The US September consumer confidence index plunged 6.7 points to 81.9, the lowest since 2014 and deteriorating across the board. The University of Michigan survey showed consumers' assessments of their current financial situation and that one year ahead both fell about 10 per cent, with high-price concerns continuing to brew. Inflation pressure showed no signs of easing. US Fed Governor Cook said AI demand growth, rising oil prices, and supply chain disruptions from Middle East conflicts would keep inflation under pressure, but gave no clear guidance on rate hikes. CME data showed the market-implied probability of a 25 bp rate hike in October had risen to 70.9 per cent, and the probability of a cumulative 50 bp hike by December reached 58.7 per cent. Tightening expectations strengthened...
The proposed Srikakulam aluminium smelter project in Andhra Pradesh is gaining momentum, with around 6,800 acres of saline land earmarked at Mulapeta and Pundi for the large-scale industrial development. The proposal could also bridge Odisha’s alumina industry with Andhra Pradesh’s coastal port infrastructure, forming a potential industrial link between the two states. Union Minister for Civil Aviation Kinjarapu Ram Mohan Naidu discussed the proposed smelter with Union Minister for Mines G Kishan Reddy in Delhi, highlighting the availability of around 6,800 acres of saline land in Srikakulam district. Out of this, 5,000 acres are located in Mulapeta and 1,800 acres in Pundi. Explore the production, demand and consumption forecasts of bauxite and alumina in our report: “ Global Bauxite &...
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The Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC), Nagpur which has recently completed 25 years of its existence has organized a national conference “Energy Efficiency Opportunities and Challenges in Aluminium Industries (NCEEOCAI)” on 4th and 5th August, 2014 in association with Bureau of Energy Efficiency (BEE), Maharashtra Energy Development Authority (MEDA), SESA Sterlite Industry, GIZ, Indo-German Energy Program (IGEN) and National Aluminium Company Ltd. (NALCO) as a part of its silver jubilee celebrations. As we know, energy is the propeller of growth of any economy, which needs to be conserved. Hence efficient use of energy resources and their conservation assume tremendous significance which is essential for curtailment of wasteful consumption and...
Aluminium prices edged up by 0.24% to INR 123.15 per kg in futures trade today as speculators enlarged positions due to pick-up in demand at the spot market. At the Multi Commodity Exchange, aluminium for delivery in August moved up marginally by 25 paise, or 0.24%, to INR 123.15 per kg in a business turnover of 308 lots. Likewise, the metal for delivery in September traded higher by 30 paise, or 0.24%, to INR 123.55 per kg in eight lots. Market analysts attributed the rise in aluminium futures to pick-up in demand in the spot market.
Century Aluminum Co. was a big mover last session, as the company saw its shares rise more than 5% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This continues the recent uptrend of the company as the stock is now up 27.25% over the past one-month time frame. The stock has witnessed 3 upward estimate revisions in the past 30 days. The Zacks Consensus Estimate has also moved up over the same time frame, suggesting that more solid trading could be ahead for Century Aluminum. So make sure to keep an eye on this stock going forward to see if the latest jump can turn into more strength down the road.
The Niagara World-Wide company announced July 31 the final and permanent closing of the former Ormet Primary Aluminum Corporation's plant near here. Along with the closing, Niagara fired the last twenty workers still employed at the former Ormet facility. Ormet, including its property and assets, had been bought out by Niagara at a Chapter 11 bankruptcy auction sale held July 27, only a few days earlier. Thursday's announcement dashed any hope that the workers and their communities may have had that Ormet's operations might be revived. At the time of the shutdown announcement, in addition to the final 20 workers, there were over 3,000 who had already been laid off and another 1,000 Ormet retirees. Not only did Ormet's workers rely on the company for a decent living but the economies of...
Glencore Plc, one of the world's largest mining companies, has asked a U.S. judge to dismiss it as a defendant from nationwide antitrust litigation over the alleged manipulation of aluminum prices. In a Monday night filing with the U.S. District Court in Manhattan, Glencore said it lacks minimal contacts with New York, Michigan and California, where the alleged violations took place, and does not even conduct any business in those states. Glencore said it is solely a Jersey holding company with offices in Baar, Switzerland, and as a result has never bought or sold physical aluminum, London Metal Exchange warrants or LME aluminum futures, and never owned or operated warehouses. Plaintiffs in the various cases include so-called direct purchaser plaintiffs, commercial end-user plaintiffs,...
China’s aluminum imports fell to 14,700 tonnes in June on rising aluminum premiums, Shanghai Metals Market learned. The 20.02% year-on-year and 38.92% month-on-month slump was largely the consequence of continuously rising aluminum premiums in international market. Aluminum premiums hit more than $ 380 per tonne and added to import costs of Chinese buyers, overshadowing the higher SHFE/LME aluminum price ratio. Inbound shipments during H1 amounted to 227,200 tonnes, surging 128.47% from a year ago, though.
Aluminium prices fell 0.69 per cent to INR 123 per kg in futures trade today as participants reduced their exposures amidst weak global cues. Besides, sluggish demand in the domestic spot markets also weighed on the metal's price. At the Multi Commodity Exchange, aluminium for delivery in August eased by 85 paise, or 0.69 per cent, to INR 123 per kg in a business turnover of 381 lots. Similarly, the metal for delivery in September traded lower by 85 paise, or 0.68 per cent, to INR 123.45 per kg in 10 lots. Marketmen said the weakness in aluminium at futures trade was mostly in tune with a weak trend in the metal at the London Metal Exchange and low demand at domestic spot market.
Rio Tinto PLC's financial results have followed a predictable theme in recent years: strong profits from iron ore and bad news on aluminum. This year, investors are expecting something different. A run-up in aluminum prices on cutbacks at Chinese smelters and stronger-than-expected demand from the U.S. to Europe is providing positive earnings momentum to Rio Tinto Alcan, a unit that incorporates the name of one of the costliest deals in global mining history. In 2007, Rio Tinto spent US$38 billion on the acquisition of Canadian aluminum maker Alcan Inc. in a bet that developing Asian economies such as China would need more of a metal used in everything from soda cans to car parts. The deal--struck as aluminum prices reached their highest level in decades--quickly soured as metals demand...
LME aluminium may approach a resistance at $2,043 per tonne, as it remains within a rising channel. The lower channel line of which has established a support, holding the fall from the July 22 high of $2,054.75. Wave pattern suggests the fall could be labelled as a wave 4, which will be totally reversed by an upward wave 5. However, a drop below the Aug. 1 low of $1,968 will signal an escape from the channel, and a bearish target will be established at $1,934, the 76.4 percent Fibonacci projection level of an upward wave C that developed from the June 12 low of $1,836. The views expressed are his own. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business,...
Iran’s Ministry of Industry, Mine and Trade announced that in the first quarter of the current Iranian year, which started on March 21, 89,400 tons of aluminum ingots have been produced in the country. In a report, the ministry said that in the spring season, 62,700 tons of alumina powder were also produced. Aluminum ingot production topped one million tons in the first three years of the Fifth 5-Year Economic Development Plan (2011-2015), showing an increase of 37 percent compared with the same period in the Fourth Development Plan (2005-2009), the ministry added. Also, Iran’s aluminum ingot production in the years of 2011 to 2013 stood at 318,000, 337,000 and 350,000 tons, respectively. Iran’s aluminum production is planned to hit 1.5 million tons by the end of the country’s 20-Year...
Deliberating on processes to reduce energy consumption by aluminium industries will be the focus of the national conference organized by the Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC) in Nagpur from Monday. A part of silver jubilee celebrations of JNARDDC, the conference titled 'Energy Efficiency Opportunities and Challenges in Aluminium Industries' will be held in association with Bureau of Energy Efficiency (BEE), Maharashtra Energy Development Authority (MEDA), SESA Sterlite Industry, GIZ, Indo-German Energy Program (IGEN) and National Aluminium Company Ltd (NALCO). Convener of the conference Mukesh Laddha on Saturday said JNARDDC has been closely associated with BEE since last three years as sector expert for providing technical knowledge and expertise...
UC RUSAL, a leading global aluminium producer, is pleased to announce that the Company has obtained 100% credit approvals from all its lenders for the proposed amendments to the USD4.75 billion and USD400 million PXF facilities. In order to technically complete the refinancing, the Company intends to proceed with the execution of the amendment agreement, pursuant to which the two PXF will be combined into a single facility agreement, as soon as practicable. Oleg Mukhamedshin, Deputy CEO, Director of Strategy, Business Development and Financial Markets at UC RUSAL commented: “We are pleased to announce finalization of the refinancing. Agreements reached with our lenders will allow to strongly improve the Company’s debt profile and maintain a sustainable cash position in anticipation of...
Aluminium prices edged up by 0.21 per cent to INR 121.70 per kg in futures trade today as participants enlarged positions amid a firming overseas trend. Further, strong demand in the spot markets also influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery in August inched up by 25 paise, or 0.21 per cent, to INR 121.70 per kg in a business turnover of 106 lots. Likewise, the metal for delivery in September traded higher by 20 paise, or 0.16 per cent, to INR 122.10 per kg in 2 lots. Marketmen said apart from increased domestic demand, a firming global trend in select base metals as stronger than expected manufacturing data in China, the largest metals consumer, signalling improving demand, helped aluminium futures to trade higher.
The Aluminum Association announced today the addition of two new member companies, Black4 and Danieli Corporation. This brings total Association membership to 96, consisting of 48 producer members and 48 associate members. With business interests in Europe, Asia and North America, Black4 offers a wide variety of carbon and graphite products to the aluminum industry globally. These products have applications in continuous and die-casting, melting and heat treatment processes, among other uses. Black4 is the worldwide commercial representative for Slovakian firm TopGrafit. Based in Cranberry Township, PA, Danieli is the North American subsidiary of Danieli & C, SpA of Buttrio, Italy. A full service supplier of plant equipment to the metals industry, Danieli supplies systems for raw...
Press Metal Bhd’s (Press Metal) growth is set to gain stronger traction as London Metal Exchange (LME) aluminium prices consolidate and premiums hit record high. The aluminium company has also been viewed as ‘all geared’ to enjoy the fruit of years of aggressive investments in its world-class low cost aluminium smelters in Samalaju and Mukah. RHB Research Institute Sdn Bhd’s (RHB Research) analyst Ng Sem Guan in a report explained that global aluminium producers have done well to curtail output. “Coupled with the absence of new smelting capacity outside China (beyond the few being ramped-up now) and moderate demand growth, the market is generally expecting its first supply deficit in a decade from 2014. “This favourable development has lifted the sector’s fundamentals and seen the LME’s...
The aluminium market outside China is set to record its first deficit in nine years in 2015 following production cuts and an Indonesian ore export ban, a turning point that could be the start of a prolonged shortfall as demand recovers. After years of chronic oversupply, the market is beginning to tighten as producers cut production to battle rising costs, Indonesia bans bauxite ore exports and demand for aluminium rises, particularly from U.S. auto makers. Analysts say the market could remain in deficit beyond 2015 but that historically high global aluminium inventories are likely to prevent much of a rise in prices. The consensus forecast in a July Reuters poll was for a 444,000 tonne deficit in 2015, which would be the first market deficit since 2006, according to Thomson Reuters GFMS....
LME aluminium is expected to consolidate in the range of $1,989-$2,043 for a few trading sessions before either resuming or reversing its uptrend. The range has been formed by the 100 percent and the 123.6 percent Fibonacci projection levels of an upward wave C that developed from the June 12 low of $1,836. This wave may consist of five small waves, with the drop from the July 22 high of $2,054.75 temporarily labelled 4. Given that the preceding wave 2 has adopted a sharp mode, the wave 4 may be sideways. A break below $1,989 could lead to a further loss to $1,934, the 76.4 percent projection level. The views expressed are his own. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or...
Production at Alcoa’s Point Henry smelter ended this morning, when a large group of employees gathered to watch the last potline being switched off. Molten aluminium was then syphoned from the pots for the last time. The smelter will permanently close tomorrow, after 51 years of operation, and the rolling mill by the end of the year. “This is the end of an era and a very sad day for our 500 employees, their families and the Geelong community,” said Smelter Manager Warren Sharp. “Yet at the same time I couldn’t be more proud – proud of the contribution that our employees have made to our company and to this community. I’m especially proud of the way everyone responded to the announcement to close, and have gone about safely shutting down smelting operations over the last five months. Two...
