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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Aluminium prices fell by 0.23 per cent to INR 109.55 per kg in futures trading today as speculators reduced their positions amid weak global cues. Further, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in May eased by 25 paise, or 0.23 per cent, to INR 109.55 per kg in business turnover of nine lots. Similarly, the metal for delivery in April traded lower by 15 paise, or 0.14 per cent, to INR 108.25 per kg in 367 lots. Market analysts said the weakness in aluminium at futures trade was mostly in tune with a downtrend in base metals at the London Metal Exchange (LME). At the LME, aluminum lost 0.2 per cent, snapping a five-day gain, the longest winning streak since September 2012.
United Company RUSAL, the biggest producer of aluminium in the world, has raised its offer prices for the metal to Japan, a latest report says. According to Platts news source, the aluminum giant has offered a premium of $405 per metric ton to London Metal Exchange cash, to Japan buyers, for shipments in the third quarter. The prices are for primary aluminum ingot, T-bars, sows of LME P1020A specification that will in 3rd quarter to Japan.
Vedanta Resources plc was downgraded by investment analysts at Goldman Sachs to a “neutral” rating in a note issued to investors on Tuesday. They currently have a GBX 1,000 ($16.82) target price on the stock. Goldman Sachs’ target price would suggest a potential downside of 5.57% from the company’s current price. A number of other firms have also recently commented on VED. Analysts at RBC Capital reiterated a “sector performer” rating on shares of Vedanta Resources plc in a research note on Monday. They now have a GBX 1,000 ($16.82) price target on the stock. Separately, analysts at Barclays reiterated an “underweight” rating on shares of Vedanta Resources plc in a research note on Friday, May 16th. Finally, analysts at Credit Suisse reiterated an “outperform” rating on shares of Vedanta...
The Bell Bay aluminium producer has reported a big loss for 2013 after warning it would have to reduce staff unless it was exempted from the Renewable Energy Target. Rio Tinto Aluminium (Bell Bay), holder of the investment in the Bell Bay smelter, reported a $25 million loss for 2013. The result, a $36 million loss offset by a $10.9 million income tax benefit, follows a profit of $15.5 million in 2012. The smelter employs about 500 people directly and another 500 indirectly. Its principal activity, known as tolling, is to produce aluminium for associated company Pacific Aluminium Bell Bay Sales. Tolling revenue sank from $386 million in 2012 to $290 million in 2013 because of low aluminium prices and the strong Australian dollar. Last week the smelter’s general manager, Ray Mostogl, made...
Alcoa Chairman and Chief Executive Officer Klaus Kleinfeld was named CEO of the Year at the 2014 Platts Global Metals Awards ceremony held today in London. The recognition caps off a transformational year for Alcoa, as it pivots from a commodity-centric focus to become a diversified lightweight metals enterprise. Judging criteria for CEO of the Year included integrity, leadership, decisiveness, strategic vision and peer recognition. “I am truly honored to receive this recognition as we guide Alcoa through the greatest transformation in the Company’s recent history,” said Alcoa Chairman and CEO Klaus Kleinfeld. “We are transforming Alcoa from a commodity-dominated company to a lightweight metals innovation leader that is significantly stronger and better-positioned to maximize profitable...
Alro SA, one of the largest aluminium producers in Central and Eastern Europe, continues the strategy of increasing the energy efficiency, by testing new technologies in the electrolysis sector. These could decrease the energy consumption with 100 kWh/tonne of electrolytic aluminium. “Alro focused, constantly, on increasing the energy efficiency, which allows us to offset the effects of the high energy costs, generated, mainly, by the over taxation scheme”,said Gheorghe Dobra, General Manager of Alro Slatina. “Along with the major investments in equipments, the results reported by us in this area are also the results of the strong Research & Development team. The new technology of manufacturing electrolytic aluminium could significantly decrease the energy consumption at the electrolytic...
Southlanders are waiting in anticipation to see what affect a multi-million dollar employment dispute will have on the Tiwai Pt smelter, Southern leaders say. The future of New Zealand Aluminium Smelters was put in the spotlight again when workers won a lieu dispute that will cost the company an estimated $20 million. Smelter bosses have yet to decide if they will appeal the decision and it is understood a NZAS review will include further cost reductions at the plant. Southland Chamber of Commerce president Sean Woodward said any business would find it hard to deal with a $20 million unexpected payout. The region was reliant on the smelter and if its vitality was threatened again, it would be a major concern, he said. "We hope that this can be resolved relatively quickly." When...
National Aluminium Company Limited (Nalco), a government of India enterprise, is in talks with six countries, including Oman, for the setting up of smelter units through joint ventures (JV), according to recent reports in the Indian media. According to a news brief posted on Nalco's website, the company's chairman and managing director, Ansuman Das, said, “Nalco has approached the ambassadors of six countries, viz Indonesia, Vietnam, Malaysia, Qatar, Oman and Iran for setting up smelters overseas in joint venture.” Das made the announcement while addressing the employees of the company's smelter and power complex at Angul in the Indian state of Orissa recently. While appreciating the collective endeavour of the company's employees, Das outlined the growth strategy and sustainability of...
Analysis continues on the proposed Barstow Aluminum Plant, according to Assistant City Manager Oliver Chi, who said the city and developer will be in a better position next month to provide more details. Chi said consultants for Orange County-based Scuderia Development have been meeting with city officials to put together more analysis of the $1.5 billion project, which could bring 2,000 or more good-paying jobs to Barstow. “In the early part or middle of June we will have a better grasp of the timeline and project details,” Chi said Monday afternoon. Chi said it is hard to say at this point if the city could hit the November deadline to provide Scuderia with all the necessary entitlements. “A lot depends on the next couple of weeks and what this additional analysis says,” he said....
The cost at which physical aluminium is available in European spot market made a record rise this week as less supply forced the users to struggle for the metal, said traders on Tuesday. Premiums, paid over LME cash prices, have been trading at $380- $400 per ton in this week for duty-paid material, said traders. Continous appetite for financing deals supported by by aluminium supplies and logjams in the metal released from storage have tightened the supplies of the metal. The LME still fights to push through the reforms that are mainly aimed at freeing up aluminium stuck in warehouses’ long queues. Traders are of the view that consumers were purchasing small volumes of the metal to meet the immediate needs. They are not taking the risk of buying large quantities as there remains the...
PanAsialum Holdings Company Limited (stock code: 2078), an aluminium products manufacturer based in Guangdong Province, PRC today announced its unaudited interim results for the six months ended 31 March 2014 (the "Current Period"). The first half of the current financial year was a challenging period for PanAsialum. The Group recorded a substantial loss on purchase contracts on aluminium ingots attributable to the weak performance of the Chinese economy. In addition, the widening price gap of aluminium ingots between China and overseas benchmarks and weak orders for products with higher profit margins adversely affected the Group's profit margin. Moreover, the significant downward adjustment of the Australian dollar and increased head count and preparation costs needed for the relocation...
Tiwai Point operator New Zealand Aluminium Smelters (NZAS) is reviewing ''the implications'' of an Employment Court decision, upholding a ruling that it must pay $19 million to workers shortchanged over 23 years of lieu day entitlements. NZAS, whose majority shareholder is Australian mining giant Rio Tinto, has a month to lodge a request with the Court of Appeal, based only on a point of law, to possibly gain leave to appeal Friday's decision. The future of the 43-year-old smelter near Bluff remains clouded, with global aluminium prices still low, while Rio Tinto's present commitment to the Government is to keep the smelter open only until January 2017. Rio Tinto gained a contentious $30 million government subsidy last August, with expectations the next round of renegotiations will be...
After prices of aluminium falling over 5+% in May, it witnessed a slight positive change towards 15th May, 2014. Since Friday last, prices of aluminium are seen trading at $1787, a rise by 0.87% from the last week’s close while the highest for the week was $1810. It was anticipated that prices would rebound. Aluminium premiums over the cash were maintained at USD290/MT. However, there was a decline seen in the global inventory at LME to 5264450 tons from 5303475 tons, fell by 0.75%. Besides, economic numbers that were released from the various countries were found to be mixed in performance and the USD index was trading higher by 0.10% might have supported aluminium to go higher.
Primary aluminium’s global demand is expected to rise by 7% in the year 2014 as a result of the huge growth in China, said an Alcoa senior executive. Timothy Reyes, Alcoa material management’s president, said in a conference the company was expecting the demand for Chinese primary aluminium to rise by 10% in 2014, based on 7.5% economic growth target in China.
Aluminium Bahrain B.S.C. (Alba) is a key participant and gold sponsor of Commodity Research Unit’s (CRU) 19th World Aluminium Conference taking place from May 19 to 20, 2014 in Hong Kong. Alba through its exhibition stand at the CRU 2014 will showcase its extensive range of high-grade aluminium products as well as promote Bahrain as an attractive investment destination. Alba is represented at this global event by the company’s Chief Financial Officer, Ali Al Baqali, Director Power & Utilities, Amin Sultan, Manager Sales & Marketing MENA and GCC, Amal AbdulRahman Ahmed, Manager Sales Asia & Pacific, Yogesh Kumar and the Marketing team from Alba’s Hong Kong office. As a key sponsor, Alba also hosted the Welcome Reception for all participating delegates on the opening day of the CRU 2014....
We had the local trading only for half session yesterday however; the metal in the domestic exchange traded higher and settled the day at Rs. 105.65 up by 1.40% taking cues from LME which ended higher by 1.57%. One of the major reasons for the metal to rise in the global market is declining inventories. This morning at LME, aluminium counter is trading at $1800 and we believe Aluminum can still be a buy from lower levels by looking at its inventory performance which has declined over 21000 tons in just two working days. Moreover, the commodity had declined much below $1800 near the cost of production so a good amount of rebounding in the price is expected. Also, while we look at the derivatives front we see, price has been moderately supported by the volumes and the open interests is...
On the 13th of May, 2014 Qatalum participated in the 2014 Job Fair at the College of the North Atlantic Qatar (CNAQ) The objective and purpose of attending the Fair was to promote Qatalum and the nature of its business by opening its doors to the employment of both nationals and non-nationals. The event provided an opportunity to seek fresh and talented individuals that will continue the legacy of success at Qatalum. The events allowed participants to come in early on the 12th of May from 3 pm to 4 pm to prepare their stands and material. The following day, 13th May, the 2014 Job Fair was officially opened at 9:00 am and went on to 8:00 pm. A total of 64 applicants comprising of students from CNAQ showed interest in Qatalum with 70% interested in employment and 30% wanting to peruse...
A sustainable cost effective energy supply, the increasing costs of maintenance and the high cost of steel shots used in shot blasting machines are just a few of the concerns aluminium smelters are facing nowadays. With technical assistance from Rockwell Automation, a new Stub Cleaning Technology developed by MetalTech Gulf, and manufactured by Lefebvre Engineering in Sharjah, helps aluminium smelters solve one of their operational challenges, optimise power conservation and reduce investment costs. The high cost in the supply and installation of conventional and large "shot-blasting chambers" for cleaning the stubs on anode rods, prompted MetalTech Gulf to develop this new stub cleaning technology in close cooperation with a local Gulf smelter. The Local Middle East branch of Rockwell...
