Mexico is approaching the final stages of negotiations with the United States on reducing tariffs on aluminum and steel products, with officials indicating that a deal could significantly lower the effective tariff burden on Mexican exporters. Luis Rosendo Gutiérrez, Mexico’s undersecretary of foreign trade, said talks had made progress during the National Auto Parts Industry congress. Discussions covering the automotive sector are targeting a 15% tariff, which could fall to an effective rate of around 4% to 5% after deductions linked to regional value content. The potential reduction would bring Mexico closer to tariff levels faced by competitors including Japan, South Korea and Germany, improving the position of Mexican suppliers in the US market. Explore the production, demand and...
CLSA expects the Odisha High Court’s dismissal of Vedanta Aluminium Metal’s bauxite petition to have a muted medium-term impact, despite a potential one-time liability and higher aluminium production costs. The Odisha High Court dismissed Vedanta Aluminium’s petition seeking bauxite supplies from Odisha Mining Corporation (OMC) at the historical rate of INR 1,000 (USD 10.38) per tonne. CLSA said the order could result in a one-time financial impact of up to USD 290 million, including interest, while also increasing the company’s aluminium production costs. The brokerage estimated OMC’s claim for historical dues at around INR 2,500 crore (USD 59.50 million) before tax, excluding interest. Including interest, the one-time impact could reach USD 290 million, equivalent to around 2.8 per cent...
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Aluminum has headed for its biggest weekly advance since 2012 November in London as there were orders to withdraw aluminum from the warehouses and producers have also cut down their output. According to LME data, canceled warrants (as they call the orders) jumped to its highest level this week since 2012 December. Traders reserved about 300,000 metric tons of aluminum for withdrawal at Vlissingen, LME’s biggest aluminum depository. Last week Alcoa said it will cut down the capacity at their Brazilian smelters due to lower prices and higher costs. Canceled warrants, as the orders are known, jumped the most this week since December 2012, London Metal Exchange data showed. Traders earmarked almost 300,000 metric tons for withdrawal at Vlissingen, the biggest LME aluminum depository. Alcoa...
Analysts are looking for decreased profit for Alcoa when the company reports its results for the first quarter on Tuesday, April 8, 2014. Alcoa reported profit of 11 cents a year ago, but the consensus estimate calls for earnings per share of four cents this time around. Over the past month the consensus estimate has gone up, from four cents, but it’s the same as the estimate from three months ago. Analysts are projecting earnings of 37 cents per share for the fiscal year. Analysts look for revenue to decrease 5% year-over-year to $5.56 billion for the quarter, after being $5.83 billion a year ago. For the year, revenue is expected to come in at $23.05 billion. Over the last four quarters, the company saw a year-over-year drop in revenue by an average of 3%. The biggest fall was in the...
The UAE's industrial flagship- Emirates Global Aluminium ("EGA") - will participate at this year's Hannover Messe, which takes place in Germany from 7 to 11 April. The annual event is the world's leading industrial and technological trade fair, attracting over 200,000 visitors from 71 countries. This will be the first time that EGA - the jointly-owned, UAE-based aluminium conglomerate being formed by Mubadala Development Corporation and Investment Corporation of Dubai - will take part. Saeed Fadhel Al Mazrooei (designate CEO: UAE Operations at EGA) commented: "Hannover Messe offers a perfect forum to promote the excellence-based partnerships that the UAE has developed with the business community around the world. It is also the ideal platform to demonstrate the industrial investment...
Aluminium prices edged up by 0.18 per cent to INR 109.80 per kg in futures trade today as participants enlarged their positions, supported by a firming overseas trend. Further, strong demand in the spot markets also influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery in April inched up by 20 paise, or 0.18 per cent, to INR 109.80 per kg in business turnover of 110 lots. Likewise, the metal for delivery in May traded higher marginally by 15 paise, or 0.14 per cent, to INR 111.15 per kg in 3 lots. Marketmen said apart from increased domestic demand, a firming global trend on concern that global supply will be limited on longer delays to take delivery from warehouse and production cuts, helped aluminium futures to trade higher. Globally, aluminium for delivery in...
Aluminium has jumped 6 per cent in the week since the London Metal Exchange was forced to halt a plan to cut queues at its global warehouse network. Prices for three-month delivery at the LME rose to $1,838 a tonne on Thursday, a five-month high. The increase will bring some relief to aluminium producers, including Rusal, Alcoa and Chinalco, which have all been forced to cut output sharply due to sustained low prices. Alcoa cut 147,000 tonnes of capacity at two smelters in Brazil last week. Lightweight but strong, aluminium is one of the most widely consumed industrial metals and is used in the transportation, beverage can and construction industries. The price reached $3,114 a tonne in 2008, shortly before the financial crisis, but the build-up of vast stockpiles, estimated at more than...
Hydro's first quarter results 2014 will be released at 07:00 CET (01:00 AM EST, 06:00 UK time), on Wednesday April 30, 2014. The quarterly report and presentation slides will be available on Hydro website at the same time. Hydro will host a combined analyst and press conference, in English, at its corporate headquarters at Drammensveien 260, Oslo at 08:30 CET the same day. The presentation will be held by President and CEO Svein Richard Brandtzæg and CFO Eivind Kallevik and can also be seen on web TV. There will be a Conference Call at 15:00 UK Time (16:00 CET, 10:00 AM EST,) the same day. The Q&A will be held by President and CEO Svein Richard Brandtzæg and CFO Eivind Kallevik. The Q&A will be available for two months on Hydro’s website.
The Aluminum Association announced today the addition of Blaylock Industries to its roster of member companies. In addition, Anthony Ashe, Vice President Commercial, Sales & Marketing at Alcoa, was added to the Association’s Board of Directors. The announcements were made during the Aluminum Association’s biannual spring meeting in San Antonio, TX where the industry highlighted “The Power of Modern Metal.” “Both of these moves are exciting for the industry and the Association,” said Aluminum Association Chairman Layle “Kip” Smith, President of Noranda Aluminum. “The aluminum industry is poised for continued growth as U.S. manufacturing experiences a resurgence and it’s encouraging to see the Association growing at the same time.” Blaylock Industries, Inc., based in Fort Worth, TX,...
XinRen Aluminum Holdings, the China based firm has agreed to raise their stake in aluminum smelter from 21% to 51% for 3.15 bn yuan. XinRen talked about their decision to use its option of raising its stake in Xinjiang Production, the leading International Group in China and Construction Corps Agricultural Division Eight Xinjiang Tianshan Aluminum Plant Co. The purchase of the stake will be sourced from the internal sources; borrowings from bank and also include proceeds from the fundraising exercises. XinRen said their decision will help them in consolidating the results of lucrative enterprise. This enterprise contributed a total of 93.6 million yuan to the net profit of the group last year.
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. The April contract shed 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.
The month of March saw a decision in the closely-followed lawsuit filed by the world’s largest aluminum manufacturer, UC Rusal, against the London Metal Exchange over long queues to remove product from LME warehouses. It was also the month that CME Group, owner of the Chicago Mercantile Exchange, announced a new aluminum futures contract that will begin trading out of the Midwest soon. The monthly Aluminum MMI® registered a value of 89 in April, on par with March’s value. The 3-month LME price closed the month of March at $1,773 per metric ton, experiencing very low volatility during last month. While the aluminum price remains at its lowest levels, physical premiums keep increasing their importance in the total price an industrial buyer pays for his aluminum products. This is making...
Alumunium price has witnessed the highest point in 2014 because of the concern about limited global supplies. In Brazil, the aluminum companies that have been producing the least in the last 12 years expect the authorities to provide them electric subsidy as the drought has cut down the hydroelectric generation. Alcoa Inc. also plans to cut down the output at their two smelters. RUSAL predicts that their aluminum output will witness the lowest in their production in the last 8 years. “The supply situation is definitely pushing prices higher,” Bart Melek, an analyst at TD Securities in Toronto, said in a telephone interview. On the LME, aluminum for delivery in the last 3 months rose 1.9% to settle at $1,829.50 mt. The price had reached $1,830, recorded the highest since 30 Dec.
ROCK-bottom aluminium prices have prompted Bell Bay Aluminium to shed 20 jobs from its pot lines in northern Tasmania. General manager Ray Mostogl said a restructure to improve the plant’s viability would reduce the smelter’s workforce from 453 to 433. Mr Mostogl said the aluminium market would remain tough for some time and the smelter was locked in a continuing battle for survival. “Bell Bay Aluminium has worked co-operatively with employees, contractors, many suppliers and local industry groups to achieve its best record production levels and significant costs savings during the past two years,’’ he said. “While the recent easing of exchange rates has provided some relief, the more significant decline in the commodity price and higher costs of production in Tasmania has forced Bell Bay...
Navratna' PSU Nalco has reported excellent results in terms of production performances and foreign exchange earnings for 2013-14. During the year, the company achieved record foreign exchange earnings of INR 3719 crore (provisional). As per the Public Enterprise Survey of Department of Public Enterprises, Union government, published in February 2014, NALCO has emerged as the third highest 'Net foreign exchange earning CPSE' for the year 2012-13. Besides, in terms of physical performance, NALCO has reported record performance in bauxite and alumina production for the fiscal. The company has achieved the highest-ever bauxite production of 62.93 lakh tonnes, against previous best of 54.19 lakh tonnes achieved in previous fiscal. At the same time, NALCO's Alumina Refinery has produced 19.25...
Noranda Aluminum Holding Corporation is at logger heads with electricity suppliers as it seeks lesser electric rates to sustain the employment of the nearly 888 people it employs at is smelter located in New Madrid. Noranda Aluminum Holding Corporation has laid down the price bargains with Ameren Corp, which is based in St.Louis. NOR argues that considering that this is one of the corners of the state which has seen some depressing economic conditions and its continued efforts at maintaining full employment requires co-operation from other stakeholders such as Ameren corp. NOR has since been seeking rate cut from 4.1 cents on the kilowatt to 3 cents. However, given the balance of payment structures in Missouri, this price cut for the aluminium producer would result in higher prices for...
Aluminium Bahrain B.S.C (Alba) welcomed a French delegation comprising around 30 industrial and business entrepreneurs from France and the Middle East on Tuesday, April 1, 2014, who visited Alba to further strengthen bilateral trade relations as well as familiarise themselves with the company’s operations and practises. The delegation, led by Ambassador of France H.E. Mr Christian Testot and Trade Counsellor, Frederic Mettetal, was received by Alba Executives – Chief Executive Officer, Tim Murray, Chief Marketing Officer, Jean Baptiste Lucas and Chief Financial Officer, Ali Al Baqali. Commenting on the visit of French delegation, Alba’s Chief Marketing Officer, Jean Baptiste Lucas said: “We express our thanks to the French delegation for visiting Alba, and further strengthening business...
Brazilian aluminum companies, producing at the lowest level in 12 years amid high power costs and metal price declines, expect authorities to ration supply as a drought curbs hydroelectric generation in the country. Rationing is “almost certain” within a year, Tito Martins Jr., chairman of the Brazilian Aluminum Association, which represents companies in the eighth largest aluminum-producing nation, told a conference in Sao Paulo today. While electricity prices for producers were reduced 7.8 percent last year, power costs remain the industry’s biggest hindrance, said Martins, who is chief executive of Votorantim Metais. Brazil won’t be competitive again in aluminum if it doesn’t rethink its energy pricing model, he said. Martins’ comments echo research by Citigroup Inc., which estimates a...
Aluminum edged down after the initial consolidation in the month of March on back of worries about spreading bank-ruptcies in China, after a solar panel-maker defaulted on a bond payment, sending prices to 9 months low. The looming bankruptcy of a Chinese devel-oper owing billions of yuan to domestic banks has raised worries that a softening proper-ty market is heightening risks for the financial system. The counter fell further on concerns about the economy of top consumer China following data showing weak industrial output and retail sales. Adding to fears was Chinese data show-ing growth in investment, retail sales and factory output falling to multiyear lows. The market was already edgy over slowing Chinese demand and fears that credit upheaval in the world's second-biggest econo-my...
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