LME aluminium prices moved higher on October 6 compared with the previous trading day, with cash and three-month prices rising by nearly 1 per cent. The increase came as LME aluminium opening stocks remained unchanged, while live warrants declined and cancelled warrants increased. On October 6, the LME aluminium cash bid price stood at USD 3,134 per tonne, up 0.90 per cent from USD 3,106 per tonne on October 5. The cash offer price stood at USD 3,134.5 per tonne , compared with USD 3,107 per tonne on October 5, marking a 0.89 per cent increase. The LME aluminium three-month bid price rose to USD 3,148 per tonne on October 6 from USD 3,117.5 per tonne on October 5, an increase of 0.98 per cent. The corresponding three-month offer price increased to USD 3,148.5 per tonne from USD 3,118 per...
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...
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Trading for China's domestic spot aluminum alloy ADC12 generally held fairly steady though there were signs of a slowdown on the back of the seasonal summer lull, industry sources said Tuesday. Despite of the weaker aluminum ingot prices, spot domestic offers for the aluminum alloy ADC12 stayed steady. Leading Chinese producer Sigma Metals kept its offers at Yuan 16,900/mt ($2,754/mt) ex-works Tuesday, unchanged from last week, while most non-Sigma offers remained at Yuan 15,600-16,000/mt, unchanged from the previous week. Platts assessed its weekly China domestic ADC12 price at Yuan 15,500-16,000/mt ex-works Tuesday, unchanged from last Tuesday. A south China-based producer agreed, hearing offers generally steady at Yuan 15,600-16,000/mt, while an east China-based diecaster bought at...
U.S. futures regulators should review alleged manipulation of the aluminum market, the head of the Senate Agriculture Committee said on Tuesday. Committee Chairwoman Debbie Stabenow noted that in congressional testimony last week, buyers of aluminum alleged that the current market price was being skewed by those who own and profit from the storage of metal at warehouses. "I am writing to encourage you to further review this issue and clarify the role and responsibility of the Commodity Futures Trading Commission to address the situation," Stabenow wrote in a letter to Gary Gensler, chairman of the CFTC.
Century Aluminum Company reported a net loss of $34.6 million ($0.39 per basic and diluted share) for the second quarter of 2013. Financial results were positively impacted by a gain on bargain purchase of $2.0 million and power contract amortization of $2.7 million associated with the Sebree acquisition. Results were negatively impacted by a charge of $3.3 million for the early extinguishment of its 8.0% Sr. Notes; and a charge for severance and other expenses of $1.7 million related to the corporate headquarters relocation. Cost of sales for the quarter included a $10.2 million charge for lower of cost or market inventory adjustments. A year ago, Century lost $12.3 million ($0.14 per basic and diluted share) in the second quarter. Sales for the second quarter of 2013 were $331.9...
China's edict to more than 1,900 companies to shut excess production capacity by September is the latest effort to slim down bloated industries, but in the key steel, aluminium and cement sectors the cuts are just a fraction of their surpluses. Broader efforts, including credit curbs, raising environmental standards and energy efficiency will help slow the expansion of these sectors, but Beijing's push towards industry consolidation will be slow to materialise, analysts said. Premier Li Keqiang has vowed to curb overcapacity as part of efforts to shift the economy away from investment in heavy industries, a move that could dampen its appetite for raw material imports such as iron ore, coal, copper and bauxite. Beijing's latest orders suggest less than 1 percent of steel and aluminium...
Aluminium Bahrain has said that its net profit grew by 7% during the first half of 2013, despite the fact that its sales were largely flat at $1.02bn. The company said that it achieved a 1.9% year-on-year increase in sales volumes, despite a general drop in aluminium prices worldwide. Aluminium prices on the London Metals Exchange have dropped by 7% during the second quarter of the year to $1,834 per metric tonne, although worldwide demand has grown by 4.8% year-on-year fuelled by increased consumption in South East Asia - most notably Thailand (up 21%) and China (9%). Alba chief executive Tim Murray said: "Despite challenging global macroeconomic conditions coupled with lower LME prices, Alba was able to deliver a healthy financial performance supported by strong operational performance....
Ghana is set to create more than 2.3 Million jobs under the Integrated Aluminium Project, which has been described as the key to growing the economy with a capital injection of about 8billion dollars. Under the Integrated Aluminium Project, an Aluminium refinery is to be constructed to refine the rich bauxite deposit at Nyinahin into alumina, would then be processed into aluminium by VALCO, and sold to the several downstream industries as aluminium ingot and billet. It is believed the project hold the key to transforming Ghana’s economy by bringing in benefits, far more than the nation currently receives from oil. The Nyinahin mine with bauxite deposit of 700MT, valued at $17.5billion , is estimated to create about 98,000 jobs whiles the aluminium refinery expected to produce about...
Aluminium prices edged up by 0.52% to INR 106.95 per kg in futures trade today as participants enlarged their positions, supported by a firming overseas trend. Further, strong demand in the spot markets also influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery in August inched up by 55 paise, or 0.52%, to INR 106.95 per kg in business turnover of 383 lots. Likewise, aluminium for delivery in July traded higher by 50 paise, or 0.48%, to INR 104.95 per kg in 1,354 lots. Marketmen said apart from increased domestic demand, a firming trend in the global market influenced aluminium prices at futures trade.
LME aluminium is expected to fall more to $1,783 per tonne, as it has pierced below a support at $1,798. The support is provided by the 61.8 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to $1,863, and the next support will be at $1,783, the 76.4 percent retracement. A rebound seems to have been triggered towards $1,811, the 50 percent retracement, which is expected to serve as a limit. A drop below $1,794 will confirm the resumption of the current downtrend towards $1,783. 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 products mentioned in the analyses.
Investor Mark Mobius said Aluminum Corp of China is a "good long-term bet" as one of the few producers of the metal set to benefit from the government's plans to reduce overcapacity. The mainland ordered more than 1,400 firms in 19 industries including aluminium to ease oversupply, according to a July 25 statement from the Ministry of Industry and Information Technology. While Chalco, China's biggest aluminium maker, would be able to raise the capital it needed as the government began to "winnow out" smaller producers, other companies would "fall by the wayside", Mobius said. "Chalco will be the one left standing," said Mobius, executive chairman of Templeton Emerging Markets. "The government doesn't want to see this excess capacity in the country." Chalco's American depositary receipts...
Bosnia's aluminium smelter, Aluminij Mostar, which has struggled to keep going due to high electricity costs, said it has secured an advantageous 100 megawatt (MW) power supply deal for the rest of 2013 with Slovenian electricity trader GEN-I. "The price agreed with GENI-I, including the transmission cost, will be lower from any contract we have had so far," Aluminij General Manager Ivo Bradvica said in a statement on Friday. The company did not disclose the price. The deal will help Aluminij, in the southern town of Mostar, continue production after it had threatened in June to halt operations due to high power costs and low metal prices. It marks the first time Aluminij, Bosnia's only aluminium smelter, has bought power on the open market. Bosnia's state-run power utility EPHZHB...
Noranda Aluminum Holding Corporation, an aluminum producer, will invest $45 million to significantly expand the footprint of its smelter in New Madrid, Missouri, creating 29 new jobs. "The aluminum smelter here in New Madrid accounts for approximately 13 percent of total U.S. primary aluminum production," says Layle “Kip” Smith, Noranda President and Chief Executive Officer. "Missouri's skilled workforce and competitive business climate have allowed us to compete in the global market and we look forward to our continued growth in aluminum production." This is the second major investment announcement by Noranda in the New Madrid facility in the past three years. In 2010, the company announced plans to invest $38 million to increase the aluminum smelter's annual metal-production capability...
Aluminium Bahrain B.S.C (Alba) presents its financial results as per the International Financial Reporting Standards (IFRS) accounting rules. All investors and reporters are asked to read Alba's First Half of 2013 Unaudited Financial Statements. Alba's results for the First Half as well as Second Quarter of 2013 are summarised below: Alba Reports H1 and Q2 2013 Results •Alba improves H1 2013 Net Income despite lower LME prices. •Aluminium physical demand remains healthy. •Interim Dividend of BD19.7m ($52.5m) proposed by the Board. Q2 2013 Industry Highlights: •Aluminium demand remains healthy with world consumption up by 4.8% year-on-year (YoY). Asian consumption up by 7% YoY propelled by Thailand (+21% YoY) and China (9% YoY). Demand in North America up by 2% YoY supported by higher...
The aluminum cash price saw the biggest increase on the weekly Aluminum MMI® this week, rising 1.9 percent on the LME and settling at $1,807 per metric ton. Last week, the aluminum 3-month price increased by a slight 1.9 percent on the LME to $1,850 per metric ton. The cash price of primary Indian aluminum rose 0.5 percent after falling 2.5 percent during the previous week. Chinese aluminum prices were mixed for the week. The cash price of Chinese aluminum rose 0.3 percent after falling 0.7 percent during the previous week. The week finished with no movement for Chinese aluminum bar. Chinese aluminum billet remained unchanged for the week. The price of Korean 3003 coil premium over 1050 sheet did not change since the previous week. Korean 5052 coil premium over 1050 sheet remained...
The board of directors of Alcoa AA, a producer of primary and fabricated aluminum, miner of bauxite and refiner of alumina, authorised a quarterly common stock dividend of USD0.03 per share, the company reported on Friday. This dividend will be paid on 26 August 2013 to all shareholders of record at the close of business on 9 August 2013. Additionally, the board approved a quarterly dividend of USD0.93075 per share on the company's USD3.75 cumulative preferred stock, which will be paid on 1 October 2013 to shareholders of record at the close of business on 13 September 2013.
After three decades of business contracts, Indonesia has finally taken a bold stance to fully take over the operation of Indonesia Asahan Aluminium (Inalum), which operates the only aluminum smelter in Southeast Asia from Japanese consortium Nippon Asahan Aluminium (NAA) later this year. The move follows the heels of its much-hyped campaign to spur growth in the downstream industry as Indonesia, the world’s top exporter of raw mineral like thermal coal and nickel ore, aims to climb up the value chain and boost shipment of finished products. According to the plan, the government would take over the Japanese consortium’s 58.88 percent ownership in Inalum when the contract ends in October this year. Following the acquisition, the government, which currently holds 41.12 percent shares of the...
Century Aluminum is scheduled to issue its Q2 2013 quarterly earnings data after the market closes on Tuesday, July 30th. Century Aluminum opened at 10.30 on Monday. Century Aluminum has a 52-week low of $5.75 and a 52-week high of $10.60. The stock’s 50-day moving average is currently $9.75. The company’s market cap is $912.5 million. Several analysts have recently commented on the stock. Analysts at Merrill Lynch downgraded shares of Century Aluminum from a “neutral” rating to an “underperform” rating in a research note to investors on Wednesday, June 19th. On a related note, analysts at Bank of America Corp. downgraded shares of Century Aluminum from a “neutral” rating to an “underperform” rating in a research note to investors on Wednesday, June 19th. They now have a $9.00 price...
Aluminium Bahrain, a Gulf Arab aluminum smelter, said second-quarter net profit fell 42 per cent on year as metal prices and sales declined. Aluminium Bahrain, or Alba, made a 20.7 million Bahraini dinar ($55 million) net profit in the second quarter compared to 35.6 million dinars in last year’s second quarter, it said in an e-mailed statement. The decline was the result of unrealised derivative gains and low metal prices, it said. Sales for the quarter were 195.5 million dinar, down from 196.5 million dinar last year, it said. The company, which is majority-owned by the Bahraini government, said its board has recommended an interim cash dividend of 14 Bahraini fils per share.
Rio Tinto has reached a binding agreement for the sale of its 80 per cent interest in Northparkes to China Molybdenum Co., Ltd. (CMOC) for US$820 million. Rio Tinto chief financial officer Chris Lynch said "The sale of Northparkes represents great value for our shareholders and demonstrates our continued focus and discipline in the way we allocate capital across the Group. "Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy. We believe it will have a strong future under its new ownership. Rio Tinto will continue to manage Northparkes to the highest safety and environmental standards during the transition to the new owner. "The agreed sale of Northparkes follows our recently completed divestment of the Eagle nickel project in the United...
