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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Commercial stocks of primary aluminium in China have doubled this year after consumption slowed while production stayed strong in the world's top consumer and producer of the metal, sources at smelters, analysts and traders said on Friday. Commercial stocks of primary aluminium ingots at warehouses in the four major industrial cities of Hangzhou, Nanhai, Shanghai and Wuxi reached 996,000 tonnes on Thursday, up about 550,000 tonnes from the end of last year, and the highest level since July 2010, said Zhang Chenguang, an analyst at Shanghai-based information provider SMM. They could rise further, he added. The stocks included metal at Shanghai Futures Exchange warehouses. Aluminium stockpiles at warehouses monitored by the exchange stood at 434,363 tonnes last week, the highest since...
CME Group (CME.O) expects to see the first trades in its new aluminium swap futures contract by the end of this year as it taps consumer frustration with having to pay steep surcharges to get metal in the midst of a glut, the exchange's head of metals said. The contract is based on the Platts figure for the premium paid over the London Metal Exchange (LME) cash price to secure aluminium in the U.S. Midwest. "All the feedback that we have shows it is of significant interest and use to the U.S. commercial sector and meets the need for them to manage their risk that no other contract today enables them to," Harriet Hunnable, managing director of metals products at CME, said in an interview. The new product will be financially settled and cleared through the exchange, she added. After losing...
National Aluminium Company (NALCO) has come out with its Q2FY13 results. The comapny's net profit was down at Rs 4.8 crore versus Rs 139 crore, YoY. Its net sales were up at Rs 1586 crore versus Rs 1584 crore, YoY. The profit was lower due to hike in price of input materials. At 09:28 hrs National Aluminium Company (NALCO) was quoting at Rs 47.15, down Rs 2.40, or 4.84%. It has touched a 52-week low of Rs 45.40. It was trading with volumes of 58,519 shares. In the previous trading session, the share closed down 0.30% or Rs 0.15 at Rs 49.55. The company's trailing 12-month (TTM) EPS was at Rs 3.39 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 13.92. The latest book value of the company is Rs 45.46 per share. At current value, the price-to-book value of the company...
Alcoa (NYSE:AA) joined with Brazilian business and government dignitaries, including President Dilma Rousseff, in the inauguration of the 1087-megawatt Estreito hydroelectric power plant in Brazil. The power plant was developed by the Estreito Power Consortium, comprised of Alcoa (25.49%), Tractebel Energia, Vale and Intercement. With the Estreito facility, Alcoa will be 70 percent energy self-sufficient in Brazil. "Our investment in the Estreito power plant is an important part of our strategy for seeking competitiveness for our operations in Brazil, since energy is a fundamental input in the aluminum industry," said Franklin L. Feder, Regional CEO of Alcoa Latin America & Caribbean. "The inauguration of Estreito is ratification of Alcoa's commitment to Brazil and is a practical...
Following a Supreme Court judgment, which revoked the sale of the Aluminium Smelter Company of Nigeria (ALSCON) by the Bureau of Public Enterprises (BPE) to Rusal, a Russian company, the Federal Government said it has commenced the process of handing over the company to BFI Group. In December 2006, Rusal acquired 77.5 per cent of the Federal Government’s shares in ALSCON for $205 million. However, Rusal’s acquisition of ALSCON was mired in controversy, as the Russian firm did not win the bid during financial bid opening process held by the BPE. Rather, the BFI Group, which was the preferred bidder, was side-tracked by former President Olusegun Obasanjo at the time, and Rusal was selected to acquire ALSCON. Displeased by the Federal Government’s decision, BFI went to court to challenge the...
The US durable goods orders for September jumped more than expected by 9.9% on a monthly basis, the biggest growth since 2010, easing bearish sentiment. However, the US dollar index bounced back to 80 after hitting bottom, weakening upward momentum of commodities. LME aluminum was trapped within tight range during the European session, finding strong support at USD 1,930/mt, but met strong resistance at the 5-day moving average. Finally, LME aluminum ended the day down USD 7/mt or 0.36% at USD 1,938/mt,extending loss for five straight trading days. Latest LME aluminum inventories increased by 1,050 mt to 5,058,625 mt. With French banks exposed to economic risks, investors will stay cautious ahead of the release of the US 3Q GDP. LME aluminum should test support at USD 1,915/mt and move...
World primary aluminum output averaged 67,000 mt/day in September, up from 66,900 mt/day in August, but down from 70,800 mt/day in September 2011, according to data released Monday by the International Aluminium Institute. Total production in September (30 days) was 2.009 million mt, down from 2.074 million mt in August (31 days), and down from 2.124 million mt in September 2011 (30 days). In the first nine months of 2012, aluminum production averaged 67,900 mt/day, down from 70,000 mt/day in January-September 2011. Production for the nine-month period totaled 18.610 million mt, down from 19.112 million mt a year earlier. MAY CHINESE OUTPUT DOWN 1.3% MONTH ON MONTH, UP 5.7% YEAR ON YEAR China's primary aluminum production averaged 55,700 mt/day in September, down from 56,400 mt/day in...
In the 1990s, the Columbia Falls Aluminum Company (CFAC) employed more than 500 workers producing aluminum that was sent to customers around the world. Cheap power within the region made this energy-intensive industry a perfect match for the Flathead. Unfortunately, in 1999 a foreign company named Glencore purchased CFAC. At that point, I had worked at the plant for 20 years, as had about half the work force. It quickly became clear that Glencore’s priorities were not Montana priorities. Glencore soon sold the power contract, idled the plant and left workers stranded. The company reopened the plant briefly, but instead of reinvesting in it, CEOs in Switzerland decided to pull the plug and move my job overseas, which is exactly what they did. In October 2009, CFAC locked its doors. When...
The cash price of primary aluminum fell 2.2 percent on Oct. 23, 2012 to $1,932 per metric ton on the LME, making it the day’s biggest mover on our price index. The aluminum 3-month price closed at $1,962 per metric ton, a 1.9 percent drop. Meanwhile, the Indian aluminum cash price weakened by 1.1 percent. Chinese aluminum closed mixed on Tuesday. After two changeless days, the price of Chinese aluminum billet fell 0.3 percent. The cash price of Chinese aluminum showed little movement on Tuesday. The price of Chinese aluminum scrap continues hovering in place for the fifth day in a row. For the fifth consecutive day, the price of Chinese aluminum bar held flat.
Norsk Hydro ASA (NHY), Europe’s third- largest aluminum maker, fell the most in 11 months in Oslo trading on concern weak aluminum prices will continue to weigh on earnings. Shares in the Oslo-based company fell as much as 6.6 percent, the most since November 2011, and were down 4 percent at 25.83 kroner as of 3:26 p.m. in the Norwegian capital. The company today reported a net loss of 277 million kroner ($49 million) in the third quarter, compared with a profit of 997 million kroner a year earlier, citing falling prices. Sales fell to 19 billion kroner from 23.8 billion kroner. “Management are guiding people down for next year’s numbers,” Neil Sampat, an analyst at Nomura International Plc, said by phone from London. “Implicit within consensus estimates for next year is a fairly material...
Japanese trading houses are not buying primary aluminum ingot from the spot market despite supply easing, market sources said Wednesday. Supply on a spot basis was available due to non-Japanese customers reducing order volumes and spot demand in Asia not as strong as previously expected, the sources said. Japanese trader and rolling mill sources said that in the last three weeks they had heard overseas producers inquiring if there was interest in spot 99.7% standard ingot or off-specification metal. Such spot offers were limited in the previous quarter. Aluminum suppliers said they had noticed buying interest drying up in Japan after record high Q4 premium settlements in late September. Tight supplies, triggered by producer output cuts this year, had caused premiums to rise. Fourth...
State-owned Meridian may need to negotiate a short-term discount on perhaps half the electricity it sells to the Tiwai Point aluminium smelter at Bluff if the plant is to remain open, a source says. The smelter, majority owned by Australian miner Rio Tinto, and Meridian, which owns the Manapouri hydro power station supplying the plant, have been in talks about the electricity price. The smelter operation has been hit by a slump in world aluminium prices, a high New Zealand dollar and increased international competition. Rio Tinto was under "intense pressure" to get a solution to keep the plant going, but it was also in the Government's interests to strike a deal, the source said. "My view is that there is a short-term deal to be done [on price]", the source said. Rio Tinto put the smelter...
Norsk Hydro ASA sees another tough year in aluminium markets, and with economic uncertainty and low metals prices any improvement in its results has to come from its own cost-cutting efforts. The Norwegian group swung to a net loss in the seasonally weak third quarter, weighed down by depressed prices for the metal and rising raw material costs, though the deficit was smaller than analysts had on average expected. It still expects demand for the metal, used in construction, autos, planes and drinks cans, to grow 2 percent this year outside China, but economic uncertainties taint the picture and it forecast tough fourth-quarter conditions extending through 2013. Hydro shares fell 4.7 percent to 25.63 crowns by 1012 GMT while the Oslo benchmark index was down 1.1 percent. The stock fell as...
Panel and themed discussions will follow the opening session on the first day of the Arab Aluminium International Conference (Arabal) to be hosted in Doha by Qatalum from November 20 to 22. Dr Ali al-Suwaidi, Qatar Holding technical director and Dr Antonio Tropeano, CEO of FATA Hunter & FATA EPC will take part in a debate that focuses on the prospects of aluminium. During this session, discussions will centre on methods of developing the “converting industries” related to aluminium as countries of the region represent huge productive power and potential, accounting for a significant share of aluminium raw material production. The first day will also see a presentation entitled “Reshaping the world aluminium balance” to be delivered by Oleg Mukhamed shin, deputy CEO of UC Rusal Company,...
Aluminum stockpiles in the main trading regions in China have climbed to the highest level in two years as growth in supply outpaces demand in the world’s largest user, according to two industry surveys. Reserves in Shanghai, Wuxi and Hangzhou, and in Guangdong province gained to about 940,000 metric tons as of Oct. 22, the highest since September 2010, according to Wen Junxiang, head of the research department at Guangzhou KT Commodity Information & Consulting Co. Stockpiles more than doubled this year to about 1 million tons, the largest since July 2010, said Zhang Chenguang, an analyst at data provider SMM Information & Technology Co. The estimates add to signs of a glut in the second-largest economy as new capacity, especially in the west, helps to boost output to the highest ever...
BS reported that foreign exchange gains and group firm Vedanta Aluminium Limited’s lower losses have helped Sterlite Industries Limited post a net profit of INR 1,743 crore in the quarter ended September 30 up 75% from INR 998 crore reported in the corresponding period last year. The boost in net profit was helped by the forex gain of INR 219 crore due to the appreciation of the rupee from INR 56.30 against the dollar as on June 30 to INR 52.70 at the end of the Q2. Improved performance and lower forex losses at Vedanta Aluminium helped Sterlite cap its loss of associate to INR 61 crore compared with INR 243 crore in the Q2 of last year. Net sales rose 9% to INR 11,029 crore. Sterlite said strong production and sales volumes of silver, lead and copper and commercial power sales from...
Iran plans to increase its annual aluminium ingot production capacity up to 910,000 tons by the end of the Fifth Five-Year Economic Development Plan (March 2016), the IRNA News Agency reported. Iranian Deputy Minister of Industry, Mine and Trade Vajihollah Ja'fari said in May that Iran's aluminium output will exceed 400,000 tons by the end of the current Iranian calendar year (starting March 20) and hit 1.5 million tons by the end of the country's 20-year Development Vision Plan which ends before 2025. Aluminum ingot output hit 140,100 tons in Iran during the first five months of the current Iranian calendar year which began on March 20, the IRNA News Agency reported. Some 78,000 tons of aluminium products worth 188 million dollars were also exported in the first six months of the current...
THE TIWAI Pt aluminium smelter has no future. We can deal with its demise in an orderly and economically positive way over the next few years; or chaotically and damagingly later. It shares its fate with scores of other old smelters around the world. They were built 30-40 years ago to exploit very cheap electricity in remote places. But big changes in technology, electricity markets and the aluminium industry in the past decade have destroyed their economic lives. It is yet another example of China quickly dominating an industry and leaving its competitors in the dust. A decade ago China was only a mid-sized player and its technology was a joke. But since 2000, it has increased its smelting capacity six-fold to 18 million tonnes a year, 40 per cent of world output. It plans to add another...
