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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According to the research results that aluminum alloy price was increased slightly in East China, Southern China and southwest, market supply volume increased also, weak consumption limited the growth space. It is learned that newly added output in some large manufacturers in East China was put into market gradually, cast aluminum alloy enterprises in Southern China recovered step by step, supply volume in domestic cast aluminum alloy market continue to expand. With the coming of September and October, downstream casting enterprises’ consumption was not improved obviously. The consumption was better than last month, orders’ increase rate also limited, many enterprises even faced with fund pressure, no intention to stock up. At the 2012 Cast Aluminum Industry China Summit which was ended...
Rochester Aluminum Smelting Canada Ltd. has installed a new furnace with a capacity of 100,000 pounds at its facility in Concord, Ontario as it looks to keep pace with a "very competitive" deox market. Rochester started up the reverberatory sidewell melter Sept. 1, allowing it to idle two 50,000-pound-capacity furnaces at the site, president Jerry Golden told AMM. Golden said the upgrade comes at an important time for the company, as scrap availability is tight and spreads for finished products are marginal. "This came about through our concern to have more efficient melting in a very competitive market," Golden said. "This unit is doing the work of two, and is producing more efficiently with better recoveries." The new furnace maintains the company’s current production rate of around 4...
As the Public Service Commission weighs Century Aluminum's request for a special power rate tied to the price of aluminum, global prices have turned sharply higher. Aluminum prices have surged nearly $400 per ton in recent weeks as European and U.S. central banks have announced plans to stimulate their economies. The most recent was the U.S. Federal Reserve's open-ended commitment announced last week to buy at least $45 billion in mortgage bonds and another $40 billion in long-term U.S. Treasury bonds each month for the foreseeable future. Economists believe the central bank moves will either stimulate economic activity or boost inflation, both of which mean higher prices for commodities. Futures prices on the London Metal Exchange have risen by more than 22 percent since falling below...
Employees of Emirates Aluminium (EMAL) celebrated the latest additions to its Phase II expansion: the arrival of the completed first Potshell and the Superstructure. These are the two main components in the aluminium reduction process and key elements in EMAL's plan to almost double production to 1.3 million tonnes upon completion in 2014. The components were manufactured and delivered by a local UAE supplier. Saeed Fadhel Al Mazrooei, EMAL's President and CEO and Mr Yousuf Bastaki, Vice President - Projects, were joined by employees to witness the latest EMAL milestone on route to become one of the largest smelters in the world. Al Mazrooei commented: "Piece by piece EMAL's Phase II expansion is coming together. Today we are another step closer to our goal of making EMAL a global leader...
Hindalco Industries, an Aditya Birla Group company, has raised Rs 9,896 crore to fund its aluminium project in Odisha. The debt funded through a consortium of 28 banks and financial institutions has a tenor of 12.5 years and interest rate of 11.25 per cent a year. The 13,195-crore Aditya Aluminium smelter project is being funded in a debt-equity ratio of 75:25. The company will set up a 3.59 lakh tonnes a year aluminium smelter along with a 900-MW captive power plant at Lapanga in Odisha. The equity part for the project has already been financed by internal accruals and QIP (qualified institutional placement) issuance of $600 million (about Rs 3,300 crore) made in November 2009. The company is also setting up an alumina refinery with integrated bauxite mines at Koraput in Odisha, which is...
The week’s biggest mover on the weekly Aluminum MMI was the cash price of primary aluminum, which saw a 7.6 percent increase on the LME to $2,074 per metric ton. This week marked the third in a row of rising prices for the metal. Closing out the third week of rising prices, the aluminum 3-month price increased by 7.2 percent on the LME, landing at $2,080 per metric ton. The Indian aluminum cash price rose 5.1 percent this week. Chinese aluminum prices were mixed for the week. Chinese aluminum scrap prices ticked up 0.8 percent. The Chinese aluminum cash price stayed essentially flat, and Chinese aluminum bar traded sideways last week, hovering above $2,200 per metric ton. Korean 3003 coil premium over 1050 sheet remained essentially flat from the previous week, below $4 per kilogram. Also...
More than a dozen employees' union of the National Aluminium Company (Nalco) are planning to organise massive protest rally objecting to the recent decision of the government to dilute 12.15% stake in the state-run enterprise, after their demonstrations in front of various unit offices across Odisha over the weekend. Staff associations of Nalco's smelter unit at Angul, mining unit at Damanjodi and at its Bhubaneswar headquarter are in talks to form an umbrella organization to register their protest. "After we form a Central Coordination Committee of all the employees' association on Tuesday, we will meet the Chief Minister and send a memorandum to the Prime Minister about not to go ahead with the decision of disinvestment. We have decided not make this (disinvestment) happen at any cost,”...
A large Ohio aluminum manufacturer that has benefited from deep electric-rate subsidies says it needs an even better deal to avoid mass layoffs. Ormet Corp., located near Hannibal in eastern Ohio, has benefited from a unique electric-rate subsidy that has reduced its costs by more than $150 million since 2009. It's paid for by all American Electric Power customers. Ormet's CEO said the company is still suffering because of low aluminum prices and because of a series of rate increases by the electric company. And he said that unless it can get a better arrangement with the utility, nearly all of his 1,000 or so workers could lose their jobs. Partly because of high power costs, Tanchuk has idled production at two of the plant's six lines. He's now talking to officials at AEP and in Gov....
LME aluminium has been extremely overbought, and is poised to retrace to $2,148 per tonne. The metal has briefly pierced above a resistance at $2,184, the 338.2 percent Fibonacci projection level of an upward wave 3. Its failure to stand firm above this level indicates a false break. The resistance is near another stronger one at $2,199, the 38.2 percent Fibonacci retracement on the fall from the May 3, 2011, high of $2,803 to Aug. 16 low of $1,827.25. Aluminium may have peaked at $2,199 and a retracement towards the 300 percent projection level at $2,184 could have started. (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...
The Centre's decision to sell 12.15 per cent stakes in National Aluminium Company Limited (NALCO) has caused strong resentment from various quarters. Opposing the decision, chief minister Naveen Patnaik said, "Nalco is doing well. The Navaratna company is making profits. There was no need to disinvest it." Activists of different trade unions and employees also staged demonstrations in front of Nalco's Captive Power Plant and Smelter plant at Angul on Saturday. Satrughana Tarai, the working president of Nalco Aluminium Mazdoor Sangha said, "Nalco has provided Rs 3660 crore as dividend to the central government and it has an equity value of Rs13, 886 crore now. In this situation, the Union government's move to sell its stakes is not justified." Nalco Employees' Central Union (NECU) has...
Brazil’s drive to make electricity less expensive wiped out $6.4 billion in market value for utilities, while making winners of metals and mining companies from Alcoa Inc. (AA) to ArcelorMittal. Electricity is their biggest expense, totaling 40 percent of costs for aluminum producers, according to Rio de Janeiro state industry group Firjan. Alcoa Chief Executive Officer Klaus Kleinfeld qualified Brazilian energy costs as “unbelievably high” in a May 4 speech, after the New York-based aluminum producer said in a March statement it was considering cutting output in the country. President Dilma Rousseff is forcing utilities in Brazil, where companies pay more than double U.S. and Chinese electricity prices, to cut rates by as much as 28 percent in a bid to stoke economic growth and make...
MCX Aluminium futures, traded on the MCX (Multi Commodity Exchange of India), have been on a long-term uptrend ever since bottoming out at February 2009 low around Rs 62. It closed at Rs 116.95 per kg on Friday. However, after marking a peak at Rs 124 in May 2011, the commodity reversed its direction and started to decline. Since then, it was on an intermediate-term downtrend until it found support around Rs 100 in August this year. This support at Rs 100 coincides with 38.2 per cent Fibonacci retracement level of its prior uptrend. Triggered by positive divergence in daily indicators, the commodity resumed its long-term uptrend that has been in place since February 2009. On September 3, it emphatically broke through its key resistance at Rs 105 by jumping 3.5 per cent. Thereafter, its...
The cash-strapped Tiwai Point aluminium smelter is continuing with plans to purchase a new transformer, with management saying yesterday the company was committed to securing a viable future. The Southland Times understands a specialist power engineer from the smelter will travel to South Korea in the next two weeks to buy the new multimillion-dollar transformer. NZAS general manager Ryan Cavanagh declined to comment. However, his spokeswoman, community relations officer Andrea Carson, said in a statement: “NZAS is losing money . . . We are working very hard on this front, but we also need to ensure that the plant can maintain reliability and sustainability for the future. This includes replacing the final of our three original 1971 potline transformers.” In February a 165-tonne...
Russian companies UC Rusal, the world’s biggest aluminium producer, and Norilsk Nickel, a global mining and metallurgical company, plan to build smelters in Indonesia, a government minister says. “The commitments were delivered in a meeting between President Susilo Bambang Yudhoyono and CEOs of the two Russian companies on the sidelines of the Asia-Pacific Economic Cooperation summit in Russia last week,” Industry Minister M.S. Hidayat said in Jakarta on Wednesday. He added that Rusal, which controls 10 percent of the world aluminium market, has surveyed parts of Indonesia and is considering investing in a $1.5 billion aluminium smelter next year. “The manager that met ... Yudhoyono was Rusal CEO Oleg Deiripaska. It was said that they will invite a local partner, which could be a...
The US dollar index retreated below 79 for consecutive days due to the introduction of QE3. In response, LME aluminum jumped to a high of USD 2,199/mt during European session, the highest since March, 27. Trading volumes also shot up. Finally, LME aluminum ended the day up USD 74/mt or 3.49% to close at USD 2,192/mt, extending gains for a eleventh trading day. Latest LME aluminum inventories surged 37,650 mt to 5,008,975 mt, which will further curd its upward momentum. Aluminum prices move narrowly as investors are beginning to turn cautious. LME aluminum should test support at USD 2,130/mt and move between USD 2,130-2,190/mt on Monday. SHFE 1212 aluminum contract is expected to gap higher at RMB 16,050/mt on Monday and support at RMB 16,000/mt should be weak due to selling pressure, with...
Financing deals tying up aluminum inventories are still profitable as interest rates remain at historical lows, a status quo that is likely to last for some time, a senior executive at United Co. Rusal said Thursday. "The current positive forward curve, low interest rates and growing premiums create a strong return well above U.S. (Treasury bonds) and other fixed-income assets," Steve Hodgson, director of international sales for the Moscow-based producer, said at AMM sister publication Metal Bulletin’s 27th Aluminium Conference in Moscow. Hodgson noted that a large portion of the material officially held in London Metal Exchange warehouses is in the queue for delivery. "Canceled warrants have been a key feature of the market since early 2012, representing 38 percent of total stocks," he...
United Co. Rusal, a Moscow-based aluminum producer, said Russian demand for the metal may double within seven years as the car and construction industries drive consumption growth. Russia and countries in the Commonwealth of Independent States will consume about 900,000 metric tons of the light metal this year, Sergey Belski, the company’s head of domestic sales, said today in Moscow.
Aluminium futures prices rose by over one per cent to Rs 117.35 per kg today as speculators enlarged positions, supported by a firming trend in base metals in the global markets. At the Multi Commodity Exchange, aluminium for delivery in October rose by Rs 1.30, or 1.12 per cent, to Rs 117.35 per kg, with a business turnover of 277 lots. Similarly, the metal for delivery in September traded Rs 1.10, or 0.95 per cent, higher at Rs 116.50 per kg, with a business turnover of 3,720 lots. Marketmen said a firming trend in the entire base metals pack at the London Metal Exchange (LME) after the US Federal Reserve announced a fresh round of stimulus to revive the world's biggest economy, boosted demand outlook for the metals, influenced aluminium futures prices here. Meanwhile, aluminium prices...
