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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In 2013, ALUMINIUM CHINA, the leading aluminium sourcing platform in Asia for industry professionals and buyers from the aluminium industry and a wide array of application industries will expand its international visitor delegation program. As part of this program the organizer Reed Exhibitions offers onsite tours through the exhibition halls, networking receptions and travel packages for industry experts from the rapidly rising Asian industry clusters as well as for visitors from the major Western countries. Aluminium China’s new visitor initiative can be understood as a direct reaction on China’s developing industry requirements which strongly demand for more know-how and business relationships with partners from abroad. Aluminium manufacturers in China require more advanced technology...
LME aluminium is expected to fall to $2,066 per tonne, with a good chance of extending its loss to $2,056. A head-and-shoulders has been confirmed, pointing to a target at $2,000, which looks too aggressive now. A more realistic target will be $2,066, the 76.4 percent Fibonacci retracement on the rise from Jan. 29 low of $2,033 to $2,174. The metal is riding on a downward wave 3, which is sharp enough to travel beyond $2,066 to reach $2,056, its 100 percent Fibonacci projection level. 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 other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
BHP Billiton chief executive Mr. Kloppers announces resignation from his post. Mr Kloppers’ retirement will see him replaced by Andrew Mackenzie who is currently head of the company’s base metals business. Announcing his retirement, Mr Kloppers said the decision was "never going to be easy, however after almost 20 years with BHP Billiton, 12 as a senior executive and nearly six as CEO, I believe now is the right time to pass the leadership baton." "The board has decided that Andrew is the right person to lead BHP Billiton in a changing global environment," the company said in a statement. BHP chairman Jac Nasser said Mr Kloppers, who was appointed chief executive just before the financial crisis, had made an "outstanding contribution" to the firm's growth and was leaving BHP "a safer and...
Aluminum buyers in Japan, Asia’s largest importer, will probably agree to pay near-record fees next quarter as demand recovers from a three-year low on economic stimulus, said three executives involved in the talks. Fees for the three months starting in April may rise about 2 percent from $240 to $245 a metric ton over the London Metal Exchange cash price this quarter, said the executives, representing buyers and suppliers, before negotiations next week. They asked not to be identified because the deals are private. Fees more than doubled in 2012 and reached a record of $255 in the fourth quarter, boosted by surging premiums in Europe and the U.S. Demand from Japanese fabricators will recover this year from the lowest level since 2009 as economic stimulus by Prime Minister Shinzo Abe will...
The Mines Ministry has sought the Law Ministry's opinion on selling the remaining government stake in Hindustan Zinc and Bharat Aluminium Company. Majority stakes in both these companies were sold to Vedanta group during 2001-2003 and now the government has a residual stake of 29.5 percent stake in Hindustan Zinc and 49 percent stake in Bharat Aluminium Company (BALCO). "The Law Ministry has been asked to provide its opinion as there are lots of complex issues in selling remaining stakes in both the firms (Hindustan Zinc and BALCO). "The issues include taking approval from Parliament for the stake sale, particularly for Hindustan Zinc as it was formed through a statute," a source close to the development said. Selling remaining government stake in Hindustan Zinc requires Parliament...
A new international shipping service will boost the viability of one of Tasmania's largest private employers -- Bell Bay Aluminium. The service, however, offers little relief for other Tasmanian exporters who have been forced to ship goods to market via Melbourne since the withdrawal of the state's last international shipping service in 2011. A contract signed between Pacific Aluminium, which operates Bell Bay, and Swire Shipping will freight service to northern Tasmania once a month, travelling to Australia via New Zealand and Asia. Swire's newly built ships will carry large aluminium slabs as bulk cargo in the hold, as well as smaller ingots in containers on deck. Pacific Aluminium general manager Ray Mostogl said the new service, due to start later next month, would reverse most of...
LME aluminium is expected to hover above a support at $2,104 per tonne for one trading session before falling again. The support is provided by the 50 percent Fibonacci retracement on the rise from the Jan. 29 low of $2,033 to $2,174, blocking the way towards $2,087, the 61.8 percent level. A rebound has been triggered by the support, with a limit at $2,130, as this rebound could be a part of the right shoulder of a possible head-and-shoulders. 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 other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
US housing starts declined in January, but building permits rose to the highest level since June 2008. Besides, the January PPI in the US grew for the first time in four months. Nevertheless, the January meeting minutes released by the US Federal Reserve show that some members of the Congress proposed that QE3 should be ended before full recovery in labor markets. This triggered panic sentiment and drove the US dollar index above 81.8. In response, LME aluminum tumbled to USD 2,085.8/mt. Finally, LME aluminum closed at USD 2,104.8/mt, down 0.45%. Latest LME aluminum inventories decreased 5,500 mt to 5,151,950 mt. A firm US dollar will cause aluminum prices to expand losses. LME aluminum should meet growing resistance at USD 2,100/mt and fluctuate in the band of USD 2,070-2,110/mt on...
Following two days of increases, the cash price of primary Indian aluminum dropped by 1.2 percent on Feb. 18, 2013. On the LME, the primary aluminum cash price increased 0.4 percent to $2,122 per metric ton. Also on the LME, the 3-month price of aluminum rose 0.3 percent to $2,165 per metric ton. Chinese aluminum prices were mixed for the day. After holding steady for the past few days, the Chinese aluminum cash price fell 0.6 percent. The price of Chinese aluminum scrap saw essentially no change for the fifth day in a row. For the fifth consecutive day, the price of Chinese aluminum billet held flat, and the price of Chinese aluminum bar saw little movement as well.
Aluminum inventories in China’s main trading regions are estimated to have climbed to a record as supply growth outpaces demand in the largest user and producer, adding to a global glut of the lightweight metal. Reserves expanded to 1.119 million metric tons from 750,000 tons a year ago, according to a survey of warehouses in four cities by data provider SMM Information & Technology Co. Stockpiles in six hubs including Shanghai increased to 1.156 million tons, according to Li Xun, an analyst at Myyouse.com, researcher Mysteel.com’s sister website, citing their survey. The estimates add to signs that surging supplies from new capacity in China’s northwest are not being absorbed, and may weigh on aluminum, which has declined 6.7 percent in London in the past year. Global production will...
A crunch meeting on the future of Anglesey Aluminium’s remaining workforce was cancelled last week, but is due to take place this Friday. But some of the remaining workers are already leaving, with the actual decision to close down the aluminium re-smelting line, still not been made by the company. John Hamilton of Unite the Union told the Mail, that the meeting, planned for last, Wednesday, (February 13) had been cancelled and is now to take place on Friday. Mr Hamilton, said: “The meeting was cancelled. The company has a board meeting on Thursday, and we meet again on Friday. “It’s difficult to say what’s happening as there is no firm decision yet as to its future.” A spokeswoman for Anglesey Aluminium, said: “In December we engaged in consultation with our workforce in an effort to...
Midal Cabos, subsidiary of the Bahrain-based Midal Cables, has signed a deal with Mozal, the second-largest producer of aluminium in Africa, to process part of its production within Mozambique. Minister for industry and trade, Armando Inroga, said that in the mid-term the agreement would reduce construction costs by replacing imported products with locally-manufactured products, the daily Notícias reported. Under the terms of the contract, Mozal will provide Midal with 50,000 tonnes of aluminium ingots to produce electrical cables with potential to support the automotive and construction industries. “We have been importing aluminium materials for sectors such as construction, electrical materials for electrification projects and even for the automotive sector,” the minister said. The...
Ma'aden Company's President and CEO Khalid S Al-Mudaifer recently attended Ma'aden Health and Safety Recognition Award ceremony, which was held in Jubail InterContinental Hotel on February 13, 2013. The award winners were announced according to certain H&S criteria based on each affiliate operational and project sites' performance. Ma'aden Aluminium Company (RAK Project) received Silver Award, and two Bronze Awards were presented to both Ma'aden Infrastructure Company and Ma'aden Gold and Base Metal (Al-Hajar Mine) for their recognized efforts towards Health and Safety during year 2012. The awards were distributed by Ma’aden’s President & CEO to the winning sites and received by those mentioned companies' presidents. The purpose of Ma'aden Health and Safety Recognition Award is to create...
Aluminium prices fell by 0.99 per cent to Rs 114.70 per kg in futures trading on Monday as speculators offloaded their positions driven by weak global trend. At the Multi Commodity Exchange, aluminium for delivery in February declined by Rs 1.15, or 0.99 per cent to Rs 114.70 per kg in business turnover of 2996 lots. Similarly, the metal for delivery in March traded lower by Rs 1.15, or 0.98 per cent to Rs 115.85 per kg in 390 lots. Market analysts said speculators offloaded their positions in tandem with a weak global trend mainly led to decline in aluminium futures. Meanwhile, aluminium for delivery in three months fell 1.1 per cent to $ 2,145 a tonne on the London Metal Exchange.
Since continuous supply of aluminum manufacture during Spring Festival,aluminum ingot social stock goes up largely after festival.As the statistic shows ,the aluminum ingot social stock in Shanghai,Wuxi,Nanhai and Guangdong reached record highs with a quantity of 1,119,000 tons,159,000 tons over before festival. The largely increase mainly because of the overstock of some aluminum manufactures in Northwestern district owning to tense transportation before festival,especially in Xinjiang district,a large quantity of aluminum ingot piled up on trains and cannot be dispatched.While during the Spring Festival,transportation began to ease up,the increasing supply of aluminum ingot in Northwestern district gave rise to aluminum ingot social stock in various regions.Meanwhile,the flat...
The Aluminum Association, in cooperation with the Aluminum Association of Canada, reported primary aluminum production in North America (U.S. and Canada) was at an annual rate of 5,012,062 tonnes during January 2013, increasing 5,241 tpy (0.1%) over the December 2012 rate of 5,006,821 tonnes. Compared to a year ago, the annual rate of production was 4.2 percent above the January 2012 rate of 4,810,043 tonnes. During 2012, actual production totaled 4,851,056 tonnes, off 2.4 percent from 2011.
A Kentucky legislative panel last week postponed a vote on a bill that would allow two western Kentucky aluminum smelters to purchase electricity on the open market. That's because negotiations over rates are continuing between Century Aluminum and the local utility company, Big Rivers Electric Corporation. Century Vice President John Hoerner told lawmakers that Big Rivers' rates have made it uncompetitive in the aluminum market and will force it to close its Hancock County plant, costing hundreds of jobs. The bill would allow the plant to bypass the local utility, and current law, to buy cheaper electricity elsewhere. The two sides have been negotiating over rates for months and continue to talk. Century said the rising rates forced the company to cancel its contract with Big Rivers,...
Alcoa Inc.the largest U.S. aluminum maker, came closer to resolving a labor dispute after a union, representing workers at its ABI smelter in Quebec, said it will recommend that members back a new agreement on contracts. Negotiators for Alcoa and the United Steelworkers union accepted a report by a government-appointed conciliator, the union said in a statement. Workers will be asked to vote on the accord in the next few days, the union said. “It’s not an agreement in principle, but it is a framework for a deal,” Clairandree Cauchy, a spokeswoman for the union, said today by telephone. “A denouement is in sight.” The union represents about 900 workers at the ABI smelter in Becancour. Employees at the plant gave the union a strike mandate in November when their last labor agreement...
