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...
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The Government is offering to subsidise electricity used by the aluminium smelter at Tiwai Point as state-owned electricity company Meridian Energy and the smelter have failed to reach agreement on electricity prices. State-Owned Enterprises Minister Tony Ryall says the Government has been in touch with the smelter's owner, New Zealand Aluminium Smelters, about the matter and is offering a modest amount to bridge the gap. "We're prepared to help in the short to medium term to bridge a very small gap but I want to give you an absolute assurance this Government is not interested in subsidising a multi-national in the long term." Mr Ryall would not give a dollar figure, saying it would be inappropriate to do so. Mr Ryall says the smelter company is a very tough negotiator but it does not...
Aluminum Corp of China Ltd, the country's top aluminium maker, posted a worse-than-expected net loss of 8.2 billion yuan ($1.3 billion) for 2012 on Wednesday, as it faced low aluminium prices and rising costs. Chalco had warned of a full-year loss in January in a statement to the Shanghai Stock Exchange. The loss was far deeper than an average forecast for a 4.78 billion yuan net loss from 20 analysts polled by Thomson Reuters, and compared with a net profit of 237.97 million yuan a year ago. Chalco's Hong Kong-listed shares ended up 0.32 percent on Wednesday before the results were announced. They are down 11.8 percent so far this year, compared with a 0.85 percent loss on the broader Hang Seng Index in the same period.
After many delays, GMDC’s ambitious $2.75 billion aluminium park in Kutch, Gujarat seems to be stuck in another pit. Its partner Nalco doesn’t seem too keen on the aluminium smelter. GMDC wants to set up a 1 million tonne alumina refinery and a half a million tonne aluminium smelter for a total of $2.75 billion. However, Nalco is wary of the smelter as converting alumina into aluminium requires mega power generation. A top Nalco official on the condition of anonymity told Business Standard, “For the smelter we have put a condition in the bid that GMDC should arrange electricity at a maximum of INR 2.20 per unit. That is the viable power cost for any smelter. So investment in smelter is conditional. If they can arrange electricity at INR 2.20 per unit then they have the smelter, if this is...
Worries over the European debt crisis drove the US dollar index above 83 and sent LME aluminum down to USD 1,900/mt. Later, LME aluminum recovered losses due to dip-buying and as US pending home sales rose 8.4% YoY in February. Finally, LME aluminum closed up 0.42% at USD 1,922/mt. Latest LME aluminum inventories decreased 8,500 mt to 5,230,650 mt. A strong US dollar will keep a lid on aluminum prices . LME aluminum should continue to test support at USD 1,900/mt and fluctuate in the band of USD 1,900-1,940/mt on Thursday. SHFE 1306 aluminum contract prices are expected to open at RMB 14,675/mt, with prices between RMB 14,600-14,700/mt. In spot markets, traders will remain anxious to sell to generate cash, but downstream consumption will be sluggish, with spot discounts expected between...
Taking weak cues from global markets, aluminium prices fell marginally to INR 103.30 per kg in futures trading today as speculators offloaded their positions. Further, sluggish demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in March declined by INR 0.30 , or 0.29 per cent, to INR 103.30 per kg in business turnover of 951 lots. Similarly, the metal for delivery in April traded lower by INR 0.5, or 0.05 per cent, to INR 105.05 per kg in 352 lots. Globally, aluminium retreated 0.9 per cent to USD 1,929 per tonne at the London Metal Exchange . Market analysts said the weakness in aluminium at futures trade was mostly in tandem with a downtrend in base metals at the LME on demand concern and subdued spot demand.
China's domestic spot aluminum alloy offers generally remained range bound, while demand stayed fairly steady with no sign of a significant swing in either direction, industry sources said on Tuesday. Leading Chinese producer Sigma Metals maintained its offer steady at Yuan 17,100/mt ex-works ($2,751/mt) on Tuesday, unchanged from the previous week, while most non-Sigma offers were at Yuan 15,600-16,300/mt, similar to those heard last week. Platts kept its weekly China domestic ADC12 assessment steady at Yuan 15,600-16,100/mt ex-works Tuesday, unchanged from the previous week. "Chinese domestic demand has generally remained steady amid steady orders. We didn't see any major increase or decrease in demand," said an east China-based producer. An east China-based diecaster said: "We didn't...
LME aluminum inventories approached 5.24 million mt yesterday, near a record high. Durable goods orders in the US rose more than expected in February, but the country’s consumer confidence index shrank considerably in March and annualized new home sales in February also missed forecasts. In this context, LME aluminum tumbled to USD 1,910.8/mt, a new low for the year. Finally, LME aluminum closed down 0.88% at USD 1,914/mt. Latest LME aluminum inventories increased 16,650 mt to 5,239,150 mt. Aluminum prices will move at low levels due to a lack of optimism. LME aluminum should test support at USD 1,900/mt and fluctuate in the band of USD 1,900-1,940/mt on Wednesday. SHFE 1306 aluminum contract prices are expected to open lower at RMB 14,690/mt, with prices between RMB 14,650-14,750/mt. In...
The day’s biggest mover was the Indian aluminum cash price, which saw a 0.3 percent increase. On the LME, the aluminum 3-month price declined 0.3 percent to $1,936 per metric ton. The primary aluminum cash price changed direction with a 0.2 percent drop. After two days of improving prices, the metal finished at $1,901 per metric ton on the LME. Chinese aluminum closed mixed last Friday. The cash price of Chinese aluminum weakened by 0.1 percent. The price of Chinese aluminum scrap held steady. The price of Chinese aluminum billet was essentially unchanged. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row.
China’s state Reserves Bureau carried out the second tender bid for aluminum ingot on the morning of 15th Mar,with base price for stockpiling of 15137 yuan per ton.The manufactures who took part in this competitive tender including Chinalco, China Power investment Corporation,Wanji, Yunnan Aluminum, Qiaotou Aluminum,and SureFire,the total stockpiling is of 300,000 tons.Chinalco and China Power investment Corporation to take the grand prizes,getting a indicator of 10 tons and 9 tons respectively. Review on this round of stockpiling,China’s state Reserves Bureau plan to stockpile 400,000 tons.On the whole,the scale of 400,000 tons is limited.
Nalco Chairman Ansuman Das is spot on when he says the grave Euro zone concerns refusing to go away and the sustained world overproduction, caused particularly on account of China, are standing in the way of the white metal crossing and staying above $2,000 a tonne. Premiums for the current quarter for sales to Japanese buyers got shaved by $10 to $240-250 a tonne from the final quarter of 2012 as slowdown in the automobile and electronics sectors and disappointing exports are pointers to Japan to grow, according to Economist Intelligence Unit, one per cent this year. No less discouraging for the entire metal family is the EIU projection of negative growth of 0.2 per cent in 2013 for the Euro area. Once again, the props to the global market will come principally from China, expected to...
Samál, the Icelandic Association of Aluminum Producers, issued a statement today rejecting claims that they avoid, albeit through legal means, paying income tax in Iceland. In the statement, Samál iterated that the aluminum companies operate in compliance with the Icelandic laws and regulations and investment contracts that they’ve made with the Icelandic state. It was maintained that Alcoa in Iceland had never paid income tax and that Norðurál (Century Aluminum) had avoided some of the taxes the company should have paid. As reported, they owe their associate companies abroad hundreds of billions of ISK and pay hundreds of millions of ISK in interest on those loans. The cost is subtracted from their revenue and hence the income tax. While legislation to prevent such practices is widely in...
Dubai-based Al-Braik Investments on Sunday said it planned to set up a $200 million silicon smelter in Abu Dhabi, the first facility of its kind among Gulf Arab countries. Privately owned Al-Braik has obtained approval from the Khalifa Industrial Zone in Abu Dhabi (Kizad) to produce high- grade silicon metal used in the aluminium industry, the company said in a statement. Al-Braik, which invests in energy, real estate and hospitality industries, appointed U.S investment bank Jefferies LLC as financial advisor for the project. The $200 million investment would build two furnaces with combined output capacity of 33,000 tonnes per annum; they would be fully operational in early 2016. Capacity would be doubled by 2019. Oil-rich Abu Dhabi, capital of the United Arab Emirates, is investing...
London Metal Exchange Aluminium spot prices would go higher in the second half of 2013, averaging $2,050/t versus $1,925/t in the first half, according to a market analysis by London based Barclays. For short term, it could trigger some short covering in the metal, particularly if macro sentiments improve in line with developments in Europe. Barclays has already expected the approaching maturity of the backwardation pockets in the LME curve to drive such activity, given the uncertainties regarding the underlying dynamics; hence, given some incremental tightening in fundamental expectations, the near-term risks of short covering are certainly escalating. Barclays would not overplay the more sustainable bullish price prospects for the metal, not least because higher LME prices will likely...
BHP Billiton has become embroiled in a public dispute in South Africa over the price its aluminium smelters pay for electricity, amid fears power shortages will occur this winter as demand rises. South African power utility Eskom has called on customers to cut power usage by 10 per cent. And, amid speculation over the low price BHP pays for its electricity under long-term contracts, Eskom has called on the country's energy regulator to review the price. ''Our aluminium business has always paid more for electricity than the cost of generation and, for many years, has paid well above the market rate for power,'' BHP said, according to local media reports. Business newspaper Beeld reported late last week that Eskom is selling electricity to BHP's aluminium smelters, Hillside in Richards Bay...
Following a two-day flat streak, the price of Chinese aluminum billet climbed by 0.7 percent on March 21, 2013. The cash price of Chinese aluminum increased 0.3 percent. The price of Chinese aluminum bar held steady. The price of Chinese aluminum scrap saw little movement. The cash price of primary Indian aluminum fell by 0.4 percent after a couple days of improvement. On the LME, the primary aluminum cash price rose 0.2 percent to $1,905 per metric ton. On the LME, the aluminum 3-month price declined 0.1 percent to $1,943 per metric ton.
The week’s biggest mover on the weekly Aluminum MMI was the 3-month price of aluminum, which saw a 2.3 percent decline on the LME to $1,943 per metric ton. This comes on the heels of a 1.0 percent increase the week before. The primary aluminum cash price fell 2.1 percent on the LME to $1,905 per metric ton after rising 0.9 percent the week before. Following a 0.9 percent increase in the week prior, the cash price of primary Indian aluminum fell 2.2 percent last week. Chinese aluminum prices were mixed for the week. Chinese aluminum billet gained a slight 0.3 percent this past week. Following a steady week, prices for the Chinese aluminum cash price closed flat. Chinese aluminum bar remained essentially flat from the previous week. Following a steady week, prices for Korean 3003 coil...
The on-going, co-operative efforts of the National Programmes and Development and Recruitment departments at Dubai Aluminium have been rewarded through the appointment of 30 young UAE Nationals mid-March this year. The new recruits, all of whom were reached through the corporation's participation in open days, career fairs and Tanmia activities held at various educational institutes, have joined Dubal's Pre-employment Course Smelter, a six-month training programme that provides trainees with the theoretical knowledge and practical on-the-job experience required to fulfil assigned tasks in the Smelter Operations area. The group was welcomed to Dubal during a dedicated event at the corporation's premises on 17 March 2013. Sultan Al Sabri (Vice President: HR&OE) gave the welcome address,...
Dubai Aluminium strives continuously to minimise the impact of its operations on the environment by implementing advanced technologies and adhering to strict operating standards. For example, conserving energy is a top priority at Dubal: the company constantly innovates to identify new opportunities to reduce energy consumption or improve energy efficiency of its operations. The company also supports international, regional and local initiatives and campaigns whose objectives reflect the Dubal's own ambition of "Zero Harm to People and the Environment." Accordingly, Dubal is not only a registered supporter of Earth Hour, but will also again participate actively in Earth Hour 2013, which takes place from 8:30pm to 9:30pm on Saturday March 23. "For the fifth year in a row, we will switch...
