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 state government on Tuesday requested Nalco to establish a medical college in tribal dominated Koraput district. In a letter to Nalco chairman-cum- managing director BL Bagra, health secretary Pradipta Kumar Mahapatra requested the company to come out with a detailed proposal by July 5. Mahapatra argued that PSUs National Thermal Power Corporation ( NTPC) and Mahandi Coalfields Limited (MCL), which have operations in Odisha, have already committed a medical college and hospital each in the state. Nalco having its mining operations in Koraput should follow path, he wrote.
Aluminum is "attractive at these levels" with 20 percent of China's production losing money, Goldman Sachs Group Inc said. Up to 30 percent of aluminum output outside of China is "loss-making", Goldman Sachs said in a report. "An expected pick-up in consumption would likely tighten the aluminum balance. This tightening, together with anticipated upside in oil prices, and upside risk surrounding potential Indonesian bauxite export quotas, leave us bullish from here."
The monthly Aluminum MMI® registered a value of 96 in July, dropping two from June’s reading of 98. Prices for aluminum fell in most markets particularly Europe, China and India. As we saw earlier with the Stainless MMI® Korean prices lent support to the aluminum complex. “Aluminum prices fell across the board in nearly every market with the exception of Korea,” according to Lisa Reisman, Managing Editor of MetalMiner, “overall the Aluminum MMI® help up fairly well in comparison to the other MMI data to be released but is not inconsistent with slowing demand as demonstrated by yesterday’s release of the ISM Manufacturing Index data.” The Indian aluminum cash price dropped two percent. On the LME, the primary aluminum cash price closed the month at $1,867 per metric ton after dropping 7...
LME aluminum surged as much as 4.36% overnight to USD 1,993/mt, a new high since June 11th, amid strong short covering induced by rapidly increasing expectations on easing policies from both China and Europe. Transacted contracts doubled to 25,000 lots, a new high since December 30th, 2011. Lacking participation of longs, the light metal pared gains at the tail of trading, however, to USD 61.3/mt or 3.21%, settling at USD 1,971/mt. Latest LME aluminum stocks were down 10,025 mt at 4,812,625 mt. As investors wait for easing policies, their confidence for aluminum is far from strong, and shorts may return if aluminum prices climb higher. LME aluminum is expected to meet resistance at USD 2,000/mt and move between USD 1,945-1,995/mt. The most active SHFE aluminum contract for October...
In line with the company's Nationalization strategy, the Recruitment department at Dubai Aluminium (DUBAL) has launched its annual Summer Training Programme — an initiative that aims to improve understanding of the aluminium industry's workings amongst young UAE Nationals while providing training in business ethics and practices. Sultan Al Sabri (Vice President: Human Resources & Organisational Effectiveness) advises that this year's intake, which comprises a group of 35 secondary and tertiary UAE National students, began the three-week programme on Sunday 1 July. "While at DUBAL, the youngsters will be exposed to a real-life working environment, through which they will not only acquire technical and practical skills but also mature as individuals," he says. As in prior years, DUBAL's...
The cash price of primary Indian aluminum jumped by 1.7 percent yesterday. The aluminum 3-month price weakened by 0.3 percent on the LME, settling at $1,867 per metric ton. On the LME, the primary aluminum cash price rose 0.1 percent to $1,834 per metric ton. Chinese aluminum closed mixed on Monday. The cash price of Chinese aluminum inched up 0.4 percent. For the fifth consecutive day, the price of Chinese aluminum scrap held flat. The price of Chinese aluminum billet ended a two-day climb, settling in the $2440 range. The price of Chinese aluminum bar saw little movement.
Chinese aluminum giant Chalco delayed plans to acquire a controlling stake in Mongolia-focused coal miner SouthGobi Resources Ltd on Tuesday, as it continues to work on securing regulatory approvals in Mongolia and outside. In April the Aluminum Corporation of China Ltd , better known as Chalco, announced a $926 million bid for a controlling interest in SouthGobi, which owns large coal projects close to the Chinese border. The proposed deal has the backing of Ivanhoe Mines Ltd , which currently owns a controlling stake in SouthGobi. But it ran into obstacles immediately, after the Mongolian said it would enact new investment rules allowing it to review deals involving foreign companies that have assets in Mongolia. Ivanhoe and Chalco agreed to cooperate with Mongolia to ensure any...
State-owned National Aluminium Company (Nalco) expects to continue to rake in a premium over benchmark London Metal Exchange (LME) prices of aluminium by catering to demand from deficit regions. “We have contracted to sell a batch of up to 8,000 tonne of alumunium in Europe till February at a premium of $203 per tonne over the average LME price,” said a senior company official, seeking anonymity. Average LME cash price of aluminium is around $1,900 per tonne on cost, insurance and freight basis. Analysts, too, see the premium continuing. “Nalco has been taking benefit of regional mismatches quite efficiently and hence is enjoying very strong creditors’ market premium,” said an analyst. Though concerns remained on the diversification front, with its expansion complete, Nalco can clock good...
Bosnia's aluminium smelter Aluminij Mostar said it may have to cut output, due to lower metal prices combined with higher power costs, and appealed for help from the government for the country's top exporter and crucial employer. The metal sector exports account for about 80 percent of overall output in Bosnia, where the economy is still weakened since the end of the 1992-95 war. Aluminij alone exports about 150 million euros ($189 million) worth of metal a year. A cutback at the plant would also harm metal processors, whose main supplier is Aluminij, and cost jobs in a country where unemployment is already around 45 percent. It might also endanger metal supply deals with its international partners. "A decision whether to cut output will be made at the July 26 session of the company's...
The prices of ADC12 secondary aluminum alloy in Japan are softening on the back of cheaper scrap feedstock from European countries, putting downward pressure on ADC12 import prices, market sources said Tuesday. Japanese traders said domestic ADC12 prices had fallen this week, partly due to an automaker having settled the July-September contract price around 5% lower than the previous quarter, and also due to the availability of cheaper aluminum feedstock from Europe. In June, ADC12 sold on monthly or bi-monthly contracts, or on a spot basis, was at levels above Yen 190 ($2.40)/kg on a delivered basis. This week, price levels were Yen 180-190/kg delivered, traders said. Domestic production costs are decreasing as the prices of aluminum alloy feedstock are down, traders said. Russian-origin...
United Co. Rusal plans to embark on a modernization program at its Novokuznetsk aluminum smelter which will boost 2012 production to 286,000 metric tons and increase value-added output by 18,000 tons a year from 2013, the company said Tuesday. The project will cost around 170 million rubles ($5.22 million) and will start with an upgrade of the smelter's casting facilities, which produce billets for the aerospace, automotive, construction and electrical industries. "Extending the product range will give Novokuznetsk the opportunity to increase sales at the domestic market and conquer new ones, including Asia and North America," said Vladimir Polin, Rusal director for its Aluminum Division East. "The increase in value-added output will help us to make maximal margins possible and will boost...
The Tasmanian Government has refused to be drawn on the possibility of offering smaller manufacturers cut price power deals, like those offered to two northern Tasmanian smelters. Last week, it was announced the Pacific Aluminium smelter at Bell Bay had signed a new power deal with Hydro Tasmania which would secure site's future and 500 jobs. But the details of the new deal have been kept confidential, as have the details of another new power deal with the nearby manganese smelter Temco. At a conference of smaller manufacturers in Burnie yesterday, Economic Development Minister David O'Byrne refused to be drawn on whether other companies should also receive cheaper deals. "I don't accept that any companies received a special deal, from our energy providers," he said. "There's a whole...
The comprehensive SWOT profile of Liang Huat Aluminium Limited provides you an in-depth strategic analysis of the company's businesses and operations. The profile has been compiled by GlobalData to bring to you a clear and an unbiased view of the company's key strengths and weaknesses and the potential opportunities and threats. The profile helps you formulate strategies that augment your business by enabling you to understand your partners, customers and competitors better. The profile contains critical company information including: - Business description – A detailed description of the company's operations and business divisions. - Corporate strategy – Analyst's summarization of the company's business strategy. - SWOT Analysis – A detailed analysis of the company's strengths, weakness,...
Contractions of manufacturing data were reported across China, the US and Europe on Monday, (Euro zone and US data have fallen to their three-year lows in this regard), rekindling investor worries. At the moment investors are waiting for a direction from the coming ECB interest resolution and the US June non-farm payroll data. LME aluminum struggled at USD 1,905/mt during overnight cautious trading, before settling down USD 5.3/mt or 0.27% at USD 1,909.8/mt. Latest LME aluminum stocks were down 11,275 mt at 4,822,650 mt. As investors await the ECB interest rate resolution, aluminum prices should stay within narrow ranges today. LME aluminum is expected to fluctuate between USD 1,880-1,920/mt and the most active SHFE October aluminum contract between RMB 15,400-15,500/mt as the latter...
US aluminum producer Ormet warned Ohio regulators Monday it could be forced to shut all or part of its 260,000 mt/year Hannibal smelter if said regulators approve a pending electric security plan for AEP Ohio, an American Electric Power subsidiary. Ormet said electricity costs at the smelter already are rising despite a "unique arrangement" it entered into with the utility a couple of years ago that ties power costs to the price of aluminum on the London Metal Exchange. AEP Ohio says its proposed plan would increase rates by an average of only 5%, but Ormet disagrees, arguing they would be much higher. Ormet buys about 505 MW of power around the clock from AEP Ohio, and electricity accounts for about 30% of the smelter's operating costs. "The increases proposed in this proceeding would...
US companies are importing material from Iranian Aluminum Co (Iralco) using an administration waiver needed to circumvent the sanctions against Iran, sources in the aluminum market said. "Goldman Sachs cancelled a large volume of Iralco material in Pacorini's warehouses in Johor," a source at a brokerage said. "They're due to take delivery in a couple of months." Cancelled warrants stood at 95,825 tons in Johor locations, flat from three weeks before June 8 despite regular outflows from Johor. Total inventories have fallen to 179,875 tons from 213,325 tons on May 15. "We think it's all Iralco material," the broker said. "But I don't know how [Goldman has done it]. We certainly couldn't do it." But a trader said that Goldman has a special dispensation from the US government that enables it...
Aluminium Bahrain (Alba), ranked as one of the largest aluminium smelters in the world, has introduced a new safety initiative for contractors as part of its commitment to inculcate safety culture amongst its employees. The new Contractors Safety Management (CSM) is part of the AlbaSafeWay initiative to achieve zero harm across the organisation, said Alba in a statement. As a key component of the Alba SafeWay initiative, the CSM programme provides the key building blocks in ensuring ‘zero harm’ is achieved for all contractors in every area of the company’s operations. Consequently, safety induction will be made mandatory for anyone entering Alba’s operational areas – including drivers and other personnel from contracting companies. Contracting companies that maintain a good safety record...
Most Chinese stocks rose after the nation’s home prices advanced for the first time in 10 months and manufacturing indicators beat forecasts. Poly Real Estate Group Co., the nation’s second-biggest property developer, surged 2.3 percent as data showed home prices across 100 cities increased in June. Aluminum Corp. of China Ltd. paced an advance for material stocks as speculation Europe’s debt crisis is easing bolstered the outlook for commodities demand. SAIC Motor Corp., the biggest Chinese automaker, slid 8.5 percent after the Guangzhou Daily reported that Guangzhou city will cap the number of new car purchases. China’s manufacturing “data was better than expected and there seemed to be some resolution in Europe,” said Mao Sheng, an analyst for Huaxi Securities Co. in Chengdu. “Still,...
