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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Alcoa Inc., the largest U.S. aluminum producer, cut its forecast for global consumption of the metal by 1 percentage point on slowing Chinese demand, helping to trigger a decline in Asian stocks for a third day. Demand will climb by 6 percent this year, the New York- based company said yesterday in its third-quarter earnings statement. That’s 14 percent less than its July forecast that usage would rise 7 percent. “We do see a slight slowdown in some regions in end markets, and the main driver for this is China,” Chairman and Chief Executive Officer Klaus Kleinfeld said in a conference call with analysts. Chinese demand may pick up at the end of the fourth quarter because of stimulus spending, he said. The forecast cut by Alcoa, typically the first company on the Dow Jones Industrial...
Russian aluminium group RUSAL has won a legal claim against Norilsk Nickel , the world's top nickel and palladium producer, which it partly owns, signalling that long-running tensions with its other owner may escalate. The dispute relates to the 2011 buyback of 7.7 percent of Norilsk's shares by Norilsk Nickel Investments Ltd, a Cyprus-based company. RUSAL claims the money spent on buying back those shares could have been better deployed to help the company's development. A court in the Krasnoyarsk region of Siberia ruled in favour of RUSAL's claim and declared a decision to carry out the buyback, approved last year by Norilsk's board, invalid, RUSAL said in a statement. Norilsk said in separate statement that it planned to appeal against the verdict, which it said would not have "any...
LME aluminium is expected to fall more to $2,004 per tonne, as it has broken below a support at $2,056. The support sits on the 61.8 percent Fibonacci projection level of a downward wave C, which is unfolding towards its 100 percent projection level at $2,004. The lower channel line of a falling channel points to the same target. A sudden surge above the former support of $2,056, now a resistance, would make the signals neutral. 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.
A study by Wisconsin, USA-based Christensen Associates Energy Consulting questions the sense behind possible power concessions from Big Rivers Electric Corporation for Rio Tinto Alcan's and Century's Sebree and Hawesville aluminium smelters in the USA. According to the study, "A reasonable person might wonder...whether the $80 million per year that the smelters seek for the purpose of retaining 1,375 jobs might be better spent on retraining the smelters' displaced workers, who are already skilled." The study questions the long-term viability of the North American smelter industry in the light of long-term cost pressures affecting the country's coal and electricity industries. Short-term support only becomes viable if there is prosperity in the long-term, but if such support merely...
Alcoa of the US is to pay $85m to settle a long-running lawsuit brought by Bahrain’s state-controlled aluminium company over alleged corruption, in a case that could trigger other foreign businesses to launch similar actions against US multinationals. The deal – which Aluminium Bahrain said was worth almost $450m once discounts on future contracts with Alcoa were factored in – is thought to be the first over a claim of alleged bribery brought by an overseas business to the US courts. Lawyers say the returns achieved by Aluminium Bahrain are likely to make US litigation more attractive to other companies that claim they are victims of corruption involving US multinationals abroad. Alcoa said it would pay the $85m in two instalments to settle fraud and racketeering allegations made by...
The International Monetary Fund (IMF) further revised down its forecast for global economic growth for 2012 and 2013 on October 9. The IMF also warned that global economy will continue to deteriorate unless the euro zone debt crisis and the US fiscal tightening are under control. The EU finance ministers meeting overnight failed to yield any progress, triggering strong market risk aversion and pushing the US dollar index up to 80.In response, LME aluminum retreated below the 30-day moving average to a low of USD 2,044/mt, falling most sharply among base metals and hitting a near one-month low. LME aluminum failed to narrow losses at the tail of trading. Finally, LME aluminum ended the day down USD 29/mt or 1.40% at USD 2,049/mt. Latest LME aluminum inventories increased by 9, 650 mt to...
LME aluminium still targets $2,056 per tonne, as it's still riding on a downward wave C. This wave is a part of a downtrend that started at the Sept. 14 high of $2,199. It started at $2,140 and is capable of travelling to $2,004, the 100 percent projection level, which is also pointed by the lower channel line of a falling channel. A more proper target is $2,056, the 61.8 percent level. The rebound from the Monday low of $2,071 may be capped at $2,100.
Alcoa Inc. (AA), the aluminum producer dragged down by the metal’s price decline, stands to unlock 63 percent in added value for shareholders by splitting itself up. Alcoa, the 124-year-old seller of metals for use in beer cans and airplanes that plans to release third-quarter results after the U.S. market closes today, slumped about 50 percent in the past 18 months as aluminum prices dropped to an almost three-year low. That left the New York-based company trading at a lower multiple to book value than 94 percent of peers in the aluminum industry, and at a 60 percent discount to its sales, according to data compiled by Bloomberg. Aluminum billets cut to various lengths move along the production line at the Alcoa Inc. Mt. Holly plant in Goose Creek, South Carolina. Photographer: Stephen...
On 25 September, Emirates Aluminium (EMAL) signed a contract for the provision of aluminium fluoride (AlF3) with the Italian-based company Fluorsid. The contract extends the existing relationship between the two companies and ensures the future supply of a crucial element in the aluminium making process to EMAL. The contract - worth US$93m over three years – will have Fluorsid supply AlF3 to the flagship industrial project between 2013 and 2016. EMAL’s potline will consist of 1,200 pots after completion of Phase II, with each pot consuming roughly18kg of AlF3 per tonne of aluminium produced. The signing was held at EMAL’s premises at Al Taweelah where the Italian Ambassador to the UAE, H.E. Giorgio Starace, was on hand to witness the signing by EMAL President and CEO, Saeed Fadhel Al...
The aluminum cash price saw a 0.9 percent increase on Oct. 5, 2012, reaching $2,087 per metric ton on the LME and making it the biggest mover for the day on MetalMiner’s aluminum price index. Also on the LME, the 3-month price of aluminum rose 0.9 percent to $2,115 per metric ton. On the flip side, the Indian aluminum cash price saw a 0.7 percent decline. In the wake of China’s National Day holiday, all Chinese aluminum prices tracked by the MetalMiner IndX?, including billet, bar and scrap, closed flat for the day.
Copper, enjoying much superiority over any other metal in electrical and thermal conductivity and also ductility, is today about four times as expensive as aluminium. But with China showing evidence of slowing growth for a seventh straight quarter, the three-month forward prices on the London Metal Exchange (LME) for both red and white metals have come under some pressure. Not surprising since China accounts for 40 per cent use of the two. At the same time, copper climbed seven per cent in the third quarter, thanks to the economy-boosting initiatives by the US Federal Reserve and the European Central Bank, and China sanctioning some major infrastructure projects to cost $158 billion. Aluminium, too, has gained ground to be trading close to $2,100 a tonne for identical reasons. An LME...
Tajikistan's state-owned aluminium smelter, the largest in Central Asia, raised production by 0.2 percent year-on-year in the first nine months of 2012, a source close to the management said on Tuesday. Tajikistan Aluminium Company, or TALCO, produced 210,672 tonnes in the January-September period, said the source, who declined to be named because the production data is not public. TALCO has been ramping up production this year after a modernisation programme completed at the end of 2011, which has resulted in lower year-on-year output figures for most of 2012. A 15-day stoppage of Uzbek gas supplies also hit output in April. The company last month cut its 2012 output forecast by 15 percent. It now expects to produce 281,000 tonnes of aluminium this year, down from a previous forecast of...
Analysis by Climate Spectator reveals that energy intensive industries will end up saving money on their electricity bills as a direct result of the renewable energy target. This is due to a combination of large exemptions from the cost of the RET for these industries, combined with the effect of additional renewable energy supply depressing wholesale electricity prices. When the Renewable Energy Target was expanded from its original 9.5 million megawatt-hours to the new target, energy-intensive industries were granted substantial exemptions from the cost associated with the increase in the RET beyond the original target. For industries like aluminium, zinc, steel smelting, oil refining, and paper production the exemption is 90 per cent of the cost. While these industries don’t have to...
Vedanta Aluminium, a unit of London-listed Vedanta Resources, plans to raise $500 million (about Rs 2,600 crore) to repay some of the group's debt as it prepares to buy government's stake in Balco and Hindustan ZincBSE 1.36 %, said two people familiar with the matter. The producer of metallurgical grade alumina and other aluminium products, which has come under pressure in recent months because of scarcity of bauxite, the main source of aluminium, has held preliminary talks with banks about the planned fund raising, said the person who did not want to be identified. It is yet to mandate any bank for it. "VAL is planning to raise up to $500 million from banks to repay some debt in the group,'' said the banker familiar with the development. "The group is going through restructuring. This is...
LME aluminium would fall to $2,063 per tonne, as a rebound from this level has ended at Tuesday's high of $2,140. The rebound has been driven by three waves labelled a, b and c, with wave c having peaked slightly below a resistance at $2,147, the 61.8 percent Fibonacci retracement on the fall from $2,199 to $2,063. The fall on Tuesday has confirmed the completion of wave(b). The metal is riding on a downward wave(c), which will eventually travel below the trough of wave(a) at $2,063. 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.
Cannock-based Norton Aluminium has been bought out of administration, saving the jobs of the 65-strong workforce. Andrew Haslam, Gerald Krasner and Gary Lee of Begbies Traynor were appointed as joint administrators of NAL Realisations (Staffordshire) Ltd, which traded as Norton Aluminium, on 18 September 2012. The manufacturer of high-grade aluminium foundry alloys serves the automotive and aerospace industries. Joint administrator Andrew Haslam said: "Unfortunately, the business had been targeted by a firm of 'no-win-no-fee' solicitors representing local residents in respect of a claim of nuisance caused. "The company subsequently lost the court case resulting in a significant claim being made against it and placing it in an untenable position." The directors sought advice from Begbies...
One of the world's largest producers of aluminum will be able to submit a new request for certification so that it can operate four dams along the Yadkin River. Alcoa Inc. originally received its certification in May 2008 for the Yadkin Hydroelectric Project, but the state revoked it in 2010 after it said the company misled state officials when it failed to disclose details on the project's ability to meet the state's water quality standards. Last month, Alcoa Inc., filed a motion for an administrative law judge in Winston-Salem to dismiss without prejudice its appeal concerning water quality certification. The dismissal opens the gate for the company to file for new certification to obtain a 50-year license for the project. The dams, along the Yadkin River, which generated nearly $8...
With a 1.4 percent increase over the past day, the 3-month price of aluminum was the biggest mover on the LME, closing at $2,126 per metric ton on Oct. 1, 2012. After a 1.3 percent increase, the primary aluminum cash price finished the day on the LME at $2,094 per metric ton. Weakening prices followed two days of improvement as the Indian aluminum cash price dropped 1.1 percent. Meanwhile, Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap continues hovering in place for the fifth day in a row. The price of Chinese aluminum billet held flat, aluminum bar held steady and the cash price of Chinese aluminum remained essentially steady.
