The London Metal Exchange (LME) aluminium price chart recovered on the November 9 trading session, wish cash reporting nearly 1 per cent gain compared to the November 6 close. Longer-dated contracts and inventories, however, edged lower. The LME aluminium cash bid as well as offer prices gained 0.96 per cent day-on-day on November 9. The bid recovered from USD 3,115 per tonne to USD 3,145 per tonne. The offer price surged from USD 3,117 per tonne to USD 3,147 per tonne . 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 price reported a 0.33 per cent rise from USD 3,049 per tonne on November 6 to USD 3,059 per tonne on November 9. The offer...
Iran is expanding its domestic aluminium manufacturing capabilities through nanostructured anodising technology, developing specialised aluminium sheets and profiles for applications across aerospace, medical equipment, electronics and automotive industries. The initiative reflects a move towards higher-value aluminium products by improving the metal's surface properties and expanding its potential industrial applications. According to Pars Today, citing Mehr News Agency, an Iranian aluminium complex is using the technology to produce aluminium components with nanostructured ceramic coatings designed to improve resistance to corrosion and wear. The complex is also working on developing specialised aluminium standards and has so far established eight standards in this field. The...
Grow with
AL Circle
A meeting to discuss a strategy to save the Tiwai Point aluminium smelter was called by the Invercargill City Council today. The Southland Chamber of Commerce told the meeting a closure would see thousands of people leave the region. Chamber chief executive Richard Hay says a closure "would have a real impact on the infrastructure, on the products and services that existing businesses are doing". "Some of those businesses won't last through this." Smelter expert Tom Campbell has had top jobs with Comalco and with Rio Tinto in Canada. He signed the new electricity contract as manager of Tiwai in 2006, but understands the need to renegotiate given the huge change in world conditions. "So I know it's a genuine issue, and the conspiracy theorists who talk about it being linked to the partial...
Long-seated plans by India’s Gujarat Mineral Development Corporation to set up both a 1Mt/yr alumina refinery and a 500kt aluminium smelter in Kutch, Gujarat, are still in abeyance. The company’s partner in the project, Nalco, has said that the development of an aluminium smelter would only be feasible if GMDC managed to secure a power contract at a rate of INR 2.2 per unit. If not, there would be no smelter, according to an anonymous Nalco executive speaking to India’s Business Standard. Nalco came on board as GMDC’s partner in November 2011 and the project has moved at a snail’s pace ever since.
In pursuit of its corporate vision 'to be one of the best companies in the global primary aluminium industry in production, markets, people and results by 2020', Dubai Aluminium strives continually for excellence in every area. This is reflected in an on-going quest to achieve 'zero harm to people and the environment', which is embodied in the corporation-wide habit of placing the safety of employees first and foremost in all aspects of the business, without compromise. This same quest underscores the Dubal Safety Awards, held annually to celebrate the corporation's achievements to date, recognize and reward the achievers so as to motivate the employees, sustain the record performances, and set new targets. Specific recognition is given to those departments, teams and contractors that...
In trading on Wednesday, shares of Noranda Aluminum Holding Corp entered into oversold territory, changing hands as low as $4.00 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Noranda Aluminum Holding Corp, the RSI reading has hit 28.0. A bullish investor could look at NOR’s 28.0 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), NOR’s low point in its 52 week range is $4.00 per share, with $10.95 as the 52 week high point —...
Taking weak cues from global markets, aluminium prices fell by 0.24 per cent, to INR103.60 per kg in futures trading today as speculators offloaded their positions. Besides, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in May declined by INR 0.25, or 0.24 per cent, to INR 103.60 per kg in business turnover of 31 lots. Similarly, the metal for delivery in April traded lower by INR 0.20, or 0.20 per cent, to INR 102.25 per kg in 378 lots. Globally, aluminium retreated 1.1 per cent to $ 1,884 per tonne at the London Metal Exchange. Market analysts said the weakness in aluminium at futures trade was mostly in tune with a downtrend in base metals at the LME on demand concern and subdued spot demand.
The monthly Aluminium MMI clocked in at 93 in April, a drop of 1.1 percent from 94 in March. This index has been on an uneven decline since the beginning of 2013 – matching its all-time low, first reached in August 2012 – and this month’s fall comes primarily from LME and Indian aluminium prices. Global oversupply remains an issue. Although our friends at HARBOR Aluminium report that “more primary aluminium output cuts are taking place in both China and [in the rest of the world], translating into another downgrade of our output growth forecasts for this year” and they now “expect the global primary market to be practically balanced,” as long as such things as sliding power supply agreements continue between electricity providers and aluminium smelters producers continue to have less...
State-owned National Aluminium Company Ltd has decreased its domestic aluminium price by INR 3000 as the international price of the metal has come down, a company official said Wednesday. This is the third time since the start of last month that the Bhubaneswar-headquartered NALCO has revised the price across all products because of the fluctuation of the aluminium price at the London Metal Exchange, the official said. The company which is India's third largest aluminium producer last cut price by INR 6,500 and INR 2,000 on March 1 and March 22, respectively, across all products. NALCO produced 4.03 lakh tonnes of aluminium in 2012-13 fiscal. It has set a target to produce 4.05 lakh tonnes of aluminium in 2013-14.
Emirates Aluminium and ECL France joined together and celebrated the installation of the first Pot Tending Machine for the project’s Phase II expansion. The PTM is one of fifteen such machines that will operate on the new potline at EMAL, which, once completed, will be the longest single potline in the world at 1.7 km. This momentous occasion was attended by the French Ambassador to the UAE, S.E. Alain Azouaou, was hosted at EMAL site by the company’s President and CEO, Saeed Fadhel Al Mazrooei and VPP Mr. Yousuf Bastaki accompanied by ECL’s President and CEO, Frédéric Mey. At the ceremony, they witnessed the first PTM installed in Phase 2 expansion. The PTM is designed to increase performance in terms of; safety, productivity and reliability as well as reducing environmental impact. The...
Aluminum demand in the United States and Canada (shipments by domestic producers plus imports) totaled an estimated 1,996 million pounds during January 2013, up 4.4 percent over January of 2012. Demand for semi-fabricated (mill) products totaled 1,299 million pounds, rising 4.2 percent. Apparent consumption (demand less exports) in domestic markets totaled an estimated 1,671 million pounds, 4.4 percent above last year. Exports of aluminum from the U.S. and Canada (excluding cross-border trade) totaled 635 million pounds in January, 1.9 percent below a year ago while aluminum imports totaled 425 million pounds, were off 6.5 percent from last year.
Three-month aluminum falls to October 2012 lows in Asian trading on the London Metal Exchange, with a break below major psychological support at 1,900 a metric ton likely to spur further selling later in the day. Aluminum is trading at 1,897.75/ton, down 0.3% from its previous settlement as prices move lower across the complex due to concerns over China property curbs and weaker-than-expected manufacturing data released Monday. A Singapore-based trader says the move lower isn't surprising given prevailing bearish sentiment in the base metal market. He notes that tightness in aluminum's June-July spread remains a focus for many market players as well as the recent slide in outright LME prices. Aluminum is trading 8.5% lower since the start of the year.
Two of Australia's biggest companies, AGL and Alcoa, are squaring off in the Supreme Court over power supplies to the Point Henry ageing aluminium smelter. Alcoa, which owns and operates the smelter, is suing AGL after it refused to implement hardship provisions under a multi-million-dollar power pricing deal. Alcoa says it has notified AGL it was terminating its power contract. AGL owns and operates the Loy Yang A coal-fired power station in the Latrobe Valley and has a deal to provide about half the power it generates at an agreed price to the smelter until 2036. Power experts said the failure of such a major contract could hit power prices and even spark the early closure of Victoria's least efficient generators. CME energy economist Bruce Mountain said it was difficult to gauge the...
Government of India, the promoter of National Aluminium Company BSE 1.01 % , concluded its offer for sale of shares at INR 40, and raised $115 million on March 15. Soon after that the stock price nosedived to INR 33 in the next few trading sessions . In fact, there are many instances of stock prices going down prior to or after an OFS announcement in the last year. Very often stock prices come down after the OFS due to excess supply of shares in the short term. That is why many savvy investors look for bargain hunting in this space. "Many multi-national companies were quoting at high valuations irrespective of their fundamentals due to expectations of delisting at high prices. However , after OFS, the valuations are relatively low. Investors can look at individual stocks," says KartikBSE...
New Zealand Aluminium Smelters, which curtailed aluminum production mid-March, is optimistic about reaching a feasible electricity supply agreement, a spokesman for Pacific Aluminium said on Tuesday. NZAS is 79.36% owned by Rio Tinto subsidiary Pacific Aluminium, and 20.64% by Japan's Sumitomo Chemical Company. The optimistic assertion comes amid media reports in Australia and New Zealand on Tuesday that Rio Tinto has rejected the New Zealand government's offer of a short-term subsidy to keep the country's only aluminum smelter open. The assertion also comes a week after power utility Meridian Energy said in a statement that it thought a new agreement with PA may be unlikely, due to major differences on a number of issues. Various media reported Tuesday that New Zealand prime minister...
The manufacturing PMI in the euro zone fell in March from the previous month, and pointed to contraction for 20 months in a row. Coupled with shrinking manufacturing in Germany and France, worries over the European debt crisis pushed the US dollar index up to challenge resistance at 83. As a result, LME aluminum sank to USD 1,875/mt during the European trading session, its lowest since August 31, 2012. Finally, LME aluminum ended the day down 0.85% at USD 1,886.8/mt. Latest LME aluminum inventories decreased 8,975 mt to 5,228,425 mt. Inactive trading activity ahead of the Chinese Qingming holiday should weigh on aluminum prices . LME aluminum should struggle at USD 1,880/mt and move within USD 1,860-1,900/mt on Wednesday. SHFE 1306 aluminum contract is expected to open at RMB 14,570/mt,...
Russian aluminium tsar Oleg Deripaska has attacked the Gillard government's carbon tax, saying it is leading towards higher energy costs that come with the danger of driving local manufacturing and minerals processing jobs overseas. Mr Deripaska, chief executive of the world's biggest aluminium company Rusal, has first-hand experience of the carbon tax impact through Rusal’ s 20 per cent stake in the Rio Tinto-managed Queensland Alumina joint venture. In an extensive interview with The Australian, Mr Deripaska said that since acquiring the interest in Queensland Alumina in 2005, there had been a "big decline" in Australia's competitive position, with the nation's past competitive advantage in energy costs eroded. "The carbon tax will have a significant long-term impact on the operations...
LME aluminium is expected to slide to $1,875 per tonne, as it has broken below a support at $1,906. The support was provided by the 61.8 percent Fibonacci projection level of the wave (3)-3, which developed from the March 25 high of $1,956. The next support will be at $1,875, the 100 percent projection level. This wave (3)-3 has a fierce and sharp character. It may break the support at $1,875 easily and then fall more towards $1,825, the 161.8 percent projection level. Rebound from the current level may be capped at $1,910.
Qatalum is taking part in the 6th Qatar Career Fair, held from the 1st to 6th of April at the Qatar National Convention Centre. Qatalum is involved because of the company’s own focus on implementation of human resources projects within the Human Development pillar of the Qatar National Vision 2030 - a key objective of the Fair. Qatalum is taking part as an exhibitor – at booth EI-G09–to attract Qatari students and graduates as future employees, part of the company’s Qatarisation policy, and has as its objective at the Fair “to increase Qatari students’ awareness about the importance of Aluminium industry and find in QCF a great opportunity to communicate with Qatari students”.This is part of Qatalum’s theme “Forming Generations with a Brighter Perspective”. The company strongly believes...
Officials with Century Aluminum say they are still interested in restarting the Ravenswood plant and honoring their commitments to the plant's retirees. Karen Gorrell, spokesperson for the Century Aluminum retirees, said in a statement that company officials were seeking another agreement to get the plant restarted. Efforts to get the Jackson County plant back in operation hit a stalemate last fall when company officials could not get approval for a special power rate for the plant from the Public Service Commission. Gorrell said the agreement the retirees had originally worked out with the company over a year ago to have some of their lost benefits reinstated was no longer valid with any possibility of actually becoming so. The restoration of benefits to the retirees depended on the...
