Vedanta Aluminium reported record quarterly production across aluminium, alumina and value-added products in Q2 FY27, supported by capacity expansion and efficiency improvements. Vedanta Aluminium Metal Limited, India’s largest aluminium producer, recorded its highest-ever quarterly aluminium production of 649,000 tonnes in Q2 FY27, up 5 per cent year on year from 617,000 tonnes in Q2 FY26. Aluminium output also increased 3 per cent quarter on quarter from 632,000 tonnes in Q1 FY27. For the first half of FY27, production reached a record 1,281,000 tonnes, up 5 per cent from 1,222,000 tonnes in H1 FY26. The company attributed the increase to new smelter volumes and efficiency improvements across existing production lines. Alumina output jumps 37 per cent Vedanta Aluminium’s alumina...
Asian aluminium premiums are facing more pressure ahead of Q4 talks. CRU’s Asia CIF aluminium premium is now USD 202 per tonne, well below the USD 395 per tonne Main Japanese Port (MJP) Q3 benchmark. MJP Q4 offers have also dropped sharply. They fell from USD 325 per tonne in early September to USD 245–260 per tonne as the new quarter approaches. This shows weaker sentiment in the market. Aluminium premiums are under pressure across Asia, especially in Korea, Malaysia and Taiwan. These markets are more exposed to spot price changes, so premiums can move quickly when supply or demand changes. Explore the production, demand and consumption forecasts of bauxite and alumina in our report: " Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook " Premiums...
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State-owned aluminium major Nalco is expecting to operationalise its much delayed Utkal-E captive coal block by December next year. Allocated to the company 9 years back, in August 2004, to meet coal requirements of four of its captive power plant, the block has failed to meet several deadlines for want of various clearances. Even today, the stage-I forest clearance is pending due to issues related to forest rights on nearly 71 acres out of 488.53 acres of forest land required for the project. "Activities for acquisition of government as well as private land, forest clearance, construction of R&R colony and appointment of MDO (mine-developer-operator) are at hand. The project is likely to become operational by December, 2014," National Aluminium Company Ltd (Nalco) said in its Annual...
The Reserve Bank today allowed non- resident Indians ((NRIs) to purchase shares in Tai Industries and Madras Aluminium Company as the total shareholding by NRIs in them has gone below the threshold limit. "...the aggregate share holdings by NRIs/Persons of Indian Origin in Tai Industries and Madras Aluminium Co under the Portfolio Investment Scheme (PIS) have gone below the prescribed threshold limit stipulated under the extant FDI Policy," RBI said in a statement. Hence, the restrictions placed on the purchase of shares of the above company is withdrawn with immediate effect, it added, without providing the relevant shareholding details. Foreign Institutional Investors (FIIs), NRIs and Persons PIOs are allowed to invest in the primary and secondary capital markets in India through the...
Aluminum reached a three-week low in London on prospects for a global surplus of the lightweight metal to expand. Copper slumped, narrowing the biggest monthly gain since September. Supply of aluminum will outpace demand by 994,000 metric tons this year, above the prior 883,000-ton estimate, said Shingi Yamagiwa, manager of light-metals trading at Sumitomo Corp. (8053) Orders to withdraw aluminum from stockpiles tracked by the London Metal Exchange dropped for an eighth week in nine this week, according to daily bourse data. “The fundamental outlook remains poor,” Stephen Briggs, an analyst at BNP Paribas SA in London, said in a report. “It is hard to see cutbacks being sufficient to significantly erode excess stocks.” Aluminum for delivery in three months dropped 1 percent to $1,816 a...
Sundry allegations of improprieties against Rusal, embattled managers of the Aluminium Smelter Company of Nigeria, Ikot Abasi, and self-praise responses from its management seem to be the only products at installed capacity at the company whose ownership and hitch-free operation remain dogged by protracted litigation. Amid allegations of asset-stripping by some groups of the Aluminium Smelter Company of Nigeria (ALSCON), Ikot Abasi, Akwa Ibom State on one hand, and strident denial by its managers on the other, the Supreme Court will next month, once again, decide who should own the troubled aluminium plant. At war over ALSCON's ownership are its current managers, the Russian company, AC Rusal and BFIG, an American company, which a judgment of the Supreme Court in July last year favoured...
Aluminum Corp of China Ltd (Chalco) , the country's top aluminium producer, posted a first-half net loss of 623.8 million yuan ($101.9 million), hurt by lower prices and oversupply in the world's top producer and consumer of the metal. The result compared with a net loss of 3.25 billion yuan in the six months through June 2012, the company said in a filing to the Shanghai stock exchange on Friday. Oversupply problems prompted the company in June to temporarily close 380,000 tonnes of annual aluminium capacity, representing 9 percent of its annual output in 2012. Global production of the lightweight metal used in packaging and transport has consistently outweighed demand, leading to a build up of inventories and hitting prices. World prices of aluminium hit four-year lows below $1,800 a...
Aluminium premiums are being offered within a huge range for spot deals in Europe, with some sellers desperate to offload material into a market from which consumers continue to hold back, ahead of anticipated falls. Metal Bulletin’s European duty-paid aluminium premium stands at $245-265 per tonne, where it has stood since August 12. Premiums fell in July and early August following the London Metal Exchange’s proposal of new load-out regulations for warehouses, mostly on deals between traders. As premiums fell, consumer business dried up on expectations of further falls to come. But as producers returned from their summer holidays to lower market premiums, they realised that the large contangoes on the LME forward aluminium curve offered an alternative to selling metal at razor-thin...
Affiliates of Glencore Xstrata, Century Aluminum’s largest shareholder, continued to be involved in transactions in 2013 with entities fully or partly controlled by the Iranian government, according to a Century filing with the US Securities and Exchange Commission (SEC). That disclosure comes in the wake of the New York State Department of Financial Services seeking information regarding reinsurers’ compliance with the Iran Freedom and Counter-Proliferation Act of 2012 (IFCPA), which the department said became effective July 1. Non-US affiliates of Glencore in the second quarter ended June 30 entered into sales contracts for agricultural products as well as purchase contracts for metals, the Chicago-based aluminium producer said in a filing dated August 9 and signed by Century president...
One of today's stocks on the move is Aluminum of China, up 2.0% to $8.30. The Dow Jones Industrial Average is now trading 0.3% higher to 14,819 and the S&P is trading 0.4% higher to 1,636. There is potential upside of 6.6% for shares of Aluminum of China based on a current price of $8.30 and an average consensus analyst price target of $8.85. The stock should find resistance at its 200-day moving average (MA) of $9.98, as well as support at its 50-day MA of $8.09. Aluminum Corporation of China Limited is a producer of alumina and primary aluminum in China. The Company refines bauxite into alumina and smelts alumina to produce primary aluminum. Over the past year, Aluminum of China has traded in a range of $7.25 to $13.29 and is now at $8.30, 14% above that low. The 200-day and 50-day...
A356 alloy output and operating rates at producers surveyed by Shanghai Metals Market (SMM) dropped in August due to production cuts and suspension. A356 alloy output at the companies surveyed slipped by 4,000 tonnes from July to 102,000 tonnes in August. The average operating rate also edged down 2.12% month-on-month to 52.85%. On the supply side, alloy supply fell due to production cuts and suspension. For example, one aluminum smelter in Shandong cut production, and an alloy maker, also in Shandong, scaled back production due to inferior quality of aluminum liquid – raw material for making alloy. One Henan-based aluminum producer halted alloy production for a week due to problems in production. Tighter supply lent some support to alloy prices. Though processing fees of aluminum alloy...
LME aluminium is expected to drop to $1,840 per tonne, as indicated by a falling channel and a Fibonacci retracement analysis. After struggling for several days around the upper channel line, aluminium eventually resumed its drop towards the lower channel line, which points $1,840, the 61.8 percent Fibonacci retracement on the rise from the Aug. 7 low of $1,773.25 to the Aug. 19 high of $1,949. Resistance is at $1,869, the 76.4 percent projection level of a downward wave c, a break above which may trigger a limited gain to $1,882, the 38.2 percent retracement. 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...
Global resources giant BHP Billiton, unlike many of its smaller peers, was able to increase its dividend for the year to June. The dividend was raised 3,6% to US$1,16/share, though attributable profit fell 29,5% to $10,9bn and net operating cash flow was 25% weaker at $18,25bn. Peers Anglo American and GlencoreXstrata both kept their interim dividends unchanged from the previous year. Anglo American reported a 28% drop in underlying earnings to $1,3bn in the six months to June and held interim dividends at US32c. GlencoreXstrata's pro forma (taking the merger with Xstrata into account) net earnings fell 39% to $2bn in the six months to June and the interim dividend was also unchanged, at US5,4c/share. Though Billiton made big production gains in its key commodities, realised prices were...
Press Metal Bhd (Press Metal) is expected to start seeing signs of recovery from the fourth quarter of the financial year 2013 (4QFY13) onwards as its Samalaju smelter is expected to stabilise from October while part of its pots in Mukah may be back in operation at the later part of the year, coupled with the expected recovery of the aluminium price. According to RHB Research Institute Sdn Bhd (RHB Research) analyst Ng Sem Guan in a note yesterday, while Press Metal’s 4Q prospects are expected to be brighter, its near term growth could potentially be impacted by two major risks which include prolonged repairs and weak aluminium price. To recap, Press Metal smelters were hit harder than expected by the June power outage in Sarawak. Ng noted while the group had reduced the negative impact...
Global unwrought aluminum inventories at the end of July were down 6,000 mt from June and down 190,000 mt from July 2012, according to figures released Tuesday by the International Aluminium Institute. Unwrought inventories totaled 1.173 million mt at the end of July, down from a revised 1.179 million mt in June and 1.363 million mt at the end of July 2012. Total aluminum inventories at the end of July were up 2,000 mt at 2.224 million mt from a revised 2.222 million mt in June, but were down 134,000 mt from 2.358 million mt at the end of July 2012, the IAI said.
Aluminium Bahrain B.S.C. (Alba)strengthened its focus on occupational safety with the launch of 'Keep the Safety Momentum Alive in Alba' campaign, which aimed to enhance Alba's safety principles and reinforce the culture of safety. The safety observation campaign was held on a plant-wide basis and mainly involved shop floor workers amongst other employees and contractors' staff. The uniqueness of this campaign was that shop floor employees made safety observations outside their main area of work and department. It presented an ideal opportunity for employees to visit and learn first-hand about other unfamiliar operational areas in Alba,thus increasing their knowledge base of the company. It also helped to further develop and encourage employee relations between various departments, which...
Top aluminium producers have offered Japanese buyers a premium of $250 per tonne for October-December primary metal shipments, flat from the previous quarter, three sources involved in quarterly pricing talks said on Wednesday. Japan is Asia's biggest importer of the metal and the fee sets the benchmark for the region. For the July-September quarter, Japanese buyers agreed to pay an average premium of around $250 per tonne over the London Metal Exchange cash price. The latest quarterly pricing negotiations began this week between Japanese buyers and miners including Rio Tinto Ltd , Alcoa Inc and BHP Billiton , and are expected to continue to next month.
Hindalco Industries lost 5.36% to INR 98.85 at 15:15 IST on BSE, with the stock sliding on profit booking after 3-day 11.89% rally. Meanwhile, the S&P BSE Sensex was down 589.29 points or 3.18% at 17,968.84. On BSE, 14.98 lakh shares were traded in the counter as against average daily volume of 9.39 lakh shares over the past one quarter. The stock lost as much as 6.03% at the day's low of INR 98.15 so far during the day. The stock rose as much as 0.28% at the day's high of INR 104.75 so far during the day. The stock had hit a 52-week high of INR 137 on 2 January 2013. The stock had hit a 52-week low of INR 83.05 on 7 August 2013. The stock had outperformed the market over the past one month till 26 August 2013, surging 10.65% compared with the Sensex's 6.03% fall. The scrip had also...
Brazil‘s primary aluminum output in the first seven months of 2013 reached 776,800t, down 8.4% from 847,700t year-on-year, national aluminum association Abal said. Primary aluminum production in July totaled 110,800t, an 8% decrease from 120,400t produced in the same month of 2012. Companies associated with Abal are CBA, part of local conglomerate Votorantim, US-based Alcoa, multinational resource group BHP Billiton and aluminum producers Albras and Novelis.
The aluminum firm Alcoa has announced plans to reduce its production of aluminum by around 164,000 metric tons by closing production at two locations. The cuts are part of Alcoa’s earlier announced plans to reduce its aluminum capacity by 460,000 metric tons to balance supply and demand. Alcoa had made the announcement on the cuts in May 2013. To reduce its capacity by 146,000 metric tons the company has decided to permanently remove one potline at its Massena East plant in New York. The closure will remove 40,000 metric tons from the market. Additionally, the company will temporarily curtail around 124,000 metric tons of aluminum from its smelter operations in Brazil. The closures and curtailments are expected to be complete by October 2013. “We committed in May to review our global...
