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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Russian aluminium giant Rusal posted a third-quarter loss of $118 million on Monday, blaming Europe's economic turmoil and China's slowdown for sinking global demand for the metal. "The growth in the global demand for aluminium moderated in the third quarter of 2012 due to slower economic activity in China and the persistent impact of the financial crisis in Europe, as well as seasonality factors," the company said. The world's largest aluminium producer told the Hong Kong stock exchange the outlook was uncertain but aluminium consumption should improve in the fourth quarter with an uptick in Chinese growth and rising demand from US carmakers. The company said its net loss for the three months to September 30 was $118 million compared with a net profit of $432 million a year earlier....
Investors are expecting more economic stimulus measures from the 18th CPC National Congress opened yesterday, helping ease concerns over the US fiscal cliff and European debt crisis. The US dollar index climbed to 81 during the European session, but LME aluminum was resilient to declines and only dipped to a low of USD 1,910/mt. LME aluminum regained losses seen in the session before finally closing USD 7/mt or 0.36% higher at USD 1,925/mt. Latest LME aluminum inventories increased by 1,900 mt to 5,086,325 mt. Aluminum prices will be mired due to a firm US dollar. LME aluminum should struggle at USD 1,920/mt and move between USD 1,900-1,930/mt on Friday. The SHFE 1301 aluminum contract is expected to open at RMB 15,280/mt on Friday, with prices between RMB 15,260-15,330/mt. Spot discounts...
South Korea has bought 4,000 tonnes of aluminium ingots at premiums of $224-249 per tonne on a cost, freight and insurance (CIF) basis, the state-run Public Procurement Service (PPS) said. PPS, which manages South Korea’s strategic commodities, bought 2,000 tonnes of LME Indian-origin ingots from Glencore International at a $224 premium over the LME cash price for delivery at the port of Busan, PPS said on Wednesday. It also bought 2,000 tonnes of Western-branded ingots from LG International at a $247 premium for delivery at the Incheon port. The previous PPS tenders for aluminium ingots went for premiums of $224 and $249 in October.
India-focused mining conglomerate Vedanta Resources today reported 49 per cent growth in its core profits to USD 2.562 billion for the half year ended September 30, 2012, buoyed by earnings from subsidiary Cairn India. The company had reported USD 1.721 billion core profits or EBITDA (earnings before income, tax, depreciation and amortisation) during the corresponding period of the last fiscal. "Vedanta has delivered a strong financial performance driven by production growth across the portfolio and strong cost performance, especially at the newly acquired oil and gas business which has significantly ramped-up production since acquisition," company's chairman Anil Agarwal was quoted in a company statement. Core profits at USD 1.290 billion from Cairn, which was acquired in December last...
The government has deferred stake sale in state-run aluminium company Nalco after its poor second-quarter performance raised valuation concerns, but it now plans to sell equity in Hindustan Aeronautics. "Nalco disinvestment will happen next quarter (January-March quarter). It is deferred for now. There is need to strengthen the financial performance of the company further," Mines Minister Dinshaw Patel told reporters after a meeting of the empowered group of ministers (EGoM) on Wednesday. Further discussion on Nalco disinvestment would happen again between January 7 and January 15, he said. Last month, the government had to defer the public issue of Rashtriya Ispat Nigam as the steel ministry felt that the issue price suggested by merchant bankers was less than the book value. The finance...
Tajikistan, central Asia's biggest producer of primary aluminium, is likely to cut output to just over 270,000 tonnes this year from 277,584 tonnes in 2011, a source close to Tajikistan Aluminium Co's management said on Thursday. The state-owned aluminium smelter, known as TALCO, reduced output by 0.3 percent year-on-year in January-October to 230,772 tonnes after two consecutive months of growth, said the source, who declined to be named because the output data is not public. In September, TALCO cut its production forecast for the year by 15 percent to 281,000 tonnes due to a smelter overhaul and a brief stoppage of gas supplies from neighbouring Uzbekistan. "The official forecast (for 2012) remains the same, but in fact TALCO is set this year to produce just slightly more than 270,000...
The aluminum industry is in 'tough times' but its outlook is expected to improve next year as global economic recovery picks up, Aluminum Corp. of China Ltd. ACH -1.69% President Xiong Weiping said Thursday. "The aluminum industry should recover [next year] but is going through a difficult period," Mr. Xiong told Dow Jones Newswires on the sidelines of the Communist Party Congress in Beijing, where the next generation of Chinese leaders will be chosen. Hit by sluggish global demand and lower prices, Aluminum Corp. of China, the country's biggest alumina and aluminum producer by output, reported a net loss of 1.08 billion yuan ($173 million) for the three months ended Sept. 30, compared with a net profit of CNY555 million a year earlier. Revenue in the period fell 11% to CNY37.13 billion.
Aluminum consumers are buying metal on a short-term basis rather than for later delivery, according to Sucden Financial Ltd., one of the 12 companies on the floor of the London Metal Exchange. “There is little sign of forward bookings,” said Steve Hardcastle, head of client services for industrial commodities at Sucden. “The negotiations for next year’s contracts are being particularly difficult this year on the basis of premiums.” Short-term buying “is going through at good volumes,” Hardcastle said at a briefing in London today. High premiums that buyers have to pay for aluminum are playing “a huge part” in the aluminum market, eroding consumer margins, he said. The fee added to aluminum for immediate-delivery on the LME was $170 to $185 a ton in Singapore, excluding duty, Hardcastle...
Alcoa’s Portovesme aluminium smelter in Sardinia’s Sulcis region has closed down, one day ahead of schedule. Unions had been in negotiation with Alcoa and the Government to keep the plant operational while a buyer was found and while three companies did express interest, nothing has happened. Further demonstrations by workers against Alcoa’s decision are planned.
President Barack Obama has been re-elected to a second term, causing the US dollar index to plunge. Market focus later shifted to the US “fiscal cliff” for 2013 and Greece austerity vote. Rumor has it that the EU will revise down its economic forecast for next year, dampening sentiment. In response, the US dollar index staged a strong rebound and regained losses seen in the day. LME aluminum pulled back after jumping high. LME aluminum touched a high of USD 1,945.3/mt due to strong resistance at the 20-day moving average. A firm US dollar forced longs to exit the market. Finally, LME aluminum closed USD 10.5/mt or 0.54% lower at USD 1,918/mt. Latest LME aluminum inventories decreased by 6,250 mt to 5,084,425 mt. br> The US dollar index should challenge resistance at 81, so aluminum prices...
The industrial distribution of aluminum manufacturing enterprises has moved to the West. With the application of captive power plant, the real production cost of aluminum ingots was lower than market expectation. Since captive power plants occupied large ratio, production cost was up only 1-1.3%. Shandong Xinfa and Henan Shenhuo have built power-aluminum integration base in the West area, realizing the reduction of electric power cost. Thus, as the current electrolytic aluminium production cost, still remained over 1500 yuan profits for each ton, Aluminum production market with low entry threshold as the perfectly competitive market, certainly will attract more competitors to this market under such high profits. Capacity expansion may to be fiercer in the future, to limited aluminum price...
Asian aluminum premiums have stabilized over the past week as market participants look to next year’s negotiations amid growing expectations of a fall in quarterly premiums. "Japan and (South) Korea are quiet, but we have no spot (material) to offer," a source at a top producer told AMM sister publication Metal Bulletin. "We have started discussions (for the first quarter of 2013) and there is a customer expectation of a fall, but not to the reported levels of $220 to $230 (per tonne)." Asian premiums edged down slightly last week. Metal Bulletin’s Main Japanese Port (MJP) spot premiums held steady at $230 to $250 per tonne, with participants reporting no demand for the light metal. "The demand is weak in Japan, and premiums should go down for next year," a Japanese trader said. "U.S. and...
AMG Aluminum has changed its pricing formula due to record high global aluminum premiums. This new pricing will offer "transparency to customers" and will provide a "clear understanding to the LME price, the LME premium and the product conversion price," AMG Aluminum, which produces aluminum master alloys and grain refiners, said in a letter to customers dated Nov.5. Global premiums have risen, and (in the past) we’ve absorbed those. Now we’re going to show transparency on our offers," AMG sales and marketing director Tim Donnelly told AMM. "We’re just trying to decouple it so our customers can see there’s an LME component, the LME premium component and a conversion cost." For the company’s customers outside of North America, the pricing formula will be comprised of the LME price, plus...
China is expected to soon resume stockpiling of some base metals, including copper and aluminium, buying them from domestic smelters hurt by weak demand, industry sources said on Tuesday. China is the world's top consumer of industrial metals, but its smelters, hit by slowing economic growth, have lobbied the government to revive a state-run scheme to stockpile industrial metals, in hopes the move will prop up prices. The state-run stockpiling scheme was launched soon after the 2008/09 financial crisis, at the prodding of the country's smelters, and led to an increase in metal imports in 2009. When the scheme resumes, the State Reserves Bureau could buy around 400,000 tonnes of primary aluminium ingots and 165,000 tonnes of refined copper cathode, industry sources said. The sources...
Aluminium major Hindalco Industries ' profit after tax is expected to go down by 24 percent year-on-year and 10 percent quarter-on-quarter to Rs 382 crore in the July-September quarter of current financial year. Sales are seen going up by 4.3 percent YoY and 8.8 percent QoQ to Rs 6,490 crore during the same quarter. Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to fall by 14.1 percent YoY to Rs 531 crore in the second quarter of FY13, but that is seen rising 33 percent on QoQ basis. EBITDA margin is expected to be at 8.18 percent in the three months period ended September 2012 as against 9.93 percent in a year ago period and 6.7 percent in the previous quarter. In the April-June quarter of current financial year, dividend income from subsidiaries to the...
Aluminium futures prices rose by 0.29 per cent to Rs 104.60 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 November rose by 30 paise, or 0.29 per cent, to Rs 104.60 per kg, with a business turnover of 764 lots. Similarly, the metal for delivery in December traded Rs 25 paise, or 0.24 per cent, higher at Rs 105.60 per kg, with a business turnover of 20 lots. Marketmen said a firming trend in the entire base metals pack at the London Metal Exchange ahead of China's economic data amid domestic demand, influenced aluminium prices at futures trade.
On Nov. 2, 2012, the day’s biggest mover on MetalMiner’s aluminum price index was the Indian aluminum cash price, which saw a 2.6 percent increase. The India price rise comes after it fell for the two previous days. After a 1.4 percent increase, the cash price of primary aluminum finished the day on the LME at $1,908 per metric ton. On the LME, the aluminum 3-month price gained 1.1 percent to finish at $1,932 per metric ton. Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum improved by 0.1 percent last Friday. Meanwhile, Chinese aluminum scrap held its value last Friday, while Chinese aluminum billet and Chinese aluminum bar held steady also.
The government is planning to raise around Rs 1,400 crore by selling a 12.15% stake in National Aluminum Company Ltd (Nalco) on Friday, as it seeks to urgently revive the stuttering disinvestment programme. Two persons familiar with the process said the government wanted to test the appetite for PSU shares through this stake sale, and if successful, it would be followed by big-ticket divestments of NMDCBSE 0.88 % this year and Oil IndiaBSE 0.56 % early next year. The government is substantially lagging behind its target of raising Rs 30,000 crore from the sale of PSU shares in 2012-13 and has been able to mop up only Rs 125 crore in the current fiscal. Last month, it was forced to call off the divestment of Rashtriya Ispat Nigam Ltd after the steel ministry felt the issue price...
