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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Mongolia-focused coal miner SouthGobi Resources on Monday said its CFO Matthew O'Kane had resigned, two months after it fired its CEO following Aluminium Corp of China (Chalco) dropping a $926-million bid and the company’s stock taking a beating since its mining licences were suspended in April. The company said O'Kane’s resignation was effective from Monday, and came short on the heels of CEO Alexander Molyneux quitting in September, after the Mineral Resources Authority of Mongolia (MRAM) had requested SouthGobi suspend exploration and mining activity on certain licences owned by SouthGobi Sands, a fully owned division of SouthGobi. The MRAM’s request was in connection with the Mongolian government’s review of the proposed $926-million takeover bid by Chalco for up to 60% of SouthGobi....
Aluminium Bahrain (Alba) has reported third-quarter losses on increased natural gas prices and falling metal prices. Net losses stood at US$35 million (Dh128.5m), compared with a net profit of $214m a year earlier. Prices for the metal declined by 24 per cent to $1,922 per tonne in the quarter, said Alba. Even as consumption worldwide increased by 3.9 per cent in this period, it added, production declined by 2.4 per cent. "Despite the low LME [London Metal Exchange] levels, Alba was able to still generate free cash flow while the majority of the world's smelters are operating cash negative," said Tim Murray, the company's chief executive. Alba is suffering from a lack of domestic gas production in Bahrain, which forces the kingdom to rely on more expensive gas from elsewhere. Natural gas...
Aluminum Corp of China Ltd (Chalco) is still open to buying into Mongolia's Oyu Tolgoi copper project from Turquoise Hill Resources Ltd (formerly known as Ivanhoe Mines), just two months after it backed out from the deal due to opposition from the Mongolian government. "If Rio Tinto and its shareholders think Chalco has added-value for them, Chalco is still willing to be involved in the project. It's a mutual choice. We keep the option open." Chalco's senior vice president Liu Xiangmin today told Reuters on the sidelines of a mining conference in Tianjin. In April, Chinese state-owned Chalco had offered to buy Mongolia-focused Turquoise Hill's majority stake in SouthGobi Resources for $926 million, in order to diversify into other commodities like coal. (See: Chalco to buy Ivanhoe Mines'...
Primary aluminum output in Guayana, south Venezuela, continues to dwindle. Aluminum makers Venalum and CVG Alcasa comprise 1,301 cells, yet only 387 cells are operative. Both companies are running at 29% of their installed capacity. The current number of operative cells slightly represents two out of seven production lines. The operating problems are due to unsolved shortages of spare parts and raw material. Moreover, nearly 40% of personnel is absent amid poor transportation. In CVG Alcasa, low availability of cranes is accountable for production decline. Henry Arias, the secretary general of the Trade Union of Venezuela's aluminum company CVG Alcasa (Sintralcasa) recently denounced that 15 executives of the industry were given a rise (109%) although there have been no adjustments in the...
Wait-and-see sentiment dominated the market ahead of the final result of the US presidential election. Greece is conducting another round of expenditure cuts to guarantee next batch of bailout fund. Greece is slipping to the verge of default, causing market risk aversion to grow and pushing the US dollar index up. In response, LME aluminum lost support at the 5-day moving average and stagnated near USD 1,910/mt during the European session. LME aluminum had no upward momentum as trading volumes contracted considerably. Finally, LME aluminum closed USD 14.8/mt or 0.77% lower at USD 1,911/mt, the weakest among base metals. Latest LME aluminum inventories were down 5,675 mt to 5,079,375 mt. Aluminum prices will be traded within the negative territory as longs and shorts have exited the market...
LME aluminium is expected to fall to $1,905 per tonne, as a rebound from the Oct. 29 low of 1,887 has completed. The rebound has been driven by three waves labelled as a, b, c, signalling the preceding medium-term downtrend remains unchanged. A Fibonacci retracement on the rise from $1,887 to $1,962.75 reveals several supports at $1,925, $1,916 and $1,905, respectively the 50 percent, the 61.8 percent and the 76.4 percent retracements. The strongest support could be at $1,905, which is close to the trough of the wave b at $1,897, and the other two supports may be easily broken. 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...
India's state-run National Aluminium Co Ltd (NALCO) has raised aluminium prices by 1,500 rupees per tonne across all products in the domestic market, company sources said on Friday. The basic price of standard aluminium ingots after the latest revision increased to 136,700 rupees per tonne. NALCO, which is India's third-largest producer of aluminium, revises prices of its products from time to time to mirror LME prices. It had cut aluminium prices across all products by 5,000 rupees on Oct. 17.
Century Aluminum reported its third quarter earnings on 1st Nov. For the quarter ended Sep. 30 (Q3), Century Aluminum beat expectations on revenues and missed expectations on earnings per share. Compared to the prior-year quarter, revenue dropped and GAAP loss per share expanded. Margins dropped across the board. Century Aluminum tallied revenue of $304.6 million. The seven analysts polled by S&P Capital IQ predicted a top line of $297.7 million on the same basis. GAAP reported sales were 12% lower than the prior-year quarter's $345.6 million. For the quarter, gross margin was 1.1%, 220 basis points worse than the prior-year quarter. Operating margin was -4.4%, 460 basis points worse than the prior-year quarter. Net margin was -3.9%, 200 basis points worse than the prior-year quarter....
The Bahrain Aluminum BSC Company (ALBA) has announced its sales during the 3rd Quarter (3Q) of this year have reached USD 457 million, meanwhile its profits before deduction of interest, taxation, depreciation and bad debts has reached USD 35 million as a result of decreased prices of aluminum in the London Metals' Exchange (LME) and the hike in natural gas prices. According to Bahrain News Agency (BNA), the company issued a statement today in which it revealed that its net income has reached USD 35 million as a result of reduction in prices at the London Metal's Bourse and the hike in price of natural gas and loss in unrealized profits; meanwhile, Alba's free cash-flow has reached USD 37 million impacted by the drop in prices at the London Metals' Exchange and the rise in prices of...
In an attempt to frustrate the Federal Government from handing over the Aluminium Smelter Company (ALSCON) at Ikot Abasi, Akwa Ibom State, to BanCorp Financial Group (BFIG) following the Supreme Court judgment, the current operator of the multi-billion dollar plant, Russia’s Rusal has taken the Nigerian government to court, in England. Rusal said in a statement released Sunday that it had taken the Federal Government of Nigeria to the International Court of Arbitration in London over the mutual breach of agreement. Rusal, in the statement signed by Ms Elena Morenko and Mr. Albert Dyabin, said its position was to resist any attempt by the Federal Government to implement the Supreme Court judgment that was in favour of American firm, BFIG in the bid for the nation’s premier alluminium...
The Arab International Aluminium Conference "Arabal" - hosted by Qatalum in Doha during the period from 20 to 22 November – is scheduled to include discussion sessions and present work papers on a number of key topics on the aluminium industry. The Preparatory Committee of ARABAL 2012 has announced that Day 2 will kick off with discussion sessions on the aluminium industry in China, the Chinese experience and industry-related developments. The sessions will be attended by key analysts in the China Metal Market including Powell Adkins, Director of AZ China Limited, and Chenguang Zhang, and Jacob Wan. The second discussion will include David Katting, director of Power Automotive Forecasting; Kevin Moore, Executive Director and Counsel of General Motors; and Shambhu Prasad, senior export at...
The final reading of the euro zone’s manufacturing PMI was 45.4 in October, pointing to contraction for 15 straight months. The US nonfarm payrolls surged by 171,000 in October, while unemployment rate climbed slightly to 7.9%, briefly lifting commodities. However, forecast-beating nonfarm payrolls mean that the US Federal Reserve will less likely introduce more stimulus measures. In response, the US dollar index broke through the 60-day moving average, causing commodities to trim gains and fall. LME aluminum pulled back after touching high twice during the European session and failed to hold onto the 10-day moving average. Finally, LME aluminum closed USD 19.3/mt or 0.99% lower at USD 1,925.8/mt. Latest LME aluminum inventories were dup13,575 mt 5,085,050 mt. A firm US dollar will weigh...
The winners of the Aluminium Awards 2012 have been announced. The awards, which set out to recognise product innovation, attracted 63 industrial design and engineering entries from 12 different countries covering both consumer and industrial products. In the automotive and transport category the winner was Ophardt R+D for its OP-Shipp Module, which is a ship base designed to accommodate superstructurres that are custom made by boat builders. The hulls offer superior safety and performance and can be purchased off-the-shelf. In the building and construction category, the winner was Mero Italiana for its twin coal domes, which are used for coal storage. The domes are two reticular space structures shaped as geodetical domes. They are 144 metres in diameter and 50 metrres in height and are...
Representatives of the Ministry of Economy and Turkish Tosyali Group met in Podgorica to discuss the KAP aluminium plant and the offer to take over the company. The dominant topic of the talks was the electricity supply, which is known to be the most troubling issue for KAP. The Government requires a new investor to provide a long-term solution for the company’s electricity supply, but also to invest in the processing factory and to make the bauxite mines near Nikšic operational for KAP. The Tosyali Group representatives agreed that KAP’s long-term future depends on the investments into the existing capacities and into a new energy source. These are recognised as expenses that any new investor would need to undergo in the initial phase until a long-term sustainability model is found for...
Spot prices of standard grade aluminum alloy pulled back by a further Eur20/mt ($26/mt) in Europe this week as sluggish demand and good supply weighed on the market. "It's quiet as there are so many holidays across Europe this week," said a Polish aluminum alloy producer. "Prices have come down a bit and it's very inactive. We've hit the November depression," said a German seller, who added that buyers were continuing to buy month to month as they were afraid prices would slip further. A European trader said that with parts of Germany closed October 31 [Day of Reformation] and November 1 [All Saints Day] there had been very few inquiries on the market. Throughout the month of October the Platts physical spot assessment of the key aluminum alloy -- standard grade 226 -- fell by Eur60/mt...
Emirates Aluminium (Emal), the joint venture between Mubadala and Dubal, announced today the successful financial completion of its $5.7 billion Phase I project. Financial completion represents another important milestone for Emal with all Phase I project completion criteria met, said a statement. In July 2012, just two and a half years since it began production, Emal achieved cumulative production of 1.5 million tons of hot metal, the fastest production achieved by a single site smelter in the global aluminium industry to date, it said. Saeed Fadhel Al Mazrooei, president and CEO of EMAL, said: “This is a landmark achievement for Emal and we would like to thank everyone involved for all their hard work and dedication, especially our employees, partners and shareholders. We look forward...
State-owned Dubai Aluminium (Dubal) provided comprehensive operator training to 65 new recruits of Maaden Aluminium Company, a partnership between Saudi Arabia Mining Company and Alcoa Inc, one of the world's largest aluminium companies. The recruits – all Saudis – were trained in batches at Dubal's Jebel Ali site between February and September 2012. With every recruit receiving more than 54 days' training over the period, the project involved a total of 3,555 training days, a Dubal statement said. The trainees were exposed to a combination of classroom and on-the-job practical experience across the potline, carbon (green mill, baking kilns and rodding room) and casthouse areas of the smelter's operations. Some 125 different training modules were used, each based on Dubal's...
Vedanta Resources today said the company plans to increase the capacity of its Balco facility to 7 lakh tonnes per annum from one lakh tonnes per annum soon. "When we took over BALCO it was producing one lakh tonnes per annum of aluminium... We are taking it to 7 lakh tonnes per annum as quickly as possible," Chairman Vedanta Resources Anil Aggarwal told reporters here. The company is willing to pick up 10% stake in any aluminium facility which would process the aluminium produced at Balco. "We can pick up to 10% stake," Aggarwal said. On the Balco open offer, he said, "Government is saying they are going for e-auction, if it is suitable, we would accommodate it." The company is also expanding the capacity of its 1,200 MW power plant, to feed the aluminium unit, to 2000 MW. "State...
