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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The troubled Alcoa aluminium smelter in Portovesme shut down the last of its cells on Thursday, one day ahead of schedule, in the wake of a decision to power down the plant that has pitted workers against the Italian government and the American aluminium giant. ''This is the saddest day,'' said union representatives as they made the announcement. The smelter, which employs hundreds of people in the depressed Sulcis area in southwest Sardinia, is now technically at a standstill. Unions have been in negotiations with the government and Alcoa to try to keep the plant in operation while an alternative buyer is found. In early October the Italian economy ministry said three companies - Klesch industrial group of Switzerland, Italian firm Kite Gen and ''a major Australian company'' - had come...
Century Aluminum announced Nov. 1 a net loss of $12 million for the third quarter of 2012, according to a news release from the company. Financial results were positively impacted by a net benefit of $4.1 million related to certain litigation items, according to the news release. The news release also pointed out changes to the Century of West Virginia retiree medical benefits program increased the company's nine-month results by $18.3 million with an associated discrete tax benefit of $4.2 million. Century president and CEO Michael Bless said in the news release the company filed a response to the Public Service Commission of West Virginia's early October order in the company's electricity rate case. "We continue to believe a pathway should exist to create a power arrangement to enable a...
Between July 2011 and July 2012, aluminum production declined 54.84% in Venezuela, and primary steel production dropped 21.43%, according to figures disclosed by the Central Bank of Venezuela (BCV). In January-July, companies in the aluminum sector have performed poorly, as the lack of raw material and investment, as well as labor conflicts have hindered operations. Aluminum production declined by 33.5% in that period. A similar situation occurred in state-run steelmakers, as steal production dropped 25.19% over the first seven months of 2012, according to BCV figures. The slowdown in steel production has hit the manufacturing of rebars, one of the main supplies of the construction industry. Between January and July 2012, rebars production fell 11.70%. The negative production figures led...
Two of Invercargill's leading political figures are at loggerheads about Government intervention at the Tiwai Point aluminium smelter. Invercargill Mayor Tim Shadbolt has rallied community and industry leaders in a letter and called on the Government to show leadership over the smelter's uncertain future. However, Invercargill MP Eric Roy yesterday blasted Mr Shadbolt, saying his suggestions for Government help could open a Pandora's box. While the Government recognised the smelter had significant issues, intervention was not somewhere it wanted to go and it was not willing to make a special deal for one business. "Does Tim [Shadbolt] want the Government to get involved subsidising everybody in New Zealand, for whatever reason in their industry?" Some Southland business owners had told...
Aluminum Prices Still Sagging Too With a decline of 1.4 percent on the LME to $1,873 per metric ton on Oct. 30, 2012, the aluminum cash price recorded the biggest decline of the day on the price index. On the LME, the 3-month price of aluminum fell 1.2 percent to $1,901 per metric ton. The cash price of primary Indian aluminum, however, rose 1.2 percent on Tuesday. After remaining flat for three days, the price of Chinese aluminum scrap fell 0.8 percent yesterday. Chinese aluminum billet prices saw a 0.7 percent decline. The cash price of Chinese aluminum weakened by 0.5 percent, while for the fifth consecutive day, the price of Chinese aluminum bar held flat.
For the first time since the sale of Aluminium Smelter Company of Nigeria, ALSCON, was marred by controversy, the United States Government has openly declared its interest in the matter, saying it wants the Nigerian Government to hand over the aluminium plant to the American company, BFI Group Divino Corporation, which won the bid to purchase the firm since 2004. The Bureau of Public Enterprises, BPE, indicated last week that it was ready to allow BFI Group to move into the plant after the RUSAL might have named the amount of compensation to be paid to it following a Supreme Court order that the firm should vacate the plant immediately. However, as the government continues to delay the handing over of ALSCON to BFI Group, the American Government has said it wanted the matter sorted out...
LME aluminum hovered above the 5-day moving average after opening at USD 1,920.8/mt during the Asian session. However, LME aluminum retreated from the 5-day moving average to a low of USD 1,904/mt during the European session, down USD 14.8/mt or 0.77%, as higher-than-expected unemployment rate in the euro zone pushed the US dollar index up around 80. LME aluminum stabilized above USD 1,900/mt at the tail of trading as market is eyeing the US nonfarm payrolls due Friday. Trading volumes increased by 4,601 lots to 14,297 lots, while positions decreased by 3,882 lots to 720,949 lots. Latest LME aluminum inventories were down 5,775 mt to 5,077,375 mt. LME aluminum should continue to move narrowly above USD 1,900/mt and test resistance at the 5-day moving average, with prices between USD...
South Korea has bought a combined 4,000 tonnes of aluminium for arrivals by Jan. 15 via tenders on Wednesday, the state-run Public Procurement Service said on its Website. Details of the purchases are as follows: TONNES SUPPLIER PREMIUM(CIF/T) ORIGIN 2,000 LG International Corp $247 Western 2,000 Glencore International AG $222 Non-Western The metals were bought at the above premiums over LME prices, the government procurement agency said.
In October, Emirates Aluminium (Emal) received letters of accreditation to conduct certified Health and Safety training programmes on-site. This was awarded by the internationally recognised National Examination Board in Occupational Safety and Health (NEBOSH) after following a rigorous assessment process. Accreditation was given for two training courses: Health and Safety at Work and International General Certificate for Health and Safety. Emal attained 'excellent training capability' from the independent assessors, which complies with strict international standards. Commenting on this significant milestone, Saeed Fadhel Al Mazrooei, Emal's President and CEO, said, "International recognition of our health and safety training is a fitting reward for the dedication of everyone at Emal to...
On Oct. 29, 2012, the cash price of primary Indian aluminum fell by 1 percent, making it the day’s biggest mover on MetalMiner’s aluminum price index (http://metalminerindx.com/). On the LME, the aluminum 3-month price declined 0.6 percent to $1,925 per metric ton. The cash price of primary aluminum saw a 0.5 percent decline on the LME to $1,899 per metric ton. The price of Chinese aluminum billet moved yesterday. After a few changeless days, prices dropped 0.3 percent. Chinese aluminum cash prices showed little movement on Monday, and Chinese aluminum scrap and Chinese aluminum bar continues hovering in place for the fifth day in a row.
Taking positive cues from the global markets and rising spot market demand, aluminium prices edged up by 0.39 per cent to Rs 102.35 per kg at futures market. At the Multi Commodity Exchange, aluminium for delivery in October gained 40 paise, or 0.39 per cent, to Rs 102.35 per kg, with a business turnover of 204 lots. Similarly, the metal for delivery in November traded higher by 35 paise, or 0.34 per cent, to Rs 104.15 per kg, with a business turnover of 124 lots. Marketmen said the rise in aluminium prices at futures trade was in line with a firming trend in base metals at the London Metal Exchange amid increasing demand from domestic consuming industries.
Aluminium major Hindalco Industries gained 2.8 percent to Rs 114 after the company has secured stage 1 forest clearance for Mahan coal block, which was allocated in 2006. Mahan Coal is a joint venture between Essar Energy and Hindalco Industries. Motilal Oswal feels it is positive for the stock. "Mahan coal block will supply to the 900MW captive power plant for 359ktpa Mahan aluminium smelter. This would turn the smelter from being unviable to viable. However, development of the block will still take 1-2 years and more approvals," Motilal Oswal says. The stock dropped over 7 percent in last one month and more than 16 percent in one year. Market capitalisation of the company currently stands at Rs 21,783.86 crore.
LME aluminium is poised to rebound more to $1,947, following the completion of a five-wave cycle. The cycle developed from the Oct. 2 high of $2,140 and ended at $1,887, and a Fibonacci retracement analysis reveals an immediate target at $1,947, the 23.6 percent level. The rebound may eventually reach $1,984, the 38.2 percent retracement. Aluminium may rise to $1,947 directly or retrace mildly first before climbing towards this level again. 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.
Base metals were firmer in premarket trading on the LME on Tuesday but volumes remain thin while the US East Coast struggles with the impact of Hurricane Sandy. Copper and aluminium recovered from near-two-month lows set in the previous session, with analysts ascribing the recovery to dip buying. "We are still some ways from the summer time lows so there is clearly scope for further price erosion in the short term, but we think selective consumer buying will now provide some support," RBC Capital Markets said. "We still maintain a stimulus/election-led rally is due before year-end." The New York Stock Exchange will remain shut today - its first multi-day closure due to weather since 1888 - with bond markets also set to remain closed. While CME Group's premises in New York City must remain...
Hindalco Industries and Sterlite Industries, two leading players operating in the non-ferrous metal segment are witnessing pressure on margins due to lower aluminium prices on London Metal Exchange and also due to lower profit margins on refining of copper. Hindalco Industries, Aditya Birla group’s flagship metal arm is likely to post subdued results in July-September quarter due to lower treatment and refining charges for copper and also due to lower aluminium prices on the London Metal Exchange (LME). Sanjay Jain, analyst at Motilal Oswal, said, “Hindalco Industries is expected to report decline in its profits and margins in July-September, as aluminium prices were low on LME in the quarter. This affects the landed cost of imports for the white metal in the Indian market. In...
Century Aluminum Company announced today that in light of the anticipated severe weather associated with Hurricane Sandy and the unexpected close of the financial markets early this week, the company has rescheduled its third quarter 2012 earnings announcement to Thursday, November 1, 2012. The news release will be issued through Marketwire. The company will hold a follow-up conference call on Thursday, November 1 at 5:00 p.m. Eastern time. The earnings call will be webcast live on the Century Aluminum Company website, located at www.centuryaluminum.com. Plan to begin the registration process at least 10 minutes before the live call is scheduled to begin. A recording of the webcast will be archived and available for replay approximately two hours following the live call.
The Aluminum Association's membership re-elected four members of the Board of Directors per the work of the Association's Nominating Committee chaired by Tony Farraj, Commercial Vice President for Global Can Sheet at Alcoa. The Association elected Jean Simon, President and Chief Executive Officer, Primary Metals of Rio Tinto Alcan, and Thomas Walpole, President of Novelis North America, to another term ending in 2015. Patrick Taylor, President and Chief Executive Officer, BestTransport, and David Youngblood, President and Chief Executive Officer, Basic Resources, were elected to additional one-year terms as Associate Member representatives on the Board of Directors. Youngblood was also elected to replace Kevin Person, President and Chief Executive Officer of Wagstaff Inc., as chairman of...
The US financial markets were closed on Monday and Tuesday due to the Hurricane Sandy. The pullback of bond yields in Spain and Italy eased market worries. Thin trading sent the US dollar index below 80, helping base metals rebound during the European session. LME aluminum regained USD 1,900/mt and only touched a high of USD 1,923/mt, with strong resistance at the 5-day moving average as investors were cautious towards buying and as trading volumes contracted. Finally, LME aluminum ended the day up USD 13.8/mt or 0.72% at USD 1,918.8/mt. Latest LME aluminum inventories increased by 22,325 mt to 5,083,150 mt. A weaker US dollar will lend support to aluminum prices. LME aluminum should test support at USD 1,900/mt and move between USD 1,890-1,925/mt on Wednesday. The SHFE 1212 aluminum...
