Emirates Global Aluminium (EGA) has been named a strategic partner of Dubai Future Week 2026, highlighting the aluminium producer's focus on industrial innovation, artificial intelligence and advanced manufacturing as the UAE looks to strengthen its future industrial capabilities. Organised by the Dubai Future Foundation (DFF), Dubai Future Week will take place from November 18 to 21, 2026, at Emirates Towers and the Museum of the Future under the theme 'For the Human of the Future'. The event is expected to attract more than 10,000 participants, including business leaders, policymakers, investors, entrepreneurs, innovators and technology experts from around the world. EGA's participation will bring attention to its ongoing industrial transformation, which includes developing proprietary...
Hindalco Industries reported its highest-ever quarterly net profit of INR 75.33 billion (USD 802 million) in the second quarter of FY2027, up 59 per cent from INR 47.41 billion (USD 505 million) a year earlier, supported by stronger earnings across its aluminium, copper and Novelis businesses. Consolidated revenue from operations rose 39 per cent year on year to INR 917 billion (USD 9.8 billion) in the quarter ended September 30, 2026. EBITDA increased 42 per cent to INR 137.6 billion (USD 1.5 billion), compared with INR 97 billion (USD 1 billion) in Q2 FY2026. The company’s aluminium upstream business rose 55 per cent to INR 70 billion (USD 745 million) in quarterly EBITDA. Earnings from non-LME-linked businesses rose 50 per cent to INR 68.6 billion (USD 731 million). Copper also...
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Rio Tinto hit a five-month high amid speculation that the miner was moving closer to selling its Alcan aluminium division. Rio finance director Chris Lynch hosted an analyst roundtable this week following its decision to shelve the sale of its Pacific Aluminium and fold it back into Alcan. He said management was now focused on understanding the business. While closing parts of Pacific Aluminium would have disrupted the sale of that unit, the necessary cost cuts would be easier within Alcan, the broker argued. Rio paid $38.1bn for Alcan in 2007, at the peak of the aluminium cycle. Analysts now value the division at about a third of that. Rio added 2.2 per cent to £32.63, with the stock rallying for a fourth day in tandem with the wider mining sector. Since hitting its lowest level since...
LME aluminium is expected to test a support at $1,874 per tonne, a break below which will lead to a further loss to $1,855. An uptrend that developed from the June 27 low of $1,758 has been reversed, as the wave pattern reveals a completion of this trend. Three waves labelled a, b, c have made up the trend, with the wave c consisting five smaller waves labelled 1,2,3,4 and 5. The five-wave structure strongly indicates the wave c has completely unfolded. A Fibonacci retracement analysis on the rise from the Aug. 7 low of $1,773.25 to the Monday high of $1,904.25 has marked a support at $1,874, the 23.6 percent retracement, which may temporarily hold the fall and trigger a rebound. No information in this analysis should be considered as being business, financial or legal advice. Each reader...
China, if not often blamed for the global aluminum market’s ills, is at least mentioned in the same sentence every time overcapacity and metal surpluses are discussed. The implied point is the growth in Chinese aluminum production is way beyond what is required by the world’s second largest economy and, like steel, is contributing to the low global prices and massive global stocks estimated to be some 10 million tons. In reality – and unlike steel – China’s aluminum market exists in something of a vacuum. That is not to say that the rest of the world is completely insulated by what happens in China, but so far the lack of export rebates has kept Chinese primary metal at home. Indeed, the higher ingot price in China has even limited exports of downstream semi-finished products to some...
AGC announces that it will invest approximately 40 billion yen to significantly increase the production capacity of its Indonesian subsidiary P.T. Asahimas Chemical (ASC) to meet growing demand for chlor-alkali products, such as caustic soda and vinyl chloride, in the Southeast Asia region. In March 2013, ASC expanded its annual production capacity for caustic soda to nearly 500,000 tons. Now, ASC is going to further enhance its production facilities for caustic soda and vinyl chloride, aiming to start operation of the extended facilities by the end of 2015. After the expansion, output of caustic soda at ASC will increase 40% to about 700,000 tons a year and production of polyvinyl chloride (PVC) will nearly double to about 550,000 tons a year. Caustic soda is used in the production of...
Goldman Sachs has been subpoenaed by federal regulators investigating complaints that the financial giant’s metals warehouses have intentionally created delays and inflated the price of aluminum. The Commodity Futures Trading Commission has issued subpoenas to Goldman and owners of other major warehouses as part of its inquiry into irregularities in the aluminum market that are believed to have cost consumers billions of dollars since 2010. The subpoenas seek all internal documents, e-mails, correspondence, voice recordings and other records concerning the warehouse operations dating back to January 2010, according to two people familiar with the documents. The subpoenas also demand documents and correspondence regarding the London Metals Exchange, a private trade association that...
The only reason the Government offered $30 million to Rio Tinto to keep the Bluff aluminium smelter open was because it is such a large part of the economy, Prime Minister John Key says. Asked at his weekly press conference why the Government hadn't supported other industries threatening to close, such as KiwiRail's Hillside workshops, Mr Key said: "It simply comes down to scale." "We believe Rio Tinto want to remain a long term participant at Tiwai Point," he said. The company wanted to remain engaged with Meridian, the state-owned electricity generator that supplies power to the smelter, equivalent to around one-seventh of all the power produced in New Zealand, he said. "This is different from Hillside." The Government had tried without success to find a buyer for the railway workshops,...
China's nonferrous metals sector struggled from excess intermediate smelting capacity in the first half of 2013, compared with smaller upstream and downstream operations, the National Development and Reform Commission said in a report Tuesday. "There's a surplus in smelting capacities, with a lack of resources protection and shortage of high value-added processed products, relying on imports," NDRC said. "In Western [China], there were still new electrolytic aluminum projects that did not comply with state rules. The excess aluminum smelting capacity problem is still acute," the report said, without giving further details. NDRC said rising power costs and falling aluminum prices resulted in heavy losses in the aluminum sector. "The reliance on bauxite imports intensified, causing...
Hindalco Industries today reported an 11.61 per cent growth in standalone net profit to INR 474 crore for the first quarter ended June 30, largely due to an increase in other income. The flagship firm of the Aditya Birla group had posted a profit of INR 424.77 crore in the corresponding period of the previous fiscal year, the company said in a BSE filing. Hindalco said it is re-evaluating the investment strategy for the Aditya alumina refinery in Odisha and the Jharkhand aluminium projects due to "delays in getting various regulatory approvals and the current uncertain economic environment." Net sales fell 3.31 per cent to INR 5,766.69 crore, mainly due to an 8.46 per cent decline in revenue from the copper business (at INR 3,635.77 crore). The company said revenue was impacted due to...
Russia's government should consider creating state aluminium stocks which could help the country's metals giant Rusal by supporting global prices, deputy prime minister Arkady Dvorkovich said on Friday. Rusal, the world's largest aluminium producer, earlier this week urged the government to create stocks to counter a 15 percent fall in the price of aluminium this year. State stocks would create an additional buyer for aluminium and keep material off the market, helping to prop up the price of the metal. "Such a mechanism should be created, from my point of view, to make it possible to use in case a critical situation arises," Dvorkovich told reporters. Dvorkovich said the government's budget did not have the money for such stocks now. He did not say whether the government planned to buy...
An aluminium boom in China is causing some concern for our future. After a year of negotiations Meridian Energy and New Zealand Aluminium Smelters have agreed to terms. The two have settled on an electricity price for the next 17 years, although there are get out clauses and options for NZAS to scale back its operation. EPMU Invercargill organiser, Trevor Hobbs says the Chinese are building 60 new smelters. He says every smelter in the world will be having to compete with Chinese aluminium over the coming decades. Trevor Hobbs says the Tiwai smelter has one major feather in its cap, the fact it produces some of the most pure aluminium in the world.
Aluminium ingot inventories at three major Japanese ports fell about 6.3% month-on-month in July, trading house Marubeni Corp’s data showed on Monday August 12. The total inventories at Osaka, Yokohama and Nagoya stood at 234,000 tons in July down from 249,600 tons in June. Inventories were down 0.5% year-on-year. This week there is a summer holiday in Japan with a lot of factories shut and the draw-down in stock is partly in preparation.
Eskom has finally owned up to the full liability it faces as a result of preferential deals to supply cheap power to BHP Billiton’s aluminium smelters, putting it at a stunning R11.5bn in its latest financial statements — double that stated in previous years. In last year’s statements, Eskom put the liability from the contracts at R5.9bn. For the year ending March 2013, this has been restated as R11.5bn. This is essentially "lost" revenue, as a result of the contracts which supply the smelters according to various formulas at less than half the cost it takes to produce the power. The Billiton contracts were kept under wraps until March, when court action by Media24 forced Eskom to reveal the true cost of the agreements. In its latest statements, Eskom appears to be taking into account...
Meridian Energy has posted a 53 percent increase in underlying net profit after tax of $162.7 million, but has had to write down the total value of its assets by $476m after renegotiating the Tiwai Point aluminium smelter power deal. The new deal, announced last week, gives the smelter cheaper power after majority owner Rio Tinto sought to renegotiate after a fall in global aluminium prices. The writedown is the last piece of the puzzle as the Government seeks to partially privatise Meridian in a share float that is expected to see the country's largest power company by value list on the NZX later this year. There are no details in the result of the float of up to 49 percent of the company, and no indication whether the total $252.4m in dividends for the last financial year will be...
Rusal CEO Oleg Deripaska is making moves – to help his company’s margins. Bloomberg reported that Deripaska indicated 8.4% of the company’s production output will be halted this year to help support aluminum prices. “The company will idle 350,000 tonnes of capacity at five of its plants with high production costs until aluminum rises to USD 2,400 per tonne. Aluminum prices fell more than 13% this year to USD 1,799 per tonne as global stockpiles reached records and last month traded at the lowest level since 2009,” he is quoted as saying. Prices for Chinese aluminum bar saw the biggest increase on the weekly Aluminum MMI® this week, rising 1.1 percent. The price of Chinese aluminum billet declined 0.4 percent over the past week. The cash price of Chinese aluminum fell 0.1 percent. The...
Base metals on the London Metal Exchange (LME) have closed higher after prices surged following another round of upbeat Chinese economic data that stoked investor hopes for better demand from the world's top metals consumer. At the close of open-outcry trading in the London ring on Friday, LME three-month copper was 1.2 per cent higher on the day at $US7,274 a metric ton, it's highest closing price since early June. Aluminum closed up 1.6 per cent at $US1,870 a ton. All metals surged to post multi-week price highs during the session, with zinc closing some 2.5 per cent higher on the day at $US1,942 a ton, and tin posting its highest closing price in nearly four months at $US22,075 a ton. Data early in the session showed China's July industrial production rose 9.7 per cent on the year...
Rio Tinto's decision to call off the divestment plans for its Pacific Aluminium unit will not impact stakeholders of Australian Boyne Aluminium Smelters and the New Zealand Aluminium Smelters, a spokesman for Sumitomo Chemical, which has stakes in both companies, said Friday. "Following a comprehensive review we have... determined that the divestment of Pacific Aluminium for value is not possible in the current environment and it will be reintegrated into the Rio Tinto Alcan group," the miner said in its results statement Thursday. "This [calling off the divestment plans] is a move within the Rio Tinto group and will not have any effect on the stakeholders," the Sumitomo Chemical spokesman said. Sumitomo owns 20.64% of New Zealand Aluminium Smelters and 2.46% of the Boyne Smelters. "Since...
LME aluminium is expected to retrace to $1,853 per tonne, as it failed to break a resistance at $1,878. The resistance is provided by the 100 percent Fibonacci projection level of an upward wave c, which looks exhausted, as it could have unfolded too fast. Strengthening this resistance is another one that has been established by a trendline ascending from the July 2 high of $1,852. Chances are the wave c may peak around $1,878 or could have peaked at the $1,877, the Aug. 9 high. The 76.4 percent projection level at $1,853 will provide a support, a break below which will result in a further loss to $1,838, the 61.8 percent projection level. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own...
Hindalco Industries’s net profit for the quarter ended June is estimated to be lower than in the previous quarter, owing to a drop in net sales, brokerages have said. The company’s aluminium volumes are expected to have fallen six per cent quarter-on-quarter because of disruptions at the Hirakud unit due to heavy rains, Bank of America Merrill Lynch said in a report. “In copper smelting, we expect volumes to decline five per cent quarter-on-quarter due to the maintenance shutdown (at Dahej in Gujarat),” it said. The company’s earnings before interest, taxes, depreciation and ammortisation margin was expected to shrink, too, due to lower sequential earnings from copper treatment, as well as refining charges, said brokerages. Hindalco runs custom smelting operations. Its profits do not...
