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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Aluminum Corporation of China (NYSE:ACH) closed Friday's favorable trading session at $10.24. In the past year, the stock has hit a 52-week low of $9.59 and 52-week high of $21.71. Aluminum Corporation of China (ACH) stock has been showing support around $9.83 and resistance in the $10.45 range. Technical indicators for the stock are Bearish. For a hedged play on Aluminum Corporation of China (ACH), look at the Feb '13 $10.00 covered call for a net debit in the $9.04 area. That is also the break-even stock price for this trade. This covered call has a duration of 201 days, provides 11.72% downside protection and an assigned return rate of 10.62% for an annualized return rate of 19.28% (for comparison purposes only). Aluminum Corporation of China (ACH) has a current trailing average...
Should Appalachian Power customers help Century Aluminum pay its bills? That's the big question that the Public Service Commission is trying to sort out. The PSC wrapped up it's first day of hearings on Monday. The hearing surrounds a proposed 'special rate' that Century wants to pass on to its customers so it can reopen the Ravenswood Plant. Customers, like Wanda White, are all for the Ravenswood Plant. But, White is against the rate increase she will have to pay on her bill. "I'm self-employed and I take care of my own business. If I have a problem, I don't pass it along to my customers, because you can't keep doing it. There's got to be a stopping point somewhere," she said. PSC Consumer advocate Byron Harris said Century's plan would add up to five dollars a month to Appalachian Power...
MetricStream, the market leader in enterprise-wide Governance, Risk, and Compliance (GRC) solutions, today announced that Dubai Aluminium (DUBAL) has gone live with MetricStream Enterprise Risk Management (ERM) Solution to centralize and streamline its corporate risk management program. As a result, DUBAL has achieved standardization of risk management across divisions and business units, improved visibility into enterprise risks, and strengthened risk management. MetricStream will host a webinar on DUBAL’s ISO 31000-based ERM Program on Wednesday, August 8, 2012 at 3pm GST (Dubai). The live webcast will feature Toby Shore, Corporate Treasurer and Chief Risk Officer at DUBAL. Among the top 10 aluminum-producing companies in the world, DUBAL is one of the largest industrial corporations in...
A meeting of the Committee of Directors of National Aluminium Company Ltd for consideration of unaudited financial results is scheduled to be held on August 14, 2012 to take on record the Unaudited Financial Results for the quarter ended June 30, 2012. The National Aluminium Company Ltd stock was trading at Rs.52.20, up by Rs.0.30 or 0.58%. The stock hit an intraday high of Rs.52.85 and low of Rs.51.55. The total traded quantity was 0.31 lakhs compared to 2 week average of 0.63 lakhs.
The rebound in euro last Friday and the far-better-than-expected GDP in 2Q in the US pushed LME aluminum to extend gains during the European trading session. LME aluminum regained USD 1,900/mt at the tail of trading, but met strong resistance at the 20-day moving average. Coupled with trading volumes down by half, LME aluminum prices finally closed up USD 26/mt or 1.39% at USD 1,903/mt. Latest LME aluminum inventories increased by 5,575 mt to 4,840,625 mt. Germany and France pledged to protect the euro, raising expectations for more stimulus policies from the ECB. LME aluminum should struggle at USD 1,900/mt on Monday due to cautious responses from investors, with prices within USD 1,885-1,910/mt. The most active SHFE 1211 aluminum contract should open at RMB 15,450/mt on Monday and move...
The Indian aluminum cash price saw the biggest upward shift yesterday, rising on1%. Following a two-day drop, the three-month price of aluminum increased by 0.6% on the LME, to $1,871 per metric ton. The primary aluminum cash price rose 0.2% on the LME, to $1,839 per metric ton after a two-day drop. Chinese aluminum prices were mixed on the day. Chinese aluminum billet fell 1% yesterday, the Chinese aluminum cash price fell 0.9% while the Chinese aluminum scrap price was essentially unchanged. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row, remaining at $2,200 per metric ton.
As part of its commitment and dedication for sustainable employment for the UAE community, EMAL held its 2012 Summer Training Program at the Al Taweelah-based smelter. From the 26 June to 20 July, 18 UAE National students experienced work at what is set to become one of the world's largest single-site aluminium smelters. In line with the Abu Dhabi 2030 vision, the program offers young UAE nationals a chance to gain hands on experience in preparation for possible future careers within the aluminium industry. Speaking about the program, Saeed Fadhel Al Mazrooei, EMAL's President and CEO, said: "At EMAL we are investing today to reap the benefits tomorrow: today's students are tomorrow's employees. EMAL has a commitment to quality in all we do and we need a quality workforce if we are to...
Norwegian aluminium producer Norsk Hydro sees further gloom on the aluminium market with weak results expected in the third quarter, its top executive said on Tuesday. "With the LME price we see today, and the uncertainty in the macro economy going forward, we expect that the third quarter will be very weak," Chief Executive Svein Richard Brandtzaeg told a news conference. "We have no plans to close down further capacity in primary metal," he added. Hydro has announced new cost savings programmes that will save the firm 2-3 billion crowns ($328-492 million) in the coming two to three years, partly containing its already rolling "$300 per tonne" cost improvement programme in its primary metals operations.
Workers at Constellium Rolled Products in Ravenswood have overwhelmingly rejected a proposed five-year contract. Randy Moore of the United Steelworkers of America tells the Sunday Gazette-Mail about 700 members of Local 5668 at the aluminum rolling plant cast their votes on the company's proposed contract Thursday and Friday. Moore said Saturday union leaders would contact the company to see if they wanted to return to the bargaining table. The company issued what it called its "last" contract offer earlier this month after the old contract expired July 15. In a statement, Constellium said it was disappointed workers rejected the company's latest offer. Constellium said its offer included wage increases, one-time wage adjustments and other economic enhancements.
Sterlite Industries' (Sterlite) 1QFY2013 net profit was higher-than expected mainly due to lower-than-expected tax rate. We recommend Accumulate rating on the stock. Top-line growth driven by copper and power segments: For 1QFY2013, Sterlite reported consolidated net sales growth of 7.8% yoy to Rs.10,591cr, marginally above our estimate of Rs.10,440cr, driven by higher net sales in copper and power segment. Copper and Power segment revenues grew 13.8% and 42.3% yoy to Rs.5,125cr and Rs.875cr, respectively. Aluminium segment continues to dent Sterlite's profitability: Despite net sales growth of 7.8% yoy, Sterlite's EBITDA decreased by 16.3% yoy to Rs.2,308cr mainly due to a decline in profitability of aluminium segment. Balco's aluminium production fell by 1.7% yoy to 60kt, while its...
The inclusion of environmental sustainability in the United Nations' Millennium Development Goals highlighted the importance of taking measures to protect and restore the environment. After all, a cleaner environment makes the earth more habitable for the current and succeeding generations. Responsible companies - such as Dubai Aluminium ("DUBAL") - the entirely state-owned corporation that owns and operates the world's largest primary aluminium smelter using pre-bake anode technology - have taken this in their stride and joined the cause of environmental sustainability as a key component of triple bottom-line performance. "Since our company's inception in 1979, DUBAL has planted trees at our Jebel Ali site, the number of trees having grown as our business has developed. Planting trees...
A village in Chhattisgarh housing the indigenous tribals once living without cloths will get a new lease of life with a project soon going to take off to transform it into a model settlement. On the initiative of the Kabeerdham district administration, Vedanta-controlled Bharat Aluminium Company (Balco) Limited is going to take up a project to change the shape of Daldalli village that houses indigenous tribes of Baiga community. Just five years ago, the tribals staying in the village were living bare body. “Now, we are going to completely change the shape of Daldalli and the project will get off soon,” Balco’s chief of corporate communication B K Sriwastwa told Business Standard. The group will spend Rs 2.5 crore initially to upgrade the basic amenities in the village. Balco, which has a...
European Central Bank President Mario Draghi said Thursday the bank will do what is needed to protect the euro zone, easing investor worries towards European debt and pushing the euro and metals prices higher. The much better-than-expected US June durable goods orders also injected some fuel, with LME aluminum hitting a high of USD 1,910/mt. Disappointing pending home sales data from the US later dragged the metal back, however, to close down USD 5/mt or 0.27% at USD 1,877/mt. Latest LME aluminum stocks were down 5,625 mt at 4,835,050 mt. Slow progress on Greece’s austerity measures will limit upside space of the euro. Aluminum prices should stay within ranges. LME aluminum is expected to struggle at the 5-day moving average and move within USD1,860-1,895/mt. The most active SHFE aluminum...
Thursday, 26th July, Century Aluminum begins pleading its case before the public. The company wants lower power rates to keep its smelter operating. The good news is, Century Aluminum and Big Rivers are talking again. The bad news is they still don't agree on much. Century Aluminum officials say the plant's losing $1 million a week because of high power prices and low aluminum prices. "When you look at the global average power price for a smelter that's $28 to $29. In the power pricing that smelters have in the US, we believe that's around $35 to $36," said John Hoerner with Century Aluminum. Big Rivers says it hasn't seen any proof of Century's loss. That's about to change on August 6th. "There's a concern that maybe we're asking for more than we need, so we're going to show them our...
Global unwrought aluminum inventories at the end of June fell 105,000 mt from May and 137,000 mt from June 2011, according to figures that the International Aluminium Institute released Thursday. Unwrought inventories totaled 1.326 million mt at the end of June, down from a revised 1.431 million mt in May and from 1.463 million mt at the end of June 2011. Total aluminum inventories at the end of June were down 86,000 mt at 2.312 million mt from a revised 2.398 million mt in May, and down 209,000 mt from 2.521 million mt the same month a year earlier, the IAI said.
The Indian aluminum cash price saw the biggest upwards shift for the day, rising one percent on July 25, 2012. Following a two-day drop, the 3-month price of aluminum increased by 0.6 percent on the LME to $1,871 per metric ton. The primary aluminum cash price rose 0.2 percent on the LME to $1,839 per metric ton after a two-day drop. Chinese aluminum prices were mixed for the day. Chinese aluminum billet fell one percent yesterday. The Chinese aluminum cash price fell 0.9 percent, while the Chinese aluminum scrap price was essentially unchanged. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row, remaining at $2,200 per metric ton.
Aluminium Bahrain (Alba) said its second quarter net profit dropped by almost half to 35.6 million Bahraini dinars ($95 million) on lower metal prices and higher gas costs. Aluminium prices on the London Metal Exchange dipped close to $600 a tonne when compared with the same period last year, according to the company. Bahrain's state-run energy supplier also raised Alba's gas supply costs by $0.75 per million British thermal units (mmbtu) to $2.25/mmbtu on January 1. The firm, which owns the world's fourth-largest aluminium smelter, made a profit of 69.7 million dinars in the same quarter of 2011, a statement published on the Bahrain bourse showed. "Without LME and gas impact, Alba was able to maintain its intrinsic value," the company's chief executive Laurent Schmitt said in an e-mailed...
State-owned aluminium maker Nalco is likely to take a Rs 300-crore hit on annual revenue as it is forced to keep five per cent of production capacity idle due to lower metal price and shortage of coal. “We kept idle 10 per cent of our total 4.6 lakh smelting capacity due to inadequate coal supply since last November. Subsequently, half of that was restored in May and the rest five per cent is still idle. This is likely to impact Rs 300 crore to our annual revenue,” a company source said. The primary reason for keeping the five per cent capacity idle is subdued international price of the metal, which is now hovering at around $1,800-1,850 a tonne. Inadequate supply of coal from domestic sources is also responsible for the plant running at lower than the installed capacity. Nalco had...
