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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UC RUSAL, world's largest aluminium producer, is pleased to announce the start of rig testing on the industrial smelting pot, based on the revolutionary and unique inert anode technology. Rig tests are being held on a 3kA amperage in Krasnoyarsk. For inert anode technology the Company has developed a completely new pod scheme. Upon success of the rig tests, RUSAL plans to begin production tests on its inert anode pots in 2015 at the Krasnoyarsk aluminium smelter. From 2017 the Company may start shifting its existing smelting capacities to inert anode technology, starting at KrAZ. The current electrolysis process generates CO, CO2 and poly-aromatics emissions to the atmosphere whereas the new generation pots produce a tonne of oxygen for every 900 kg of aluminium produced. Scaled to KrAZ...
The political issue in Italy and Spain weighed down base metals on Tuesday. However, as the eurozone service PMI for January improved and the IBD consumer confidence index for February also increased, LME aluminum prices moved up to the 5-day moving average during European trading session and hovered around USD 2,115/mt to finally close at USD 2,118/mt, up 0.14%. Trading was light with the approach of the Chinese New Year holiday, trading volumes were thus down nearly 5,000 lots to 8,861 lots. LME aluminum inventories were up 4,850 mt to 5,158,200 mt. On January 6, the 1305 SHFE aluminum contract price is expected to start at RMB 15,265/mt and move between RMB 15,220-15,320/mt. Spot discounts over the most active SHFE aluminum contract prices are expected at RMB 50-90/mt. Trading should...
One week ago Century Aluminum was downgraded from Neutral to Sell at Goldman Sachs. The stock closed at $8.85, which is 0.1% lower than the price one week ago ($8.86). Century Aluminum is currently priced 11.8% above its average consensus analyst price target of $7.70. Century Aluminum shares have support at the 50-day moving average (MA) of $8.46 and additional support at the 200-day MA of $7.51. Century Aluminum Company produces primary aluminum, in both molten and ingot form, through facilities located in the United States. The Company owns and operates a reduction facility in Ravenswood, West Virginia, and owns a partial interest in a reduction facility in Mt. Holly, South Carolina. Century is also the operating partner of a reduction facility in Hawesville, Kentucky. In the past 52...
Motilal Oswal has maintained neutral rating on NALCO with a target of Rs 42, in its January 31, 2013 research report. “Nalco reported EBITDA of INR1.8b, above our estimate of INR980m, as the impact of mine closure on alumina production was lower-than-expected. Adjusted PAT increased to 132% YoY to INR1.2b. Net sales increased 5% QoQ (+17% YoY) to INR16.9b on higher aluminum realization, improved spot premiums and higher alumina sales. Aluminum sales declined 1% QoQ to 100kt, while alumina sales improved 16% QoQ to 221kt. Aluminum production declined 2% QoQ (+7% YoY) to 100kt. Panchpatmali bauxite mining licence expired in November 2012. Nalco restarted operations in December as it has received temporary one year extension to operate the mine.” “Aluminum realization increased 3% QoQ to...
Aluminum manufacturer Century Aluminum Company has appointed Jesse Gary as executive vice president, general counsel and secretary. Gary joined the company in 2010 as associate general counsel. Prior to joining Century, Gary worked at law firm Wachtell, Lipton, Rosen & Katz. Gary assumes the general counsel and secretary roles from William Leatherberry, who is leaving Century after eight years of service. His departure coincides with the relocation of Century's headquarters, which is expected to take place in June.
Qatalum, the Qatari aluminium smelter, has announced the signing of supply contracts with ALUNOOR and Qatar Aluminium Extrusion for the sale of premium aluminium. The signing ceremony at the Qatalum office in Mesaieed was attended by Qatalum CEO Tom Petter Johansen and Deputy CEO Khalid Mohammed Laram; Owner and General Manager of ALUNOOR Jassim Abdul Noor, and Chairman of Qatar Aluminium Extrusion Abdul Rahman Al Ansari. The total volume of both the contracts is approximately 10,000 tonnes for 2013 of which close to 800 metric tonnes will be delivered monthly. Although a small amount by global downstream standards, the significance of the deals is in the pioneering of a downstream aluminium industry in Qatar. Deliveries to local customers started in mid-2012 on a trial basis during the...
On Feb. 1, 2013, the cash price of primary aluminum experienced the biggest change on our price index, rising 1.3 percent on the LME to $2,073 per metric ton. Also on the LME, the 3-month price of aluminum gained 1.2 percent to finish at $2,110 per metric ton. The Indian aluminum cash price fell by 0.8 percent. Chinese aluminum closed mixed last Friday. After remaining flat for three days, the price of Chinese aluminum scrap fell 0.6 percent last Friday. Following two days of rising prices, the Chinese aluminum cash price dropped 0.3 percent. Chinese aluminum billet stayed flat. The price of Chinese aluminum bar remained essentially flat.
Iran produced 282,300 tons of aluminum in the first 10 months of the current Iranian Calendar year, which began March 20, 2012. The amount shows a 1.6% increase compared to the same period the previous year, the Mehr News Agency reported. Iran produced 29,100 tons of aluminum ingot during the tenth calendar month of Dey (which ended January 19). The Iranian Mining and Mineral Industries Development and ?Renovation Organization (IMIDRO) announced last month that the country plans to increase its annual aluminum ingot production capacity up to 1.5 million by the end of the country's 20-year Development Vision Plan, which ends ?before 2025. Iran's annual aluminum ingot production capacity is projected to reach 910,000 ?tons by the end of the Fifth Five-Year Economic ?Development Plan (March...
In what may come as a setback for Vedanta Group, the government is considering offloading its stake in Balco and Hindustan Zinc (HZL) in the stock market instead of selling the shares to metals tycoon Anil Agarwal. The discussion comes at a time when the Centre is keen to sell shares in companies such as HZL and Balco, where the government disinvested its stake during the NDA regime, and monetize value from other assets in a bid to raise resources to bridge the widening fiscal gap. Sources privy to the discussions said that talks have been held at the highest level in the government and one view was that sale of shares in the market will not only help the government realize better value but also avoid controversy, especially related to pricing. In 2001, the government had sold a 51% stake...
The uncertain future of the Tiwai Point aluminium smelter makes it imperative for the Invercargill City Council to continue pursuing new job opportunities in the city, the council's chief executive says. Richard King was last week reappointed to the chief executive's role for a five-year term after a long appointment process. The process sparked controversy on several counts, but Mr King declined to comment on those issues yesterday. He was, however, happy to discuss the challenges facing the city in the next five years. Mr King, who oversees 332 permanent staff at the council, of whom 234 are fulltime employees, said his role was to ensure council staff carried out the policies of the elected councillors. Creating jobs and keeping the rates down to affordable levels were two of the...
We expect much of China's new production of aluminium to be absorbed by improving demand in 2013. However, surpluses in the country are likely to remain as inventory levels stay high throughout the year. China is unlikely to release its surpluses into the global market, given the 15% export tax on aluminium in place, unless 3M LME aluminium prices surprise on the upside (which is unlikely, in our view); its aluminium market will remain relatively isolated from the world market. A lack of substantial trade flows and plentiful domestic supply means that decent demand growth in China will not help the global picture - despite the country accounting for around 40% of global demand. We believe that China's impact on 3M LME aluminium prices is neutral at best, with possible risks to the...
Aluminium futures prices rose by 0.31 per cent to Rs 112.60 per kg on Monday as speculators enlarged positions, supported by rising demand at spot markets and a firming trend overseas. At the Multi Commodity Exchange, aluminium for delivery in February up by 35 paise, or 0.31 per cent, to Rs 112.60 per kg, with a business turnover of 660 lots. Similarly, the metal for delivery in March traded 20 paise, or 0.18 per cent, higher at Rs 113.45 per kg, with a business turnover of 32 lots. Marketmen said a pick-up in demand at spot markets and a firming trend in the global markets after data showing China and the US, world's two largest economies, are recovering, raised demand outlook for the metals, helped aluminium to trade higher at futures trade.
The GCC’s aluminium production is expected to reach five million tonness by 2014 in order to cater for the increasing global demand. Demand globally is estimated to increase and reach 70 million metric tonnes per year by 2020 and GCC countries are expected to boost aluminium production capacity by up to 40 per cent . The Gulf Aluminium Council (GAC) reported that the current GCC operating smelters Alba, Dubal, Emal, Qatalum & Sohar have collectively produced 3,739,290 tonnes of primary aluminium in 2012 compared to 3,488,357 in 2011. The GCC region has been a key aluminium producer as it is expected to account for 13% of the world’s total production by the end of 2013, driven mainly by aggressive investments in the region’s aluminium industry. This will include construction of new...
Century Aluminum Company (NASDAQ: CENX) will report fourth quarter 2012 earnings on Thursday, February 21st after the close of market trading. The news release will be issued through Marketwire. The company will hold a follow-up conference call on Thursday, February 21st at 5:00 p.m. Eastern time. The earnings call will be webcast live on the Century Aluminum Company website, located at www.centuryaluminum.com. Plan to begin the registration process at least 10 minutes before the live call is scheduled to begin. A recording of the webcast will be archived and available for replay approximately two hours following the live call.
India’s National Aluminium Company Limited (Nalco) has been slapped on the wrist by the Coal Ministry, which has directed the company to provide a $3.3-million bank guarantee for failure to develop a coal block allotted eight years ago. An inter-ministerial group (IMG) set up by the Coal Ministry to review the progress of all coal blocks allotted for captive consumption to government and private companies, considered the de-allocation of the block granted to Nalco. However, following presentations made by the country’s largest integrated aluminium producer before the IMG, the Coal Ministry instead demanded the bank guarantee within three months, or the coal block would be de-allocated. In a letter issued to the Nalco chairperson and managing director, the Coal Ministry said “ the IMG...
BHP Billiton and Rio Tinto are set to reveal that profits have slumped in their latest reporting periods, explaining why both the miners have made cost-cutting their No 1 aim in 2013. Rio leads the way on February 14 with its annual profit report. A 41 per cent plunge from $US15.5 billion ($14.8bn) in 2011 to $US9.1bn ($8.74bn) is the market's expectation. BHP follows up with its interim profit report on February 20, with the market expecting a 43 per cent slump from $US9.9bn in the 2011 December half to $US5.6bn. While the profit reports cover different reporting periods, the scale of the profit retreats -- $US6.4bn for Rio and $US4.3bn for BHP -- explain their newfound focus on cost-cutting and capital expenditure restraint. Investor hopes for improved dividend payments have been...
As chief executive of Rusal, the world’s biggest aluminium producer, he has a ringside view of what is going on in the commodity markets and the turmoils of his own sector. Last month mining giant Rio Tinto waved goodbye to its chief executive Tom Albanese, as it wrote another $10bn (£6.4bn) to $11bn off its aluminium assets. It was a reminder, not that it was needed, of the continuing pain afflicting the aluminium sector, blighted with overcapacity and rising energy costs – a particular headache for such an energy-intensive industry. However, Mr Deripaska argues that the aluminium prices will climb higher than expected this year, contradicting those who take a more negative view. “They are wrong,” he said during a interview with the Telegraph at Davos. “It’s the wrong sentiment. The...
European 5083 plate finished as the week’s biggest mover on the weekly Aluminum MMI® after dropping 5.5 percent. European 1050 aluminum weakened by 5.3 percent. Korean 3003 coil premium over 1050 sheet traded sideways last week. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week. Chinese aluminum prices were mixed for the week. The cash price of Chinese aluminum rose 0.3 percent after falling 0.1 percent during the previous week. The week finished with no movement for Chinese aluminum bar. The price of Chinese aluminum billet did not change since the previous week. The Indian aluminum cash price rose 1.2 percent after falling 0.2 percent during the previous week. Following a steady week, prices for on the LME the aluminum 3-month price closed flat at $2,085...
