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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Russia's RUSAL, the world's largest aluminium producer, wants Chinese companies to consider investment in Siberia and joining in bauxite exploration overseas, its deputy CEO said on Friday. "RUSAL proposes China consider Siberia as an alternative (to domestic projects)," Oleg Mukhamedshin, head of RUSAL's equity and strategic development, told a Metal Bulletin aluminium conference in Moscow. China, which accounts for 44 percent of global aluminium consumption, needs to invest in new projects to meet increasing demand over the next 5 to 10 years, Mukhamedshin said. Mukhamedshin said Siberia had the benefit of access to hydro energy in Siberia, bauxite resources and aluminium capacity along with proximity to China. Delivery from Russia's Far East ports to Shanghai takes from 4 to 8 days....
On Sept. 12, 2012, the LME aluminum 3-month price experienced the biggest change on MetalMiner’s daily aluminum price index, rising 1.4 percent to $2,065 per metric ton. The primary aluminum cash price on the LME has been on the rise for eight days and is now at $2,056 per metric ton. The Indian aluminum cash price has been on the rise for 11 days, climbing higher above $2 per kilogram. Chinese aluminum prices were mixed for the day. The price of Chinese aluminum scrap gained 0.8 percent. Chinese aluminum billet saw little change in its price yesterday, and the price of Chinese aluminum bar remained essentially flat above $2,200 per metric ton. The cash price of Chinese aluminum saw little change in its price yesterday, holding above $2,400 per metric ton.
The rating on Aluminum Corp. of China Ltd. (Chalco), a China-based aluminum producer, reflects the company's important role and very strong linkage to the government of China. In addition, Chalco has a leading position in the Chinese aluminum market and access to the country's rapidly growing economy. Chalco's exposure to the highly cyclical alumina and aluminum markets and high leverage moderate these strengths. The company is also exposed to overcapacity in the domestic aluminum market. We assess Chalco's stand-alone credit profile at 'bb-', which reflects our view that the company has a "satisfactory" business risk profile and "highly leveraged" financial risk profile, as our criteria define these terms. The rating on Chalco includes a three-notch uplift over the SACP to reflect our...
The London Metal Exchange aluminum cash price to average $1.08 per pound in 2013 and continues increasing, while warehouse stock financing will maintain profitable through 2014, according to Davenport & Co. Davenport analyst Tim Hayes said Wednesday at the ISRI Commodities Roundtable Forum in Chicago that the company expects the LME aluminum cash price average to finish at 93 cents per pound for 2012 before climbing next year. Hayes described the Richmond, Va.-based company’s outlook on aluminum prices as "bullish," forecasting an average cash price of $1.20 in 2014 and $1.27 in 2015. The LME aluminum cash price closed the official session at $2,082 per tonne (94.4 cents per pound) Thursday. The likelihood of low interest rates through 2014 will continue to make LME warehouse stock...
Two of the world’s largest aluminium producers have called for a shake-up of the London Metal Exchange’s warehousing rules, a move that could end a lucrative trading opportunity that has benefited banks and trading houses such as Goldman Sachs and Glencore. The call will put pressure on Hong Kong Exchanges & Clearing, which in July agreed to buy the LME for £1.4bn, to weigh in on the controversial issue when it takes charge of the exchange later this year. Long queues to remove aluminium from LME warehouses have sparked angry confrontations between consumers of metal, such as Coca-Cola and General Motors, and warehouse owners, including Goldman, JPMorgan, Glencore and Trafigura. However, the call from Rusal, the world’s top aluminium producer, and Emirates Aluminium, a large UAE-based...
The main owner of Russia's RUSAL , the world's largest aluminium producer, said an overhang of aluminium should be reduced through production cuts and said stocks should be slashed to get rid of loss-making supplies. Oleg Deripaska, also the aluminium giant's CEO, said he expected global aluminium supply cuts during the next 6-9 months. "During the next 6 to 9 months we will see rationalisation of production programmes volumes of production should be decreased to achieve the balance of supply and demand," Deripaska told a briefing. He did not say how much supply could be cut, adding that the market would decide itself. He also said stocks should fall. While the global aluminium industry is in chronic oversupply, millions of tonnes of the metal are held in warehouses, and much of these...
Falling aluminium prices globally and uncertainty over the commencement of the Utkal coal block remain to be the point of contention for the company and will continue to put pressure on the margins in the coming quarters. Aluminium prices have been falling over last six months on account of global slowdown. According to London Metal Exchange, Aluminium was trading at USD 2080/tonne on Thursday which was 11 per cent down as against the same period last year. Deteriorating macroeconomic situations in Europe and US and falling demands from China, one of the primary consumers of aluminium, will keep pressure on the metal prices. The company is expected to keep its volumes low to tackle further fall in prices. Nalco has received Environment Forest Stage 1 clearance for the Utkal coal bock,...
The Organising Committee of the Arab International Aluminium Conference (ARABAL 2012), which will be held in Doha from 20th to 22nd of November 2012, said that this year’s edition of the conference will include a discussion panel on the aluminium industry in China. The discussion will focus on the factors contributing to the record demand and supply levels reported by China’s various industries – especially in view of the country’s leading position amongst the world’s industrial countries – and will feature a number of Chinese experts. The committee commented that views vary when it comes to global production and growth forecasts, particularly in the major hubs of production. Global compound annual growth rate is expected to fall to 3.9 per cent over the coming five years, with the...
Market focus shifted to the Fed’s decisions in its interest meeting overnight. The Fed announced QE3 in order to maximize employment in a context of price stability and to promote a stronger economic recovery. The Federal Reserve will purchase $40 billion a month in mortgage-backed securities until the outlook for jobs improves and will keep interest rates exceptionally low until at least 2015. In response, the US dollar plunged to near 79. LME aluminum broke through USD 2,100/mt to a fresh record high of USD 2,123.89/mt during European session. Trading volumes also shot up, but positions were down 1,161 lots as buying at highs weakened. Finally, LME aluminum ended the day up USD 38/mt or 1.83% to close at USD 2,118/mt. Latest LME aluminum inventories surged 117,000 mt to 4,971,325 mt. As...
According to sources, Government is going to divest 12.5% in NALCO , 9.59% in Hindustan Copper , 10% in Oil India and 5% in Neyveli Lignite , reports CNBC-TV18. National Aluminium Company (NALCO) touched an intraday high of Rs 55.15 and an intraday low of Rs 52.95. At 09:22 hrs the share was quoting at Rs 54.80, up Rs 2.60, or 4.98%. It was trading with volumes of 22,071 shares. Neyveli Lignite Corporation touched an intraday high of Rs 81.35 and an intraday low of Rs 79.10. At 09:22 hrs the share was quoting at Rs 81.05, up Rs 2.30, or 2.92%. It was trading with volumes of 19,238 shares. Oil India touched an intraday high of Rs 495.85 and an intraday low of Rs 485.35. At 09:22 hrs the share was quoting at Rs 488.45, up Rs 6.45, or 1.34%. It was trading with volumes of 400 shares....
According to the official data, production of primary aluminium rose 4.7 percent from the previous month to a record 1.75 million tonnes in August. Output surged sharply by 12.7 percent from a year earlier. Some factories that used primary aluminium to make semi-finished products such as profiles have been receiving more orders this month after a fall in orders in July and August.
United Co. Rusal expects the price of aluminum to rise to $2,200-$2,300 a ton before the end of the year, the company's Chief Financial Officer Evgeny Kornilov told Interfax Thursday. He said he hoped that the rise in prices in September is "the beginning of a reversal of the situation" in the market. Aluminum traded at $2,074 a ton on Wednesday on the London Metals Exchange, a solid increase from prices that had dipped slightly below $1,800 a ton in mid-August. In June, Rusal's general director, Vladislav Soloviev predicted that the price of aluminum would not rise higher than $2,100-$2,200 per ton before the end of the year. He forecast that the price would rise to $2,300-$2,500 a ton in 2013.
SouthGobi Resources Ltd. (SGQ), which mines steelmaking coal in Mongolia, fired Chief Executive Officer Alexander Molyneux, effective immediately, eight days after Aluminum Corp. of China Ltd. dropped its C$925 million ($949 million) takeover bid. Molyneux will be replaced by Ross Tromans, the Vancouver- based company said in a statement today. Tromans formerly managed coal marketing at Rio Tinto Group, the London-based mining company that controls SouthGobi through its ownership of Vancouver’s Turquoise Hill Resources Ltd. Aluminum Corp. of China, known as Chalco, dropped its offer to buy a 60 percent stake in SouthGobi at C$8.48 a share, according to a statement Sept. 3. The deal stalled in May when Mongolia passed a law restricting foreign state-owned companies from controlling key...
Navaratna PSU National Aluminium Company Limited (NALCO) has declared a total dividend of Rs 257.72 crore for 2011-12, which includes Central government's share of Rs 224.60 crore. Centre holds 87.15 per cent shares of NALCO. The remaining shares are held by 55,286 shareholders including banks, financial institutions and individual shareholders. Out of Rs 224.60 crore payable to the Centre, the aluminium major had already paid Rs 202.14 crore as interim dividend, company sources said. The cheque for final dividend amounting to Rs 22.46 crore was handed over to Dinsha J Patel, Union Minister of Mines by NALCO CMD Ansuman Das in New Delhi today, they said. Since inception, NALCO has paid a total of Rs 4197.02 crore as dividend of which Rs 3659.62 crore has been given to the central...
Italy has called on US aluminium maker Alcoa to respect its commitment to slow down the planned closure of its Italian plant, after trade unions accused the company of going back on its word. "In the face of worrying news from the plant, the government calls firmly on Alcoa to accurately respect commitments formally undertaken by the group's international managers," the industry ministry said in a statement on Wednesday. The US company must make sure the closure "is carried out according to the procedures and gradual time frame established" at a meeting with the government in Rome on Monday aimed at mediating a heated dispute over the plant's future. Two workers from the Italian plant climbed up the smelter's 70-metre water tower in protest after trade unions claimed Alcoa was going back...
Aluminium premiums will continue to rise in the next 18 months, First Deputy Chief Operating Officer of Rusal, the world's largest aluminium producer, said on Thursday. "There are different scenarios of market development, including a decline, but we do not expect this during the next 18 months. Premiums will continue to rise," Vladislav Soloviev told Metal Bulletin aluminium conference in Moscow.
With a 2.2 percent increase over the past day, the cash price of primary aluminum was the biggest mover on the LME, closing at $2,032 per metric ton on Sept. 11, 2012. Also on the LME, the aluminum 3-month price rose 2.1 percent to $2,037 per metric ton. The Indian aluminum cash price has been on the rise for 10 days and is now above $2 per kilogram. Chinese aluminum closed mixed on Tuesday. The Chinese aluminum cash price fell 0.3 percent, as did Chinese aluminum billet prices. The price of Chinese aluminum scrap remained essentially flat, holding above $2,000 per metric ton. The price of Chinese aluminum bar continues hovering above $2,200 per metric ton for the fifth day in a row.
ESKOM is yet to conclude a renegotiated contract with BHP Billiton for the group’s aluminium smelter in Richards Bay, KwaZulu-Natal, Eskom spokeswoman Hilary Joffe said on Wednesday. The delay in the conclusion of the deal could be an indication that negotiations between the two companies are proving difficult. Failure to renegotiate the deal means Eskom will continue to supply power to the smelter under the commodity-linked contract — a move that exposes the utility’s balance sheet to the volatility of the aluminium price. Eskom has in the past suffered book-value losses because of the contracts, but in the past financial year Eskom reported a net fair value on embedded derivatives of R334m. In the 2011 financial year it suffered a net loss of R1.3bn. In the 2010 financial year, Eskom...
