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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Aluminium Bahrain B.S.C. (Alba), a leading aluminium smelter of the world, has successfully achieved 4 million work hours without Lost Time Injury (LTI). This achievement underlines Alba’s continuous commitment to safety and maintaining a zero-accident work environment. Alba’s Executive Management and various managers praised all the employees for their proactive attitude and commitment towards safety. Applauding the employees’ efforts towards achieving this milestone, Alba’s Chief Executive Officer, Tim Murray said: “At Alba, we believe that Ownership of Safety is everyone responsibility and the achievement of 4 million work hours without LTI could not be achieved without the commitment of employees to this principle. I thank all the employees and the Alba Labour Union for their...
A total of 93 ex-employees at the Incanite Foundries Ltd Smethwick have been awarded around £2,000 each following the closure of the site in May following cash flow problems. Following major investment at the base, including a £1.4 million new aluminium foundry, it was hit by falling turnover and the loss of a number of customers late last year. It called in administrators in the new year. The metal castings business created in 1920 supplied goods to a variety of industries. Unite, the union, said it had now secured the money for 93 employees following a hearing at Birmingham Tribunal held earlier this week. The union’s regional industrial officer Caroline Crolley said: “The foundry closed without warning in May. We then took them to tribunal this week for the award due to the lack of...
National Aluminium Company Limited (NALCO), the Navratna PSU under the Ministry of Mines, Govt. of India, reiterates its commitment to supply hot metal to the proposed Angul Aluminium Park, which is a Joint Venture Between NALCO and Odisha Industrial Infrastructure Development Corporation (IDCO). It may be mentioned that the Department of Industrial Promotion and Policy, Government of India has recently agreed to provide a grant-in aid of Rs.43 crore for the development of the physical infrastructure and common utilities in the Angul Aluminium Park. After this nod, IDCO had sought commitment from NALCO to provide raw material support to the downstream units to be located in the park. Though NALCO is operating at reduced capacities, due to the difficulties in getting adequate supply of...
More than a quarter of the Federal Government's lower house MPs have signed a petition calling for aluminium production to be exempt from the Renewable Energy Target. Twenty-five Coalition backbenchers have signed the letter, which has been sent to Industry Minister Ian Macfarlane and Environment Minister Greg Hunt. The target is designed to ensure Australia gets 20 per cent of its electricity from renewable sources by 2020. Aluminium smelting already gets a partial exemption from RET costs but the petition calls for a full exemption from January 1 next year. Victorian Liberal backbencher Dan Tehan is leading the charge and says the industry forecasts it will be paying up to $80 million a year in RET costs by 2017. "They are concerned that there has been a smelter that has closed in the...
UC RUSAL, a leading global aluminium producer, announces an update on the refinancing of its PXF facilities. The Company and the coordinating banks have made significant further progress in obtaining the support of the PXF lenders, which support overall is now at 94 percent. The Company is continuing to seek the support of the remaining 6 percent of lenders. In the meantime, however, in the absence of unanimous lender support, and with strong support of the coordinating banks, the Company is proposing to apply to the courts in England and Jersey to pursue a scheme of arrangement to implement the Amendment Agreement. Schemes of arrangement have become an important restructuring tool in recent years. Their principal purpose is to allow a restructuring to take effect which has widespread...
It may have plateaued in the last three years, but analysts are hoping that India’s aluminum demand will grow in the current fiscal year. Demand for aluminum in India is tied into growth in infrastructure, power facilities, consumer durables and automobiles. The country’s demand for aluminum has, on an average, remained stable through the last decade or so, largely because of its dependence on the power sector. Those following the aluminum sector are hopeful that demand would grow five times over present levels by 2030. According to Ajay Srinivasan, director of ratings and research agency Credit Rating Information Services of India (Crisil), the forecast is that both the power and automobile segments will propel a slight recovery in domestic aluminum demand in 2014-15, though...
Jiaozuo Wanfang Aluminum Manufacturing Co., a subsidiary of Aluminum Corporation of China (Chalco), will sell aluminum alloy bar to related parties between July and December, it told Shenzhen Stock Exchange today. Jiaozuo Wanfang Aluminum is expected to sell 1,560 tonnes of aluminum alloy bar with some 21.84 million yuan ($3.54 million), tax included, to Jiaozuo Wanfang Group during the second half of the year. The latter holds 7.63% in its stake. It will also sell 2,400-3,000 tonnes of the same product to Zhengzhou Research Institute of Chalco at 33.60-42.00 million yuan, tax included, the company disclosed. Jiaozuo Wanfang Aluminum announced June 25 to continue to suspend share trading due to major asset restructuring.
Rio Tinto, majority owner of Southland's Tiwai Pt aluminium smelter, has today announced another disappointing result for its New Zealand business. Rio Tinto Alcan (New Zealand), which operates as Pacific Aluminium, owns 79 per cent of New Zealand Aluminium Smelters. Its annual financial report for the year ending December 2013 shows an underlying, after-tax loss of $18 million. This was despite the renegotiation of NZAS' power contract with Meridian Energy and the $30 million payment from the government in recognition of the smelter's importance to the stability of the New Zealand electricity market. However, the result was still better than 2012, when an underlying loss of $49 million was recorded. The report says the net underlying loss of $18 million was reached after adjustments...
According to the report, the UAE’s aluminum and petrochemicals exports to African non-Arab countries in 2012 stood at $6.5 billion, accounting for only 1.8 percent of their total imports which stood at $352 billion in the same year. In 2012, five African countries including South Africa, Nigeria, Mozambique, Ghana and Angola received 61 percent or $3.9 billion of the UAE's total aluminum and petrochemical exports to the continent, with South Africa at the top of the list with $1.08 billion, followed by Nigeria with $1.03 billion. More specifically, the study indicates that the UAE’s petrochemicals exports to African non-Arab countries stood at $249 million, accounting for 2.6 percent of their total imports of $9.5 billion. The UAE was the 16th largest petrochemicals exporter to South...
The Saudi Arabian Mining Company (Ma’aden) and Alcoa announced Tuesday at a customer event that the rolling mill at their joint venture aluminum complex in Saudi Arabia has successfully produced its first production-grade coil. The mill at Ras Al Khair is the most technologically advanced in the region and the first in the Middle East capable of producing food grade can sheet, as well as sheet for automotive and building and construction applications. The milestone marks the first production-grade packaging coil that will be shipped to customers for qualification. The state of art the mill is equipped with the latest in rolling mill technology, including fully automated coil and scrap transport and storage facilities, which feature driverless guided vehicles and cranes to optimize...
Rio Tinto Alcan which holds Rio Tinto's stake in the Bluff aluminium smelter, is mulling its response after losing an appeal against an Employment Court ruling over a claim of $13.4 million. The company took provisions for its share of the claim in its 2013 accounts, of $10.6 million, according to its annual report. It turned a profit of $66.8 million, from a small loss a year earlier, when it took a charge as an impairment against the smelter. Sales fell 13% to $655 million, driven by revenue from related parties. Production at the smelter itself barely budged at 324,835 tonnes of saleable metal in 2013, from 326,963 a year earlier, according to the financial accounts of the operating company, New Zealand Aluminium Smelters, of which Rio owns 79%. Revenue at NZAS rose 16% to $796.6...
Shares of Century Aluminum traded at a new 52-week high today of $15.82. This new high was reached on below average trading volume as 241,000 shares traded hands, while the average 30-day volume is approximately 539,000 shares. In the past 52 weeks, Century Aluminum share prices have been bracketed by a low of $7.65 and a high of $15.82 and are now at $15.66, 105% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has risen 1.7%. Century Aluminum defies analysts with a current price ($15.66) 0.2% above its average consensus price target of $15.62. Century Aluminum shares have support at the 50-day moving average (MA) of $14.13 and additional support at the 200-day MA of $11.15. Century Aluminum Company produces...
World Aluminium markets have again shown spike in the production figures. The April month brought some relief in the rising trend of production that was near all time highs. Data estimates from International Aluminium Institute (IAI) showed that the total primary Aluminium production reached 4.33 million tonnes in the month of May 2014 from 4.25 million tonnes in the month of April 2014. The production of Aluminium reached record highs of 4.405 million tonnes in the month of March. The production of Aluminium in May 2014, appreciated by 2.7% compared to corresponding period last year when it was 4.21 million tonnes. China remained the major contributor to the production as increase in Chinese production also resulted in the increase in the production of World Aluminium on a monthly basis....
Polish aluminum casting alloys manufacturer Alumetal plans to build a €32.5 mln plant in Hungary, Alumetal CEO Szymon Adamczyk announced yesterday. Adamczyk said that he expects the first production line at the new plant in Hungary to begin operating in the first half of 2016 and the second production line to begin operating in 2018 Q1. The CEO added that Alumetal plans to pay for construction of the plant using the company's own resources, though also hopes to receive financing from the European Union and the government of Hungary. The primary buyers of the company's products are vehicle-industry companies such as Volkswagen, Nemak and Federal-Mogul. Alumetal, which currently operates three plants in Poland, had net profit of €8.6 mln on revenue of € 243 mln in 2013. The CEO said that...
The third official International Aluminium Conference in Iran (IIAC2014) took place on the 25-26th of May 2014 in Olympic Hotel, Tehran. This event was hosted by Iran Aluminium Research Center (IARC) and IMIDRO (Iranian Mines and Minerals Industries Development and Renovation Organization) attracted local and foreign delegates. With the presence of many foreigners from Italy, Brazil, Germany, France, New Zealand, Spain, Netherlands, Oman, Turkey, India, Pakistan, Emirates and China as tutors, booth owners, sponsors and participants, this international conference and exhibition turned out to be one of the leading Aluminium events in Middle east and the Persian Gulf region. More than 55 exhibitors including regional and international companies in the fields of primary and downstream...
Aluminium Bahrain B.S.C. (Alba)’s Chief Operations Officer, Isa Al Ansari was a keynote speaker at the international roundtable “Through the Eyes of the Executive, Creating Safer and Healthier Workplaces across Industries”, which took place from June 19 to 21, 2014 at Vanderbilt University, Tennessee, USA. Mr. Al Ansari, also a member on the Executives Panel Discussion, presented the audience with the “Alba Safety Journey”, which highlighted Alba’s safety principles and policies, as well as its numerous initiatives to increase safety awareness amongst its employees. Alba was also represented at this event by Manager Operational Excellence, Waleed Tamimi and Superintendent Behavioural and Organisation, Training & Recruitment, Mahmood A.Aziz. Commenting on Alba’s participation at the...
The UAE's reputation as an emerging giant in the global aluminium industry, and a key supplier to European markets, has been enhanced by the attendance of Emirates Global Aluminium PJSC ("EGA") at the 10th Metef International Aluminium Exhibition ("Metef 2014"), which was held in Verona, Italy from 11 to 13 June. A jointly-owned aluminium conglomerate formed by Mubadala Development Corporation of Abu Dhabi and Investment Corporation of Dubai through combining their aluminium industry assets, EGA's core operating subsidiaries are Dubai Aluminium PJSC (" DUBAL ") and Emirates Aluminium PJSC (" EMAL "). EGA's presence at the biannual Metef exhibition for the first time as a single entity drew interest from a range of industry stakeholders looking for insight into the new business entity and...
The power and automobile segments are expected to propel a slight recovery in domestic aluminium demand in 2014-15 after it shrank in 2013-14 on the back of stifled demand from these key end-user sectors, but profitability of domestic players will remain under pressure due to high input costs. India’s demand for aluminium has generally remained stable due to its dependence on the power sector, which has always experienced steady growth in the past. During 2008-09 to 2013-14, for instance, demand for the metal (which grew at 7.9 per cent CAGR (compounded annual growth rate) during this period) was powered by 8-9 per cent annual growth in demand from the power sector. Nearly 40 per cent of domestic demand for the metal comes from the power sector, which, along with automobiles and...
