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 final reading of the US 3Q GDP expanded at an annualized rate of 3.1%, higher than forecasts and its highest since 4Q 2011. However, investors are worried that easing policy might end in advance because of economic recovery. Besides, the US initial jobless claims rose to 361,000 last week, worse than forecasts. The unsolved budget negotiations in the US also fuelled bearishness. In this context, LME aluminum failed to hold the 20-day moving average, slipping to USD 2,055/mt during the European session. The shorts increased positions, preventing LME aluminum from rebounding. Finally, LME aluminum closed USD 26/mt or 1.25% lower at USD 2,061.5/mt. Latest LME aluminum inventories decreased 3,750 mt to 5,236,975 mt. The longs will continue to close positions ahead of Christmas Day. LME...
Global primary aluminum output averaged 67,600 mt/day in November, up from 67,200 mt/day in October, but down from 70,800 mt/day in November 2011, figures released Thursday by the International Aluminium Institute showed. Total production in November (30 days) was 2.029 million mt, down from a revised 2.083 million mt in October (31 days), and down from 2.125 million mt in November 2011. In the first 11 months of 2012, aluminum production averaged 67,900 mt/day, down from 70,200 mt/day in January-November 2011. Production for the 11-month period totaled 22.730 million mt, down from 23.438 million mt a year earlier. China's primary aluminum production averaged 55,400 mt/day in November, flat from 55,400 mt/day in October but up from 48,900 mt/day in November 2011, the IAI said, quoting...
Primary aluminum production at Venezuela's CVG-Alcasa totaled 3,568 mt in November, down 32.6% on output of 5,287 mt in November 2011, Alcasa said Thursday. November production was down 8% on output of 3,877 mt in October. Alcasa's production remains depressed as its October operating cell count was 116 out of 380, according to an earlier report. The low number is due to an erratic supply of feedstock stemming from cash-flow problems and troubles paying off suppliers. Recent independent Guayana region news reports quote Alcasa union officials as saying the 170,000 mt/year smelter will close 2012 with output of 59,700 mt, down from 69,000 mt in 2011. The report was not immediately confirmed by Alcasa's press office. Alcasa sales totaled 17,335 mt in November, up 220.5% on sales of 5,408 mt...
The Rs 15,000 crore aluminium plant's joint venture between Gujarat Mineral Development Corporation ( GMDC) and Nalco is progressing at a snail pace due to various issues including red-tape. It is finally expected to begin construction in four month’s time. VS Gadhvi, managing director, GMDC told Business Standard that the two companies have signed the primary agreement to value-add bauxite and now the detailed agreement has been prepared and sent to Nalco. He said that GMDC is expecting Nalco to reply by mid-January and if all other state approvals and details are clarified, to begin construction at the earliest by April. The project was first envisaged in 2010 when GMDC floated tenders to find partners. But because of the lack of response from companies it had to advance the deadline...
The Collision Repair Education Foundation has announced that Alcoa Foundation, the philanthropic arm of Alcoa, awarded the Collision Repair Education Foundation a $40,000 grant that will provide educational and aluminum repair training to post-secondary collision instructors and students. Collision instructors and students will have the opportunity to apply for the aluminum repair training grant as part of the Collision Repair Education Foundation’s spring 2013 student scholarship/tool grant opportunities. Seventeen collision instructor/student pairs will be selected to attend aluminum repair technical training at the I-CAR Tech Centre in Appleton, Wisc., during the summer of 2013. "The work of the Collision Repair Education Foundation is spot-on with our desire to educate and train...
Mouda police on Tuesday retrieved an entire consigment of aluminium sheets and bundles from Bhiwandi following an operation. The consignment was stolen by the transporter and his aide earlier this month. It is learnt that around 45 bundles of aluminium sheets and coils, loaded from the Mouda-based Hindalco, were sent to a consignee in Bhiwandi. The materials were laoded in the truck belonging to Surat Goods Transport, towards the end of last month. Police said that the driver Joginder Singh Gorewal and his cleaner Nirmalsingh Padhan, breaching the trust of the owner, tried to dispose off the consignment to a different receiver. The Surat Goods transport personnel approached Mouda police last week to register the offence. The case was investigated by sub-inspector Rajesh Kherde of Mouda...
Sterlite Industries (India) (down 1.13% at 118.45), National Aluminium Company (down 0.31% at Rs 48.75), and Hindalco Industries (down 0.04% at Rs 129.30), edged lower. Meanwhile, the BSE Sensex was down 24.71 points or 0.13% at 19,451.29. Shares of Sterlite Industries (India) outperformed the market over the past one month till 19 December 2012, surging 24.02% compared with the Sensex's 6.2% rise. The scrip had also outperformed the market in past one quarter, jumping 17.57% as against Sensex's 5.3% gain. Shares of National Aluminium Company outperformed the market over the past one month till 19 December 2012, surging 9.03 % compared with the Sensex's 6.2% rise. The scrip had, however, underperformed the market in past one quarter, sliding 9.53% as against Sensex's 5.3% gain. Shares of...
Saudi Arabian Mining Co., (MAADEN) that’s building an alumina refinery in a joint venture with Alcoa Inc., obtained $2.4 billion in loans to finance projects, raising more money than initially sought. The company, known as Maaden, raised 9 billion riyals from five-year Islamic loan after seeking 7 billion riyals, the Riyadh-based miner said in a statement on the Saudi stock exchange today. The deal was oversubscribed 2.5 times, it said. The miner of gold, phosphate and other materials is raising cash to expand in Saudi Arabia, the world’s largest oil exporter. Earlier this month, Maaden awarded contracts valued at 977 million riyals to Fluor Corp. (FLR) and Bechtel Corp. to develop phosphate industries in the kingdom. Maaden raised the loan from a number of Banks. Maaden shares have...
Housing starts in the US declined 3.0% in November to an annualized 861,000 units, far worse than forecasts. Despite expectations for the solution of the budget negotiations in the US, the Fitch warned that if no agreement is reached over the fiscal cliff, the country will probably lose its AAA rating, keeping investors cautious. The US dollar index rebounded as a result, driving down commodity prices. LME aluminum hit a high of USD 2,119/mt during early European session, but later gave back earlier gains and met resistance at USD 2,100/mt due to profit-taking by longs, with positions decreasing an astonishing 28,518 lots. Finally, LME aluminum closed USD 11.5/mt or 0.55% lower at USD 2,087.5/mt. Latest LME aluminum inventories increased 2,275 mt to 5,240,725 mt. Aluminum prices will...
Alcoa Inc. (AA), the largest U.S. aluminum producer, may have its credit rating cut to junk by Moody’s Investors Service Inc. after the price of the metal slumped. Moody’s placed Alcoa’s Baa3 senior unsecured rating, the lowest investment-grade level, under review for downgrade, the ratings company said today in a statement. The review applies to all of Alcoa’s $8.3 billion of debt, according to the statement. The review “reflects the challenging headwinds” facing the New York-based company, Moody’s said. The recovery in the aluminum industry is “slow and uneven” and the price of the metal will remain at 85 to 95 cents a pound for the next several quarters, it said. “We do not see a material, sustainable improvement in aluminum prices over the next several quarters and expect Alcoa’s...
Mainland China's aluminum output remains strong, meaning the market is still not getting the supply cuts necessary to start whittling down ample global supplies, said Barclays Capital in an assessment of a report on Chinese base metal output in October. According to the British bank, copper and lead production hit record highs, while zinc production rebounded. Aluminum output, meanwhile, rose 20% year-on-year, partly in comparison to a weak base. "There is thus little indication of the smelter cuts we believe are needed to restore balance to the market," the bank added. "Government intervention, whether via power subsidies or stockpiling, is keeping loss-making smelters open and exacerbating the surplus. Semis production surged 24% y/y and the year-to-date rate picked up to 15%, which in...
The cash price of primary Indian aluminum saw the biggest increase at 1.9 percent for Dec. 17, 2012. On the LME, the cash price of primary aluminum inched up 0.5 percent to $2,132 per metric ton. On the LME, the 3-month price of aluminum showed little movement on Monday, hovering around $2,120 per metric ton. Chinese aluminum prices were mixed for the day. The Chinese aluminum cash price gained 0.1 percent. For the fifth consecutive day, the price of Chinese aluminum scrap held flat, Chinese aluminum billet held its value yesterday, and Chinese aluminum bar held steady.
Aluminum inventories in warehouses monitored by the London Metal Exchange rose to a record and traders may decide to deliver even more metal. Stockpiles climbed 0.7 percent to 5.24 million metric tons on gains in Detroit and Baltimore, exchange data showed today. Tomorrow is the so-called prompt date when LME rules oblige holders of contracts to deliver metal or take delivery. Traders with short positions, or bearish bets that oblige deliveries, may choose to release metal rather than renew their wagers and pay the higher cost, according to Societe Generale SA. “Those trade participants with access to metal, they can deliver,” Robin Bhar, an analyst at Societe Generale in London, said by phone today. “Speculators, investors just have to pay up.” Aluminum backwardation, when the metal...
Most investors in Europe and the US are exiting the market as the Christmas Day draws near. As a result, positions of LME aluminum decreased as much as 32,592 lots. Investors are staying cautious before agreement is reached over the budget negotiations in the US. In response, LME aluminum retreated from USD 2,100/mt again to a low of USD 2,088/mt during the European session. Later, LME aluminum rebounded due to positive NAHB housing market index for December, but gains were limited as LME aluminum inventories approached 5.24 million mt. Finally, LME aluminum closed USD 9/mt or 0.43% lower at USD 2,099/mt. Latest LME aluminum inventories surged 36,050 mt to 5,238,450 mt. Aluminum prices will extend losses due to short selling. LME aluminum should meet resistance at USD 2,100/mt and...
Aluminium Bahrain B.S.C. (Alba)'s standing amongst the world's leading aluminium smelters was bolstered with top regional honours the company received for its relations with investor, business operations and interactions with external entities. Alba's corporate website notched 1st place in Bahrain as well the 2nd place in the Middle East region at the 2012 M: Communications/ KWDigital Middle East Web Ranking Survey after being placed 47 in 2011 in the same survey. Alba was also chosen as the Best Company for Investor Relations in Bahrain at the 4th Middle East Investor Relations Society (ME-IR) Annual Awards Conference that took place recently in Abu Dhabi. The survey included 138 of the largest listed companies from nine countries in the Middle East and North African Region. As for the...
Aluminium prices moved up by 0.22 per cent to Rs 115.45 per kg at futures market, taking positive cues from the global markets and strong domestic demand. At the Multi Commodity Exchange, aluminium for delivery in January gained 25 paise, or 0.22 per cent, to Rs 115.45 per kg, with a business turnover of 35 lots. Similarly, the metal for delivery in December traded higher by 20 paise, or 0.17 per cent, to Rs 114.95 per kg, with a business turnover of 306 lots. Marketmen said the rise in aluminium prices at futures trade was in line with a firming trend in base metals at the London Metal Exchange on speculation that China's plan to seek growth of higher quality and efficiency next year will bolster demand for industrial metals in the largest consumer. Further, increasing demand from...
The Indian aluminum cash price moved up 0.8 percent on Dec. 14, 2012, making it the day’s biggest mover on MetalMiner’s daily aluminum price index. The primary aluminum cash price declined 0.6 percent on the LME to $2,121 per metric ton, after two days of improvement. The aluminum 3-month price saw a 0.5 percent decline on the LME to $2,122 per metric ton. Chinese aluminum prices, including billet, bar and cash prices, were flat for the day.
Soon-to-be state Sen. Dee Brown, R-Columbia Falls, on Monday asked Flathead County commissioners to take the lead in getting the Columbia Falls Aluminum Co. property declared a Superfund site. Brown said Glencore, the Swiss-based parent company of the mothballed aluminum plant, has been stringing the community along since CFAC’s 2009 closure, “pretending” it intends to one day reopen the plant. A global metals and commodities giant, Glencore is estimated to be valued in excess of $60 billion. In mid-2011, at the same time Glencore was asking the Columbia Falls School Board and county commissioners to waive 95 percent of the plant’s 2010 property tax bill of $462,140, the company was planning a $10 billion initial public offering of its shares. The school board and commissioners rejected...
