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...
Grow with
AL Circle
Market was digesting optimism during the European session brought by the initial agreement reached on the US fiscal cliff. The US existing home sales grew for 16 straight months in October, boosting market confidence on the US economic recovery. LME aluminum was mired during the early European session, but later broke though the 5-day moving average to a high of USD 1,980.3/mt, lifted by other rising base metals. LME aluminum regained losses incurred during the previous three trading days before finally closing at USD 1,977.3/mt, down USD 23.5/mt or 1.20%. Latest LME aluminum inventories increased by 1,875 mt to 5,107,300 mt. Moody’s downgraded France’s government debt rating, causing optimism to fade. LME aluminum should test support at USD 1,950/mt and move between USD 1,950-1,985/mt on...
South Korea has bought a total of 4,000 tonnes of aluminium for arrivals by Jan. 31, 2013 via tenders on Thursday, state-run Public Procurement Service said on its website (www.g2b.go.kr). Details of the purchases are as follows: TONNES SUPPLIER PREMIUM(CIF/T) ORIGIN 1,000 LG International Corp $238 Non-Western 1,000 Glencore International AG $234 Non-Western 2,000 Sumitomo Corp Korea $237 Western The agency added the metals were bought at the above premiums over LME prices.
The state Public Service Commission has set a Dec. 14 date to respond to requests to reconsider the special power rate it proposed for Century Aluminum's Ravenswood plant. But in the order setting that date, the commission took issue with the way Century has responded in the case. Century has been working with the state officials all year to craft a special power rate for its shuttered Ravenswood aluminum smelter. The plant closed in 2009 after the Great Recession triggered a sharp sell-off in global aluminum prices. More than 650 workers lost their job when the plant shut down. Because the plant's power bill is its highest single expense, Century executives have said the company needs a flexible rate structure that will protect it from wild fluctuations in commodity prices. The company...
When Century Aluminum reported earnings 16 days ago on November 1st, 2012, analysts, on average, expected the company to report a loss of $0.27 on sales of $295.7 million. The company actually reported a loss of $0.11 per share on sales of $304.6 million, beating EPS estimates by $0.16 and beating revenue estimates by $8.9 million. Since the company's report, shares of Century Aluminum have fallen from $7.60 to $6.86, representing a loss of 9.7% in the past 16 days. In the past 52 weeks, Century Aluminum share prices have been bracketed by a low of $5.52 and a high of $11.30 and closed Thursday at $6.86, 24% above that low price. The 200-day and 50-day moving averages have moved 0.38% lower and 0.87% higher over the past week, respectively. Century Aluminum has overhead space with shares...
Closing at $1,965 per metric ton on the LME, a 3.4 percent increase made the cash price of primary aluminum the biggest mover on the weekly Aluminum MMI®. Also on the LME, the 3-month price of aluminum rose 3.1 percent last week to $1,987 per metric ton. Last week, the cash price of primary Indian aluminum increased by 2.7 percent. Chinese aluminum prices were mixed for the week. The price of Chinese aluminum billet rose 0.3 percent after falling 0.7 percent during the previous week. The cash price of Chinese aluminum rose 0.2 percent after falling 0.4 percent during the previous week. Chinese aluminum bar prices held steady from the previous week. The price of Korean 3003 coil premium over 1050 aluminum sheet did not change since the previous week. Prices for Korean 5052 coil premium...
Aluminium Bahrain B.S.C. (Alba) marked World Diabetes Day with a free blood sugar test campaign for employees on the morning of Wednesday, November 14, 2012. The event - organised by members of the Alba Healthcare Centre - was held near the entrance to the main gate and targeted both night and day shift employees. It provided Alba with the opportunity to promote the message of occupational health as well as healthy eating habits amongst its employees. Apart from checking sugar levels, Alba Healthcare Centre personnel advised employees on the recommended daily sugar intake that will help prevent diabetes, which is, 25 gms of sugar or six teaspoons per day for adult women; and 37.5 gms or nine teaspoons per day for adult men. Commenting on the blood sugar test campaign organised to mark...
Aluminium Bahrain B.S.C. (Alba)'s pledge to strengthen the region's status as a fast emerging hub for aluminium production was bolstered with sponsorship support for the 16th International Arab Aluminium Conference and Exhibition (Arabal2012) taking place from November 20 - 22, 2012 at the Grand Hyatt Doha, Qatar. As one of the Middle East's premier trade events, Arabal 2012 presents the perfect opportunity to meet with every single primary aluminium manufacturer in the region as well as provide aluminium producers, suppliers and consumers from around the world with a platform for exploring business possibilities. Tim Murray, Alba's Chief Executive Officer, will join the CEO's of other Middle East smelters during a panel to talk about the future prospects of Aluminium Industry in the...
Aluminum giant Alcoa Inc. (AA) announced the sale of its 378-megawatt Tapoco Hydroelectric Project to Brookfield Renewable Energy Partners, a Canadian company engaged in operating renewable energy platforms worldwide. Tapoco is a four-station hydroelectric project located on the Little Tennessee and Cheoah Rivers in eastern Tennessee and western North Carolina. The sale includes four hydroelectric power generating stations and dams, 86 miles of transmission line and a total of 14,500 acres of land surrounding Tapoco. Alcoa was responsible for the construction of the Tapoco Hydroelectric Project and secured its license from the Federal Energy Regulatory Commission to power its aluminum smelting and rolling mill operations in Alcoa, Tennessee. Brookfield Renewable Energy Partners operates...
Aluminium stocks on the London Metal Exchange (LME) are poised to hit another all-time record above five million tonnes (mt) as soon as next week in a market swamped by a structural surplus. Stocks are also likely to keep touching fresh records throughout next year as no end is in sight to chronic oversupply, analysts and traders said. Stocks have ballooned since the 2008 financial crisis, as banks spotted money making opportunities from financing deals that effectively locked material in warehouses and as top producer China kept churning out metal as it subsidised loss-making plants to save jobs. “The market's still generating surpluses, so the stocks have got to go somewhere. Sometimes it goes into unreported stocks and sometimes it ends up on the LME,” said analyst Stephen Briggs at...
The Federal Government has embarked on concrete steps aimed at handing over the Aluminium Smelter Company of Nigeria (ALSCON) to Bancorp Financial Group (BFG) in line with the Supreme Court directive. But the latest move is coming even as the Russians were said to have dragged the Federal Government before the International Court of Arbitration, London for breach of agreement as well as halt the proposed revocation or be compensated. It has been said that the Bureau of Public Enterprises (BPE) had invited top officials of BFIG in a bid to iron out grey areas including the execution of the share purchase agreement to enable the company pay the agreed 10 per cent of the accepted bid price of $410 million. It was specifically gathered that officials of the BPE and BFIG have at a recent...
Reflecting their common commitment to the development of the Middle East as a global aluminium hub, the key players in the UAE's primary aluminium industry — Dubai Aluminium (Dubal) and Emirates Aluminium Company Limited (Emal) — will participate in the 16th International Arab Aluminium Conference and Exhibition (Arabal 2012). The event will be hosted by Qatalum in Doha, Qatar from 20 to 22 November this year and the first day will feature a panel comprising the presidents and chief executive officers of the Gulf aluminium smelters. Dubal and Emal's participation will be at two main levels. Firstly the line-up of speakers will include Dubal's Abdalla Al Zarouni (Senior Manager: Technology Development), whose presentation entitled "Dubal Technologies: serving the Gulf region" will showcase...
The US industrial production slid by 0.4% in October from last month, falling short of expectations. Along with the fiscal cliff in the US, LME aluminum sank to a low of USD 1,930/mt during the European session. Later, President Obama held talks with the Republican and Democratic Party and reached an initial agreement to increase tax and cut spending, easing market worries and helping LME aluminum regain some losses at the tail of trading. Finally, LME aluminum closed USD 7.5/mt or 0.38% lower at USD 1,953.8/mt. Latest LME aluminum inventories increased by 18,325 mt to 5,105,425 mt. Market will be cautious on Monday. LME aluminum should struggle at USD 1,950/mt and move between USD 1,930-1,970/mt. The SHFE 1301 aluminum contract is expected to open lower at RMB 15,355/mt, with prices...
Hydro will have a strong presence at ARABAL 2012, the most important gathering for the Middle East aluminium industry, set for November 20-22 in Doha, Qatar. Hydro’s joint venture aluminium company Qatalum is hosting the event, the Arab International Aluminium Conference, and top Hydro representatives will be on hand for presentations and cultural events. The three-day event kicks off with a tour of the world-class Qatalum aluminium plant, which Hydro owns with the Qatar Petroleum Co.Svein Richard Brandtzæg, Hydro President and CEO, will speak on how to bridge the short-term challenges and the long-term opportunities of aluminium and the industry on Wednesday, Nov. 21. Here are the Hydro and Qatalum presenters: Asgeir Bardal, Program Manager HAL4e, Primary Metal Technology, Hydro, will...
Aluminium futures prices fell by 0.19 per cent to Rs 107.30 per kg today as speculators trimmed positions amid a weak trend in metal at the London Metal Exchange. At the Multi Commodity Exchange, aluminium for delivery in November fell by 20 paise, or 0.19 per cent, to Rs 107.30 per kg, with a business turnover of 368 lots. Similarly, the metal for delivery in December traded Rs 15 paise, or 0.14 per cent, higher at Rs 107.90 per kg, with a business turnover of 31 lots. Marketmen said apart from profit-booking, weakness in metal at the London Metal Exchange put pressure on the aluminium prices at futures trade here.
US-based aluminum giant Alcoa has denied Brazilian press reports that it has stopped producing aluminum at its plant in the municipality of Poços de Caldas, in Minas Gerais state. According to local magazine Veja, Alcoa has become self-sufficient in electricity and noticed that it could earn a lot more by stopping aluminum production and selling its energy surplus. Energy prices in the Brazilian spot market increased by 410% in the last twelve months, Veja said. However, the company said in a statement that it is still producing aluminum in Poços de Caldas, and total output in the first ten months of the year reached 78,000t. "Alcoa is not self-sufficient in electricity production. We generate 70% of our power supply needs, and the remaining 30% is acquired through a long-term contract...
Vedanta Resources Plc, controlled by billionaire Anil Agarwal, may cut output at its four-year-old aluminium smelter in India as it grapples with a shortage of raw material, two people familiar with the matter said. Vedanta Aluminium Ltd’s plan to shut down its alumina refinery in Orissa due to scarcity of ore will leave the company without any domestic supply of the material to feed the smelter in its $9 billion complex, the people said, asking not to be identified because the matter is private. Increased reliance on imported resources would boost costs for the company, forcing it to reduce aluminium production, they said. A drop in output may further erode earnings from Vedanta’s aluminium business that fell 48% in the year ended 31 March, said Abhisar Jain, an analyst at Centrum...
Sterlite Industries' (Sterlite) 2QFY13 consolidated EBITDA, at Rs.25.3bn, was better than estimates, led by above estimated volumes across business segments. PAT, at Rs.17.4bn, was significantly higher than expectations due to forex gains and lower finance expenses. Sterlite will benefit from ramp-up of merchant power capacity and improvement in copper business due to commissioning of CPP. We, however, retain Hold as the rerating is constrained by access to cheaper raw materials and visibility on the projects. Above expected EBITDA across segments. Zinc India, silver, copper, power and zinc international delivered volumes better than expected, boosting EBITDA to Rs.25.3bn. Copper segment had currency gains of ~Rs.450mn on operational hedges, further aiding EBITDA margins. Unit cash costs...
Unwrought Aluminium imports declined on a monthly basis in October 2012 as per latest data from China General Administration of Customs. China unwrought Aluminium and product imports declined by 1.1 percent to 101174 tonnes in October from 102320 tonnes in September this year. The yearly imports went up sharply by 68 percent from 60186 tonnes in October 2011. On LME, Aluminium showed recovery, as prices were up by $ 13 per tonne to $ 1920 per tonne. MCX Aluminium was up by 0.4 percent to Rs 105.1 per kg. Resistance for the contract is at Rs 105.5 per kg. Imports Of Unwrought Aluminium (In tonnes) 2012 2011 % Change M-o-M % Change Y-o-Y Sep-12 102320 66163 -12.9 54.6 Oct-12 101174 60186 -1.1 68.1 Source: China Customs, Commodity insights
