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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Taking one more step ahead in setting up alumina and smelter plant project in joint venture with National Aluminium Company (Nalco), state-run mining major Gujarat Mineral Development Corporation (GMDC) has sought around 1,500 acres of land in Mandvi taluka of Kutch district. Aluminium smelting is the process of extracting aluminium from alumina. "We have demanded 1,500 acres of land from Gujarat government and we are awaiting government's response," said a senior company official. GMDC has 26% equity in this JV and will supply bauxite for the project. "Nalco is currently preparing a project report, which is likely to be completed by March next year," the official added. Both the joint venture partners are likely to ink the final project agreement over the next two to three weeks. "Nalco...
RUSAL, the world's largest aluminum producer, expects to reach a deal with lenders within six months to refinance part of an $11 billion debt burden and will agree new loan conditions by the end of 2012, before its covenant "holiday" expires. RUSAL's head of equity and strategic development, Oleg Mukhamedshin, said the aluminum giant, which has been battered by persistently weak prices for the metal, was already in talks with existing and new lenders. "We can probably generate sufficient cash to meet all our debt obligations next year, but obviously we are in discussions with our current lenders and some potential new lenders to provide a refinancing facility," said Mukhamedshin, the 39-year-old executive who led RUSAL's multi-billion dollar debt renegotiations at the height of the...
The day’s biggest mover on MetalMiner’s aluminum price index was the cash price of primary Indian aluminum, which dropped by 2.8 percent on Sept. 24, 2012. The 3-month price of aluminum on the LME has been on the decline for 7 days and is now at $2,107 per metric ton. The cash price of primary aluminum on the LME has been on the decline for 7 days and is now at $2,093 per metric ton. Chinese aluminum closed mixed yesterday. The cash price of Chinese aluminum declined 0.3 percent, and Chinese aluminum billet prices also fell 0.3 percent on Monday after three straight days with no change. The price of Chinese aluminum scrap remained essentially flat, and for the fifth day in a row, the price of Chinese aluminum bar remained even-keeled as well.
After a long time, Eskom has responded to public pleading for information on its sweetheart deal with BHP Billiton to supply cheap power to the Hillside and Mozal aluminium smelters. A few days ago, Eskom chief financial officer Paul O’Flaherty treated the nation to a lesson in modern arithmetic when he announced that the residual seven to eight years of the BHP Billiton “contract” would result in an accumulated loss to Eskom of R5.5 billion. Based on an ex-generator delivery of 2 000 megawatts (MW), that represents a loss of about 4c a kilowatt-hour (kWh) while Eskom’s present unit cost of production is declared at some 50c/kWh. Why Eskom must pay world prices for its coal is another matter, but one would suggest that Eskom’s calculations are a best-case estimate, with the worst-case...
LME aluminium would rise to $2,315 per tonne over the next three months, as a short-term uptrend from the Aug. 16 low of $1,827.25 has not completed. This trend will partially reverse a preceding downtrend that developed from the May 3, 2011, high of $2,803 to $1,827.25. Two waves labelled a and c will drive the trend up. The wave a has completed around $2,200, the 38.2 percent Fibonacci retracement on the fall from $2,803 to $1,827.25. The wave labelled b will react to the uptrend, and is expected to end around a support at $2,058, the 23.6 percent retracement. This support has been enforced by another one provided by the trendline descending from $2,803. The wave b drop could also be viewed as a pullback to the trendline. The $2,057 level sits on the 38.2 percent retracement of the wave...
On the 24th of September 2012, Emirates Aluminium (EMAL) welcomed His Excellency Dr. Tae Kyun Kwon, South Korean Ambassador to the UAE, and senior representatives of Samsung C&T to the smelter, for an “On-Foundation Ceremony” to celebrate the installation of three new gas turbine units for the flagship industrial project’s Phase II expansion power plant. EMAL President and CEO, Saeed Fadhel Al Mazrooei, highlighted the importance of excellence and shared ambition to over 200 guests attending the milestone occasion, including Dae Sung Hwang, Project Director and Vice President, Samsung C&T, and Executive Vice Presidents Chul Ho Kim and Hee Won Kim. Al Mazrooei said: “This latest installation significantly progresses EMAL’s Phase II expansion plans. The new power plant utilises the latest...
United Company Rusal, the world's largest aluminum producer, plans to expand its long-term partnership with Chinese aluminum corporations, said Oleg Deripaska, CEO of UC Rusal, at the 27th International Aluminum Conference 2012, which was held from Sept 12 to 14 in Moscow. The price of metal is well below the pre-crisis level, while production costs have soared significantly. More than 30 percent of global businesses in the industry are unprofitable at the current aluminum price. "The heavy burden of overcapacity and high stock levels caused by the financial crisis and eurozone debt crisis has exerted huge pressure on the aluminum industry. To remain competitive, the industry should be more focused on its customers, requiring greater collaboration between manufacturers and producers,"...
Regulatory hurdles remain to be the major impediment for the Vedanta group companies. The market has responded to the continuous regulatory overhang across group companies and has brought down the stocks of two main listed entities of the group, Sterlite IndustriesBSE -1.59 % and Sesa Goa. Sterlite is one of the major players in copper smelting with a capacity of 400,000 million tonnes per annum. The company has intended to double its capacity in the last couple of years, but failed due to pollution problems in Tuticorin, where the company has its major operations. The pollution issue has been in the backdrop right since 1990's and has also led to a temporary closure of the plant in 2010. Almost 20% of the total planned investment for doubling up the capacity has been made but the...
State-run caustic soda major Gujarat Alkalies and Chemicals Ltd (GACL) has joined hands with National Aluminium Company (Nalco) for setting up 200,000 tonnes per annum (TPA) caustic soda project at Dahej in Gujarat. "The feasibility report for the proposed project is currently on and is likely to be completed by October-November this year. GACL will have majority stake in the project, which will come up at Dahej in Gujarat," said MS Dagur, managing director, Gujarat Alkalies and Chemicals Ltd, which is the largest caustic soda manufacturer in India. Although the investment for the project is yet to be finalised, the company expects the investment would be around Rs 700 crore. According to sources in the company, Nalco would source nearly 100,000 tonnes of caustic soda from the project....
Reuters reported that LME aluminium will test a support at USD 2,120 per tonne with a good chance to break it and fall more to USD 2,071. The correction from the September 14 high of USD 2,199 has not completed. Based on a Fibonacci retracement analysis on the rise from USD 1,864 to USD 2,199 this correction may have depth at USD 2,071, the 38.2% level. Strategically, this target will be confirmed only when aluminium breaks a support at USD 2,120, the 23.6% 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.
Spot aluminum was mainly traded between RMB 15,460-15,470/mt in Shanghai on Tuesday, with discounts between RMB 80-70/mt. Low-iron aluminum was traded between 15,540-15,550/mt. Although the most active SHFE aluminum contract prices rose much slower than other base metals, cargo holders held quotations firm as they believe demand for stock replenishment will grow ahead of the upcoming holidays in China. Dip-buying was reported among downstream producers, improving overall trading.
As the GCC countries are among the world's largest consumers of metal products, such as iron, steel and aluminum, the expected production of aluminum may account for over 15 percent of the global production until 2020, if the planned aluminum projects are carried out by the GCC countries, particularly in Qatar, the UAE and Saudi Arabia. This trend will result in a demand driven shortage that will lead to imports from abroad. This will give the industrial sector additional incentives to expand and to attract more investments in line with local production frameworks, its development and, the requirements of the targeted growth. Frost & Sullivan said in its "Outlook for 2020 Mega Trends for the Aluminum Industry In Middle East..." said the aluminum production in the Middle East is expected...
LME aluminum prices soared in the first half of this month, while SHFE 1212 aluminum contract prices rose much slower. Last week, LME aluminum prices extended losses, down nearly 4%, whereas the most active SHFE aluminum contract proved resilient, down a mere 1%. The most-traded SHFE aluminum contract prices failed to break through RMB 16,000/mt early last week and dipped to a low of RMB 15,685/mt last Thursday. Downward pressure remained. Middlemen’s willingness to purchase deliverable branded aluminum ingot cooled after the SHFE 1210 contract became the current-month contract last week. Hence, downstream consumption became the main driving force. Spot discounts narrowed to RMB 50/mt as last Monday was the last trading day of the 1209 contract, but expanded above RMB 100 after last...
The SHFE 1212 aluminum contract opened lower at RMB 15,725/mt on September 21. The most-traded contract struggled at RMB 15,740/mt in session, resilient to declines but rising slower than other base metals. Trading volumes were merely 76,024 lots due to thin trading activities. Finally, the three-month contract gained RMB 5/mt or 0.03% to close at RMB 15,740/mt. Positions were down 310 lots to 80,920 lots. Most investors took a wait-and-see attitude after exiting market due to sluggish consumption before the National Day holiday. The most active contract is expected to move around RMB 15,700/mt this coming week. Spot aluminum was mainly traded between RMB 15,510-15,530/mt in Shanghai on September, with discounts between RMB 110-90/mt. Low-iron aluminum was traded near 15,600/mt. The most...
A western Kentucky aluminum smelter involved in a rate dispute with a regional utility says it plans to purchase power on the open market. State Rep. Tommy Thompson told the Messenger-Inquirer on Friday that Century Aluminum Co., which employs more than 700 workers in the region, had sent the notice to Big Rivers Electric Corporation. Century gave a 12-month notice to end the contract with Big Rivers Electric Corp. for its Hawesville smelter on Aug. 20. The company said at that point that it wasn't obligated to continue operating the plant but was looking at options to keep it open. Company officials say they can keep the smelter open with the right economic circumstances.
The Arab International Aluminium Conference (ARABAL 2012), which will be held in Doha from the 20th to the 22nd of November 2012, aims to highlight the importance of aluminium related manufacturing industries, and to promote these industries and foreign investments in the region's countries. In this regard, Arabal's organizing committee said that post crisis investment plans focus on all projects that help increase the share of productive sectors in GDP, improve the competitive edge of their products, and cope with the requirements of export markets. They also remarked that recently special attention has been paid by the region's countries to increasing the contribution of the industrial sector in GDP, as the industrial sector is the second most viable sector within the oil and gas rich...
The perception of poor corporate governance in public sector enterprises can be a dampener for the government’s divestment programme. The government is hoping to raise Rs 30,000 crore by share sales in companies such as Steel Authority of India Ltd, Bharat Heavy Electricals Ltd, NMDC Ltd, National Aluminium Co Ltd, Oil India Ltd, Rashtriya Ispat Nigam Ltd and MMTC Ltd. In a new low, the recently released government data showed many state-owned firms are not even keen to self-evaluate their governance standards. As per data released by the Department of Public Enterprises (DPE) on Monday, out of the 249 central public sector undertakings in the country, 109 entities did not provide self-evaluation reports on their corporate governance practices for 2010-11. DPE sets the corporate...
There's a new development in the energy feud between Century Aluminum and Big Rivers Electric. The Hancock County company recently sent a notice to the utility signaling its next move. Big Rivers says it received a notice from Century late last Friday saying that the smelter plans to purchase power on the open market. The company planned to address that decision during its board meeting Friday. Big Rivers says the notice contained a number of requirements that still have to be discussed. They says it suggested the idea of Century buying power from the open market back in May and they originally had some interest in it. Because of that, officials with Big Rivers say they aren't completely surprised that they received the notice. However, they add that they are surprised that it comes after...
