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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Inner Mongolia’s Holingola City is expected to install 5 million-tpy of aluminum capacity and 4 million-tpy of aluminum processing capacity by 2017 to capitalize on rich coal resources there, local media reported on October 11. Besides, 100 million-tpy of coal capacity and 10 million-kilowatt thermal power capacity are also scheduled to be installed in the coal-rich city by 2017 to support aluminum and downstream industries there. The city has installed 780,000 tonnes of aluminum capacity, as well as 630,000 tonnes of aluminum processing capacity annually, it added.
The company's active approach to innovation has seen UAE-based aluminium giant Emirates Global Aluminium's ("EGA") win five awards - including two Gold awards - at the Ideas.America International Competition, held in Colorado, USA from 16 to 18 September 2014. This success is a continuation of the company's proud record at the Ideas.America awards. All five of its shortlisted suggestions in this year's competition -which came from its highly-successful employee suggestion scheme - won awards. EGA is the jointly-owned aluminium conglomerate formed by Mubadala Development Corporation and Investment Corporation of Dubai that combines the businesses of Dubai Aluminium PJSC (" DUBAL ") and Emirates Aluminium Company Limited PJSC (" EMAL "). Although this is the first time EGA took part as a...
Aluminium Bahrain B.S.C ( Alba ) is on track to hit its annual growth targets with Q3 2014 sales figures up by 2.3% YoY to reach 232,922 metric tonnes (mt) versus 227,758 mt in Q3 2013, while its production figures topped 233,496 mt for the same period in 2014, an increase of 3,438 mt versus 230,058 mt in Q3 2013. In addition, Alba increased its Value-Added (VA) sales for Q3 2014 - jumping to 67% versus 65% in Q3 2013. For the nine months of 2014, sales figures stretched to 689,203 (mt), up by 1% YOY; while production figures increased by 14,723 mt to reach 697,508 mt year-to-date. Commenting on Alba 's sales and production figures for Q3 2014, Alba 's Chief Executive Officer, Tim Murray said: " Alba continues to push the limit on operational performance. I would also like to thank all...
Century Aluminum has been given an average recommendation of “Buy” by the ten analysts that are covering the stock, AnalystRatings.Net reports. One investment analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $24.40. Century Aluminum opened at 22.55 on Friday. Century Aluminum has a 52-week low of $8.18 and a 52-week high of $29.54. The stock has a 50-day moving average of $25.56 and a 200-day moving average of $18.25. The company’s market cap is $2.003 billion. Century Aluminum last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.21 earnings per share for the quarter, beating the...
LME aluminium may break a resistance at $1,940 per tonne and rise more towards $1,975, as indicated by its wave pattern and a Fibonacci retracement analysis. The rebound from the Oct. 2 low of $1,885 has not completed, as it will consist of three waves. So far only two have unfolded. The third wave labelled c is expected to approach a resistance at $1,975, the 38.2 percent Fibonacci retracement on the fall from the Aug. 29 high of $2,119.50 to $1,885. Strategically, the target at $1,975 will be confirmed when aluminium breaks a weak resistance at $1,904, the 23.6 percent level. Support is at $1,919, the 14.6 percent level, a break below which will trigger a further loss to $1,885.
Aluminium Bahrain B.S.C. (Alba) was a key participant at Aluminium 2014: 10th World Trade Fair & Conference, which was held from October 7 to 9, 2014 at Dusseldorf, Germany. The Company’s participation emphasised its commitment to strengthen the presence of its product portfolio in Europe and various global markets. Aluminium 2014 is one of the foremost B2B platforms for the aluminium industry. With more than 950 exhibitors, the event provides a comprehensive overview of the business and emerging markets. Alba’s stand at Aluminium 2014 showcased its high-grade aluminium products and highlighted the Company’s operations, productivity and state-of-the-art technology, safety, health and environment policies. Alba officials also held successful meetings with customers and suppliers and gained...
Vedanta Resources publishes production Release for the Second Quarter and Half Year ending 30 September 2014. The company posts the following update on the Aluminium segment. The Lanjigarh alumina refinery operated above 90% of its rated capacity and produced 226,000 tonnes in Q2. The numbers for the corresponding prior period are not comparable as the plant restarted in July last year and ramped up thereafter. In Q2, production at the 500kt Jharsuguda-I & 245kt Korba-I smelters remained stable and above rated capacities despite incidences of grid failures. We have realised healthy premiums during the quarter. The continued challenges to coal availability in the country due to lower volumes of e-auction coal, rail logistics constraints and increased reliance on imports continue to...
Alcoa reports a good performance in the upstream sector as well with strategic planning. They have cut down their production by 28 percent or 1.2 million metric tons since 2007 to increase the competition in the global aluminium market. In the third quarter, the company has successfully closed the 190,000 metric ton smelter in Point Henry and announced its plans to permanently close the Portovesme smelter in Italy which will bring the total capacity reduction to 150,000 metric tons. In exchange, Alcoa has entered into an agreement with Sural Laminated Products of Canada Inc. for the acquirement of Bécancour, Quebec rod mill worth 90,000 metric tons. The third quarter ATOI was $245 million which is up by $148 million when compared to the previous quarter and further leap of $237 million...
A courtroom victory allowing the London Metal Exchange to ease backlogs of deliveries of aluminum may do little to reduce the cost of the metal used in everything from beer cans to auto parts. While yesterday’s appeal court ruling in London clears the way for the LME to impose new rules at its warehouses, rising demand for aluminum and output cuts by producers including Alcoa Inc. (AA) and United Co. Rusal will still boost costs, according to Harbor Intelligence and BMO Capital Markets. Rusal, which plans to appeal the ruling to the U.K. Supreme Court, yesterday cited a “substantial deficit” in the market. Aluminum users including MillerCoors LLC argued last year that LME rules were helping to create artificial limits on warehouse supply. With shipment delays at some locations lasting...
Tianjin Zhongwang Aluminium from Tianjin, China, has placed an order with SMS Meer for the delivery of three ingot scalping lines. The scalpers will be used for the manufacture of plate products, standard sheet products and foils. With this investment Tianjin Zhongwang will step into China's aluminum rolling business. The high rigidity of the SMS Meer ingot scalpers ensures very precise surface qualities of the scalped aluminum ingots. The lines each consist of two single-head scalpers arranged in succession with a turnover unit in between. Each scalper is fitted with a three-sided scalping head for scalping of the octagonal ingot profile. A laser measuring device and a modern control system complete the equipment. The two scalpers can also be operated separately. The first line will be...
Shares of aluminium major Hindalco were up 5 per cent on Thursday, after a stellar performance from its global peer, Alcoa, during the September quarter. During the latest quarter, Alcoa’s income increased six-fold year-on-year, on the back of improved prices and lower input costs. Average aluminium prices have increased to over $2,000 a tonne in the September quarter, from $1,700 in February 2014. More importantly, the company reaffirmed its 7 per cent growth projection for global aluminium demand for 2014. Alcoa has also forecast a deficit in global aluminium of 0.67 million tonnes in 2014, which is good news for aluminium prices. The other positive from Alcoa’s results is the 46 per cent year-on-year income growth in the rolled aluminium sheets division, thanks to the demand from auto...
Aluminum Association released the 2014 edition of the North American Aluminum Industry Plant Directory. The Directory is the industry’s only complete resource offering the most up-to-date details on 488 plants (excluding foundries) known to be operating in North America as of August 2014. This is the latest update of a directory last published in 2012. The 2014 edition covers 405 aluminum plants in the United States, 52 plants in Canada and 31 plants in Mexico. The Directory provides plant location, types of products produced, contact information and affiliated websites. The directory is divided into sections -- organized alphabetically, by location, and by mill product. The new edition of the Directory also better emphasizes membership in the Aluminum Association with a logo marking each...
Noranda Aluminum Holding (NOR) was among the biggest gainers on the Russell 2000 for October 8 as the stock popped 9.67% to $4.65, representing a gain of $0.41 per share. Some 843,274 shares traded hands on 4,292 trades, with a total float of 68,852,804. The stock opened at $4.25 and traded with an intraday range of $4.21 to $4.66. After today's gains, Noranda Aluminum Holding reached a market cap of $320,165,539. For a full analysis of Noranda Aluminum Holding, check out Equities.com's E.V.A. report. The Russell 2000 is one of the leading indices tracking small-cap companies in the United States. It's maintained by Russell Investments, an industry leader in creating and maintaining indices, and consists of the smallest 2000 stocks from the broader Russell 3000 index. Russell's indices...
Rio Tinto issues a statement regarding the recent press speculation regarding a possible combination of Rio Tinto and Glencore. The Rio Tinto board confirms that no discussions are taking place with Glencore. In July 2014, Glencore contacted Rio Tinto regarding a potential merger of Rio Tinto and Glencore. The Rio Tinto board, after consultation with its financial and legal advisers, concluded unanimously that a combination was not in the best interests of Rio Tinto’s shareholders. The board’s rejection was communicated to Glencore in early August and there has been no further contact between the companies on this matter. Rio Tinto remains focused on the successful execution of its strategy, which the board of Rio Tinto is confident, will continue to deliver significant and sustainable...
Alcoa Inc has decreased its estimate for the global aluminum market deficit this year due to smelter restarts in China, the world's No. 1 producer, a senior executive said on Wednesday on a conference call to discuss third-quarter earnings. The U.S. aluminum producer expects demand to outpace supply by 671,000 tonnes this year, down from a previous estimate of 930,000 tonnes, Chief Financial Officer William Oplinger said. In July, Alcoa increased its market deficit estimate to 930,000 tonnes due to capacity cuts in China. Higher aluminum prices have prompted some Chinese smelters to abandon production cutbacks and are seen leading to restarts of other plants, chipping away at what was expected to be the first global deficit after years of oversupply. A rally in London Metal Exchange...
The Chartered Institute of Management Accountants (CIMA), the world’s largest professional body of management accountants, today signed a Memorandum of Agreement with Emirates Global Aluminium (EGA) – the 5th largest primary aluminium producer in the world. As per this agreement, EGA employees will now be able to enhance and up-skill their knowledge and understanding in the fields of business, finance and accounting through CIMA’s globally recognised professional qualification. The CIMA qualification not only enhances EGA employees’ career prospects in a fast-paced business environment. It also equips them with an all-around business knowledge that qualifies them to work in a wide variety of roles inside and outside the finance function. The ability for EGA employees to work across...
UC RUSAL, a leading global aluminium producer, notes that the Court of Appeal has upheld the London Metal Exchange’s appeal against the High Court judgment of Mr Justice Phillips. Today’s ruling by the Court of Appeal overturns the judgment of Mr Justice Phillips who ruled that the LME’s original consultation and subsequent proposed rule change were unlawful. He held that fairness required the LME to consult on alternative options and, in particular, the option of banning or capping warehouse rents. RUSAL continues to believe that the LME’s consultation process was procedurally unfair, resulting in a decision which was neither fair, nor proportionate. Accordingly, it will be seeking permission to appeal the Court of Appeal’s judgment to the Supreme Court. The Company is disappointed by...
Lightweight metals leader Alcoa today reported a surge in third quarter profits as the Company’s repositioning continues accelerating. Alcoa is aggressively transforming its portfolio by building out its multi-material value-add businesses to capture profitable growth and by creating a lower cost, globally competitive commodity business. 3Q 2014 Highlights: · Net income of $149 million, or $0.12 per share; excluding special items, net income of $370 million, or $0.31 per share, up sequentially and year-over-year · Revenue of $6.2 billion, up 7 percent sequentially, up 8 percent from prior year period · Engineered Products and Solutions delivers highest after-tax operating income in history of $209 million, 18th consecutive quarter of year-over-year after-tax operating income improvement;...
