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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The UAE has raised its export of manufactured goods in recent years, shipping more aluminium and polymers alongside goods such as gold and minerals. Polymers used to make packaging, car parts and piping; unwrought aluminium; and copper wires all featured in the 10 most valuable commodities exported in the first seven months of last year, according to data released by the Federal Customs Authority (FCA) last week. None of those items featured in the top 10 exports in 2008, the earliest year for which detailed non-oil data is available. But in the coming years, the Government is keen to raise the level of sophistication of exports to include more capital goods. Used in the manufacture of other products, capital goods - such as machinery, components and tools - require a higher degree of...
Following the lead of Century Aluminum at Hawesville, Ky., the Rio Tinto Alcan aluminum smelter at Sebree, Ky. has notified its electric suppliers it intends to shut down in 12 months. Rio Tinto Alcan’s website says it uses 325 megawatts of electricity each day — enough to power a city the size of New Orleans — to produce 425 million pounds of aluminum annually. “It would just have a devastating impact on Western Kentucky,” said Henderson County Judge-Executive Hugh McCormick. “The trickle-down effect on how many jobs are created by Rio Tinto is unreal.” The aluminum smelters in Sebree and Hawesville are the two biggest customers of Kenergy Corp., one of three rural electric cooperatives whose power is produced by Big Rivers Electric Corp. Kenergy President and CEO Greg Starheim said the...
The January manufacturing PMI from Europe and the US rose and beat forecasts, boosting market confidence on economic recovery. The January nonfarm payrolls in the US were disappointing, with the unemployment rate rising slightly, which provides support for the US Federal Reserve to continue its easing policies, though. In this context, LME aluminum found its high at USD 2,136.8/mt. Trading volumes contracted, but total positions were up 7,552 lots. Finally, LME aluminum closed at USD 2,124.5/mt, up 1.36%. Latest LME aluminum inventories decreased 1,675 mt to 5,155,300 mt. Positive economic figures will help aluminum prices extend gains. LME aluminum should hold steady USD 2,100/mt and fluctuate in the band of USD 2,100-2,150/mt on Monday. The SHFE 1304 aluminum contract is expected to...
The Aluminium Corporation of China (aka Chalco) is preparing the industry for very bad news in the shape of a 'dramatic' loss for 2012. The Chinese aluminium giant is not having a good time of it, thanks largely to depressed aluminium prices, quality issues surrounding domestic bauxite and lower alumina outputs following export restrictions in Indonesia. Add on potential problems with the supply of Mongolian coking coal and you have a recipe for financial disaster. While all of these problems – depressed prices, bauxite export restrictions from Indonesia and suspect quality levels surrounding China's own bauxite reserves – are enough in themselves, Chalco's possible saving grace (coking coal) is not hassle-free. Chalco is considering legal action against the Mongolian-owned Erdenes-Tavan...
Azerbaijan's aluminum export made $94,929,000 in 2012. According to the State Customs Committee, export has risen by $82,239,000 or 648.09% over 2011. The share of aluminum export made 0.4% as of 1 January 2013. Aluminum export made $12,689,000 in 2011.
The cash price of primary Indian aluminum closed as the biggest mover for Jan. 30, 2013. Switching from a downward trend, the metal closed with a 2.2 percent increase. On the LME, the 3-month price of aluminum fell 0.5 percent to $2,035 per metric ton. Also on the LME, the primary aluminum cash price declined 0.4 percent to $1,997 per metric ton. The cash price of Chinese aluminum gained 0.3 percent. The price of Chinese aluminum scrap continues hovering in place for the fifth day in a row. The price of Chinese aluminum billet remained essentially flat. The price of Chinese aluminum bar held steady.
Vehicle manufacturers are taking note of the Gulf’s cheap aluminium to replace heavier steel components. Since 2008, three aluminium smelters have started up in the GCC, and a fourth is currently being commissioned. Between them, the plants will have added more than 2.3 million tonnes a year of aluminium capacity. The growth in aluminium output in the region has coincided with a shift in the automotive industry, away from iron and steel car components to lighter aluminium in a bid to lower the fuel consumption of vehicles. In 1975, the average aluminium content in cars was 3 per cent and this is forecast to rise to 20 per cent in 2025. At the same time, steel content will decline from 75 per cent to 40 per cent in 2025. This represents a major opportunity for regional governments looking...
Sinoway International Holdings (Sinoway) announces the appointment of Mr. David Love to the Sinoway team. David joins Sinoway as Director of Fuel Petcoke, North America. In this position, David will be responsible for Sinoway’s fuel grade petroleum coke business in the region. David will be based in Houston Texas. David is well known to the fuel grade petroleum coke industry. David spent several years as editor of the Argus Energy Report, where he developed a deep knowledge of the market combined with an excellent reputation. President of Sinoway, Mr. Liu Tao, said he was delighted to have David join the team. “David’s appointment adds a new dimension to our presence in the North American Market”, said Mr Liu. “We are looking forward to some exciting times ahead.” David would be available...
Shares of AK Steel and Century Aluminum Co. both fell in midday action Monday after Goldman Sachs downgraded both stocks from neutral to sell. Goldman cut the ratings as part of a general downgrading of the entire steel sector to cautious from neutral, stating that "significant multiple expansions since early December in steel stocks are unwarranted in an oversupplied market." Shares of AK Steel dropped 8% to $4.08 while shares of Century Aluminum were off 4% at $8.51.
In another blow to Century Aluminum and Rio Tinto Alcan, Kentucky regulators Tuesday denied a request to reduce their revenue requirements as part of a Big Rivers Electric rate case. The Public Service Commission largely reaffirmed its November 2011 rate adjustment case for Big Rivers, a Henderson, Kentucky-based generation and transmission co-op that supplies more than 800 MW of electricity to Century's 244,000 mt/year Hawesville and Alcan's 180,000 mt/year Sebree smelters in western Kentucky. That rate order allowed Big Rivers to increase annual revenue by about $26.75 million, or about 6%. Both Big Rivers and the Kentucky Industrial Utility Customers, a statewide trade group that represents Century and Alcan, challenged the order, and the commission granted Big Rivers' rehearing...
The day’s biggest mover was the aluminum cash price which dropped by 1.8 percent on Jan. 29, 2013 to close at $2,006 per metric ton on the LME. The aluminum 3-month price weakened by 1.4 percent on the LME, settling at $2,045 per metric ton. The Indian aluminum cash price declined 1 percent. Chinese aluminum prices were mixed for the day. The price of Chinese aluminum billet fell 0.3 percent on Tuesday after two days of no change. The Chinese aluminum cash price, scrap price, and bar price all remained essentially flat.
What's new Rio Tinto recently unveiled another solid quarterly production update, with its flagship iron ore business producing a record 199 million tonnes in 2012. Production records were also set in bauxite and alumina. Thermal coal production was up 5 per cent (albeit off a low base), while the copper division was disappointing, recording its third straight year of production decline. But Rio Tinto's strong production numbers were overshadowed by the abrupt departure of it chief executive, Tom Albanese, and fresh write-downs worth $US14 billion ($13.3 billion). These write-downs related mostly to Rio's aluminium business, where production fell about 10 per cent in 2012. The aluminium business has been a thorn in Rio's side since its $US38 billion purchase of Canadian aluminium producer...
The Indonesian government and Japanese consortium Nippon Asahan Aluminium (NAA) have agreed that the takeover of Indonesia Asahan Aluminium (Inalum) will be made through a transfer of shares, instead of transferring assets as stipulated in the contract between the two parties. “We’ve also agreed to carry out the transaction on Nov. 1 this year,” Agus Tjahajana, the deputy chief negotiator for the takeover, said on Tuesday after a meeting on the planned acquisition in Jakarta. The 30-year-contract between Indonesia and the consortium will expire at the end of October, and the government has been firm in its plan to acquire its full stake amid its campaign to spur growth in the downstream industry. Industry Minister MS Hidayat has said that North Sumatra, where Inalum is located, can be...
Aluminium major National Aluminium Company (NALCO) today reported more than two-fold jump in net profit to INR 118.94 crore for the quarter ended December on the back of improved sales. NALCO had reported a net profit of INR 51.22 crore for the corresponding period in FY'12. The total income of the company increased by 16.67 per cent to INR 1,692.82 crore for the quarter ended December 31 as compared to INR 1,450.85 core a year ago. State-run NALCO is an integrated aluminium maker, with its activities encompassing bauxite mining, alumina refining, aluminium smelting and casting, power generation, rail and port operations. The government holds 87.15 per cent stake in the company. Shares of the company were trading at INR 50.15 apiece, up 7.16 per cent from the previous close on Bombay...
Sterlite’s growth continues to be driven by Zinc and Lead segment, its second largest revenue contributor. In contrast, lower bi-product sales and realisations continue to remain an overhang on its largest segment, copper. Going ahead, though the company is expecting gradual improvement in TcRc margins (copper) and making strong efforts to improve profitability in the aluminium segment, the gains may not accrue soon given its long-term contracts in copper business and secondly, sourcing of alumina, a key input, continues to be a challenge. The power segment, which had seen higher supplies leading to grid failures, too, is only expected to see a gradual recovery. “The company thereby can only give returns to the investors in the medium term; though in the near-term clearances of category-B...
The Aluminum Corporation of China (Chalco) Wednesday predicted huge losses for 2012 due to the sluggish domestic aluminum market, but projected that its coal projects in China and abroad will bring profits in 2013. In 2012, the price of aluminum dropped by some 7 percent year-on-year. Chalco also reduced the year's production of alumina, a material used to make aluminum, to 1.7 million tons due to Indonesia's ban on bauxite product exporting, which caused alumina costs to increase by some 4 percent, Chalco said in a statement posted on the Shanghai Stock Exchange on Wednesday. The company did not reveal the specific amount of its loss. The gloomy aluminum market around the world likely caused Chalco to lose tens of millions of yuan per month in 2012, said Li Chaolin, a coal and energy...
California-based BFI Group Corp. will go ahead with the acquisition of the Aluminium Smelter Co. of Nigeria, known as Alscon, BFI Group's chief executive officer said Thursday, following a directive of the country's National Council on Privatization that it should be sent an offer letter and share purchase agreement for the smelter. "We are going forward with the purchase of the aluminium plant. Our U.S. investors and other partners are interested," CEO Reuben Jaja told Dow Jones Newswires in an interview. The sale of the plant to UC Co. Rusal PLC (0486.HK) of Russia in 2007 was revoked by the Nigerian Supreme Court in July. The court ordered the agency in charge of the privatization in Nigeria to complete the sale of the 193,000-metric-ton-a-year smelter to BFI Group while setting aside...
The economic sentiment in the euro zone rebounded in January. The ADP employment report shows the number of employed people rose significantly in the US in January and was well above forecasts. Besides, market expectations are growing that the US Federal Reserve will continue easing policies. These positive figures offset the unexpected contraction in the 4Q GDP in the US, driving the US dollar index down. In response, LME aluminum jumped above the 30-day moving average to a high of USD 2,109/mt. However, as investors were wary of buying at higher prices, LME aluminum pared some gains at the tail of trading, with positions down 102 lots. Finally, LME aluminum closed at USD 2,099.5/mt, up 1.73%. Latest LME aluminum inventories decreased 6,250 mt to 5,164,050 mt. A weaker US dollar will...
