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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It was announced last Friday that China’s CPI hit a 10-month high in February. The Fitch Ratings downgraded Italy’s credit rating due to unstable political situation in the country following the general election. These negative news drove LME aluminum down to USD 1,935/mt during early European trading session, the lowest since November 22, 2012. Later, a softer US dollar helped LME aluminum recover some losses at the tail of trading. Finally, LME aluminum closed down 0.25% at USD 1,958/mt. Latest LME aluminum inventories increased 1,075 mt to 5,189,975 mt. Aluminum prices will be range-bound as investors are cautious. LME aluminum should struggle at USD 1,950/mt and fluctuate in the band of USD 1,940-1,970/mt on Tuesday. SHFE 1306 aluminum contract prices are expected to open lower at RMB...
After the oil bubble peaked in 2008, virtually all commodities took a nosedive. Aluminum was no exception, falling from a peak of $3,070 per metric ton in August 2008 to a low of $1,340 in February 2009. Since then, it has rebounded to just above $2,000 per metric ton, or about 35% below its peak. However, the share price of aluminum producer, Alcoa Inc. has not rebounded accordingly. On the contrary, it keeps getting cheaper, currently trading for under $8.50 per share, a long way down from its pre-crash peak of $48.77. In other words, the stock is still almost 83% off from peak levels. Over the past several years, Alcoa Inc. has taken measures to cut costs that analysts generally think will begin to show results in 2013. Alcoa Inc. is projected to earn 61 cents per share for 2013,...
An inter-ministerial panel is likely to decide tomorrow the floor price for 12.5 per cent stake sale in Nalco, which can fetch around Rs 1,400 crore to the exchequer at current rates. The Empowered Group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram, is scheduled to meet tomorrow to decide on the base price for the share sale, sources said. The share sale is likely to hit the markets on March 13, they added. The Department of Disinvestment (DoD) has held roadshows in Singapore, Hong Kong, Japan, the US and the UK on February 19 for disinvestment of the state-run aluminium company. The sale of 12.5 per cent stake, or 31.31 crore shares, of Nalco is expected to fetch around Rs 1,400 crore to the exchequer at the current market price. Shares of Nalco on...
State-owned Dubai Aluminum, known as DUBAL, said Saturday it bought a 20-percent stake in a calciner project as part of a joint venture with Hong Kong-based Sinoway Carbon Energy Holdings for an undisclosed sum. DUBAL, which runs the seventh biggest aluminum smelter in the world in relation to output (one million metric tons per annum), said in an e-mailed statement the new venture, known as Sinoway Carbon Company Limited, entails the construction of a 560,000-ton- per-annum calciner in Shandong, China. DUBAL said further construction of the first phase is at an advanced stage as completion is scheduled for May and the second phase in the fourth quarter of 2013. The end-product of the calcination process, calcined petroleum coke (CPC), is a strategic raw material for the aluminium...
Kentucky state lawmakers are set to decide whether to let US aluminum producer Century Aluminum Co buy power on the open market in its bid to save its money-losing smelter in the Bluegrass state from closure. In its attempt to cope, Century has taken the dramatic step of pushing for legislation that would exempt smelters from a state law requiring consumers to take power from only one supplier. “We’re losing money every month. What the bill would do is get me out from under that exclusive service contract,” said Michael Early, Century’s energy director, in testimony last month before Kentucky’s House Natural Resources and Environment Committee. The bill could have bigger implications for the troubled US aluminum industry, where high-cost electricity for aging plants has challenged many...
Bothra Metals & Alloys Ltd plans to raise $2.2 million through an initial public offer (IPO) and list on BSE SME Exchange platform. "We are making an IPO for $89,772 equity shares at a premium of $0.3 per share to raise $2.2 million. The IPO comprises offer for sale by the promoters and issue of fresh equity shares. The company will be listed on BSE SME platform," Bothra Metals Managing Director Sunder Bothra told reporters. The net proceeds of the issue will be utilized to meet working capital requirements, he said. The issue will open today, March 12 and close on March 14. The company manufactures aluminium products and has 15,000 MTPA capacity in its three units at Kala Amb (Himachal Pradesh), Bhavnagar (Gujarat), and Sangli (Maharashtra). “It recently commissioned additional capacity...
Leveraging its unique concentration of industry leaders Aluminium China 2013 now launched the new “AL Opinion Leader forum”, hosted online on “AL Opinion Leader TV” , further new in-depth conferences and will again support another edition of the China Non-Ferrous Metals Industry Association’s reputable China Aluminium Fabrication Forum. • AL Opinion Leader Forum/TV: A brand new platform for the leading industry experts to discuss the latest developments in China Aluminium. (with video statements to be published online) • 2013 China Aluminum Fabrication Forum (on June 30th): Organized by: Beijing Antaike Information Development, Supported by: China Non-ferrous Metals Industry Association. • 2013 Deep Processing Forum about Aluminium in China’s transportation industry • 2013 International...
ALUMINIUM CHINA, Asia’s leading aluminium trade fair, held in Shanghai from July 2-4 this year introduces a number of fresh initiatives that will create more business opportunities to visitors and exhibitors alike and enrich the mutual exchange of valuable industry knowledge among 15,000 aluminium experts from the key Asian markets and leading industry countries from around the world. The 2013 edition of Aluminium China is set to attract over 450 international exhibitors from 30 countries, representing the entire aluminium value chain including raw materials, semi-finished/finished products, production and processing machinery and accessories. To leverage the event’s unique concentration of industry know how Reed Exhibitions China now launched the new “Opinion Leader forum”, hosted online...
The US announced last Friday that its nonfarm payrolls increased by 236,000 and unemployment rate declined to 7.7%, both better than expected. However, improvement in labor market rekindled worries that the Federal Reserve may end QE3 early, driving the US dollar index up to near 83 and curtailing gains of commodity prices. In response, LME aluminum lost support at the 5-day moving average during the European trading session. Finally, LME aluminum closed at an intraday low of USD 1,963/mt, down 0.96%, underperforming other base metals. Latest LME aluminum inventories decreased 8,550 mt to 5,188,900 mt. A strong US dollar and growing inflationary pressure in China will offset positive employment figures from the US. LME aluminum should be capped under the 5-day moving average and fluctuate...
Alcoa announced today it was named a 2013 Manufacturing Leadership 100 Award winner in the Information Leadership Category by the Manufacturing Executive and Manufacturing Leadership Council. The awards honor companies and individuals that are shaping the future of global manufacturing. Alcoa was recognized for its SMART Manufacturing project implemented across several of its Global Primary Metals locations. “The challenges to stay competitive as a manufacturer are never ending” The Alcoa SMART Manufacturing project ties together information from all production and business sources within a plant and across the enterprise with a comprehensive, common technical architecture. In traditional manufacturing processes, data is often in many locations, not easily accessible and frequently in...
Century Aluminum retirees are protesting in front of the Jackson County plant until Friday morning. They said the protest is about their health benefits they said have been taken away from them. It's also giving them a chance to remember their friends and co-workers who've passed away since the Ravenswood plant closed in 2009. Many of them died without health insurance, the retirees said. "I worked with several of them," said retiree Cliff Clay. "Sam McKinney, I worked side-by-side with him." Clay said he believes McKinney might still be alive today if he did not lose his health care benefits. "A lot of them, it shouldn't have happened," he said. "Sam died of a heart attack and there's people who live through heart attacks every day. "With the right health care, he may have been alright...
Aluminium prices rebounded on Thursday, lifted by a strong euro and better-than-expected U.S. data that boosted the outlook for growth, but slow demand from top consumer China may keep further gains in check. Aluminium gained 1.3 percent to finish at $1,979 a tonne. Investors were encouraged on Thursday after data showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week. "It's a very encouraging number. It shows now that we have a few consecutive weeks where new claims are at this lower trend," said Russell Price, senior economist at Ameriprise Financial Services in Michigan. Data on Wednesday that showed U.S. private employers hired more workers than expected in February and demand for a range of factory goods was solid in January. Investors...
Companies such as Sterlite Industries and Hindalco are expected to face pressure in coming months as the prospects for industrial commodities such as aluminium are weakening. Recent major events such as indication of lower bond by the US Fed, slowdown in China’s consumption and higher inventories at the LME have together taken a toll on international non-ferrous prices, which have fallen by 6-8 per cent in last fortnight. The worries also stem from demand side as a result of slower GDP growth in the developed countries in the December 2012 quarter and lower than expected manufacturing PMI data in Europe, China and Japan for the month of February 2013. In fact, to deal with the emerging situation, some of the global aluminium producers have already started cutting output. Hence, even...
Aluminium Bahrain has declared fresh dividend for 2012 amounting BD39.6 million ($105 million) and equivalent to 28 per cent of the nominal value of the company’s shares – half of which was distributed in August 2012. The dividend will be payable from March 20 to Alba's shareholders of record as of March 7, 2013. Approval was given to the minutes of the previous Ordinary General Meeting held on March 8, 2012. The report of the Board of Directors for the year 2012 was discussed and approved while the Auditors Report for the year ended December 31, 2012 was reviewed during the meeting. Audited financial statements for the fiscal year 2012 were approved at the AGM where net profit reached $257 million. Approval was also given to the transfer of BD56.6 million to retained earnings as well as...
Spot aluminum alloy prices crept higher in Europe this week as a number of buyers secured April and second-quarter supplies. Standard grade 226,the main traded recycled aluminum,rose by Eur10 ($13.03) to Eur1,700/mt and above in Germany, Europe's key market. The Platts assessment for 226 moved up Eur10 this week to Eur1,700-1,750/mt delivered Germany, including 30 days' credit. "Prices below Eur1,700/mt have disappeared from Germany," said a trade source, who said that demand for secondary aluminum in Q2 looked largely stable. "We achieved Eur1,700/mt delivered plant for our Q2 supplies," said a European diecaster, who said that this was a Eur10-20 reduction compared with last spot deals for March delivery. The diecaster said that he had left about 30% of his Q2 requirements open for...
Russian aluminum giant RUSAL has quietly abandoned plans for a multibillion-dollar aluminum smelter in Guinea, according to a government source and documents seen by Reuters on Thursday. RUSAL is trimming its output in the face of weak prices and rising power costs. Its decision adds to a string of vanishing investment plans in the impoverished and restive West African state. “I think this is the pragmatic option,” a government source who spoke on condition of anonymity said, adding that a new smelter would “require lots of energy that Guinea cannot provide.” RUSAL, which already controls bauxite mining developments and an alumina refinery in Guinea, had been considering a 240,000 tonne-per-year smelter that experts estimate would have cost well over $5-billion (U.S.). A development...
Aluminium Bahrain B.S.C.'s participation in the two-day Euromoney Bahrain Conference is a clear endorsement of the company's confidence in Bahrain as an industrial powerhouse and an investor friendly destination for both the financial and manufacturing sectors. The Euromoney Bahrain Conference - organised by Euromoney in partnership with the Economic Development Board Bahrain - was held at The Ritz Carlton Bahrain, on March 5 and 6, 2013. Alba's Chief Executive, Tim Murray was part of a panel discussion on 'financing infrastructure in Bahrain' during which he and the other members of the panel talked about Bahrain's infrastructure needs and financing of new projects. Commenting on Alba's participation in The Euromoney Bahrain Conference, Alba's Chief Executive Officer, Tim Murray said:...
ServiceNow, the enterprise IT cloud company, today announced that Pacific Aluminium is using ServiceNow software-as-a-service to successfully provide a new level of IT service delivery across its mining, refinery and smelter operations in Australia and New Zealand. Pacific Aluminium went live in 30 days using ServiceNow to manage IT changes, requests, incidents, configuration management, knowledge base and self-service catalog. The company reports that it benefits from ongoing monthly operational savings of 20 percent by insourcing its IT service team. With about 100 business and IT support analysts, Pacific Aluminium uses ServiceNow to serve over 4,000 end-users and deals with approximately 600 IT service events and requests a week. The implementation of ServiceNow met deployment...
