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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On Dec. 11, 2012, the cash price of primary Indian aluminum experienced the biggest change on our daily aluminum price index, rising 1.3 percent. On the LME, the 3-month price of aluminum gained 1.3 percent to finish at $2,104 per metric ton. At $2,101, the primary aluminum cash price finished the market day on the LME up 1.1 percent per metric ton. Chinese aluminum cash, billet, bar and scrap prices were flat for the day.
The European finance ministers have reached a deal overnight during the two-day EU summit that all banks in the euro zone will come under the ECB supervision, a big step towards banking integration in the region. Greece’s application for the next round of bailout funds was also approved during the summit. The US weekly jobless claims dropped sharply and far exceeded forecasts, indicative of improving labor market. However, these positive factors failed to give a boost to market confidence. The unsolved US fiscal cliffs triggered a sell-off of commodities at higher prices. LME aluminum gave back earlier gains and failed to hold onto the 5-day moving average. Finally, LME aluminum closed at an intraday low of USD 2,116.5/mt, down USD 28.5/mt or 1.33%. Latest LME aluminum inventories...
France is considering nationalising an aluminium plant owned by Anglo-Australian mining group Rio Tinto, Le Monde newspaper reported Wednesday. The potential move is being studied by officials working for Arnaud Montebourg, the Industrial Recovery minister, just 10 days after the government rejected a similar proposal for ArcelorMittal's Florange steel plant in eastern France, the daily said. Montebourg was vociferous in his support for nationalisation in that case and was reported to have come close to resigning after failing to convince his colleagues in a debate that exposed fault-lines within the Socialist government. The minister's officials are currently negotiating with Rio Tinto's Rio Tinto Alcan unit over the future of the plant at Saint-Jean-de-Maurienne in the French Alps. Key...
Global producers of aluminium ingots are turning away yearly premiums in favour of quarterly pricing for 2013 term shipments to Asia, to take advantage of spot premiums that scaled records this year, traders said on Wednesday. Global producers required buyers in Asia to pay premiums, or a surcharge to secure physical metal over the cash London Metal Exchange aluminium price, based on the quarterly main Japan ports (MJP) premium. The move will make the MJP premium, seen as the Asian benchmark, and which typically reflects spot premiums, more important than previous years. "The aluminium market premiums have been pushed up so much they are now a significant part of the price that is unhedgeable. For both producers and consumers there is significant uncertainty over where premiums will go,"...
The Bombay High Court has asked billionaire Anil Agarwal controlled Vedanta Aluminum to deposit a security amount of Rs 187 crore with the court, till the arbitration proceedings reach a definitive conclusion, based on a plea filed by Chinese power equipment manufacturer Shenzen Shandong Nuclear Power Construction Company (SSNPCC). The Chinese power equipment manufacturer had filed a plea against Vedanta Aluminum for allegedly causing losses due to work stoppage at the latter's controversial alumina refinery in Lanjigarh, Odisha. On Wednesday, the division bench comprising Chief Justice Mohit Shah and Justice Anoop Mohta directed Vedanta Aluminum to deposit the security of Rs 187 crore within 6 weeks. The court also directed the company not to sell, lease or create third party rights on...
Through a joint venture between the Saudi Arabian Mining Company (Ma'aden) and Alcoa, Saudi Arabia on Thursday began aluminum production at its first smelter. "Today we see the first aluminum produced in Saudi Arabia, and the launch of a new industry," Ma'aden President and CEO Khalid al-Mudaifer said at the inauguration of production in Ras al-Khair in Eastern Province. The Ma'aden Aluminum joint venture is 74.9%-owned by the Saudi group, with the rest held by Alcoa. The smelter is part of a joint venture agreed in 2009 to construct a giant industrial complex costing $10.8 billion.
Bechtel Canada will conduct a feasibility study for a sixth line and power plant Aluminum Bahrain's plant, which supplies about half of the Middle East's aluminum requirement. Alba's sixth potline is expected to produce an additional 400,000 tonnes of aluminium per year. The plant consists of five reduction lines, three cast houses, a carbon plant, a 550,000-tonne-per-year coke calcining plant, a water desalination plant, 11 fume treatment plants, a marine terminal, and a 2,225-megawatt power plant. Bechtel was the engineering, procurement and construction contractor on Alba's fourth and fifth line expansions that were completed in 2005. In 2011, Alba produced 881,310 tonnes of aluminum, placing it as one of the 10 largest aluminum producers in the world. Bechtel will complete the study...
Aluminium futures prices declined by 0.22 per cent to Rs 114.65 per kg today as speculators trimmed their positions, triggered by a weakening trend in base metals in the global markets. At the Multi Commodity Exchange, aluminium for delivery in December edged lower by 25 paise, or 0.22 per cent, to Rs 114.65 per kg, with a business turnover of 740 lots. The metal for delivery in January fell by similar margin to Rs 115.20 per kg in a turnover of 70 lots. Marketmen said a firming trend in the entire base metals pack at the London Metal Exchange (LME) following less-than- expected growth in China's exports in November.
The Federal Reserve (Fed) announced overnight that it will continue monthly purchase of USD 40 billion mortgage-backed securities, buy additional USD 45 billion long-term Treasury bonds and keep low interest rate unchanged until at least mid-2015 unless unemployment rate and inflation reach a certain level after Operation Twist expires at year-end. The announcement triggered appetite for risky assets. The US dollar index retreated from 80 as a result. LME aluminum jumped to USD 2,148/mt during the European session, its highest since September 19. Trading volumes contracted slightly as longs were cautious towards buying at highs. Resistance remained strong at USD 2,150/mt. Finally, LME aluminum closed at USD 2,145/mt, up USD 33/mt or 1.56%. Latest LME aluminum inventories decreased 9,650...
Abu Dhabi-based Emirates Aluminium Co, or Emal, expects the Dh16.52 billion second phase of its smelter to be complete by the first quarter of 2014 when it will raise production up to the capacity levels of 1.3 million tonnes, a senior executive of the company told Zawya Dow Jones. “The demand on our product is high, but we won’t increase our production next year since we’ve reached our maximum production capacity two months ago,” Saeed Al Mazroui, Emal’s chief executive officer, said. The smelter reached its production capacity of 800,000 tonnes in October, he said. “When phase two is completed by end of first quarter 2014, we’ll be able to increase our production to about 1.3 million tons,” Al Mazroui said. Last year, Emal secured approval from its board for the $4.5 billion expansion...
Dropping 1.5 percent on the LME, the aluminum cash price was the biggest mover on Dec. 10, 2012, closing at $2,078 per metric ton. Also on the LME, the 3-month price of aluminum declined 1.5 percent to $2,077 per metric ton. The cash price of primary Indian aluminum rose 1.4 percent. Chinese aluminum cash, scrap, billet and bar prices were flat for the day. The copper 3-month price fell 1 percent on Dec. 10, 2012 to $7,965 per metric ton on the LME, making it the day’s biggest mover. Also on the LME, the cash price of primary copper fell 0.4 percent to $7,991 per metric ton. The prices of US copper producer grades 102, 110 and 122 remained essentially flat on the day. The Japanese copper cash price remained essentially flat as well. Chinese copper closed mixed yesterday. Chinese copper...
Japanese buyers have agreed an aluminium premium of $240 per tonne with Rio Tinto Alcan for some January-March shipments, down from a record $254 to $255 in the previous quarter, three sources directly involved in the talks said on Wednesday. Rio Tinto Alcan offered premiums of $240 last month. The deal was lower than Alcoa's offer of $247 and BHP's $249, two of the sources said. Premiums are paid over the benchmark London Metal Exchange (LME) cash price to secure physical metal . A fall in the fee for buyers in Japan, Asia's biggest importers of the metal, will be the first in more than a year, as the economy slips into recession, with exports falling and demand deteriorating in the domestic auto and electronics sectors. "Some deals have settled at $240 with Rio. Others are still in...
UC RUSAL, the world's largest aluminium producer, announces signing a Memorandum of Understanding with Shandong Xinfa Group, one of China's largest private aluminium companies, detailing the study of future possible cooperation areas, including joint ventures in the aluminium industry. The Memorandum was signed at the day of Russian and Chinese heads of government meeting. RUSAL and Shandong Xinfa have agreed to establish a joint workgroup over the next three months from date of signing to study potential areas of cooperation. The parties will then examine the proposals from the workgroup until the 30 June 2013 to identify cooperation projects which offer the greatest potential. Preliminary examined opportunities between RUSAL and Shandong Xinfa include the creation of Russian-based joint...
Excellent progress towards a corporate goal of ‘zero harm to the people and the environment’ has earned Dubai Aluminium, DUBAL, two accolades in the inaugural 2012 Gulf Aluminium Council, GAC, Environment Health and Safety Awards, which were announced during the 16th Arab International Aluminium Conference, ARABAL 2012, held in Qatar from 20 to 22 November this year. An entirely state-owned corporation that operates the world’s largest aluminium smelter using pre-bake anode technology, DUBAL has an annual smelter production capacity of approximately 1,025,000 tonnes, and has produced more than one million tonnes of molten primary aluminium per year since 2010. The only smelter in the Gulf region to receive two 2012 GAC awards, DUBAL received the following accolades: 1st place in the...
According to the US Commerce Department’s release overnight, the US trade deficit expanded in October, with exports declining 3.6%, the biggest fall since 2009. No progress has been made over the US fiscal cliff. Markets are staying cautious ahead of the results of the interest rate meeting by the Federal Reserve (Fed) due Wednesday night. The US dollar index pulled back as a result. LME aluminum hit a high of USD 2,142/mt during early European session, but later gave back some gains due to downbeat US trade data. Support at the 5-day moving average remained strong, though. Finally, LME aluminum closed at an intraday low of USD 2,112mt, down USD 14/mt or 0.66%. Latest LME aluminum inventories decreased 9,525 mt to 5,177,300 mt. Markets are awaiting the result of the Fed interest rate...
New Delhi, Dec 10 (PTI) Aluminium futures prices rose by 0.31 per cent to Rs 114.05 per kg today as speculators enlarged positions, supported by a firming trend in base metals in the global markets. At the Multi Commodity Exchange, aluminium for delivery in January up by 35 paise, or 0.31 per cent, to Rs 114.05 per kg, with a business turnover of 40 lots. Similarly, the metal for delivery in December traded Rs 30 paise, or 0.
On Dec. 7, 2012, the biggest mover on MetalMiner’s daily aluminum price index was the cash price of primary Indian aluminum, which saw a 2 percent decline. On the LME, the 3-month price of aluminum rose 0.8 percent to $2,108 per metric ton. At $2,109, the cash price of primary aluminum finished the market day on the LME up 0.7 percent per metric ton. Chinese aluminum closed mixed last Friday. The cash price of Chinese aluminum declined 0.3 percent, while the prices of Chinese aluminum scrap, Chinese aluminum billet and Chinese aluminum bar held steady.
Dubai Aluminium (Dubal) - the entirely state-owned entity that operates the world's largest single-site primary aluminium smelter using pre-baked anode technology signed an agreement with Aluminium Bahrain BSC (Alba) whereby the latter will use Dubal's DX+ Technology for Alba's Line 6 Bankable Feasibility Study. Abdulla Kalban (President & CEO: Dubal) and Tim Murray (CEO: Alba) were the signatories to the agreement. Murray advises that the Line 6 Bankable Feasibility Study will determine the viability of Alba's sixth potline expansion project, which is expected to boost Alba's annual production capacity by approximately 400,000 tonnes of aluminium per year. This will boost Alba's current annual capacity of 880,000 tonnes to 1.280 million tonnes. DX+ Technology is the product of on-going...
