A 15,000-ton shipment of primary aluminum from Venezuela has arrived at the Port of Avondale in New Orleans, Louisiana, marking the first Venezuelan aluminum shipment to the United States in nearly a decade and potentially reopening a long-dormant supply route between the two countries. The cargo was unloaded on October 5 in an event attended by US Secretary of the Interior Doug Burgum, House Majority Leader Steve Scalise and Representative Julia Letlow. The shipment is part of a broader commercial initiative involving US investment firm Heeney Capital and commodity trader Mercuria Energy Group, with the aluminum produced by Venezuela’s state-owned CVG Venalum. The shipment is considerably larger than Venezuela’s last reported US-bound aluminum cargo. The country last shipped primary...
The London Metal Exchange (LME) aluminium price chart continued to slip across the pricing and contract segments on the October 5 trading session, reporting declines over the October 2 close . Meanwhile, the LME three-month Asian Reference Price benchmark alone reported a gain of nearly one per cent. The LME aluminium cash bid price dipped slightly by 0.1 per cent day-on-day, shifting from USD 3,109 per tonne to USD 3,106 per tonne. The offer price contracted from USD 3,109.5 per tonne to USD 3,107 per tonne, reflecting an even more modest 0.08 per cent decline. Explore- Most comprehensive and forward-looking industry-focused report — Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook The LME aluminium three-month bid and offer prices faltered by...
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Aluminium Bahrain, also known as Alba, has said it is on track to exceed the production-record of 890,000 metric tonnes set last year. The company described 2013 as "an exceptional operational performance despite tough market conditions". Chairman Mahmood Hashim Al Kooheji said in a statement: "Alba continues to push the limit on operational improvement with the launch of the Project Titan cost improvement programme. "We feel Project Titan will not only be a key differentiator but will also give the company a cutting-edge to maintain its competitive position in this industry," he added. Last month, Alba swung to a third-quarter net profit on higher sales to Saudi Arabia. The owner of the world's fourth-largest aluminium smelter said net profit for the three months to September 30 was...
Aluminum prices in London fell for the first time in a week, pacing losses among industrial metals, amid prospects for a U.S. budget accord and speculation that the Federal Reserve will scale back monetary stimulus. A budget deal is on track for approval by Congress, ending a cycle of spending standoffs that culminated in the 16-day partial government shutdown in October. The Fed will probably start paring $85 billion in monthly bond purchases following a meeting next week, according to 34 percent of economists surveyed by Bloomberg on Dec. 6, up from 17 percent a month earlier. “That’s a very big deal for base metals because these markets have been inflated artificially by the Fed printing money,” Fain Shaffer, the president of Infinity Trading Corp. in Indianapolis, said in a telephone...
Alcoa chairman and ceo Klaus Kleinfeld has been named to China’s Global CEO Council, the company said. The council of 15 business leaders, founded by the Chinese People’s Association of Friendship with Foreign Countries, discusses foreign investment, innovation and sustainability with Chinese premier Li Keqiang and other senior government officials, the Pittsburgh-based aluminium producer said on Thursday December 12. The move comes as Alcoa sees “significant opportunity” to provide value-added products to modernising sectors of China’s economy, including the aerospace, automotive and packaging markets, Kleinfeld said in a statement. Alcoa’s value-added gains in China include its fastening systems unit signing a contract with Commercial Aircraft Corp of China Ltd (Comac) to supply its...
The Aluminum Association has finalized the 2013 edition of Aluminum Standards and Data. The first update in more than four years, Aluminum Standards and Data 2013 is the preeminent reference for aluminum mill product standards and the most complete source of information on wrought aluminum. The book is available for pre-order purchase from the Aluminum Association bookstore at www.aluminum.org. “Aluminum Standards and Data 2013 is a critically important reference for the entire aluminum industry,” said Layle “Kip” Smith, President and CEO of Noranda and Chairman of the Aluminum Association. “Our technical standards create the backbone of a vital communication system that facilitates the production, sale and use of our metal in the United States and around the world.” Key updates in this...
Plant managers for Century Aluminum of Kentucky's Hawesville and Sebree smelters told about 40 members of Owensboro Noon Rotary that the company is interested in growing its operations to create more jobs. But the company's recent move to buy cheaper power in the open wholesale market did not create a competitive advantage, they said.
The LME cash price fell below $1,700/mt this week, marking its lowest level in nearly four-and-a-half years. Meanwhile, aluminum fundamentals do not appear to be deteriorating. Global days supply held at 52 in October. On the one hand, days supply is close to its lowest level during the global economic recovery. On the other hand, it is still quite high historically. A major reason why days supply has declined is the rise in aluminum demand, which we estimate is up nearly 6% so far this year. The U.S. is doing its part to support demand. Aluminum imports of ingot, scrap and mill products into the U.S. and Canada (excluding cross-border trade) totaled 362 million pounds during October 2013, down 3.3 percent from the October 2012 total of 375 million pounds. Exports totaled 689 million...
LME-registered aluminum stocks in the United States are falling apparently, down 6% so far this year to around 1.8 million metric tons, according to Reuters, the lowest since July 2009. This is all the more remarkable as global inventories have risen to new records with the market still in massive surplus. Inventory in the US had fallen by as much as 13% through mid-November, the paper noted, but recovered slightly in recent weeks. About one-third of the 5.5 million metric tons in the LME system is now stored in the United States, the smallest share since before the world economic crisis hit five years ago: But before we think falling LME inventory is a sign that the LME’s rule changes have solved the problem of metal hoarding in US warehouses, we need to see where that metal is going –...
Alcoa Inc. is involved in the production and the management of fabricated aluminum, primary aluminum as well as alumina combined, via the company’s participation in mining, refining, technology, smelting and fabricating as well as recycling. The company has always been a giant in its field and it manages to wade through the deepest swamps no matter how the market storms batter it. Now it is manufacturing the patented Alcoa 951 bonding-process at the request of various automakers. This process is also available to the company’s rivals who are involved in supplying aluminum products to the automobile industry. Alcoa Inc. coats aluminum in order to prevent corrosion and it also prepares the surface for the adhesives. This will go a long way in helping automobile makers produce additional...
A Midwest aluminum smelter that was prominent news in Columbia Falls 40 years ago is back in the news today. And a possible pattern is emerging — a giant parent company favoring one plant over another. Alcoa was hired to build the Sebree smelter for Anaconda using cutting-edge smelting equipment, and dozens of experienced aluminum workers left the Flathead to help get the new plant up and running. But now the Columbia Falls Aluminum Co.’s owner, global trading giant Glencore, which recently merged with global mining giant Xstrata, has acquired a major interest in the Sebree plant through its holding company, Century Aluminum Co. Century paid Rio Tinto Alcan, Sebree’s fourth owner, $61 million for the Kentucky smelter, which is about 20 percent larger than CFAC. According to the Century...
China's production of refined copper rose 2.6 percent from October to a third straight monthly record in November due to increased profits at smelters, while primary aluminium output also hit a record for the second straight month. Data from the National Bureau of Statistics showed on Wednesday that production of refined copper hit 654,803 tonnes in November, compared with 637,958 tonnes in the previous month. The November output was up 23.46 percent from a year ago. China is the top producer and consumer of refined copper and primary aluminium. The record monthly output reflected higher profits at China's copper smelters after the value of their raw material concentrate had fallen, said Yang Xiaoguang, analyst at Jinrui Futures, a subsidiary of Jiangxi Copper. Jiangxi Copper is the top...
Commodity trader Trafigura said it had no plans to sell its warehouse operations, responding to speculation it wanted to spin off the business after the London Metal Exchange (LME) tightened rules to reduce backlogs in the sector. Trafigura bought warehousing company North European Marine Services (NEMS) in 2010 and later consolidated all of its warehousing and logistics activities into its subsidiary Impala. The LME, the world's biggest marketplace for industrial metals, detailed a package of proposals in November to slash queues to access metal following complaints, lawsuits and regulatory pressure. The new regulations to take effect from April have the potential to reduce profits for warehouse companies, which have generated rental income from metals caught up in backlogs. JPMorgan...
Aluminium prices edged up by 0.41% to INR 110.55 per kg in futures trade today as participants enlarged positions, supported by a firming trend overseas. Strong demand in the spot markets also influenced metal prices. At the Multi Commodity Exchange, aluminium for January delivery inched up by 45 paise, or 0.41%, to INR 110.55 per kg in business turnover of 3 lots. Likewise, the metal for delivery in December traded higher by 35 paise, or 0.32%, to INR 108.80 per kg in 72 lots. Marketmen said apart from increased domestic demand, a firming global trend helped aluminium futures to trade higher.
Copper futures have settled near one-month highs on the London Metal Exchange (LME), buoyed by hopes for improving Chinese metals demand and a softer US dollar. At the PM kerb close on Tuesday, LME three-month copper was up 0.4 per cent at $US7,158.50 a metric ton. The metal earlier peaked at $US7,188 a ton, its highest price since November 11. Aluminium closed 0.6 per cent higher at $US1,803 a ton. Copper prices on Tuesday benefited from a solid batch of Chinese economic data, said analysts. Value-added industrial output in China rose 10 per cent in November from a year earlier, according to data from the National Bureau of Statistics. This was in line with the median economist forecast, but a touch less than the 10.3 per cent on-year gain recorded in October. November retail sales,...
Giant global mining company Rio Tinto said on Tuesday it postponed studies related to a proposed $4-billion aluminium plant in Paraguay due to bad market conditions, putting what would be the country's biggest-ever foreign investment in jeopardy. The plant would have been Rio Tinto's largest worldwide, with the capacity to produce 674 000 t/y. It had been scheduled to start operating in 2016. "This was a difficult decision to make, given that we have very much enjoyed the professionalism and collaboration of the Paraguayan authorities," the company's Canadian subsidiary Rio Tinto Alcan said in a statement. "Having said that, we cannot avoid the reality of current market conditions." Finance minister German Rojas told Reuters that the decision was driven by the company's need to cut costs...
A Japanese aluminum buyer and a global producer said Wednesday they have agreed to set the contract premium for the first quarter of 2014, at $255/mt plus London Metal Exchange cash, CIF Japan basis, up 3.8% from the current quarter. The deal was for over 500 mt/month shipments of standard primary aluminum ingot -- meeting LME P1020A specifications -- to be delivered to the main Japanese ports of Yokohama, Nagoya or Osaka, over January-March 2014. The parties involved in the deal did not want to be named. Around 15 Japanese companies and four overseas suppliers are continuing with the negotiations, which started on November 22. Russia's Rusal has offered at $270/mt plus LME cash, CIF Japan. Rio Tinto Alcan reportedly offered at $256/mt plus LME cash CIF Japan, and US' Alcoa at $255/mt...
EU Legislation is “stifling” the aluminium industry’s competitiveness in Europe, a leading industrial body has said. The Aluminium Federation (ALFED) spoke to the Information Daily ahead of a Breakfast Briefing tomorrow, organised by the All-Party Parliamentary Group for the UK Aluminium Industry. Will Savage, ALFED’s Chief Executive, said he was concerned that the burden of legislation was stifling investment, and called on the EU Commission to create a long-term industrial strategy which would allow the industry to remain a valuable asset in the European market. A recent study by the Centre for European Policy Studies (CEPS), on behalf of the European Commission, analysed the impact of EU regulations on the aluminium market. The report revealed that EU legislation is impacting...
In a major step in Research & development, National Aluminium Company Limited (NALCO) has commercialised a laboratory-scale R&D process. In this regard, an MoU between National Aluminium Company Limited (NALCO) and M/s Green Energy Resources was signed here today. The R&D process is named ‘Development of Heat Treatment Process for Destruction of Toxic Cyanide and Recovery of Valuables from Spent Pot Lining Material (SPL). On behalf of the company, S K Dash, Executive Director (P&T) and from M/s Green Energy Resources, N K Agrawal, Partner, signed the MoU, a Nalco release said. Ansuman Das, Chairman-cum-Managing Director and P K Biswal, Partner, Green Energy Resources were also present on this occasion. The process was developed in a collaborative effort between NALCO and Jawaharlal Nehru...
Aluminium Bahrain B.S.C (Alba) reiterated its commitment towards supporting initiatives that help boost Bahrain’s economy by providing a sponsorship of BD 3000 towards the 4th Small and Medium Enterprise (SME) Conference & Exhibition, which will be held from December 10 to 12, 2013 at the Crowne Plaza Hotel – Conference Centre, Kingdom of Bahrain. Held under the patronage of His Excellency Dr. Hasan bin Abdulla Fakhro, Minister of Industry and Commerce, Kingdom of Bahrain and organised by Bahrain Small & Medium Enterprises Society, the theme of this event is "Entrepreneurial Ecosystem for SMEs in GCC". The cheque was presented by Alba’s Acting Director for Administration, Abdul Rahman Janahi and Manager, Procurement and Warehousing, Fadhel A. Wahab to the President of Bahrain Small &...
