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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Norwegian group Norsk Hydro has ended plans to close its primary aluminium production plant in Neuss in Germany and plans to raise production at the plant, a newspaper reported on Tuesday. The company's German unit Hydro Aluminium declined comment on the report but said a statement would be made later on Tuesday. The regional daily Neuss-Grevenbroicher Zeitung has reported Hydro had decided to end plans to close the plant which has 690 personnel. Production had been cut in 2009 to around 50,000 tonnes from capacity of over 300,000 tonnes because of high German electricity costs. The newspaper said production will now be sharply increased following the German government's move to provide help for energy-intensive companies struggling with high power prices.
India's state-run National Aluminium Co (NALCO) has sold 3,000 tonnes of aluminium ingots at $242 per tonne premium over the average LME cash price on a cost, insurance and freight (CIF) basis, two company sources said on Thursday. The metal will be shipped to the Singapore-based buyer in six batches of 500 tonnes each from November to April. NALCO, whose tenders serve as a global benchmark, last sold 12,000 tonnes of aluminium ingots at close to $223 per tonne premium over the average LME cash price on CIF basis to a European buyer in July.
A previous bearish target at $2,063 has been lowered to $2,056 per tonne for LME aluminium as a downtrend that developed from $2,199 has resumed. The trend is driven by a downward wave (c), unfolding towards its 61.8 percent Fibonacci projection level at $2,056, which is based on the length of the preceding wave (a) falling from the Sept. 14 high of $2,199 to $2,063 and the wave (b) peak at $2,140. Resistance is at $2,110, a break above which will make the signals neutral.
Century Aluminum, a company whose shares are moving quickly, is trading 2.6% higher to $7.38. The Dow Jones Industrial Average is now trading 13,437 and the S&P is trading 1,440. Century Aluminum Company produces primary aluminum, in both molten and ingot form, through facilities located in the United States. The Company owns and operates a reduction facility in Ravenswood, West Virginia, and owns a partial interest in a reduction facility in Mt. Holly, South Carolina. Century is also the operating partner of a reduction facility in Hawesville, Kentucky. There is potential upside of 0.3% for shares of Century Aluminum based on a current price of $7.38 and an average consensus analyst price target of $7.40. The stock should hit resistance at its 200-day moving average (MA) of $8.13, as...
The monthly Aluminum MMI registered a value of 99 in October, an increase of 5.3 percent from 94 in September. MetalMiner’s aluminum price index moved up this month due to broad price improvement for primary aluminum (e.g. the LME), but also for European sheet and plate prices (the former due to European automotive demand) as well as price support from Korea and China. Rising physical premiums, as previously reported by MetalMiner, suggest strong demand. Also, producers such as Alcoa and Rusal have been closing smelters, portending future cuts in supply. At $2,126 per metric ton, the aluminum 3-month price finished the month on the LME 12.4 percent higher. This was the second straight month of declines. The price of European commercial 1050 aluminum sheet rose 6.3 percent over the past...
Three companies have expressed interest in the Italian smelter of U.S. aluminium group Alcoa , an Italian junior minister said on Thursday as the Italian government looks around for a buyer for the troubled plant. "At the moment there are three manifestations of interest from (Switzerland's) Klesch, (Italy's) Kite Gen and an Australian company," Industry junior minister Claudio De Vincenti said on the sidelines of a conference. Alcoa has decided to shut its aluminium smelter in Sardinia, blaming high power prices for undermining its competitiveness. Swiss commodities trader Glencore recently suspended talks over a possible offer for Alcoa after Italy rejected its request for sharply discounted power prices.
The troubled Italian smelter of aluminium group Alcoa will be able to continue using special contracts allowing it to buy electricity at lower prices until 2015 following a decision on Wednesday by the European Commission. The Commission ruled the special power contracts on the islands of Sardinia and Sicily giving a green light to the schemes being used by heavy-energy users there for the next three years. A statement by the Commission did not mention any company. Alcoa has decided to shut its aluminium smelter in Sardinia, blaming high power prices for undermining its competitiveness. The Italian government is looking round for a possible buyer of the plant to avoid job losses on an island that already has a 15 percent unemployment rate. "This is good news for the government though the...
A new study commissioned by the Kentucky General Assembly paints a gloomy picture for the continued survival of two Western Kentucky aluminum smelters — Rio Tinto-Alcan at Sebree and Century Aluminum at Hawesville. The study also casts doubt on the advisability of the state using scarce economic development funds to subsidize their electricity costs. The smelters are seeking rate concessions from Henderson, Ky.-based Big Rivers Electric Corp. because declining prices for aluminum have made their operations unprofitable or barely profitable, according to the study done by Christensen Associates Energy Consulting LLC of Madison, Wis. It notes electricity accounts for roughly one-third of the smelters' production costs. "A reasonable person might wonder ... whether the $80 million per year...
Abu Dhabi Water and Electricity Authority (ADWEA) and Emirates Aluminium (Emal) has signed a memorandum of cooperation under which Abu Dhabi Transmission '&' Despatch Company (TRANSCO), an affiliate of ADWEA, will supply electrical loads to feed Phase II of Emal's smelter development. The agreement is in line with Abu Dhabi Economic Vision 2030. The AED 85 million project will be executed by a group of German and Italian contractors in 12 months. EMAL is an important strategic initiative for Abu Dhabi, Dubai and the UAE and is a key component of Abu Dhabi's diversification and industrialisation policy. Phase II when complete in 2014, will increase total production capacity to 1.3 million tonnes per annum, making EMAL the largest single-site aluminium smelter complex in the world.
Aluminium Bahrain B.S.C. (Alba)'s focus on strengthening the presence of its product portfolio in Europe and other global markets gained impetus with the company's participation at Aluminium 2012: 9th World Trade Fair & Conference taking place at Messe Düsseldorf, Germany from October 9 to 11, 2012. Aluminium 2012, one of the foremost B2B platforms for the aluminium industry, will bring together some of the leading players in the industry comprising the entire spectrum of the value chain - from producers, processors, technology suppliers to consumers. Alba's exhibition stand will showcase the company's high-grade aluminium products whose purity levels exceed industry standards. Visitors will also get to know of Alba's compliance to strict environmental regulations and in ensuring that...
A sharp correction in LME inventories was not enough to save Aluminium from declines. The total Aluminium inventories were down by 10000 tonnes on Wednesday alone. The total inventories now stand at 5049100 tonnes. Selling pressure was noted on account of Spain crisis and some weak economic reports from Australia. The Australian Housing Industry Association (HIA) showed that the new home sales declined to a 15 year low. Reserve Bank of Australia on Tuesday slashed interest rates. In a report, Eurostat said retail sales rose by a seasonally adjusted 0.1% in August, compared to expectations for a 0.1% decline. Dollar was mostly on a sideways tone on Wednesday at 1.292 against the Euro, down 0.05%. LME three month forward Aluminium prices were down by $ 32 per tonne, at $ 2100.7 per tonne....
Century Aluminum's shuttered West Virginia plant would pay a special electricity rate for up to 10 years if it reopens, but ultimately must cover its entire energy costs from that time, the state's utility regulator ruled Thursday. Future aluminum prices play a major role in the plan outlined by the Public Service Commission in its 70-page order. The electricity costs, in turn, represent a key hurdle in the quest to restart the Ravenswood smelter. It idled more than 650 workers when it closed in 2009. A re-opened plant would then help partly restore health benefits for hundreds of retirees, lost after the shutdown. If Century and utility Appalachian Power agree to its terms, Thursday's order allows the resulting special rate contract to last up to until Dec. 31, 2022. Neither Century nor...
The Australian Aluminium Council has warned that the Kurri smelter in the NSW Hunter Valley will not be the only one at risk, if the industry is forced to absorb more electricity costs. It has told a Senate Inquiry into electricity costs that aluminium smelting already carries a disproportionate share of transmission costs, compared to other users. Hydro's Kurri smelter was recently forced to close because of the high Australian dollar and low world metal prices. Aluminium Council Executive Director Miles Prosser says Kurri will not be the only casualty if transmission costs rise. "We're not saying that the current costs for transmission need to change but we're just saying to the regulators and to the Government, look if you're going to play around with this policy just be conscious that...
In support of the region's strategic ambitions to grow product sales in Europe, the UAE's primary aluminium industry will be well represented at the 9th World Trade Fair and Conference (Aluminium 2012), which takes place at Messe Düsseldorf, Germany, from 9 to 11 October this year. This will be achieved through the joint participation of Dubai Aluminium (Dubal) and Emirates Aluminium (Emal) at Aluminium 2012 - an event which the organizers say unites producers, processors, technology suppliers and consumers along the entire aluminium value chain. This makes Aluminium 2012 a world-leading business-to-business platform for the aluminium industry and its main applications, and thus an excellent forum for increasing the volumes of Dubal and Emal's products sold in Europe and farther afield....
LME aluminium would rise to $2,161 per tonne, driven by a wave (3). The rise on Thursday has reversed the fall from the Tuesday high of $2,140 to such an extent that there is a remote chance of the fall to resume and the waves on the hourly chart have to be relabelled, with the rise classified as a part of a wave (3). A Fibonacci projection on the wave (3) target points to $2,161, its 100 percent level. Strategically, this target will be confirmed when aluminium climbs above $2,130. 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.
On Aug. 30, 2012, the day’s biggest mover on our aluminum price index was the aluminum 3-month price, which saw a 0.7 percent decline on the LME to $1,896 per metric ton. The cash price of primary aluminum weakened by 0.5 percent on the LME, settling at $1,872 per metric ton. The Indian aluminum cash price saw a 0.3 percent decline. Chinese aluminum closed mixed on Thursday. Following a quiet couple of days, the cash price of Chinese aluminum fell 0.1 percent. The price of Chinese aluminum scrap was unchanged; same for Chinese aluminum billet prices. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat, holding above $2,200 per metric ton.
Aluminium Bahrain (Alba)'s position as a strong corporate citizen that supports the well-being of young people with special needs was given a boost with the donation of BD10,000 towards Al Rahma Centre, an organisation that provides health, social, psychological, vocational and rehabilitative care in the form of regular day care to both children and young adults who are mentally and physically challenged. The Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji presented the cheque on Alba's behalf to the Chairman of Al Rahma Centre, Rasheed Al Me'araj during a meeting held recently at his office in the Central Bank of Bahrain. Also present at the meeting were other senior officials from Al Rahma Centre. Commenting on Alba's donation to Al Rahma Centre, the Chairman of Alba's...
China has fallen silent in its pursuit of a deal that would have unlocked vast seams of Mongolian coal ahead of a deadline that expires next week, as politics and a slowing Chinese economy likely scotched the proposed $920 million investment. It is now all but certain that Chalco won't pursue its bid for Mongolia-focused coal miner SouthGobi Resources Ltd., according to SouthGobi Chief Executive Alexander Molyneux. The Chinese metals major, also called Chalco, hasn't contacted SouthGobi in recent weeks on a bid it once hotly pursued, Mr. Molyneux told Dow Jones Newswires on Friday, with the deadline that Chalco set for the deal to be completed set to expire Tuesday. "We still haven't heard anything from Chalco, my strong feeling is still that it's likely the Chalco bid won't happen," he...
