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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One of Australia's leading economists says the nation's aluminium industry faces a tough fight for survival, but all hope is not lost. Westpac chief economist Bill Evans stole the show at the Golding Industry Conference yesterday with a fascinating look at the global economy and what the future held for Australia's resources sector. Mr Evans predicted the value of the Australian dollar would remain above US$1, which is the last thing aluminium producers wanted to hear. "Then I guess people (in the aluminium industry) will have to do their sums on the assumption of the Aussie dollar staying up," he said. "I would not want to have a long-term investment in an industry that required the Aussie dollar to average 80 US cents in the next three or four years." The aluminium industry is...
Where copper and iron ore have been driven by a surge in Chinese demand, aluminum has been driven by a surge in Chinese production. A surge that many expected would be short-lived due to China’s relatively high power costs, but in practice has continued to grow. In 2000 China produced 2.8 million tons; last year it produced 17.8 million tons with a capacity of well over 20 million tons. In the first eight months of this year, its output was 10.2 percent higher than in the same period a year earlier, according to the IAI figures in the FT; in the rest of the world, output was 2.1 percent lower. Not only is China moving production westwards in search of lower-cost electricity, but it is also moving up the technology ladder, according to the FT. Chinese smelters can now run electricity...
China import premiums for Good Western aluminum edged down to $220-230/mt CIF plus LME cash this week, from $230-240/mt at end-September, as the Chinese market returned from its week-long National Day holidays. Market participants said sellers' ideas remained unchanged over the same period at $240-250/mt, but buyers' interest had dropped below $200/mt from $220-230/mt at the end of September. "London Metal Exchange aluminum prices have been higher recently while Chinese prices stayed low, so there's no interest to import," a China-based trader said. "Demand has also slowed now as Japanese automakers have cut output in their plants in China," he added. Another China-based trader agreed, adding that all Chinese buyers were looking at below $200/mt currently. "The gap is too wide ... sellers...
The International Monetary Fund's ( IMF) gloomy outlook for the world economy weighed in Gulf stock exchanges Wednesday, but the sluggish sentiment could not prevent Aluminum Bahrain from celebrating its legal success against U.S. counterpart Alcoa. The oil price-sensitive markets in Kuwait and Abu Dhabi closed the day unchanged amid lackluster trading. Investors preferred staying on the sidelines after the IMF said Tuesday that the global economy is faced with a new recession which can only be avoided if policymakers take swift actions to fight the euro zone debt crisis and by coordinating economic stimuli packages. Oil prices lost slightly Wednesday as uncertainty spread among global markets. The Saudi Arabian stock market Tadawul All-Share Index ended a three-day losing streak by...
Canadian stocks fell to the lowest level in almost five weeks after Alcoa Inc. cut its aluminum outlook on weakening demand in China, the world’s biggest commodities consumer. Niko Resources Ltd., an oil and gas explorer, slumped 8.5 percent. Enbridge Inc. (ENB) retreated 1 percent. AuRico Gold Inc. (AUQ) surged 21 percent after selling mining properties in Mexico to billionaire Carlos Slim’s Minera Frisco SAB. Centerra Gold Inc. (CG) jumped 5.1 percent after analysts at Canaccord Genuity raised the stock’s rating. The Standard & Poor’s/TSX Composite Index (SPTSX) retreated 61.15 points, or 0.5 percent, to 12,212.42 in Toronto, its lowest level since Sept. 6. The benchmark equity gauge is up 2.2 percent this year. Energy and bank shares contributed the most to losses in the S&P/TSX as...
As a concerned corporate citizen, Dubai Aluminium (DUBAL), the state-owned enterprise that owns and operates the world’s largest primary aluminium smelter using pre-bake anode technology, invests continually in initiatives to educate employees and empower them to take care of their occupational health and safety. Every year, for example, DUBAL hosts an annual summer programme that aims to reduce the number of lost working days due to heat rash and heat stress cases within the company’s workforce; while simultaneously reducing the total number of recordable injuries over the same timeframe. Introduced in 2006 as “Beat the Heat”, the core element of the programme is information sharing through awareness sessions, posters, banners and emails – the focus being on preventative activities such...
LME aluminium would rebound to $2,030 per tonne, as it has come to a support at $2,004. The support is provided by the 100 percent Fibonacci projection level of a downward wave C. The completion of a five-wave cycle around this level also significantly increases the chance of a rebound to $2,030, the 38.2 percent Fibonacci retracement on the fall from $2089 to $1,993. A dip to $1,970 will signal the extension of the wave C towards $1,952, its 138.2 percent projection level. 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.
Aluminium maker Alcoa Inc. kicked off the U.S. third quarter earnings season on Tuesday with earnings and revenues that were above analysts’ expectations. The company also said that aluminium demand would double from the current levels going to 2020. "We see the aluminium market as fundamentally strong … but the market has forgotten the fundamentals and sentiment dominates the pricing," said the company's CEO Klaus Kleinfeld on CNBC. The company reported a net loss of $143 million, or 13 cents per share, compared with a profit of $172 million, or 15 cents per share, in the same quarter last year. Excluding cost related to charges for the settlement of a civil lawsuit and environmental remediation of a New York state river, earnings were 3 cents per share, down from 15 cents a share in the...
Century Aluminum has rejected a proposal to help restart its West Virginia smelter after the electricity rate offer from the state fell short of its needs, SeekingAlpha reported. CENX shares are down 2.7% to $7.14 in afternoon trade, and are moving within a 52-week range of $5.52 - $12.30. The utility regulator had proposed allowing a special electricity rate for up to 10 years, but the ruling also would've held the company responsible for making up the difference between that rate and actual power costs. The company says it's reviewing alternatives.
The Indonesian government has formally rejected Japan’s request to continue to operate aluminum producer PT Indonesia Asahan Aluminium (Inalum) after its existing agreement expires in 2013, a senior Indonesian official has said. Industry Minister MS Hidayat said on Tuesday that he and Japan’s vice minister of economy, trade and investment and Susumu Kato, the chairman of the Sumitomo Corporation, held an unplanned meeting on the sidelines of the Japan-Indonesia Joint Economic Forum on Tuesday to discuss Inalum’s future. “The Japanese wanted to continue the cooperation agreement, even with a minority stake. However, the government has decided to end the cooperation and assume 100 percent ownership of Inalum,” Hidayat said. According to provisions of the government’s master agreement on...
Rio Tinto (RIO.L) is pushing ahead with plans to sell a century-old aluminium plant in the Alps of southeast France as the global mining group continues its retreat from a struggling aluminium sector. The group's Rio Tinto Alcan division that operates the Saint-Jean-de-Maurienne plant told Reuters the upcoming renewal of a 30-year-old electricity supply contract with EDF (EDF.PA) swung the balance in favour of selling a site that was among its less profitable. The plant, which went into production in 1907 in the early years of the aluminium industry, had 431 workers at the end of last year, making it in the leading employer in the local area. The group expects to end "in a week or two" a first stage of preliminary offers before entering talks with interested parties about possible firm...
Aluminium fell to its lowest in more than a month on Wednesday, as concerns about continued demand weakness offset fresh hopes for pro-growth policies from top metals consumer China. Aluminium fell more than other metals under the weight of comments late on Tuesday by producer Alcoa Inc which reported a third-quarter net loss and slashed its aluminium demand forecast. Base metals prices have suffered this year due to lower-than-expected demand from top consumer China, which has seen a significant slow down in economic growth. Benchmark copper on the London Metal Exchange (LME) closed at $8,165 a tonne from a close of $8,145 on Tuesday. Earlier, the metal used in power and construction hit $8,110.50, its lowest since September 26. A local paper said China was likely to offer incentives to...
Growing risks of the euro zone debt crisis and sluggish consumption against oversupply of spot aluminum ingot drove LME aluminum prices down. LME aluminum dipped to a low of USD 2,002.3/mt during the European session, falling most sharply among base metals. LME aluminum failed to rebound due to massive short selling. Finally, LME aluminum ended the day down USD 42/mt or 2.05% at USD 2,007/mt, extending losses for four trading days in a row. Latest LME aluminum inventories decreased by 8,225 mt to 5,025,775 mt. Spain has had its credit rating downgraded two notches from A to BBB+ by the credit rating agency Standard & Poor's, further aggravating the euro zone debt crisis, signaling more sell-off in aluminum market. LME aluminum should retreat below USD 2,000/mt on Thursday and test support...
After many months of negotiations, Alcoa has announced a new 10-year electric power supply deal with the Bonneville Power Administration that should help maintain 625 jobs at the Alcoa Intalco Works smelter west of Ferndale. Before the new power deal is final, it must undergo a public comment process. In a press release, the company said it expects the deal to be finalized in early December. The proposed agreement would provide up to 300 average megawatts through September 2022, BPA spokesman Doug Johnson said. He also noted that 300 megawatts is enough electricity to serve more than 200,000 Northwest homes. BPA will take public comment on the proposed power sales through Nov. 7 as part of the process of making the deal official. BPA's current power sales contract with Alcoa was set to...
Aluminum Corp. of China may cut the size of a Hong Kong initial public offering of its Peruvian copper mining unit by more than half to about $400 million, two people with knowledge of the matter said. Chinalco Mining Corp., a unit of China’s biggest aluminum producer, must submit new financial information to Hong Kong’s stock exchange and may start the IPO in the next three months, said the people, who asked not to be identified because the information is private. The company’s struggle to complete the sale underscores weak demand for new stock in Hong Kong, which is on track for its worst IPO fundraising year since 2003. Chinalco Mining had previously planned to raise $800 million to $1 billion, the people said. “The overall sentiment for resources stocks is weak,” Helen Lau, a...
Century Aluminum on Tuesday rejected a proposal meant to aid the restart of its West Virginia smelter. The California-based metals producer announced that the electricity rate offer from the state Public Service Commission falls short. The utility regulator proposed allowing a special electricity rate for Century's Ravenswood plant for up to 10 years. But the commission's ruling, issued last week, also kept Century ultimately responsible for making up the difference between that rate and actual power costs. Century said it's looking at other ways to restart the plant, and is also asking the commission to reconsider its decision. "The order includes several positive elements but, as it stands, is not sufficient for a smelter restart at this time," Century said in a statement. "As...
Emirates Aluminium, a joint venture of Abu Dhabi's Mubadala MUDEV.UL and Dubai Aluminium, has mandated three banks for a bond issue of up to $1 billion, two banking sources familiar with the matter said on Tuesday. In a separate statement on Tuesday, an Emal spokesman denied the company had named banks for the bond issue. "EMAL and its shareholders, Dubai Aluminium and Mubadala, have not selected nor mandated any banks for any potential bond," the spokesman said in a text message but declined to be identified. Emal has picked Goldman Sachs (G.N), Citigroup (C.N) and local lender Abu Dhabi Commercial Bank ADCB.AD for the potential bond, the sources told Reuters earlier in the day. The bond is expected to be a part of a $4 billion financing package for a smelter expansion.
In a bid to ensure transparency in corporate governance, National Aluminium Company Limited (NALCO) has adopted the Integrity Pact Programme, company sources said today. Integrity pact would be used in respect of procurement transactions and contracts to make the whole system more transparent. This was in compliance with the guidelines of Department of Public Enterprises in consultation with Ministry of Mines, the sources said.
