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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Markets were optimistic over the result of the US Federal Reserve (Fed)’s interest rate meeting, attracting dip-buying and helping LME aluminum hit a high of USD 1,956/mt. The Fed stated last night that it will keep low interest rate and QE3 in place. However, uncertainty over Cyprus’s aid package and slow global consumption eroded upward momentum of LME aluminum, which finally closed 0.35% higher at USD 1,943/mt. Latest LME aluminum inventories decreased 5,900 mt to 5,217,425 mt. Markets will be cautious prior to the announcement of China’s preliminary manufacturing PMI for March. LME aluminum should stagnate near USD 1,940/mt and fluctuate in the band of USD 1,920-1,960/mt on Thursday. SHFE 1306 aluminum contract prices are expected to open at RMB 14,700/mt, with prices between RMB...
BHP Billiton’s preferential arrangement with Eskom through which the company pays a fraction of the standard electricity tariff for its Richards Bay aluminium smelters will soon be a matter of public debate and discussion, when the National Energy Regulator of SA conducts public hearings over the contract. The smelters are among Eskom’s biggest single users and consume nearly 6% of its total capacity — or enough power to supply a small city. A deal made in the 1990s to supply them with cheap electricity has raised public ire in the face of rising prices for consumers and has become a drain on Eskom’s financial resources. BHP Billiton last week lost its court appeal to keep the agreement confidential. This followed an application in terms of the Promotion of Access to Information to reveal...
Japanese buyers have agreed to premiums for some April-June aluminium shipments at $248-$249 per tonne, up from the previous quarter and in line with increased demand after the winter slowdown, sources involved with trade talks. Other buyers are still holding out, aiming to settle at premiums as low as $244-$245, and it remained unclear whether a consensus on the premiums will emerge by Friday, a week after the deadline for April shipments, three sources involved with the talks between buyers and producers told Reuters. Japan is Asia's biggest importer of aluminium and the premiums for its imports, agreed each quarter, set the benchmark for the region. Premiums are paid over London Metal Exchange cash aluminium prices to secure physical metal on a cost, insurance and freight basis to the...
Alba's Chief Executive, Tim Murray announced the appointment of Rawdha Salman Alaradi as the company's new Manager for Training & Recruitment. Ms. Alaradi, a Bahraini national, joined Alba in 2008 as Human Resources Coordinator and was later promoted as Head of Recruitment & Organisational Development. Since November 2012, she has been serving as the Manager for Training and Recruitment in an acting capacity. Commenting on this new promotion, Alba's Chief Executive, Tim Murray said: "As a company that takes immense pride in its commitment to gender equality and Bahrainisation, Rawdha's promotion is an important achievement for Bahraini women in the industrial sector, and as such, marks a significant milestone in the company's history. We are confident that as the new Manager for Training...
The National Council on Privatisation approved the termination of BFI Group’s offer to purchase 77.5 per cent of Aluminum Smelter Company of Nigeria “following their inability to pay the agreed 10 per cent of the offer price within 15 working days of the execution of the Share Sale/Purchase Agreement as directed by the Supreme Court of Nigeria.” However, the cancellation came on a day UC Rusal, the current operator of ALSCON, announced that it had suspended aluminium production at the company due to losses occasioned by unreliable gas supply and uncertainty over the legal ownership of ALSCON. The deadline for the execution of the SPA and payment of the 10 per cent of the offer price elapsed at 12 am on Monday, with BFIG yet to execute the SPA or pay the initial mandatory 10 per cent of...
Norsk Hydro ASA declined in Oslo as Nordea Bank AB cut its rating on Europe’s third-largest aluminum producer amid a subdued recovery in prices for the lightweight metal and as Vale SA prepares to sell its stake. Hydro fell as much as 1.8 percent and traded 1.3 percent lower at 25.21 kroner extending its decline since the start of the year to 9.5 percent. It was the day’s third-worst performer in Oslo’s 25-member OBX Index. Aluminum producers have cut spending and reduced capacity in an attempt to buoy earnings as falling demand and weaker prices weigh on profit margins. While demand growth is expected to recover, the industry is failing to improve market balance through permanent capacity closures, which “leaves sentiment towards aluminum prices poor,” Nordea analyst, Andre Holo Adolfsen...
The US housing starts were reported up 0.8% in February to hit a 5-year high, driving LME aluminum to climb to USD 1,952.8/mt. However, the increase was limited as market mainly focused on the vote for tax imposition in Cyprus. The US dollar soared above 83 as Parliament rejected the proposal for imposing tax to depositors, causingLME aluminum prices to fall and end at USD 1,936.3/mt. LME aluminum inventories surged 41,150 mt to 5,223,325 mt. SHFE 1306 aluminum contract price is expected to start at RMB 14,660/mt on March 20 and move between RMB 14,600-14,700/mt. In China’s spot aluminum markets, spot discounts over the most active SHFE aluminum contract price are expected at RMB 60-100/mt.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, has issued a decree No./11/ of 2013 to restructure the Board of Directors of Dubai Aluminium. The decree named Sheikh Hamdan bin Rashid Al Maktoum as Chairman and Saeed Mohammed Ahmed Al Tayer as Deputy Chairman. It also named the following as members: Hilal Khalfan bin Dhahir, Mohammed Abdullah Ahmed Al Ghurair, Tariq Hussein Khansahib, Abdullah Salem Mohammed Al Manea and Abdul Wahid Mohammed Al Fahim. The membership term is three years, subject to renewal. It deems all the decisions issued by the Board of Directors in accordance with the decree No. /47/ of 2009, from May 31, 2012 till a day before the new decree becomes effective, were all binding and...
The Public Enterprises Selection Board has recommended Ansuman Das as the next chairman and managing director of National Aluminum Company. The move, which comes days after the government's 10% offer for sale in Nalco, is likely to pave the way for appointment of a full-time CMD, ending months of uncertainty at the country's leading state owned aluminium company. Mr Das has been acting CMD of the company since August 2012. Nalco has been without a regular chief for nearly two years following the suspension of erstwhile CMD, A K Srivastava on graft charges in February 2011. With the mines ministry terminating Mr Srivastava's services on December 11, 2012, the PESB, which recommends candidates for top PSU jobs, had invited applications for the post of Nalco CMD. The last date for filing...
The aluminum smelting equipment and the workshop, which are designed by BERIS Engineering & Research Corp. for Ningxia Jinning Juke New Materials Co., Ltd., has been proved to be of perfect performance. On February 23, 2013, five large flat ingots (660mm×1350mm×7213mm) of 1100 alloy were produced in this workshop. Afterwards the 3003 aluminum alloy was put into trial production on March 6, and 2,400 tons of qualified cast ingots were successfully generated on March 12, 2013. Now the 5052 cast ingot of aluminum alloy is to be made very soon. It shall be especially noted that no flushing furnace was utilized for the smelting and casting operation, which was the first time for aluminum smelting/casting industry of China. The first phase of the smelting and casting workshop is equipped with...
Rusal, the world’s largest aluminium producer announces the decision of ALSCON Board of Directors to temporarily suspend the smelting operations at the plant. During the meeting on 11 March 2013 of the Board of Directors of ALSCON, 85% of which is owned by UC RUSAL, a decision was taken to suspend aluminium production at the plant. Before this decision was taken, RUSAL had been covering the plant’s losses in the expectation that a sustainable gas supply would be made available enabling ALSCON to operate at its full capacity. Today, despite all measures undertaken by the Company, ALSCON does not have a reliable and continuous gas supply. Aluminium production at the plant is deeply loss-making, which renders it impossible to fully utilize the existing capacities. The on-going situation...
Investors continue to worry about the European debt crisis after Cyprus decided last Saturday to impose tax on bank depositors, triggering sell-off in stock markets and commodities. As such, LME aluminum drifted lower after a low opening, with the low-end price slipping to USD 1,927.5/mt and hitting the lowest for the year. Finally, LME aluminum closed 1.46% lower at USD 1,936/mt. Latest LME aluminum inventories increased 9,100 mt to 5,182175 mt. Aluminum prices will extend losses today as bearish sentiment is dominating the market. LME aluminum should test support at USD 1,900/mt and fluctuate in the band of USD 1,900-1,950/mt on Tuesday. SHFE 1306 aluminum contract prices are expected to open lower at RMB 14,600/mt, with prices between RMB 14,550-14,690/mt. In spot markets, traders will...
RUSAL, the world's largest primary aluminium producer, decided to suspend operations at its Alscon smelter in Nigeria because of concerns about gas supplies, it said on Friday. The Russian firm said the smelter would be suspended from the end of April, having produced 22,000 tonnes of aluminium in 2012, around 88 percent less than its maximum annual capacity. “Today, despite all measures undertaken by the company, ALSCON does not have a reliable and continuous gas supply,” RUSAL said in a statement. “Aluminium production at the plant is deeply loss-making, which renders it impossible to fully utilise the existing capacities.” The company owns 85 percent of Alscon, one of its key African assets, while the remaining stake belongs to the Nigerian government which challenged RUSAL's ownership...
Officials say a new aluminum components factory in Lafayette plans to add dozens of workers this year as it ramps up production. Work on the Chinese-owned Nanshan America Co. plant began a couple years ago and now has about 80 workers. The company executive David Kummer says the plant will be operating at 50% of its manufacturing capacity by the end of this year. The factory makes aluminum rods, bars, tubes pipes and custom pieces for customers. Kummer says the company is now hiring about 12 employees each quarter and expects to be adding 15 to 18 workers a quarter later this year.
Two Japanese buyers of aluminum and three global producers have agreed to set Japan's import premium at $248/mt plus London Metal Exchange cash, CIF basis, for second quarter shipments to the country, buyer sources said Monday. The Q1 contract premiums were at $240-245/mt plus LME cash, CIF Japan. The settlements were for over 500 mt/month shipments of aluminum ingot to Japan from overseas smelters, over April-June, the buyers said. The three producers contacted by Platts declined to comment. Negotiations for Q2 premiums are still ongoing as over 10 Japanese buyers have not reached settlements with any of the producers yet. One Japanese buyer said he had submitted bids to several producers in the range of $245-247/mt plus LME cash, CIF Japan. One of the global producers is currently...
Rusal will be able to service its debts for the next four and a half years thanks to the dividends the company is set to receive from Norilsk Nickel, according to Oleg Deripaska, chief executive of the world’s largest aluminium producer. The comments underscore the importance for Rusal’s finances of the peace deal between Mr Deripaska and rival tycoon Vladimir Potanin brokered in December by Roman Abramovich, which put an end to the oligarchs’ four-year feud. The agreement made Mr Potanin chief executive of Norilsk but also paved the way for greater dividend payments from the company, in which Rusal holds a 27.8 per cent stake. Since the financial crisis, the Russian aluminium giant has struggled under the weight of a $10.8bn debt pile and a tumble in global aluminium prices. At $8.1bn,...
The sector- leading technology development expertise of the UAE's primary aluminium producers - Dubai Aluminium and Emirates Aluminium came under the industry spotlight and was received with acclaim at the TMS Annual Meeting and Exhibition , which took place in San Antonio, Texas, USA from 3 to 7 March. As in prior years, the annual TMS event aimed to give materials science and engineering professionals the opportunity to network, present research, share industrial applications and introduce innovation - thus providing a strong platform for promoting both companies. This was achieved through two levels of active participation at the event, as follows: 1. DUBAL and EMAL had a joint stand in the exhibition component of TMS 2013, which highlighted the companies' commitment to continuous...
India raised $116 million by selling shares in state-run National Aluminium Co Ltd on Friday, taking the government closer to its fundraising target to reduce the budget deficit. The single-day NALCO auction received bids for a total of 156.94 million shares, at a weighted average price of 40.05 INR, stock exchange data showed. The government's holding in the company will come down to 81 percent. New Delhi was selling 128.86 million shares or a 5 percent stake, with an option to sell 5 percent more, at a minimum offer price of 40 INR a share. The share sale is part of the government's divestment drive to help restrict the fiscal deficit to 5.2 percent in the year ending March 31, to avoid becoming the first of the BRIC economies to have its credit rating downgraded. Including the NALCO...
