by INR 5,335 crore in Q2 • EBITDA at INR 4,113 crore up by 2% QoQ; robust EBITDA margin1 at 32% • Attributable PAT at INR 974 crore, 12% higher QoQ • Strong balance sheet with Cash & Cash Equivalents of over INR 52,000 crore, up 11%...
The Saudi Arabian Mining Company (Ma’aden) will organize a tour of its integrated aluminium facility for attendees of the Arabal conference taking place 15 – 17 November at Dhahran International Exhibitions Center in Saudi Arabia’s Eastern Province. The tour is intended to familiarize attendees with Ma’aden’s aluminium operations at Ras Al-Khair industrial city. Ma’aden, the Arabal host and organizer, will showcase the company’s operational facilities at Ras Al-Khair industrial city on theNovember 17, the day after the conclusion of the two day conference. The tour will include a visit to the alumina refinery (the first in the GCC), aluminium smelter and rolling mill, the latter being the only facility of its kind in the region and among the most technically advanced in the world. Arabal...
LME aluminium may continue to hover above support at $1,488 per tonne, or bounce to resistance at $1,515. Support is provided by the 138.2 percent Fibonacci projection level of a downward wave (c), the third wave of a three-wave cycle from the Sept. 9 high of $1,655.50. It has triggered a strong bounce and may cause another one, which will be weaker, probably to extend to $1,515 only, the 114.6 percent level. A break below $1,488 could cause a loss to the 161.8 percent level at $1,462.
Aluminium prices eased 0.26 per cent and were trading at INR 95.15 per kg in futures trade today as speculators reduced exposure, driven by sluggish demand from consuming industries at the spot market amid weak trend overseas. At the Multi Commodity Exchange, aluminium for delivery in October shed 25 paise, or 0.26 per cent to INR 95.15 per kg in business turnover of 620 lots. The November contract traded lower by 20 paise, or 0.21 per cent to INR 96.95 per kg in 144 lots. Analysts said offloading of positions by speculators amid sluggish demand in the spot market and a weak trend in base metals at the London Metal Exchange, mainly led to decline in aluminium prices at futures trade.
Vedanta Limited, India’s only diversified natural resources company, with global assets has been awarded the ‘Excellence in Corporate Governance Award' instituted by the Institute of Directors(IOD), India. This Award recognizes Vedanta’s commitment as an organization to the high standards of corporate governance for which the company a Board of Directors are accountable to all the stake holders. “At Vedanta, we believe in conducting our company affairs with the highest levels of business ethics and personal integrity. With transparent and sound business processes, we continue to fulfill our commitments towards our stakeholders, instilling a sense of confidence in all our relationships. We are pleased to receive this award which reflects our commitment towards corporate governance,...
Base metal prices on the SHFE are expected to continue their declines on October 27, with SHFE aluminum to lead price losses, Shanghai Metals Market foresees. “A considerable increase in short positions on the SHFE aluminum has sent its price to new record lows, and this will also weigh down other base metals on the SHFE,” SMM says. The US durable orders for September are due for release, and are not expected to improve significantly because of August’s poor PMIs. Aluminum price for the most actively-traded contracts will stand at 10,350-10,450 yuan per tonne, according to SMM forecast.
Aluminium Bahrain B.S.C. (Alba), one of the leading aluminium smelters in the world, announced the appointment of Patrick Hudson as the new Sales Manager for its regional sales office in United States - Alba Americas. Patrick will be responsible to oversee the growth and development of Alba’s product portfolio within the US markets. He will be based in Atlanta, Georgia, and report directly to Alba’s Chief Marketing Officer, Khalid Abdul Latif. Commenting on the appointment of Patrick Alba’s Chief Marketing Officer, Khalid Abdul Latif said: “Alba Americas represents our commitment to expand our presence in the US market. I congratulate Patrick on his new appointment, and I am confident that he will demonstrate same level of dedication and excellence he has shown in his previous...
The Saudi Arabian Mining Company (Ma’aden) announced the participation of 15 sponsors in the Arab International Aluminium Conference and Exhibition (ARABAL 2015), hosted by the company on November 15-17 in the Dhahran International Exhibition Center. Senior industry figures are scheduled to speak at this premier global aluminium event, the largest in the Gulf region. The conference will also include the participation of 35 exhibitors in the exhibition accompanying the conference which highlights the major developments in the global aluminium industry, with a review of the latest updates on regional aluminium sector investments. Ma’aden is currently doing intensive preparations to insure the success of this conference, which has broad interest to those involved in the aluminium industry,...
The government of India is considering a move to double 5 per cent import duty on aluminium in a bid to salvage Rs 1.2 lakh crore of bank-financed capex investments by domestic players like Vedanta and Hindalco, and protect the 7.5 lakh jobs jeopardized by cheap imports that have captured well over half the market. Layoffs and plant shutdowns are already underway and more job cuts are on the anvil with the industry operating at just 49 per cent capacity in 2014-15 amid a sharp slump in global commodity prices that has brought aluminium prices down 30 per cent in three years. Warning of an adverse impact on the Modi government's 'Make in India' drive if this trend continues, CEOs of aluminium producing companies have sought an urgent intervention from finance minister Arun Jaitley,...
About half of the world’s aluminium smelters were not profitable, and continued price pressure would force more smelters offline in the face of a price that could fall as low as $1 200/t, a report by BofA Merrill Lynch Global Research has found. Aluminium prices had continued trading lower in recent weeks, falling below $1 500/t on Thursday. “In our view, the recent dynamic is testament to the ongoing challenging fundamental backdrop. This has perhaps been most visible in the reluctance of China’s aluminium producers to curtail output; in fact, partially supported by subsidies, the country’s smelters have increasingly delivered into the deficits created by production discipline from smelters in [the rest of the world],” the global commodities research team reported. BofA believed that...
Aluminium prices were up 0.90 per cent to INR 95.35 per kg in futures trade today as participants strengthened their exposure, supported by an upward trend overseas. In addition, rising demand in the spot market influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery in the current month edged up 85 paise, or 0.90 per cent, to INR 95.35 per kg in a business turnover of 4,593 lots. Likewise, the metal for delivery in November traded marginally higher by 80 paise, or 0.83 per cent, to INR 97.10 per kg in a turnover of 763 lots. Marketmen said besides increased domestic demand, a firming global trend in base metals mainly influenced prices in futures trade.
