Ahead of the National Day holiday, domestic aluminium ingot inventories continued to set fresh year-to-date lows. According to SMM statistics, as of September 30, electrolytic aluminium ingot inventories in China's major consuming regions stood at 638,000 tonnes, down 36,000 tonnes from Monday and 40,000 tonnes from last Thursday. The pace of pre-holiday destocking was relatively fast overall, leaving ample buffer for inventory accumulation during the holiday. Source: SMM On the supply side, domestic downstream demand recovered somewhat month on month in September, but processing fees for some fabricated products came under pressure, leading some downstream enterprises to cut or suspend production, which lowered their willingness to purchase molten aluminium and pulled the...
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...
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UC RUSAL, a leading global aluminium producer, announces the appointment of Vladislav Soloviev, previously First Deputy CEO, as Chief Executive Officer of RUSAL. Oleg Deripaska, who previously held this position, has become the President of the Company. As CEO, Vladislav Soloviev’s focus will be on the Company’s long-term development, specifically the ongoing implementation of RUSAL’s facilities efficiency programme as well as the continued improvement to production processes. In addition, he will drive output growth of value-added products, overseeing the replacement of outdated facilities with modern environmentally friendly capacities and further penetration into new strategic markets. He will also help establish alliances with new partners to further expand the applications of...
The biggest producer of aluminum in US, Alcoa Inc. is reported to have earned an amount which has crossed the estimations and speculations of analysts by leaps. With a better performance than the expected for its aerospace and power units, the company has been able to make a good deal with supplies elements and components. In a statement provided yesterday at the time of trade market closing, the company which is based out at New York is reported to say that their profit without the expenses and its related outputs have resulted in a legal agreement of 7 cents against each share thus beating the average rate of 6 cents as it was estimated by the 15 analysts of Bloomberg. There was drop of sales by 1.9 percent which counts for $5.85 billion, making it surpass the nine estimations of $5.79...
Alro SA,one of the largest aluminium producers in Central and Eastern Europe, announces today its financial results, in accordance with the International Financial Reporting Standards (IFRS), for the nine–month period ended 30 September 2014.The Company reports a negative adjusted net result* of RON 115 million for the nine–month period ended 30 September 2014 compared to a negative adjusted net result* of RON 21 million in the similar period of2013. The turnover for the first nine months of 2014 was of RON 1.44 billion compared to RON 1.50 billion in 9M2013. “Alro increased its sales of processed aluminium, as part of its long-term strategy to focus on high value added products, but due to factors that we cannot control, such as the international aluminium market and the energy taxes,...
Alcoa Executive Vice President and Chief Financial Officer William F. Oplinger will speak at the annual Goldman Sachs Global Metals and Mining Conference being held November 19-20 in New York. The live webcast will start at 8:15 a.m. EST on Thursday, November 20. Oplinger will discuss how Alcoa is successfully building out its innovative, multi-material value-add businesses to capture profitable growth while also creating a globally competitive commodity business. A live audio webcast will be available at the Alcoa website. Following the conference, the archived webcast will be available for replay on the same website.
The Dutch smelter named Aluminium Delfzijl (Aldel) owned by the Klesch Group had applied for bankruptcy 10 months ago but they are now planning to start production early next year. Klesch, the Swiss-based commodities company said that their decision was based on the improving global aluminium market as well as a proposed deal to use the German power grid to run the smelter. The latter will help them secure cheap German electricity to power the smelter, cutting costs. In a power-intensive production like aluminium, competitive energy powers have the power to make or break the company. The smelter plans to start modestly with an output of 100,000 tonnes per year to cater to the fast growing automotive industry. The smelter, that has an annual capacity of 170,000 tonnes, aims to appoint 200...
The prices of aluminium and copper declined by INR 2 per kg on Thursday in the Indian non-ferrous market due to reduced industrial offtake and an overall weak global trend. According to traders, the reason for the weakened sentiment is the slide of aluminium in the global market as a result of the slowing factory output growth in October. The aluminium for three-month delivery has gone down by 0.3% to USD 2,054.25 per mt on LME while the Indian domestic prices of aluminium ingots, sheet cutting, wire scrap and utensils scrap have all gone down by INR 2 each amounting to IN6 164, 165, 167and 164 per kg respectively. In the U.S. the slowing factory output growth in China, coupled with the employment figures, resulted in a fluctuation of aluminium prices, shuffling between gains and losses....
Alcoa Executive Vice President and Chief Financial Officer William F. Oplinger will speak at the annual Goldman Sachs Global Metals and Mining Conference being held November 19-20 in New York. The live webcast will start at 8:15 a.m. EST on Thursday, November 20. Oplinger will discuss how Alcoa is successfully building out its innovative, multi-material value-add businesses to capture profitable growth while also creating a globally competitive commodity business. A live audio webcast will be available at the Alcoa website. Following the conference, the archived webcast will be available for replay on the same website.
Vedanta Resources PLC Thursday said its pretax profit more than doubled in the first half of its financial year as currency volatility eased, but its operating profit was hit by lower volumes at several of its operations, offsetting a 6% revenue increase on the back of higher metals prices. The metals and oil and gas producer took a USD460.1 million currency hit in the first half its last financial year, but this dropped to GBP78.4 million this year due to a reduction in currency volatility, particularly in the exchange rate between the Indian rupee and the US dollar. Its pretax profit soared to USD639.6 million in the six months ended August 30, more than double the USD261.1 million reported a year earlier, as a result. Revenue rose to USD6.46 billion in the half, from USD6.08 billion a...
Hindalco BSE 0.20 % Industries reported a second quarter net profit of INR 78.77 crore, down 78% from INR 357.11 crore in the corresponding quarter last year, as the aluminium maker paid a huge fine as directed by the Supreme Court in September and took a one-time charge on a poorly performing unit in Australia. Sales at the Kumar Mangalam Birla-controlled company grew 36% to INR 8472.90 crore. Analysts, on an average, were expecting a profit of INR 423.39 crore on sales of INR 8307.90 crore, according to a poll conducted by Bloomberg. Exceptional expenses included a fine of INR 563 crore for using coal from operational but now de-allocated Talabira 1 mine in Odisha and a charge of INR 258 crore on its under performing investment in Aditya Birla Mineral Ltd in Australia. However, the...
On Monday, the aluminium prices were on a decline due to the heavy aluminium product exports from China. The three-month-aluminium slipped by 1.05% at the LME taking the price to $2,033.50 a tonne. The volume was also heaviest on the LME at nearly 16,500 lots. Over the weekend it was seen that the Chinese unwrought aluminium moved at an impressive pace in the market. Products exports were seen to rise by 12.5% in October on a year to date basis. Robin Bhar, the head of metals research at Societe Generale in London, said that the deficit of the metal in the world outside China is being quickly met by the Chinese product exports. Although the export of 380,000 tonnes in October was down by 5% when compared to September, on a YOY basis it was 19% higher and is expected to rise further in the...
Rusal, the largest aluminium producer in the world makes observations in the global aluminium demand and supply in the current year, making note of the strongest players in the industry during the period. The global aluminium demand During the first nine months of 2014, global primary aluminium consumption reached 41 million tonnes, representing a 7% increase as compared the corresponding period of 2013. The fastest growing markets during the period were China (12%), Japan, and South Korea (6%). North America experienced a 4.3% increase in growth whereas consumption grew strongly in Europe by 3.7% year-on-year. Global Manufacturing PMI for September stayed flat at 52.2 slightly lower than 52.5 in August. The global PMI continues to signal 3-4% annualized gains in global manufacturing...
Brazil, which was once the sixth largest aluminium producer in the world has now slipped two spots down to the eighth position primarily due to their severe bout of drought which has made electricity a scarce commodity. While the world primary aluminium production has increased by 3% from 2012 to 2013 with new capacities springing up across the globe, the Brazil aluminium production is at its lowest in 12 years. Brazil, which is generally a water-rich nation, has been handicapped by the worst dry spells it has experienced in modern history. As a result, hydroelectric power generation has been severely affected leaving the nation literally in the dark. This has caused energy charges to go up and even though the government had reduced the prices by 7.8% for the producers last year, it still...
National Aluminium Company rose 7.25% to INR 62.90 at 9:23 IST on BSE after net profit jumped 90.61% to INR 341.52 crore on 16.28% rise in total income to INR 2164.13 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market houINR on Wednesday, 12 November 2014. Meanwhile, the BSE Sensex was up 74.86 points, or 0.27%, to 28,083.76. On BSE, so far 3.81 lakh shares were traded in the counter, compared with an average volume of 4.89 lakh shares in the past one quarter. The stock hit a high of INR 64.30 and a low of INR 62.50 so far during the day. The stock hit a 52-week high of INR 68.80 on 19 September 2014. The stock hit a 52-week low of INR 31.80 on 20 February 2014. The stock had underperformed the market over the past one month till 12 November 2014,...
State-owned aluminum producer PT Indonesia Asahan Aluminium (Inalum) plans to accelerate the development of its power plant project, an Inalum executive says. Inalum president commissioner Agus Tjahajana said the company was inching closer to completing the feasibility study for the planned 1,000 megawatt (MW), steam-driven power plant. Initial plans to break ground in the middle of next year have been moved up to early next year. “After the study is finished, we will carry out a bidding process and seek funds to finance construction,” Agus said Tuesday. The construction of the power plant, which will require US$750 million in investment, is the first in a series of projects totaling $1.5 billion that Inalum plans to carry out through 2019. Other projects include a seaport and a new...
Aluminium prices fell 0.40 per cent to INR125.65 per kg in futures trading today as speculators reduced exposure amid weak global trend. At the Multi Commodity Exchange, aluminium for delivery in December declined by 50 paise, or 0.40 per cent, to INR 125.65 per kg in business turnover of 27 lots. Similarly, the metal for delivery in the November contract traded lower by 45 paise, or 0.36 per cent, to INR 125.60 per kg in 444 lots. Analysts said speculators offloaded their positions in tandem with a weakness in metal at the London Metal Exchange and subdued domestic demand, mainly influenced aluminium prices at futures trade.
State-owned aluminum producer PT Indonesia Asahan Aluminum (Inalum) has revealed that it will reject the government’s request to supply additional power to North Sumatra to overcome the province’s power crisis. In a meeting with the North Sumatra Council on Monday, Inalum Workers Union (SP Inalum) leader Muhammad Ridwan said the government should have made more effort to solve the power crisis in North Sumatra without sacrificing Inalum. Ridwan added that the current power capacity of Inalum was only sufficient for production. If Inalum were forced to supply power to North Sumatra, he said, production would be interrupted. “So far, Inalum has supplied 90 megawatts of power to the province. If we’re compelled to supply another 210 MW, production will be cut and Inalum will die,” Ridwan...
UC RUSAL, a leading global aluminium producer, announces its results for the three and nine months ended 30 September 2014. Commenting on the third quarter results, Oleg Deripaska, CEO of RUSAL said: “In the third quarter of 2014 the situation in the aluminium market continued to improve resulting in price growth reaching USD2,114 per tonne in August, its highest level for a year and a half. Premiums have also continued to grow strongly reaching historical highs on the back of a sustained market deficit and strong demand. According to our estimates, healthy consumption growth coupled with production curtailments, have led to a deficit in the global market, ex-China, of 0.9 million tonnes of aluminium in the first nine months of the year. This, together with falling LME inventories, which...
National Aluminium Company (Nalco) is expected to report a whopping 62 percent growth in profit at Rs 290 crore for July-September quarter led by company's strategy to minimise expensive coal imports. Profit in the year-ago period was Rs 179.2 crore. Revenue is seen going up by 7 percent to Rs 1,868 crore in the second quarter of current financial year 2014-15 from Rs 1,738 crore in corresponding quarter of last fiscal aided by higher aluminum/alumina realisation and slightly higher aluminum volumes, according to the average of estimates of analysts polled by CNBC-TV18. Operating profit may spike 42 percent on yearly basis to Rs 380 crore and margin may expand 490 basis points to 20.3 percent during the quarter on higher realisation. Factors Nalco had made a strategic decision to reduce...
