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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HARBOR expects the global primary aluminum market to experience in 2013 its seventh consecutive surplus (609,000 tons vs 485,000 tons in 2012 ). China should be effectively a balanced market with a surplus of only 124 ktons, while we expect the Rest of the World (RoW) to experience a surplus of 485 ktons. Nevertheless, this surplus could easily turn into the first deficit since 2007 if any disruption in aluminum production occurs (like in 2011 and 2012) or if China and/or India under deliver in terms of aluminum output capacity expansion (which is a possibility). We expect global aluminum demand to regain some dynamism by growing 8.4% in 2013 vs 3.7% in 2012. Demand should do better this year as China gathers better momentum and Emerging Asia, North America, Latam (now Brazil included),...
Aluminium Bahrain B.S.C. remains at the forefront of being an ardent advocate of a greener Bahrain with a booming agricultural sector as it takes part in the Bahrain International Garden Show 2013 taking place at the Bahrain International Convention & Exhibition Centre from February 28 to March 2, 2013. The Bahrain International Garden Show 2013 is being organised under the patronage of His Majesty King Hamad bin Isa Al Khalifa, the King of Bahrain, and the support of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, wife of His Majesty the King of Bahrain and the President of the National Initiative for Agricultural Development. The Bahrain International Garden Show 2013 - organised by the National Initiative for Agricultural Development - is being held under the theme:...
The negative opinions about LME aluminium price are mainly from the prediction of the large scale low cost capacity expansion in west China and northwest China. Although we have predicted that Chinese aluminium consumption will grow 12% and supposed that 1.4 million capacities will be shutting down, the rapid capacity expansion will definitely bring overproduction of about 700,000 tonnes in 2013. Market player predicted that the overproduction will be exported as half -finished products, because China till has a cost advantage. Chinese National Reserve Bureau is not likely to buy the rest of aluminium supply, because NRB has bought 100,000 tonnes in the fourth quarter in 2012, which in total lead to a 477,000 tonnes of reserve. What’s more, there is unlikely to be any news that announces...
Mining giant Rio Tinto has appointed the former boss of toll road owner Transurban, Chris Lynch, as its new chief financial officer. Mr Lynch will replace Guy Elliot on April 18. Rio said Mr Lynch will remain on the board and become an executive director and member of the executive committee as chief financial officer-elect on March 1. He will be awarded a base salary of STG800,000 ($A1.19 million) per year with the opportunity to earn 120 per cent of his base salary. Rio said Mr Elliott announced his intention to retire in July last year. The company's new chief executive Sam Walsh is also streamlining his executive committee by reducing the number of positions reporting to him from 11 to nine. "The vacant group executive strategy position will not be filled, and strategy will continue...
For Dubai Aluminium (DUBAL) the entirely state-owned enterprise whose Jebel Ali operation ranks as the world's largest single-site primary aluminium smelter using pre-bake anode technology - 2012 was again an excellent year. ''DUBAL achieved gross sales revenue of AED 9.77 billion (compared to AED 11.144 billion in 2011), with net profits of AED 1.58 billion equating to approximately 16.2 per cent of gross sales revenue (2011: AED 3.515 billion), thereby remaining one of the most profitable corporations in the Emirate of Dubai's portfolio. DUBAL's leading position is further affirmed by compound annual revenue and profit growth rates from 1996 to 2012 of 11.2 per cent and 6.5 per cent respectively," said HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of...
India's state-run National Aluminium Co (NALCO) sold 10,000 tonnes of aluminium ingots at $203 per tonne premium to the average LME cash price on a cost, insurance and freight (CIF) basis, two company sources said on Thursday. The metal will be shipped to the Switzerland-based buyer in four batches of 2,500 tonnes each from March to June, sources who declined to be identified as they were not authorised to speak to the media. NALCO, whose tenders serve as a global benchmark, last sold 12,000 tonnes of aluminium ingots at $226 per tonne premium over the average LME cash price on a CIF basis to a Switzerland-based buyer on Feb. 7.
Dubai Aluminium (Dubal) the state-owned enterprise yesterday reported net profit of Dh1.58 billion on a gross sales revenue of Dh9.77 billion. Dubal is one of the most profitable corporations in Dubai’s portfolio. “Dubal’s leading position is further affirmed by compound annual revenue and profit growth rates from 1996 to 2012 of 11.2 per cent and 6.5 per cent respectively,” said Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of the Dubal Board. “Dubal’s net profit includes our company’s share in the profits of Emirates Aluminium (Emal), which amounted to Dh92 million in 2012 during its second full year of production. This year, management decided to adjust partial impairment of Guinea. Reducing budgeted capital expenditures and...
ALCOA celebrates 50 years of operating and investing in Australia this year. Fifty years ago Alcoa started the process of mining bauxite at Jarrahdale and then adding value locally by producing alumina at the Kwinana Alumina Refinery and smelting it into aluminium ingots at Point Henry Smelter in Victoria. Since the first bauxite was extracted from the Jarrahdale mine site in July 1963, Alcoa has achieved numerous milestones. The Kwinana refinery was commissioned using bauxite from Jarrahdale in 1963, and the first shipment of alumina set sail from the refinery to Point Henry Smelter on February 22, 1964. On February 20, 1964, the MS Lake Sorrel arrived at Kwinana refinery, setting sail to Alcoa’s Geelong smelter two days later. Then Premier David Brand opened the refinery and was among...
Bestdamnpennystocks, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:- Alcoa Inc decreased 2.55% and closed at $8.42. Alcoa Inc. (Alcoa) is engaged in the production and management of primary aluminum, fabricated aluminum, and alumina combined, through its participation in technology, mining, refining, smelting, fabricating, and recycling. Alumina Limited went up 1.67% and closed at $4.87. Alumina Limited (Alumina), is an Australia-based company. The Company is the holding company of WMC Group. Alumina is engaged in investing in bauxite mining, alumina refining and selected aluminum smelting operations, through its 40% ownership of Alcoa World Alumina and Chemicals (AWAC). Century...
Shanghai aluminium future continues to be weak. 1305 contract closed at 14850 yuan per ton, dropped 5 yuan. Initial value of Huifeng Manufacture Industry was not as good as expected in the report of Feb. US dollar indexed performance is still powerful, pressure of outer disc London aluminium continued. Chinese aluminium inventory reached a new high, aluminium price is likely to fall but hard to increase. Shanghai aluminium will be weak. Huifeng reported yesterday that PMI initial value was 50.4, the market expected value was 52.2, but the final number in Jan was 52.3, which was largely lower than expected. The low PMI value was caused partly by the Spring Festival. But such large decline showed that macro-economy expansion speed is slower compared to January, which will put pressure on...
Aluminium hit its lowest for around three months and zinc and lead racked up fresh one-month lows although copper managed to hold above last Friday’s two-month lows. China’s February HSBC flash PMI was at a four-month low of 50.4 against January’s 52.3, which had been the best for four months. But it was above the 50 level that separates expansion from contraction. Despite steadier equities and relative stability in the euro, the complex is locked into a downswing now – the complex remains beset by uncertainty, traders said. The euro moved up to around 1.3260 against the dollar – it had hit 1.3142 on Friday, its weakest since January 10. For the metals, however, sentiment remains challenging, and the complex may well struggle further this week given that the decisive change in short-term...
Retirees from Century Aluminum's Ravenswood plant are grateful, despite the position they've been put in by the company. The retirees plan to gather at the Capitol Feb. 26 to hand-deliver letters of thanks to Gov. Earl Ray Tomblin and other lawmakers who passed a bill at the end of the 2012 legislative session to allow Century to seek a special electricity rate. The Ravenswood smelter has been closed since 2009. More than 600 workers were left unemployed and retirees lost their benefits. "We have tried to be patient while Century puts together a strategy in which they can restart the plant, but we are running out of patience," retiree spokeswoman Karen Gorrell said in an email. "Century always appears to want the retirees to be on ‘their team,' but they obviously have no regard for the...
A recent in Reuters by Andy Home paints a rather depressing picture of the aluminum market – if you are a producer. But if you are a consumer, some would argue it appears much rosier. The article essentially details rising production around the world and only slowly rising demand. The result of that could be stable prices for some years to come, underpinned by the cost of production and financing deals soaking up excess production. We have been used to reports of rising Chinese production with modest cutbacks in the West, but what we have seen in recent months is rising production in the West in addition to China. True, global run rates dropped in January, but the previous three months had seen a steady rise with the IAI forecasting smelter capacity outside China to rise by 5.5 percent...
U.S. aluminum producer Ormet Corp has filed for Chapter 11 bankruptcy protection, hurt by low aluminium prices and high power costs, and agreed to sell its business to investment firm Wayzata Investment Partners, court documents showed. Ormet has received about $90 million of debtor-in-possession (DIP) financing, $30 million from Wayzata and $60 million from Wells Fargo, the company said late on Monday. "Ormet has done everything possible during very difficult financial times to pay its debt and legacy obligations. However, with a low metal price and higher power costs, we no longer have the financial liquidity to continue to do this," Ormet Chief Executive Mike Tanchuk said in a statement. Ormet listed total liabilities of $416 million and assets of $406.8 million, according to a court...
LME aluminium is expected to rebound to $2,056 per tonne, as it has completed a wave 3. This is the third wave of a five-wave cycle that started at the Feb. 20 high of $2,129.50, and it has completed after travelling a distance exactly 1.618 times the length of the wave a, as indicated by a Fibonacci projection analysis. The completion has triggered a wave 4 rebound towards $2,056, the 38.2 percent Fibonacci retracement on the fall from $2,129.50 to $2,010. Strategically, the target will be confirmed when aluminium goes above a resistance at $2,038, provided by the 23.6 percent level, as a weak rebound may stop around this resistance. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or...
There is a worrisome challenge in the Nigerian aluminium industry. It is a challenge that plant owners in the industry believe may lead to the same situation in the textile and tyre industries. Nigeria’s once thriving textile and tyre industries became moribund as a result of inconsistent government policies which encouraged huge importation of cheap textiles and tyres into the country. CEOs of three major aluminium manufacturing companies – Tower Aluminium Nigeria plc, First Aluminium plc and Qualitec Aluminium Industries Limited – who have plants across the country fear the Nigerian aluminium industry may go the way of the textile and tyre industries if government does not intervene urgently. They allege that cheap imports from China, India, Turkey and South Africa have flooded the...
State-owned Meridian Energy says it is making some "slow progress" in its talks with New Zealand's biggest single electricity user, the Tiwai Point aluminium smelter, but the outcome is still unclear. "We are currently still in negotiations with Tiwai, with Rio Tinto, and they are being conducted in good faith, and it is just too difficult to predict any outcome," said Meridian Energy chief executive Mark Binns. Last year, Rio Tinto said its Tiwai Point smelter could close if it could not get even cheaper power prices from Meridian, even though a long-term electricity contract came into force this year. The smelter uses about 15 per cent of New Zealand's electricity. State-owned Meridian Energy yesterday announced operating profit was down 6 per cent to $277.1 million for the December...
The US new home sales rose to 437,000 annual rate in January, beating forecasts. Besides, the US Consumer Confidence index also rebounded appreciably in February and Richmond Fed manufacturing index jumped into positive territory in February. These positive figures eased market worries. However, looming automatic spending cuts kept investors cautious. The US dollar index met resistance at high levels, but its downside space was limited. LME aluminum slipped to USD 2,010/mt during European trading session and rose slower than other base metals. Finally, LME aluminum finished at USD 2,033.8/mt, down 0.02%. Latest LME aluminum inventories decreased 1,325 mt to 5,155,775 mt. Aluminum prices dropped at a lower pace, but upward momentum was limited. LME aluminum should continue to meet...
