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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Current Aluminum Price Movements Following a two-day decline on the LME, the 3-month price of aluminum climbed up 2.1 percent on MetalMiner’s aluminum price index to end at $1,948 per metric ton on Nov. 13, 2012. Following a 2.1 percent rise, the primary aluminum cash price closed on the LME at $1,928 per metric ton. The cash price of primary Indian aluminum rose 0.8 percent. Chinese aluminum closed mixed on Tuesday. The Chinese aluminum cash price finished the market day up 0.3 percent per metric ton. The price of Chinese aluminum billet finished the market day up 0.3 percent as well. The price of Chinese aluminum scrap continues hovering in place for the fifth day in a row. The price of Chinese aluminum bar was unchanged yesterday. Current Copper Prices Move Up The biggest change on our...
Oleg Deripaska's En+ Group topped up its shareholding in UC RUSAL , where he faces a slide in profits on the back of a weak aluminium market and a possible boardroom revolt by two fellow mining tycoons who also hold stakes in the company. The company said Deripaska's investment vehicle bought additional shares in the world's top aluminium producer on the market, raising its stake by 0.72 percent to 48.13 percent of the company. "We believe that UC RUSAL is fundamentally undervalued and we are confident of its brilliant prospects," En+ Chief Executive Artyom Volynets said in a statement. RUSAL shares, listed in Hong Kong, were down 1.55 percent to HK$4.45 ($0.57) by 0739 GMT on Wednesday, compared with its IPO price of HK$10.80 in 2010. Its market capitalisation, according to Reuters data,...
The U.S. Environmental Protection Agency announced today that it had reached an agreement on plans for preventing releases of cyanide into the soil and groundwater at a waste pile at Century Aluminum's aluminum smelting site in Jackson County. EPA said it had signed the agreement with TRC Companies Inc., TRC Environmental Corp., and Ravenswood Holdings Company LLC outlining work to be done at the 2.7-acre TRC Spent Cathode Storage Pile. The pile is an encapsulated deposit of aluminum smelting wastes that is complete surrounded by the Century's active aluminum smelting facility, according to EPA. It consists of about 50,000 cubic yards of waste material, is surrounded by two other parcels, and is enclosed by a chain-link fence. Aluminum smelting waste, contained in a spent potliner pile,...
Chinese state-owned aluminum firm Chalco saw strong trading in Hong Kong on Wednesday on the back of news that the Chinese government has begun to purchase material assets. While some Chinese equities like Baidu ( BIDU , quote ) have outperformed the general market over the past few years, long-term investors in Chalco have seen less impressive returns. Pressured by lower aluminum prices and a secular change in Chinese aluminum demand, Chalco shares have lost more than 80% of their value over the past five years. Although returns in the equity have been disappointing over the past few years, signs of a potential bottom are starting to manifest themselves. As a result of a combination of factors, the Chinese government appears to be buying large quantities of aluminum. Chinese concerns...
With aluminium prices on the London Metal Exchange (LME) hitting closer to $1,900 (Rs 1 lakh) per tonne in the last quarter, nearly 30 per cent of global capacities are making cash losses. Yet India, led by Hindalco Industries Ltd, will add capacities next year. Indian aluminium companies have an upper hand compared to its global peers solely because they have captive raw materials such as bauxite and coal. Hindalco’s 1.5-million-tonne (mt) Utkal alumina refinery project in Odisha and 359-kilo-tonne (kt) Mahan aluminium smelter in Madhya Pradesh will begin commissioning by March-April. The company’s 1.5-mt Aditya alumina refinery and 359-kt smelter project in Odisha will be up and running by mid-2013. State-owned National Aluminium Co Ltd (Nalco), too, is in the process of setting up a...
Market was absorbing positive news on the State Reserve Bureau (SRB)’s purchase of aluminum ingot, which has been postponed to Thursday. LME aluminum jumped to a high of USD 2,007/mt during the European session. However, the industrial output in the euro zone slid steeply in September from August, the biggest decline since 2009. Greece’s 3Q GDP also shrank considerably. The US retail sales for October fell for the first time since the second half of 2012. Weak European and US economy rekindled market worries, forcing LME aluminum to trim gains. Finally, LME aluminum closed USD 10.5/mt or 0.53% lower at USD 1,968/mt. Latest LME aluminum inventories decreased by 6,525 mt to 5,095,100 mt. Market is eyeing how much the SRB is willing to pay for the aluminum ingot. If the bid price is higher...
As the launch of the Arab International Aluminium Conference (ARABAL) hosted by QATALUM in Doha from 20 to 22 November draws closer, the Conference Preparatory Committee has announced that the Conference will be attended by over 500 participants and 40 exhibitors. ARABAL 2012 will attract over 120 regional and global companies operating in the aluminium industry or aluminium related products from more than 50 countries around the world. The Conference Preparatory Committee reports that all preparations and arrangements have been accomplished as per the set preparation plans and the Sub-committees for the participants, exhibitors, speakers and official guests have been formed. These committees will work around the clock before and during the event to ensure efficient workflow and provide...
Dubai Aluminium, DUBAL, the state-owned corporation that is home to the world’s largest single-site aluminium smelter using pre-bake anode technology, honoured a group of 19 employees, each of whom joined the company in 1987, at a formal dinner held at Armani Hotel Ballroom, Burj Khalifa, on 13 November 2012. The celebrants received certificates and gifts from DUBAL in appreciation of their dedicated 25 years’ service to the company. This year’s ceremony was the ninth of its kind, having been instituted in 2004 coincident with the 25th anniversary of DUBAL’s commissioning in 1979. To date, a total of 435 employees have achieved their quarter century service milestone; while more than 150 employees have celebrated 30 years’ service at DUBAL. Paying tribute to the entire group during the...
Aluminium Bahrain B.S.C. (Alba)'s sponsorship of Invest in Bahrain forum which took place at the Bahrain International Exhibition and Convention Centre on Wednesday, November 7, 2012 was a tangible demonstration of the company's recognition of Bahrain's continuing role as a regional magnet for investments and a pioneer in investor friendly policies. The Invest in Bahrain forum was being organised under the patronage of His Royal Highness the Prime Minister, Prince Khalifa bin Salman Al Khalifa. This forum was backed by United Nations Industrial Development Organisation (UNIDO), Ministry of Industry and Commerce, the Central Bank of Bahrain, the Economic Development Board of Bahrain, Tamkeen, the Bahrain Chamber of Commerce & Industry, and the Federation of GCC Chambers. Commenting on...
Aluminium Bahrain B.S.C (Alba)'s commitment to strengthen ties with regional companies and bolster areas of cooperation was given an impetus with the recent visit to the Alba plant by a delegation from Saudi Iron and Steel Company (Hadeed), a wholly owned subsidiary of Saudi Basic Industries Limited (Sabic). Alba's Chief Executive, Tim Murray welcomed the delegation led by the Chairman of Hadeed and Alba's Board member Abdulaziz Sulaiman Al-Humaid as well as the President of Hadeed, Hasan Al-Gannam. The Hadeed delegation gave a presentation on steps taken by both Hadeed and Sabic in promoting safety standards across the organisation, in inculcating safe behaviour amongst employees, and in ensuring safety targets are consistently achieved. Also present were Chief Operations Officer, Isa Al...
The Supreme Commercial Court's presidium has upheld the decision of the All-Russian Scientific Research Institute of Aviation Materials (VIAM) to terminate a license contract under which Alcoa Samara Metallurgical Plant used its patented alloy, the court spokesperson told RAPSI on Tuesday. The presidium has dismissed the company's appeal against the lower instance court's ruling. The Alcoa Samara Metallurgical Plant is a subsidiary of the U.S. Alcoa company. Pursuant to the court materials, VIAM and the Siberian Aluminum holding entered into a license contract in 2001. Under the contract, the institute assigned the company the rights to use a high-tensile alloy based on aluminum used in aircraft building and engineering. Based on the contract, the Samara Metallurgical Plant, which was...
Slightly higher prices on the London Metals exchange are helping the aluminum industry but demand will need to pick up significantly for a lasting recovery to begin. Recent performances from producers like Alumina Limited and Noranda Aluminum Holding Corporation have been encouraging but numerous headwinds remain in place for investors to become optimistic about the direction of the industry. StBulls.com has initiated technical analysis on Alumina Limited and Noranda Aluminum Holding Corporation which serves the Aluminum industry. Higher pricing will also help the industry by alleviating some of the competitive pressure that's built up during its recent downturn. Essentially, soft demand levels forced producers to generate sales by besting competitors' prices. These efforts, while...
Offer prices for aluminum alloy ADC12 in China's domestic market inched down this week as a prolonged period of weak demand continued, local industry sources said Tuesday. Leading producer Sigma Metals kept its offers at Yuan 17,100/mt ($2,719/mt) ex-works Tuesday, unchanged from last Tuesday. Most non-Sigma offers were heard around Yuan 16,100-16,300/mt, slightly lower than Yuan 16,200-16,400/mt the previous week. Platts lowered its weekly China domestic ADC12 assessment to Yuan 16,100-16,300/mt ex-works Tuesday, from Yuan 16,200-16,400/mt last week. A Jiangsu-based producer said his company recently sold some material in the domestic market in the range of Yuan 16,100-16,300/mt ex-works. "Scrap supply in China and overseas remains tight, affected by reduced recycling activity in a weak...
Alcoa employees protesting the closing of an aluminum smelter on the Italian island of Sardinia threw firecrackers Tuesday and battled police officers. The battle at the now-closed Great Serbariu Mine occurred as government officials were preparing to meet to sign an economic development agreement for the Sulcis region in southwestern Sardinia, the Italian news agency ANSA reported. The area has the highest unemployment among young people in Italy. The U.S. aluminum giant shut down its smelter in Portovesme Nov. 1. The company has said all employees will remain on the payroll through the end of December.
On Nov. 12, 2012, the day’s biggest mover on MetalMiner’s aluminum price index was the cash price of primary Indian aluminum, which saw a 3.2 percent increase. On the LME, the aluminum 3-month price fell 0.7 percent to $1,907 per metric ton. The primary aluminum cash price weakened by 0.4 percent on the LME, settling at $1,888 per metric ton. Chinese aluminum closed mixed yesterday. The Chinese aluminum cash price saw a 0.3 percent decline. Chinese aluminum billet finished the day down 0.3 percent as well. The prices of Chinese aluminum scrap and Chinese aluminum bar stayed unchanged.
Rio Tinto Alcan is increasing its contribution to the Saguenay-Lac-Saint-Jean Regional Aluminium Transformation Fund by 275,000 dollars. The Fund aims to stimulate and strengthen competitiveness among regional aluminium transformation companies. The Rio Tinto Alcan contribution now totals $1,275,000. 'In 2010, when FRTA-02 was launched, Rio Tinto Alcan wanted to add a support tool to further support the growth of regional companies, to foster investment in Saguenay-Lac-Saint-Jean, and decrease the financial risk of companies wanting to acquire new aluminium transformation production equipment,' declared Etienne Jacques, Chief Operating Officer at Rio Tinto Alcan Primary Metal North America. Mr. Jacques continued: 'It goes without saying that the objective has been reached, and we are...
Century Aluminum is one of today's notable stocks on the rise, up 2.6% to $7.57. The Dow Jones Industrial Average is now trading 0.5% higher to 12,881 and the S&P is trading 0.9% higher to 1,390. There is potential upside of 42.7% for shares of Century Aluminum based on a current price of $7.57 and an average consensus analyst price target of $10.80. The stock should hit resistance at its 200-day moving average (MA) of $7.94, as well as support at its 50-day MA of $7.26. Century Aluminum Company produces primary aluminum, in both molten and ingot form, through facilities located in the United States. The Company owns and operates a reduction facility in Ravenswood, West Virginia, and owns a partial interest in a reduction facility in Mt. Holly, South Carolina. Century is also the...
The European Commission will discuss aluminum premiums and “difficulties” in getting metal from warehouses monitored by the London Metal Exchange, at a time when consumers pay record fees to obtain metal. “We can confirm that industry, especially aluminum industry, has brought to our attention the difficulties with accessing material from LME warehouses and abnormal high premiums,” Carlo Corazza, a spokesman for the commission’s Enterprise and Industry Directorate General, said in an e-mail in response to questions from Bloomberg. “We are planning to discuss the issue with DG market,” or the Internal Market and Services Directorate General, he said. Premiums added to the price of aluminum for immediate delivery on the LME surged in Europe and the U.S. amid stockpiles at near-record highs....
