In the final three trading days before the National Day holiday, the South China spot market stayed soft: aluminium prices continued to edge lower, the SHFE aluminium backwardation structure strengthened, and premiums over the next-month and far-month contracts were actually elevated. Ahead of the holiday, the willingness to cash out at the high basis was strong, and amid ongoing destocking, discount-priced cargoes still dominated spot circulation; demand was largely subdued, with only localized bargain-hunting replenishment and quite limited buying interest. On the whole, however, the high spot premium for aluminium ingots in South China remained largely intact. As of September 30, the SMM A00 aluminium (Foshan) spot premium over the 2610 contract stood at RMB 260 per tonne, still within...
Four days to go, and the aluminium world is getting ready to move to Düsseldorf. From October 6-8, the city will host ALUMINIUM 2026 , with more than 800 exhibitors and partners and over 21,000 trade visitors expected at Messe Düsseldorf. The event will bring together producers, recyclers, downstream manufacturers, technology providers, equipment suppliers, policymakers and end users from across the global aluminium value chain. The 2026 edition comes at an important point for the aluminium industry. European producers are facing pressure from energy costs, international competition and tighter climate requirements, while concerns around raw material security and resilient supply chains continue to grow. At the same time, demand for aluminium is expanding across electric mobility,...
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The Board of Directors of Maan Aluminium Ltd at its meeting held on December 27, 2014, has approved proposal for change in designation of Mr. Ravinder Nath Jain, from whole time Director to Chairman & Managing Director of the Company. The Board accepted the resignation of Mr. Mohinder Jain from the post of Managing Director of the Company and also the resignation of Mr. Adish Jain, Director of the Company. The Board has noted the withdrawal the name of Mr. Mohinder Jain, Mrs. Anita Jain, Mr. Adish Jain & Mrs. Manisha Jain form promoter group. Mr. Yongendra Jain, a qualified Chartered Accountant has appointed as Chief Finance Officer of the Company w.e.f. December 27, 2014. The Board approved the proposal to reconstitute the Remuneration committee of the Company and appoint Mr. Rajesh Jain...
Aluminium settled up 0.21% at 117.25 in thin trading but weak demand from top consumer China and a strong US dollar could put downward pressure on prices. Growth in China's economy is expected to slow to 7 percent next year from a forecast 7.3 percent this year, in part due to weakness in global economies, a top Chinese government think tank said on Monday. China's cooling economy, which grew at its slowest pace since the global financial crisis in the third quarter, has pinched the country's demand for copper imports this year. A slew of lacklustre economic indicators this month suggest full-year growth may fall short of Beijing's official 7.5 percent target for the first time in 15 years. The US dollar index closed Monday at 90.19, the highest since 2006, piling pressure on base metals...
London Metal Exchange registered warehouses will be raising the average rental rates by 3.6% in 2015 which is double the increase of previous year and will help offset the impact of the fast clearing warehouse loud-out queues. LME warehouse owners had gained a lot of revenues by allowing long queues to form for the buyers looking for LME futures contract where some buyers had to wait more than a year. In a bid to rectify the long waiting times, LME had announced plans for reforming the system that enabled the linking load-in to load-out rates and assured that waiting times would not exceed more than 50 days. The system has taken effect and as a result a significant cut in the queues can be noticed but that has cut into the rental revenues of warehouse owners including global trade houses....
Brazil imported 306,400t of primary aluminum in the first nine months, up 292% from 78,100t in the year-ago period, according to national aluminum association Abal. In terms of value, the country's primary aluminum imports totaled US$686mn in the period, a 279% increase from US$181mn in January-September 2013. Imports of finished and semi-finished products reached 136,100t, for a total of US$733mn, compared to 123,000t and US$717mn last year, Abal said. Aluminum scrap imports totaled 40,500t, worth US$69mn, up 78.4% and 97.1%, respectively. Aluminum's low price on the international market and Brazil's high energy costs are major factors behind the country's shift from leading aluminum exporter to net importer of the metal in 2014.
Taking positive cues from overseas markets and rising spot demand, aluminium futures prices rose by 0.30% to INR 117.35 per kg today as traders created fresh positions. At the Multi Commodity Exchange, aluminium for delivery in current month moved up by 35 paise, or 0.30%, to INR 117.35 per kg, with a business turnover of 200 lots. Metal for delivery in January 2015 contracts rose by a similar margin to trade at INR 118.25 per kg in business turnover of 67 lots. Market participants said besides rising demand at domestic spot markets, a firming trend in metal at the London Metal Exchange (LME), helped aluminium futures to trade higher.
The ever slowing Chinese economy can find respite in the recovering aluminium prices that have rebounded from its six-month low prices with the prospects of a positive spur in the economic growth of the world’s biggest consumer of the metal. On Sunday the aluminium prices in London had dipped to its lowest since July 17, which recovered by 0.6% on Monday. The final reading for HSBC Holdings and Mrkit Economics’ manufacturing purchasing managers’ index for China is due to release on December 31 and is suspected to be around 49.5 signifying contraction. “In the short-term, the market will be looking at how the Chinese government will take action,” to stimulate the economy, said Tetsu Emori, a senior fund manager at Astmax Asset Management Inc. in Tokyo. “Now might be a good time to take...
China’s primary aluminum imports dived 87.19% on the year in November 2014, due to unfavorable SHFE/LME arbitrage and rising premiums overseas, Shanghai Metals Market understands. Inbound shipments were 4,904 tonnes in November, and imports from January through November totaled 265,800 tonnes, also down 10.01% from a year ago, customs data showed. Primary aluminum flows into China partly through re-export and partly under tolling trade. Falling margins have sent import volumes under tolling trade down this year.
Columbia Falls Aluminum Co. said Friday it opposes a Superfund designation for the aluminum plant site. Owned by Swiss-based parent company Glencore, CFAC supports expediting a thorough investigation of the plant site and has retained environmental consulting firm Roux Associates to develop a remedial investigation work plan, according to a press release issued by CFAC. The company does not want the plant site listed on the U.S. Environmental Protection Agency’s National Priorities List for federal Superfund cleanup. “First we have to do the assessment,” CFAC spokesman Haley Beaudry said in a phone interview with the Inter Lake. “Right now everybody is assuming there is some cleanup to do, but we don’t know that. I’m reluctant to put the cart before the horse.” Beaudry said the press...
North Sumatra-based aluminum producer Indonesia Asahan Aluminium (Inalum) reported that it had more than tripled profits since the government took over the company from Japanese companies in April 2014. President director Winardi Sunoto said the company’s net profits nearly tripled to US$117 million during the April-December period from $34 million in the same period, last year. He attributed the sharp increase in the profits to an improvement in the operation since the change in the management following the government’s takeover. The growth in net profits, he said, was also supported by the stable water levels at Lake Toba, North Sumatra, which were currently 904.22 meters above sea level. Lake Toba is considered the heart of the company’s operation, from where it sourced water for its...
The coming year’s quarterly prices negotiations between the Japanese aluminium buyers and the global aluminium miners have not yet reached a final premium price for the January-March shipments as the buyers are refusing to pay high rates. The discussions are expected to continue till the next month as no decision can be reached between the two parties and a wide gap remains between the producers’ offers and the buyers’ bids. The Japanese, who are the benchmark setters for aluminium premiums being the biggest importer of the metal, have already paid record high premiums of $420 for the October-December quarter up by 3-5% from the previous quarter. Even earlier this month, there was news of premiums worth $435-$440 per tonne being paid by the Japanese creating a new record. The U.S....
On Wednesday night, SHFE 1503 aluminum contract rose to RMB 13,120/mt after starting at RMB 13,100/mt, and finished the night session at RMB 13,110/mt. Trading volumes totaled 10,400 lots, with positions up 1,210 lots to 134,824 lots. On Thursday, the most active contract was range-bound without guidance from the LME, and ended at RMB 13,120/mt. Spot aluminum largely traded between RMB 13,010-13,020/mt in Shanghai on Thursday, premiums of RMB 0-10/mt over SHFE 1501 aluminum contract, versus RMB 13,000-13,020/mt in Wuxi, and RMB 13,020-13,030/mt in Hangzhou. SHFE 1501 aluminum contract lost support at RMB 13,000/mt, dampening buying in physical market. In the afternoon, offers held stable, with trading subdued.
Aluminium settled down -0.21% at 117.25 due to rise in dollar as major economic indicators from the US were mixed. US final GDP growth for Q3, published on Tuesday, came in at 5.0%, well above expectations and the biggest rise in 11 years. This demonstrates rapid growth in the US economy and has soothed concerns over the world’s largest economy. The resulting stronger expectation for the US Federal Reserve to raise interest rates earlier than anticipated sent the US dollar index up sharply above 90, a high not seen since 2006. The latest report published by the World Bureau of Metal Statistics (WBMS) indicates that global primary aluminum market has recorded a deficit during the initial ten months of the year. As per the report, the market turned into a deficit of 542,000 tons when...
The latest report published by the World Bureau of Metal Statistics (WBMS) indicates that global primary aluminum market has recorded a deficit during the initial ten months of the year. As per the report, the market turned into a deficit of 542,000 tons when matched with the surplus of 570,000 reported during entire year 2013. The production of primary aluminum was up by 1,398 kt during the ten-month period from January to October this year. The reported stock of produced metal has declined by 173,000 tonnes during the month of October. The stocks at the end of the ten-month period stood at 6,564 kt. It must be noted that the stock levels at the end of 2013 had stood at 7,171 kt. The combined stocks held in London, Shanghai, USA and Tokyo exchanges totaled 4,669 kt at the end of October....
London Metal Exchange (LME) aluminium prices are forecast to rise gradually in the latter half of next year possibly to as high as $2,300 a tonne as smelter shutdowns and output cuts squeeze supply, Japanese trading house Marubeni Corp said. "We expect the LME prices to move higher next year as the market will remain tight," Norinobu Ozawa, general manager at Marubeni's light metals section, told reporters on Wednesday. Marubeni, a major aluminium trader in Japan, estimated the global aluminium market will see a deficit of 387,000 tonnes in 2015, against an estimated deficit of 125,000 tonnes this year. It sees the deficit to widen to 872,000 tonnes in 2016. Many aluminium producers have cut loss-making capacity or shut down completely in response to low LME prices, high energy costs and...
Aluminum snapped three days of losses before U.S. data projected to show goods orders expanded and the world’s largest economy grew more than initially estimated in the third quarter. The metal gained as much as 0.5 percent after closing yesterday at the lowest since June. Orders for goods meant to last for at least three years expanded 3 percent in November on the month, compared with a revised 0.3 percent increase in October, according to a Bloomberg News survey before the data due today. Economists in a separate survey by Bloomberg predicted annualized growth in the U.S. economy will be revised up to 4.3 percent for last quarter. The U.S. is the second-largest metals consumer. “The aluminum price has gone quite low,” said Chae Un Soo, a metals trader at Korea Exchange Bank Futures Co....
Buoyed by firming trend overseas and rising spot demand, aluminium futures prices rose by 0.25 per cent to INR 118.45 per kg today as traders created fresh positions. At the Multi Commodity Exchange, aluminium for delivery in current month moved up by 30 paise, or 0.25 per cent, to INR 118.45 per kg, with a business turnover of 19 lots. Metal for delivery in the far-month January 2015 contracts rose by 15 paise, or 0.13 per cent, to INR 119.30 per kg in business turnover of five lots. Market participants said besides rising demand at domestic spot markets, a firming trend in metal at the London Metal Exchange (LME) ahead of the US data projected to show expansion of goods orders and the world's largest economy growing more than initially estimated in the third quarter, helped aluminium...
The primary aluminium output in Brazil in November has fallen by 31.4% year-on-year once again proving that the major players in the industry are taking deliberate steps to curtail production. Compared to the 101,000 tonnes of the metal produced in November, 2013, last month the production was a total of 69,300 tonnes according to the figures released by Abal, the aluminium association showed. From the beginning of the year till November this year, the Brazilian production was 891,200 tonnes dipping 25.7% from last year’s production of 1.2 million tonnes across the same period. By the end of the year the total output is likely to be 978,000 tonnes, falling 25%, according to latest Abal estimate. The difference between 2013 and 2014 total aluminium out put is 326,000 tonnes making the...
The administrative chief of Xinjiang Qiya Aluminium Electricity Co. announced on Sunday that they will be ramping up their production in 2015 doubling its current annual capacity to 800,000 tonnes. Located in the Jimusaer County in Xinjiang, the company can take advantage of the abundant coal resources in the region for a profitable coal-electricity-aluminium integration. Meanwhile the Customs Tariff Commission in China announced on December 16 to maintain its 15% export duty on aluminium products including primary, alloy, shredded scrap and aluminium bars and rods in 2015 as well, dashing hopes of the auminium producers.
