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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European Union antitrust regulators are seeking comments on commitments that Rio Tinto Alcan offered to solve competition concerns about the contractual use of a technology to process aluminum, the European Commission said Friday. "The European Commission is inviting comments from interested parties on commitments offered by Rio Tinto Alcan to address concerns that it may have infringed EU antitrust rules," the commission, which has antitrust powers in the EU, said in a statement. The commission is investigating the practice by Alcan, which was bought by Rio Tinto PLC (RIO), to link the licenses for one of its leading aluminum smelting technologies to the purchase of equipment from one of its subsidiaries. After negotiations with the EU, Rio Tinto Alcan has offered to modify the terms of...
The European Commission has offered €1.5 million from the European Globalisation Adjustment Fund (EGF) to help 616 redundant workers from Zalco Aluminium Zeeland Company NV and two suppliers with their re-integration into the labour market. The proposal now goes to the European Parliament and the EU's Council of Ministers for their approval. EU Commissioner for Employment, Social Affairs and Inclusion László Andor said, "EGF funding can help the former workers of Zalco Aluminium to get new jobs by training them in new skills. Redundancies like this one are major shocks to regional economies. EU solidarity in helping to manage these difficult transitions is therefore important." The personalised package of EGF co-funded measures aims to help the workers by offering them guidance, training...
On Aug. 8, 2012, the day’s biggest mover on our aluminum price index was the cash price of primary Indian aluminum, which saw a very modest 0.1 percent decline. The primary aluminum cash price showed little movement yesterday on the LME at $1,828 per metric ton. On the LME, the aluminum 3-month price saw little change in its price yesterday at $1,862 per metric ton. Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap saw little movement, holding above $2,000 per metric ton. Chinese aluminum billet saw little change in its price yesterday above $2,400 per metric ton. The price of Chinese aluminum bar held steady, north of $2,200 per metric ton. Following a two-day rise, the Chinese aluminum cash price flattened at above $2,400.
Aluminium stocks held at three major Japanese ports stood at 235,100 tonnes at the end of July, up 0.9 percent from 232,900 tonnes a month earlier, trading house Marubeni Corp said on Friday. The stocks at the end of July were up 15.5 percent from 203,500 tonnes in the same month in 2011. Marubeni collects data from the key ports of Yokohama, Nagoya and Osaka. Japan, which has to import nearly all the metal it needs, consumes about 2 million tonnes of aluminium annually, or 5 percent of global demand. The metal is widely used in products ranging from housing materials, planes and electronics to the food sector.
Global demand for Aluminium is set to increase in the medium term, in spite of the uncertainties in the international financial markets. Expectations in the industry are optimistic. The recovering demand from all major application markets is felt also by the world’s largest industry trade fair Aluminium 2012. Following its move from Essen to Düsseldorf, it will start out at the new location with 950 exhibitors from 50 countries and a significant increase in exhibition surface (+20 %) from 9 to11 October. Already, the move to Düsseldorf generates new records for Aluminium and releases new energies: Many companies have taken advantage of the opportunity to noticeably enlarge their stands. What is more, as a result of the new hall planning for the trade fair, Aluminium will be able to...
United Co. Rusal, the world’s biggest aluminum producer, said physical premiums will continue to rise in the next 12 to 18 months as so-called financing deals tie up metal stockpiles and demand grows. About 65 percent of aluminum stockpiles monitored by the London Metal Exchange are locked in financing deals and aren’t available to consumers, said Steve Hodgson, Rusal’s director for international sales. Supply disruptions and production cuts have exacerbated the market tightness, he said. “Premiums may fall if demand should significantly reduce, or if a rise in interest rates makes financing deals unprofitable,” Hodgson said in an e-mailed response to questions Aug. 7. “Neither scenario looks likely in the next 12 to 18 months and we would expect to see premiums continue to strengthen...
China's alumina imports in July jumped nearly seven times year on year to 460,000 mt, preliminary data released Friday by the country's General Administration of Customs showed. The July figure was 48.4% higher than the June imports. Alumina imports over January-July totaled 2.9 million mt, up 172% year on year. Meanwhile, China's imports of unwrought aluminum and aluminum products in July was 97,651 mt, up 38.7% year on year and up 9% from June. The country imported 711,363 mt of aluminum and aluminum products in the first seven months of the year, up 34% from a year ago. Aluminum scrap imports in July were 230,000, up 4.6% year on year and up 9.6% month on month. Imports of aluminum scrap in the first seven months of this year were 1.5 million mt, down 1.2% from a year ago.
Rio Tinto's attempt to renegotiate New Zealand's largest electricity contract, for its aluminium smelter at Bluff, comes as the company's chief executive warns of "difficult decisions" ahead if its older smelters cannot be made commercially viable. Rio, the world's third-largest mining company, reported a 34 per cent drop in profits to US$5.2 billion for the six months to June 30 on Tuesday, dragged down in particular by the sustained collapse in world aluminium prices. The same day, NZDX bond issuer Meridian Energy announced it had received a request from Rio to reopen negotiations on electricity contracts worth around 15 per cent of total New Zealand electricity consumption, which kick in from January next year and were concluded in 2007. Under the new contracts, which run to 2030,...
The release of China’s July CPI and PPI on Thursday raised hopes for further easing monetary policy in China, but whether or not it will be delivered in the short term is hard to tell. The unexpected decline in the US weekly jobless claims pushed up LME aluminum briefly during the European trading session. However, worries over the slowing US economy helped the US dollar to stage a big rebound, causing ME aluminum to trim gains, down below USD 1,900/m at the tail of trading. Finally, LME aluminum market closed at USD 1,899.8/mt, down USD 5.3/mt or 0.28%. Latest LME aluminum inventories were down 5,650 mt to 4,863,200 mt. Markets’ growing concerns over slowing economy caused aluminum prices to edge down. LME aluminum should test resistance at USD 1,900/mt and find support the at 10-day...
Xinren Aluminum Holdings expects its overall revenues and earnings to be significantly lower for the first half of 2012, compared to the previous year. In a stock exchange filing, Xinren said that was due to the challenging global economic conditions, as well as the overall decrease in the average selling price and sales volume of aluminium products. In addition, it said the increase in the costs of electricity and lower trading margin to total sales will also affect its financial performance.
Aluminium yesterday traded with the positive node and settled 0.67% up at 104.50 despite of Germany’s industrial output data which fell overnight and DBRS downgraded Spain and Italy’s credit rating, weighing on the euro. Investors are staying cautious as they are awaiting China’s CPI for July to be released on Thursday. Also there was a news that Three of China's biggest alumina producers are planning to invest at least $1 billion into bauxite mines and refineries in Indonesia to guarantee supplies of the aluminium raw materials under threat from new export taxes and a 2014 export ban. Indonesia supplied about 80% of the 25.42mt of bauxite China imported in the first half of the year, but exports fell sharply in June after the Indonesian government imposed a 20% export tax on minerals in...
Rio Tinto Group, the world’s third- largest mining company, said its plan to sell diamond assets is “well advanced,” while the divestment of aluminum operations has stalled after prices for the lightweight metal fell. Rio is “looking at multiple options” for its diamonds division, Chief Financial Officer Guy Elliott told reporters yesterday on a conference call from London. “The diamonds sector looks interesting and healthy certainly as you look into the medium- and longer-term, in view of the low levels of supply and continuing strong demand.” Rio in October said it intended to sell 13 aluminum assets, including smelters and alumina plants in Australia, the U.S. and U.K., to improve its finances. Rio has also said it may consider an initial public offering for its Pacific Aluminum unit....
The owners of the aluminium smelter at Bluff want to change their contract with state-owned electricity provider Meridian Energy. Meridian Energy today said it had been approached by Pacific Aluminium, a business unit of Rio Tinto Ltd, to discuss potential changes to the electricity contract with the smelter. Australian miner Rio Tinto is the majority shareholder in New Zealand Aluminium Smelters Ltd. Meridian said in 2007 it renegotiated the contract conditions with NZAS and signed a new electricity supply agreement, which takes effect in January 2013. "Discussions are ongoing and remain confidential," Meridian said in a release through the NZX debt market. The smelter was put up for sale by Rio Tinto last year, but with world aluminium prices having slumped 29 per cent in the last 12...
CME Group Inc has canvassed traders in recent weeks about the viability of an aluminum contract to rival that of the London Metal Exchange, which has dominated the $80 billion market for decades, industry sources said. The talks are at an early stage, according to two traders who said the CME had approached their companies. They said the Chicago-based exchange is seeking to capitalize on frustration with the 135-year-old LME's handling of its warehousing policy and to break London's grip on the 40-million-tonne market. After losing in the final stages of the year-long takeover battle for the LME in May, the CME has little choice but to challenge its rival head-on if it wants to expand its share of the lucrative global metals market, dealers say. In addition to motive, the CME also has...
Commodities trading house Trafigura is the latest company to start allowing queues for metal to grow in warehouses monitored by the London Metal Exchange (LME), a practice critics say has tarnished the exchange's role as market of last resort. Latest inventory data from the LME showed that 47,700 tonnes of aluminium are now in the queue for delivery out of warehouses in England's north eastern port region of Tyne and Wear. LME data shows that all warehouses in that location are run by metals warehousing and logistics firm NEMS, bought by Trafigura in March 2010. That means any consumer would have to wait more than six weeks to get metal, or pay an equivalent premium to take it straight away. Trafigura was not immediately available to comment. One of the functions of the LME, in the middle...
Saudi Arabian Mining Co. (Ma’aden)’s gold production is expected to rise 30 percent by 2014 because of the output of two new mines, even as it is set to diversify into aluminum business slated in 2014 with an initial investment of SR40 billion, said Al Rajhi Capital in its report on Ma’aden released Wednesday. Ma’aden’ gold business hasn’t experienced any significant production growth since achieving its highest level of 203,665 ounces in 2005, the bank said in a report on Ma’aden Wednesday. "Since then, the company has maintained production at steady levels in a bid to increase the lifespan of its existing mines," it said. Moreover, the report said Ma’aden’s aluminum business is slated to start by 2014 with an estimated investment of SR40 billion, after it has successfully commenced its...
On Aug. 7, 2012, the day’s biggest mover on our aluminum price index was the Indian aluminum cash price, which saw a 1.9 percent increase. The primary aluminum cash price is back up, rising by 1.2 percent on the LME yesterday to close at $1,828 per metric ton. Following a 1.2 percent rise on Tuesday, the 3-month price of aluminum closed on the LME at $1,862 per metric ton. Chinese aluminum prices were mixed for the day. The Chinese aluminum cash price increased 0.2 percent, while for the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat, holding above $2,000 per metric ton. Chinese aluminum billet saw little change in its price yesterday, and Chinese aluminum bar prices continue hovering above $2,200 per metric ton for the fifth day in a row.
Aluminium Bahrain (Alba), which is 70 per cent owned by the state, expects to pay similar yields to the government for a record borrowing plan after the nation’s credit risk fell to the lowest in almost a year. The metals maker known as Alba plans to raise $2.5 billion (Dh9.1 billion) from bonds, Islamic finance and export credit, Chief Executive Officer Laurent Schmitt said on July 30. The cost to insure Bahrain’s debt against non-payment for five years fell almost twice as much as the regional average this quarter, according to data provider CMA. The island kingdom sold $1.5 billion of 10- year bonds at 6.125 per cent in June. Alba is returning to the debt market after a decade to fund a plan to boost production even as US and European competitors shut plants. The company, which...
