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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Norsk Hydro fell the most in a month in Oslo as Goldman Sachs Group Inc. advised selling the shares amid weak demand for the lightweight metal and said Vale SA could sell its stake in the market. Hydro, Europe’s third-largest aluminum producer, fell as much as 3.2 percent, the most since Dec. 7, and traded 2.6 percent lower at 27.59 kroner as of 2:40 p.m. in the Norwegian capital. More than 4.4 million shares have been traded so far today, compared with a three-month daily average of 3.8 million. “The aluminum industry remains dogged by overcapacity leading to low returns for producers,” Goldman Sachs wrote in a note today. Hydro’s shares may also underperform if Vale, the largest iron-ore producer, isn’t able to find a strategic buyer for its 22 percent stake in Hydro and instead seeks...
The World Bank lowered its forecast for global economic growth overnight, turning investors away from risky assets and sending the US dollar index up. LME aluminum prices dipped to USD 2,031.8/mt during the European session, extending losses for four trading days in a row, but still found strong support at the 60-day moving average. Later, the US announced that its CPI rose 1.7% YoY in December, consistent with market expectations and dashing fears that the Federal Reserve will end easing monetary policy early. LME aluminum recovered earlier losses as a result, but upside space was seen limited as trading volumes halved. Finally, LME aluminum finished at USD 2,049.5/mt, down USD 7.3/mt or 0.35%. Latest LME aluminum inventories decreased 3,275 mt to 5,184,575 mt. Market is eyeing China’s...
On Jan. 15, 2013, the day’s biggest mover on our aluminum price index was the Indian aluminum cash price, which saw a 3.1 percent decline. The LME cash price of primary aluminum closed at $2,062 per metric ton. Following a couple days of improvement, prices fell by 0.7 percent. The LME aluminum 3-month price closed at $2,102 per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.7 percent as well. Chinese aluminum closed mixed on Tuesday. After remaining flat for three days, the price of Chinese aluminum billet fell 0.7 percent yesterday. The Chinese aluminum cash price fell 0.6 percent. Meanwhile, the price of Chinese aluminum scrap held steady. The price of Chinese aluminum bar remained essentially flat.
Stocks of primary aluminum stored at Japan's three main port warehouses surged to a 44-month high of 284,000-291,600 mt at the end of December, according to data from local trading houses. The inventory level was up from 272,800-279,800 mt at the end of November, and also the highest since the end of April 2009, when it stood at 292,000-295,600 mt, traders said. The stocks comprise primary aluminum ingot, sow, T-bar, alloy, slab and billet products stored at the port warehouses of Yokohama, Nagoya and Osaka. There is no official data on primary aluminum stock levels at these warehouses, so trading companies regularly poll warehouse operators to get an indication of inventory volumes. According to a poll done by Marubeni, primary aluminum stocks at the end of December stood at 284,000 mt,...
LME aluminum prices plunged to USD 2,033/mt during early European session, the lowest in one and a half months. The US economic data released later was mixed. Retail sales in the US rose 0.5% MoM in December and beat forecasts, helping LME aluminum recover earlier losses. However, the New York Fed manufacturing index tumbled in January and fell short of expectations, keeping LME aluminum prices in check. Longs and shorts watched from the sidelines after exiting the market out of their worries over the debt ceiling issue in the US. Total positions fell as much as 45,444 lots. Finally, LME aluminum finished at USD 2,056/mt, down USD 1.3/mt or 0.06%. Latest LME aluminum inventories increased 4,225 mt to 5,187,850 mt. Market has been cautious as the US is at risk of being downgraded due to...
Rio Tinto Alcan's aluminium production was nine per cent lower in 2012 compared with the previous year, and fourth quarter production was two per cent down, largely due to the impact of industrial action at one of its Canadian smelters, the company said. Rio Tinto Alcan, the majority owner of the Tiwai Point aluminium smelter, said in its quarterly operations review that the ramp up of production at its Alma plant, in Quebec, was continuing after an agreement was reached with unions last July after a six-month dispute. About 800 workers had been locked out of the plant since January 2012. The Alma plant in Quebec's Saguenay region, about 225 km north of Quebec City, is one of Rio Tinto Alcan's most important aluminium smelters in North America, producing 438,000 tonnes annually. The...
With a 0.7 percent increase over the past day, the LME aluminum 3-month price was the biggest mover on MetalMiner’s aluminum index, closing at $2,108 per metric ton on Jan. 11, 2013. At $2,074, the primary aluminum cash price finished the market day on the LME up 0.6 percent per metric ton. The Indian aluminum cash price remained essentially flat. Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum increased 0.1 percent. Meanwhile, the prices of Chinese aluminum scrap, billet and bar saw essentially no change for the fifth day in a row.
Bahrain's credentials as a world-class industrial hub will come under the spotlight in Manama as the Northern Gulf's leading annual business-to-business industrial trade exhibition is staged for the sixth consecutive year. Gulf Industry Fair 2013, being held from 15 to 17 January 2013 under the patronage of the Prime Minister HRH Prince Khalifa bin Salman Al Khalifa, caters to the fast-growing industrial sectors of Bahrain, the Eastern Province of Saudi Arabia and the northern Gulf. According to organisers Hilal Conferences & Exhibitions (HCE), the Fair provides the ideal networking opportunity for specialist industrial product and service providers, distributors and agencies - representing the aluminium, energy and environmental protection, steel and alloys, industrial processes and...
China will probable expand investment in Chinese market by foreign companies, helping the Shanghai Composite Index jump to 2,300 points yesterday. As a result, LME aluminum prices hit a high of USD 2,116/mt during the European session. Nevertheless, market is still worried about the deadlocked debt ceiling issues in the US and that modified QE3 may end early. In this context, longs closed positions, driving LME aluminum down to USD 2,051.5/mt. Total positions were down 2,516 lots. Finally, LME aluminum finished at USD 2,058/mt, down USD 41.8/mt or 1.99%. Latest LME aluminum inventories increased 3,150 mt to 5,183,625 mt. Falling LME aluminum prices will weigh down aluminum prices. LME aluminum should test support at USD 2,050/mt and fluctuate in the band of USD 2,050-2,090/mt on Tuesday....
US primary aluminum production totaled 2,070,316 mt in 2012, up 4.2% over the 2011 total of 1,986,447 mt, according to statistics from the Aluminum Association released late January 11. For the month of December 2012, the annual rate of production totaled 2,019,128 mt, down 3.5% from the December 2011 annual rate of 2,092,474 mt. The annual rate of production declined from the November 2012 total of 2,023,638 mt. Actual production for the month of December 2012 totaled 171,019 mt. Meanwhile, the Aluminum Association of Canada reported that primary aluminum production in Canada declined 6.8% year on year in 2012 to a total of 2,780,740 mt. During December, production was at an annual rate of 2,987,693 mt, rising 1% over the November annual rate of 2,957,853 mt. Compared with a year ago,...
Aluminium Bahrain B.S.C. (Alba)'s pledge to advocate the forward thinking and investor friendly nature of Bahrain's economy provided one of the incentives behind the company's decision to be a strategic partner representing the aluminium sector at the Gulf Industry Fair 2013. Organised under the patronage of His Royal Highness the Prime Minister of Bahrain, Prince Khalifa bin Salman Al Khalifa, the Gulf Industry Fair 2013 is being held from January 15 - 17, 2013 at the Bahrain International Exhibition and Convention Centre. Alba will be supporting the 'Aluminium Village' at the exhibition, which will allow both Alba and the various downstream companies in Bahrain under one single platform to promote their products and services. Commenting on Alba's participation as a strategic partner of...
The Islamic Republic of Iran has produced 253,300 tons of aluminum ingots in the first nine months of the current Iranian calendar year, which started on March 20, 2012. The volume of aluminum ingot production in the country over the previous Iranian calendar month of Azar (November 21-December 20, 2012) stood at 29,200 tons, which showed a 5.5% growth compared to the corresponding period a year earlier, IRNA reported. The report added that Iran produced 165,800 tons of alumina powder in the first nine months of the current Iranian calendar year. Last May, Iranian Deputy Minister of Industry, Mine and Trade Vajihollah Ja’fari said Iran’s aluminum output would exceed 400,000 tons by the end of the current Iranian calendar year, and would hit 1.5 million tons by the end of the country’s...
Aluminium futures prices today declined marginally by 0.13 per cent to Rs 115.25 per kg largely due to profit-booking by speculators despite a firm trend overseas. At the Multi Commodity Exchange, aluminium for delivery in February edged lower by 15 paise, or 0.13 per cent, to Rs 115.25 per kg, with a business turnover of 20 lots. The metal for delivery in January fell by 10 paise, or 0.09 per cent, to Rs 114.30 per kg in a turnover of 258 lots. Marketmen said apart from profit-booking by speculators at prevailing levels, subdued demand at spot markets mainly led to a fall in aluminium prices but gains in the entire base metals pack at the London Metal Exchange, capped losses.
The aluminum cash price rose 1.1 percent on Jan. 9, 2013, making it the day’s biggest mover. After two days of falling prices on the LME, it closed at $2,026 per metric ton. After falling for two days, the aluminum 3-month price rose 1 percent on the LME to $2,061 per metric ton. The cash price of primary Indian aluminum finished the market day up 1 percent per kilogram. Chinese aluminum prices closed flat for the day.
CRT Capital downgraded shares of Century Aluminum Company from a fair value rating to a sell rating in a research note released on Thursday morning. They currently have $7.00 price target on the stock. Shares of Century Aluminum Company traded up 1.49% during mid-day trading on Thursday, hitting $9.52. Century Aluminum Company has a one year low of $5.52 and a one year high of $11.30. The stock’s 50-day moving average is currently $8.33. The company’s market cap is $842.4 million. Century Aluminum Company last released its earnings data on Thursday, November 1st. The company reported ($0.14) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.26) by $0.12. The company had revenue of $304.60 million for the quarter, compared to the consensus estimate of...
A pickup in aluminum P1020 demand this week pushed Midwest spot premiums to fresh record highs, with most participants anticipating a further increase on the horizon. Midwest premiums rose to 11 to 12 cents per pound from 10.5 to 11.5 cents previously. People came in for spot that never buy spot," according to one trader, who sold several hundred tonnes over the past week. "This one particular customer serves the automotive sector. I don’t know if it’s a one off or a trend, but so far so good." A second trader agreed. "Yeah we’ve had a bit of business (this week.) I sold a couple of (loads) at 12 cents yesterday," the second trader said Thursday. "We’ve done a bit this week for delivery in the next couple of months," one producer said. AMM recorded trades of approximately 2,000 tonnes of...
Zeeland’s StrikoDynarad last week readied a 70-ton aluminum furnace for shipment. For some perspective, that’s 140,000 pounds — heavier than a U.S. Army M1 Abrams Tank and about the top weight of a North Atlantic right whale. StrikoDynarad specializes in devices that melt and handle molten aluminum. But this was a special project. “It’s the biggest we’ve built so far,” said Martain Reeves, managing director of StrikoDynarad. “We’ve been working on this project for over a year.” The build phase of the project — separate from its design — took a full six months, he said. The furnace is now shrink-wrapped, sitting on rails in Zeeland, and will be pulled by train to Mexico City for an undisclosed client in the manufacturing industry. Reeves said his shop will manufacture another furnace next...
China’s trade surplus surged to USD 31.62 billion in December, well above forecasts. China’s soaring exports greatly boosted market confidence. The Bank of England and European Central Bank decided overnight to keep interest rate unchanged as expected. The US dollar index lost support at 80 as a result. Short-covering helped LME aluminum break through resistance at USD 2,100/mt and stabilize at all moving averages during the European session. Total positions were down 1,348 lots. Finally, LME aluminum closed at an intraday high of USD 2,120/mt, up USD 42.5/mt or 2.05%. Latest LME aluminum inventories decreased 4,750 mt to 5,191,900 mt. China’s inspiring December trade figures will help push aluminum prices up at the bottom. LME aluminum should test support at USD 2,100/mt and fluctuate in...
