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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The program of Arab International Aluminium Conference (ARABAL 2012), which will be held in Doha from 20th to 22nd of November 2012, will include a discussion panel on aluminium prices, the related supply and demand factors, and a historical view on the price levels and the prospects in the light of the current economic and political changes in different parts of the world. In this regard, Qatalum, organizer of Arabal 2012, said that the main productive sectors of global economy were most impacted by declining growth rates, and are still suffering from various pressures, including direct pressures such as the local demand rates and the cost of energy needed for operation and production, and indirect ones such as the soaring competition in terms of quality and prices, and the difficulty of...
Germany’s industrial output 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. LME aluminum regained USD 1,900/mt during the European trading session to a high of USD 1,923/mt, the highest since July 20. However, LME aluminum pared gains at the tail of trading before finally closing at USD 1,905/mt, down USD 0.8/mt or 0.04%. Latest LME aluminum inventories were down 5,800 mt to 4,868,850 mt. China’s CPI and PPI are to be released at 9:30 am on Thursday, which will support aluminum prices to edge up if in line with positive expectations. LME aluminum should test support at USD 1,900/mt and move between USD 1,890-1,930/mt on Thursday. The most active...
Rio Tinto PLC (RIO) continues to look at ways to exit some of its aluminum assets and its diamonds business and has had interest from potential buyers in individual operations as well as collectively, the mining giant's chief financial officer said Wednesday. Guy Elliott during a conference call said the company has "multiple options," and while it wants to sell the businesses before long, it wouldn't be rushed. Rio Tinto in mid-October put 13 aluminum businesses up for sale, including a bauxite mine, an alumina refinery and several smelters in Australia and New Zealand that it transferred to a new unit called Pacific Aluminum. In March, it said it was looking at options for its diamond operations, mirroring a move under way at rival BHP Billiton (BHP). Mr. Elliott said the company...
Mytilineos Holding is scheduled to show a mixed picture as it announces its 2Q results on Wednesday. A significant contribution is expected from the electricity division on the commercial operation of two CCGT power plants as well as a satisfactory performance by Metka. On the other hand, Aluminium of Greece will continue to be impacted by low aluminium prices and high energy costs. The outlook for the second half of the year appears to be better on high electricity demand during summer boosting energy division’s profits, expectations for higher sales by Metka and cost cutting actions in AoG, according to a note from the Investment Bank of Greece, a Laiki Group subsidiary.
South Korea has bought 2,000 tonnes of aluminium via a tender for October arrival while issuing a separate tender to buy 3,000 tonnes of copper, the state-run Public Procurement Service said on its website (www.g2b.go.kr). The agency said it bought aluminium from Glencore International AG at a premium of $230 per tonne over London Metal Exchange (LME) prices on a cost, insurance and freight (CIF) basis. The tender for LME registered copper with minimum 99.99 percent purity will close at 2 p.m. (0500 GMT) on Aug. 17 and the product should arrive to the port of Incheon by Nov. 15, it added.
A week ago on July 25th, 2012 Noranda Aluminum (NYSE:NOR) reported earnings and analysts, on average, expected earnings of $0.09 on sales of $355.4 million. The company actually reported EPS of $0.11 on sales of $371.7 million, beating EPS estimates by $0.02 and beating revenue estimates by $16.3 million. Since the company's report, shares of Noranda Aluminum have fallen from $6.28 to $6.05, representing a loss of 3.7% in the past 12 days. In the past 52 weeks, shares of Noranda Aluminum have traded between a low of $5.90 and a high of $13.18 and are now at $6.05, which is 3% above that low price. The 200-day and 50-day moving averages have moved 0.68% lower and 2.3% lower over the past week, respectively. SmarTrend recommended that its subscribers protect gains by selling shares of...
Rio Tinto Group (RIO), the world’s third- largest mining company, said first-half profit dropped 22 percent after prices for iron ore, copper and aluminum fell and costs gained. Net income declined to $5.9 billion from $7.6 billion a year earlier, London-based Rio said today in a statement. That compares with the $5.04 billion average of 11 analyst estimates compiled by Bloomberg. Profit was boosted by a deferred tax asset of $1 billion after the introduction of Australia’s Mineral Resource Rent Tax on July 1. The biggest mining companies including BHP Billiton Ltd. (BHP), Rio and Xstrata Plc (XTA) face the dual headwinds of rising costs and lower prices as waning global growth slows demand for raw materials. Xstrata, the largest power-station coal exporter, reported a 33 percent drop in...
Abu Dhabi-based Emirates Aluminium (Emal) recently erected the first structural steel for its Phase II expansion, bring it a step closer to becoming one of the world’s largest single-site aluminium smelters. Once completed in 2014, the potline at the Al Taweelah site will be the longest in the world at 1.7 km, a statement said. Saeed Al Mazrooei, Emal president and CEO, said: “I am pleased to see Phase II progressing on schedule. This milestone which was achieved as per plan is very critical to our first hot metal date.” Yousuf Bastaki, Emal vice president, said: “The special steel structures are the first visible signs of our Phase II expansion and bring us yet another step closer to meeting the ambitious targets we have set ourselves. Emal is also pleased to cooperate with Emirates...
With a decline of 0.8 percent on the LME to $1,806 per metric ton on Aug. 6, 2012, the aluminum cash price recorded the biggest decline of the day. The aluminum 3-month price weakened by 0.8 percent on the LME, settling at $1,840 per metric ton. Following a two-day drop, the Indian aluminum cash price increased by very slight 0.1 percent. Chinese aluminum closed mixed yesterday. After falling for two days, the Chinese aluminum cash price rose 0.4 percent, and the price of Chinese aluminum billet rose 0.3 percent after a two-day drop. The price of Chinese aluminum scrap remained essentially flat, holding above $2,000 per metric ton. The price of Chinese aluminum bar was unchanged, north of $2,200 per metric ton.
Indonesia is still suffering from a shortage in aluminum supply as PT Asahan Indonesia Aluminium (Inalum), the only aluminium smelter in Southeast Asia, is only able to produce up to 260,000 tonnes a year while the domestic needs reach 800,000 tonnes, ANTARA news agency quoted an official as saying. "Out of 260,000 tonnes of aluminum ingot a year produced by PT Inalum, only 40 percent of it goes to the domestic market," the official who is director general of international industrial cooperation of the ministry of industry, Agus Tjahajana, said here on Tuesday. Based on the master agreement between the Indonesian government and the Japanese consortium, he said, 60 percent of PT Inalum`s production is exported to Japan. "Indonesia is still short of aluminum supply and therefore is still...
The US Aluminium Association has estimated tha total aluminium demand in the United States and Canada for the first quarter of 2012 totalled 5.8 million lb, a 7.5% increase over the first quarter of 2011. "Because of aluminium's low-weight and durability, people are turning to it for new and innovative application," said Heidi Brock, president of the Aluminium Association. "The North American aluminium industry is growing to meet this demand." Compared to April 2011, net new orders of mill products reported by domestic producers increased 3.7%. A significant increase was seen in demand for semi-fabricated or mill products which increased 7.9% over the first quarter of 2011. Total demand for semi-fabricated products climbed 5.4% over March 2011. Primary production in April 2012 rose 2,056...
An attorney representing Century Aluminum on Monday said the company's rate change proposal might not raise rates for other Appalachian Power customers. Century's aluminum plant in Ravenswood has been closed since 2009. Officials hope to restart the plant, but say they can't operate it at the current rate for electric. They've asked the Public Service Commission for a special rate, saying it's necessary to offset the volatile price of aluminum. Tom Heywood, an attorney for Century, said at a meeting of the Rotary Club of Charleston that the company's rate change proposal is not meant to raise power bills for other state customers. Based on predictions of aluminum prices from CRU, an independent market analysis group that focuses on mining, metals and fertilizers, the rate change would not...
Market expectations were running high overnight that the ECB may deliver easing policies soon, pushing LME aluminum to break through the 30-day moving average to a high of USD 1,913/mt during the European trading session. However, as the US dollar index held firm at 82, LME aluminum pared gains at the tail of trading before finally closing at USD 1,905.8/mt, up USD 28.5/mt or 1.52%. Latest LME aluminum inventories were down 5,775 mt to 4,874,650 mt. Investors are staying cautious ahead of China’s economic data for July to be released late this week. LME aluminum should struggle at USD 1,900/mt and move between USD 1,880-1,915/mt on Wednesday, as its upward momentum should be very limited. The most active SHFE 1211 aluminum contract should open higher at RMB 15,450/mt on Wednesday and test...
Seven hundred aluminum plant workers remained on strike Monday in Jackson County as union and company officials failed to reignite talks. Questions remained unanswered about the strike by United Steelworkers Local 5668 at Constellium's rolled aluminum plant in Ravenswood. The company and the union, for instance, gave different accounts Monday of what happened before the strike vote. The union claimed it made a counter offer before it went on strike. The company maintains the union never made such an offer. The company and union were at odds over a new collective bargaining agreement that would have cut workers' health insurance benefits, though they would remain generous by today's standards. There were also questions about how many union members are behind the strike. What's clear is...
The cash price of primary aluminum experienced the biggest price decline of the day, dropping 1.2 percent on the LME to close at $1,820 per metric ton on August 3, 2012. Also on the LME, the aluminum 3-month price fell 1.2 percent to $1,854 per metric ton. Meanwhile, the Indian aluminum cash price weakened by 0.2 percent. Chinese aluminum closed mixed last Friday. Chinese aluminum billet ended the day after a 0.3 percent drop last Friday. The cash price of Chinese aluminum declined 0.3 percent as well. The price of Chinese aluminum scrap held steady above $2,000 per metric ton, and the price of Chinese aluminum bar saw little movement last Friday.
After taking several recent hits the Hunter's aluminium sector has received a boost with a $30 million manufacturing facility approved near Newcastle. Bahrain based company Midal Cables International has received State Government approval to build the Tomago facility with an Australian-based partner next to the Tomago aluminium smelter. It will use molten aluminium from the smelter to make rods, wires and conductors. The company says the project will create 250 immediate jobs and there will be plans to further boost the workforce in the coming years. At full capacity Midal's facility will be able to produce 50,000 aluminium rods and conductors annually for a range of industries including power transmission and distribution. The aluminium sector is still reeling after the Tomago smelter...
The government plans to invest up to Rp 12 trillion ($1.3 billion) in Indonesia Asahan Aluminium, which engages in smelting and producing aluminum, in order to boost its output and prepare the company for an initial public offering, a top minister said. Hatta Rajasa, Indonesia’s chief economic minister, reaffirmed on Friday the government’s intention to fully control the company known as Inalum. That will take place once a contract drawn up in 1975, which gave Japanese consortium Nippon Asahan Alumunium a 58.88 percent stake in the company, ends on Oct. 31, 2013. The government, which currently owns the remaining 41.12 percent stake, has the right to purchase Nippon Asahan’s entire holding. Officials have cited the aluminum smelting industry’s key role in the economy, especially amid...
Market confidence was greatly boosted, as markets were digesting the positive US nonfarm payrolls and as the big drop of bond yields of Spain and Italy helped cut borrowing costs in the two countries. The US dollar index tested support at 82, pushing LME aluminum to rebound. LME aluminum broke through the 5-day and 10-day moving average to a high of USD 1,884/mt during the European trading session, leading gains of all base metals. However, trading volumes contracted, limiting its upward momentum due to cautious responses from the longs. LME aluminum finally closed at USD 1,877.3/mt, up USD 19.3/mt or 1.04%. Latest LME aluminum inventories were up 15,975 mt to 4,880,425 mt. The US dollar index hovering at the low end will support aluminum prices. LME aluminum should test resistance at USD...
