PV aluminium extrusion: This week, operating rates at sampled PV frame enterprises remained broadly stable. Some PV frame enterprises in Hebei and Anhui reported that their October production schedules were basically flat versus September. During the National Day holiday, production lines will run normally to ensure on-time delivery of early-October orders, extending the pre-holiday rush to meet delivery deadlines. From the downstream module side, October module scheduled production is expected to see limited M-o-M change. With centralised projects gradually requiring delivery and growth in new overseas orders, total module production is expected to rebound slightly, and demand for PV frame support remains intact in the near term. Overall, the October delivery window provides phased...
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...
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Norwegian aluminium company Norsk Hydro ASA has signed a long-term power contract with Norwegian renewable energy producer Agder Energi AS, for annual supply of 0.5 terawatt hours (TWh) over 10 years from 2021 to 2030. Hydro has, including the above-mentioned contract, over the last weeks signed contracts for 2.7 TWh in the period 2021 to 2030. The contracts will contribute to supplying power to Hydro's aluminium plants in Norway in the years after 2020, when the existing long-term power contract with Statkraft expires. The Power Purchase Agreement (PPA) between Hydro's fully owned subsidiary Hydro Energi AS and Agder Energi Vannkraft AS covers electricity supply over a 10-year period from January 1, 2021, with an annual volume of 0.5 TWh and a total delivery of 5 TWh.
World’s longest potline fully commissioned three months ahead of schedule, with exceptional safety performance standards and complemented by industry-leading facilities. The renowned earned by Emirates Aluminium PJSC (“EMAL”) for setting industry benchmarks has been further entrenched this week, marked by the start-up of the last cell in the new 444-cell potline built during the EMAL Phase II project and designed to expand the smelter’s production capacity by 520,000 tonnes per year. Not only is the new potline (Potline 3) the longest in the global aluminium industry, at 1.7 km; but also the highest-ever start-up rate across the Gulf Cooperation Council (“GCC”) region was achieved with six pots per day energised for 21 days straight. The energisation of the last cell took place on 10 June...
A total of 58,000-tpy inefficient aluminum capacity will be eliminated by 2017 in Inner Mongolia, local media reported. In accordance with local government’s plan, such elimination efforts will be also adopted in steel, cement, and plate glass sectors, it added.
After the Centre’s nod to provide Rs 43 crore for the aluminium park coming up at Angul, the Odisha Industrial Infrastructure Development Corporation (Idco) has sought firm commitment from National Aluminium Company (Nalco) to provide raw material support to the downstream units to be located in the park. The aluminium park at Angul is being developed by a special purpose vehicle called Angul Aluminium Park Private Ltd (AAPPL), a 50:50 joint venture between Nalco and Idco. “It is pertinent here to mention that while Idco is putting all its efforts in a dedicated manner for early development and operationalization of the park, Nalco being an equal promoter of this venture must reciprocate by a formal commitment for providing raw material support for units in the park without further...
The data estimates from International Aluminium Institute (IAI) showed that the total primary Aluminium production reached 4.169 million tonnes in the month of April 2014 from 4.33 million tonnes in the month of March 2014. March was also the record production month for Aluminium. The production of Aluminium in April 2014, appreciated by 3.6% compared to corresponding period last year when it was 4.024 million tonnes. China remained the major contributor to the production though the decline in Chinese production also resulted in the decline in the production of World Aluminium on a monthly basis. The total reported production in China was 1.895 million tonnes in April 2014, indicating a 45.45% share in the world primary production. Production of China in March 2014 was 1.98 million...
Going ahead with the residual stake sale in Balco, the government on Thursday started the process of valuation of its 49 per cent stake in the company. The Department of Divestment (DoD) has invited proposals from merchant bankers or chartered accountant firms with experience in handling valuation of companies. "The government will select and appoint one valuer with requisite experience in valuation of companies," the DoD said, adding that the applicants can apply proposals are to be submitted by July 11. The paid-up capital of Bharat Aluminium Company Ltd (Balco) was Rs. 220.62 crore, as of March 2013. Balco is an unlisted subsidiary of Vedanta and its valuation has been a bone of contention between the mining firm and the government. The government had in 2001 divested a 51 per cent...
Aluminium settled up 0.91% at 110.75 finished higher on demand hopes after European car sales rose for the ninth consecutive month in May and as China’s Premier Li Keqiang said he is confident that China will meet its economic growth target of 7.5% this year. Three-month aluminum on the London Metal Exchange opened at USD 1,850.5/mt on Wednesday before rising to USD 1,878/mt as the US Federal Reserve stayed the course on rates. The light metal closed the day up USD 18/mt at USD 1,878/mt. The US Federal Reserve kept its benchmark interest rate unchanged at 0-0.25% and curtailed bond purchases to USD 35 billion per month from USD 45 billion at the mid-day interest rate meeting, which dovetailed with market expectations. The US Fed indicated that US inflation is expected to rise to the 2.0%...
Aluminium Bahrain B.S.C. (Alba)’s Chief Executive Officer, Tim Murray is a distinguished guest speaker at the renowned NorCast 2014 - Nordic Aluminium Casthouse Conference, being held from June 19 to 20, 2014 at Arendal, Norway. In his address on Friday, June 20, 2014, Mr. Murray will present Alba’s views on the London Metal Exchange prices and challenges to the aluminium industry. He will also highlight Alba’s role as a champion of employee safety and health including its safety achievements and environmental measures implemented. Commenting on Alba’s participation at NorCast 2014, Alba’s Chief Executive Officer, Tim Murray said: “As a leading aluminium producer in the world, Alba is privileged to participate in NorCast 2014, which is a leading casthouse industry conference that offers...
A strong demand outlook for aluminum will offset oversupply and lend support to prices in 2015, according to Caroline Bain, senior commodities economist at Capital Economics. BNAmericas reported that the aluminum market has been in surplus from 2007 to the present due to large increases in capacity in China and the Middle East. Chinese production grew 6% last year and output is expected to grow by 10% to slightly more than 26Mt compared with demand of 25.8Mt in 2014, according to CRU Group. Major manufacturers UC Rusal and Alcoa have been cutting back their own production to deal with the Chinese oversupply. Rising 1.7 percent to close at INR 111.35 ($1.85) per kilogram, the cash price of primary Indian aluminum experienced the biggest change for Tuesday, June 17. The cash price of...
The global aluminium industry will have to confront several major challenges as it looks to sustain its steady growth trajectory through 2020 and beyond. So said Walid Al Attar (Chief Marketing Officer: Emirates Global Aluminium PJSC ("EGA")) in an address entitled "Why the aluminium market stands at a crossroad: Tough challenges and critical decisions" that he delivered at Harbor's 7th Aluminium Outlook Summit ("Harbor 2014") which took place during early-June in Chicago, USA. Al Attar - a 30-year industry veteran who is responsible for developing and implementing EGA's global marketing and sales strategy - began by reiterating analysts' predictions that the primary aluminium industry would continue at a compound growth rate of 5.8% per year for this decade to top 70 million tonnes by...
Sesa Sterlite Ltd (SSL), a unit of London listed mines and metals major Vedanta Resources Ltd, has urged the Odisha government to extend the benefits under the state's SEZ (Special Economic Zone) policy to run its idle aluminium SEZ at Jharsuguda. It may be noted that the state government had repealed its erstwhile SEZ policy, 2003 and is giving final shape to a new SEZ policy. "The delay in evolution of the new SEZ policy has adversely impacted SSL to start its additional capacity of aluminium SEZ smelter 2, which is lying idle since long as the advantages of SEZ policy as envisaged could not be availed. It is therefore requested to issue suitable directions to extend the benefits as envisaged under SEZ policy- 2003 to the new SEZ policy at the earliest so that the idle facility can be...
Norwegian aluminium company Norsk Hydro ASA has signed a long-term power contract with Axpo Trading AG, a Switzerland-based energy company with captive power production and international trading activity, for annual supply of 0.5 terawatt hours (TWh) over 10 years from 2021. Hydro recently signed similar contracts with Agder Energi AS and Lyse Energi AS, for a total annual supply of 1.7 TWh over 10 years from 2021. The contracts will contribute to supplying power to Hydro's aluminium plants in Norway in the years after 2020, when the existing long-term power contract with Statkraft expires. The Power Purchase Agreement (PPA) between Hydro's fully owned subsidiary Hydro Energi AS and Axpo Trading AG covers electricity supply over a 10-year period from January 1, 2021, with an annual volume...
C.R. Laurence's U.S. Aluminum Division promoted Yolanda Moran to service center manager of its U.S. Aluminum Miami Service Center. Moran joined CRL-U.S. Aluminum with the acquisition of Delta Doors in 2010. Initially Moran ran purchasing and was responsible for inventory procurement, as well as production scheduling. In her new position, Moran will oversee all aspects of daily operations for U.S. Aluminum's Miami-Dade region. "Florida remains an important market for U.S. Aluminum's continued growth," said Lloyd Talbert, president of C.R. Laurence. "In supporting these key regions, we've developed a strategic distribution network and have assigned dedicated managers... Yoli exhibits the experience, initiative and character we look for in leadership roles, and we're excited to have her...
Last week, the world’s largest producer of aluminum, UC Rusal, began giving its customers the option of using the CME Group ‘s Chicago-based aluminum futures contract to set prices for its products. CME began offering the contract in May, after widespread dissatisfaction with the warehouse situation with the London Metal Exchange’s aluminum futures contract and its load-in, load-out rules. “It’s clear that there is strong industry support for our North American physically delivered aluminum contract,” said Damon Leavell, director of corporate communications, commodity products, for the CME Group. “Customers have asked CME Group to provide them a physically deliverable aluminum futures contract – with delivery locations concentrated in the Midwestern part of the U.S. – that provides them...
A dispute between Missouri's largest power company and its largest electric consumer is being heard by state regulators. An administrative judge for the Missouri Public Service Commission is to hear testimony Monday on a request by Noranda Aluminum to reduce the electric rates it's charged by Ameren Missouri. Noranda is seeking a rate reduction for its aluminum smelter in the southeast Missouri town of New Madrid. If it can't cut its electricity costs, Noranda says the smelter faces a "substantial likelihood" of closure. Ameren is questioning that assertion and opposing Noranda's request for lower rates. The staff of the Public Service Commission says Noranda's requested rate cut could lead to a cost increase of between $6.2 million and $15.5 million annually for other customers.
LME aluminium is expected to rebound to $1,879 per tonne, as it has found a support at $1,836. The support is provided by the 50 percent Fibonacci retracement on the rise from the May 21 low of $1,754.75 to the June 9 high of $1,918, it could have triggered a rebound towards the 23.6 percent retracement at $1,879. It must be noted that the drop from $1,918 looks incomplete, a break below $1,836 will confirm the resumption of the drop towards $1,793, the 76.4 percent level, which is also pointed by a trendline rising from the Feb. 3 low of $1,671.25.
Aluminium Bahrain B.S.C. (Alba) today, June 16, 2014, inaugurated its new datacentre in the presence of Managing Director, Kuwait & Bahrain, HP, Omar Draghmeh and Alba’s Executives along with Manager Information Technology, Esam Hadi, various department Managers, Alba Labour Union representatives. Situated at Alba’s Calciner & Marine plant, the new datacentre is one of the latest Generations of Containerised Datacentre (CDC) and was designed in-house by Alba’s IT team to suit the company’s requirements. Built by HP, the datacentre was delivered, commissioned and live in early December 2013. Speaking on the occasion of the inauguration of Alba’s new datacentre, the company’s IT Manager, Esam Hadi said: “With an eye on the future, Alba has invested in a modern CDC, which provides a...
State-controlled aluminum maker Indonesia Asahan Alumunium (Inalum), is seeking $1.33 billion to help finance the construction of a smelter, power plant and expansion of its port, its chief said. Winardi, the president director of Inalum, said the source of financing would come from bank loans, internal cash or through a potential initial public offering. He said the company, which is based in Kuala Tanjung, North Sumatra, needs to spend $1.9 billion on various investments. “Around 30 to 35 percent will use internal cash, while the remainder will come from external funding,” Winardi said. He said Inalum plans to build a smelter that will process bauxite ore into aluminum, and that next year the company hoped to appoint a contractor to begin construction of the plant. Right now, Inalum has...
