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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National Aluminium Company Limited (NALCO), the Navratna PSU under Ministry of Mines, Govt. of India, has joined the league of select companies in successfully implementing e-procurement of materials. The e-procurement application, SAP SRM 5.0, is integrated with other SAP modules. The e-procurement site was inaugurated today by B.L. Bagra, CMD, in the presence of Shri Joy Varghese, Director (P&A), Ansuman Das, Director (Commercial), S.S. Mahapatra, Director (Production) and N.R. Mohanty, Director (P&T). Ansuman Das, Director (Commercial) mentioned that implementation of e-procurement is in line with NALCO’s continuous efforts for achieving significant reduction in procurement cycle time and improved process efficiencies. At present, only the proprietary and standardised items having...
The aluminum 3-month price closed up June 29, 2012 at $1,872 per metric ton, halting two days of weakening prices on the LME with a 1.2 percent increase. At $1,832, the primary aluminum cash price finished the market day on the LME up 1.2 percent per metric ton. The Indian aluminum cash price, following a couple days of improvement, fell by one percent. Chinese aluminum on the whole increased for the day. The Chinese aluminum cash price increased 0.6 percent per metric ton. The price of Chinese aluminum billet increased 0.3 percent per metric ton. The price of Chinese aluminum scrap held steady. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row, remaining at around $2,200 per metric ton.
Rio Tinto PLC (RIO) said Monday that it has reached an agreement in principle with labor union representatives from its Canadian Alma aluminum smelter following a seven-month lockout. Rio Tinto Alcan, the aluminum arm of Rio, locked out 780 unionized workers at its 438,000-ton-a-year Saguenay-Lac-Saint-Jean aluminum smelter in northern Quebec Jan. 1. Both parties had started negotiations in October 2011 to establish a new collective workers' agreement to replace the one that expired Dec. 31, but failed to reach an agreement. At stake was the labor union's request that Rio Tinto hire a minimum number of workers at the smelter and that Rio Tinto limit or prohibit the use of sub-contractors for non-core activities. Both sides tried to reach a settlement again in March but to no avail. "In...
Weakening prices changed direction when the cash price of primary Chinese aluminum rose 1.1 percent on June 28, 2012. After falling for two days, the price of Chinese aluminum billet rose one percent. For the fifth consecutive day, the price of Chinese aluminum bar held flat. The price of Chinese aluminum scrap held steady at CNY 16,500 ($2,595) per metric ton. The cash price of primary Indian aluminum gained 0.7 percent. The aluminum 3-month price saw a 0.1 percent decline on the LME to $1,849 per metric ton. The primary aluminum cash price flattened at $1,810 per metric ton after two days of downward movement on the LME.
Climate Change Minister and Charlton MP Greg Combet stood firmly in front of the stacks at Newstan Colliery as he delivered the message that Hunter coalmines would not be affected by the controversial carbon tax. The minister for climate change said he wanted to be at a coalmine in his own electorate yesterday when the Labor government’s tax on the country’s heavy polluters came into effect. Opposition leader Tony Abbott said the carbon tax would force Hunter coalmines to close and the NSW Minerals Council said thousands of mining jobs would be lost in NSW as a result of the tax. Mr Combet steadfastly denied that would be the case and was spruiking the benefits of the tax when it was less than 24-hours old. ‘‘One thing is certain that the sun has come up today and with the carbon price...
After drifting 4.6 percent, European 5083 plate prices continued to fall making it the biggest mover on the weekly Aluminum MMI. The price of European 1050 aluminum also fell by a similar percent decline from the previous week. Korean 3003 coil premium over 1050 sheet prices, however, remained unchanged for the week. Korean 5052 coil premium over 1050 sheet prices also held steady from the previous week. Chinese aluminum prices were mixed for the week. The price of Chinese aluminum billet fell 1.9 percent over the past week. This was the fourth week in a row of declining prices. Since last week, the cash price of Chinese aluminum fell to the lower $2400 per metric ton range after moving 1.8 percent. Prices for Chinese aluminum bar remained constant in the $2200 per metric ton range. The...
United Co. Rusal, the world’s largest aluminum producer, is considering building a new smelter to replace the aging facility at its Bogoslovsk plant in Russia’s Sverdlovsk region. After a feasibility study, it would take as long as 5 years to construct a smelter with annual capacity of 396,000 metric tons of aluminum, Rusal said in a statement on its website today. A decision to proceed would only be taken if Rusal was able to agree on low-cost electricity supplies for the plant with the regional government. The Bogoslovsk smelter was built in the 1940s and, given current market conditions and aluminum prices, is one of the least efficient among Rusal’s units, according to a statement from the company.
Aluminium prices rose by 0.24 per cent to Rs 103.35 per kg in the futures market today in line with a firming trend in base metals at the London Metal Exchange and a pick-up in demand at the spot markets. At the Multi Commodity Exchange, aluminium for delivery in June rose by 25 paise, or 0.24 per cent, to Rs 103.35 per kg, with a turnover of 182 lots. The metal for July delivery rose by 15 paise, or 0.23 per cent, to Rs 105.20 per kg, with a turnover of 168 lots. Globally, aluminum gained 1 per cent to USD 1,864 per tonne at the London Metal Exchange ( LME). Market analysts said besides covering-up of short positions by speculators, rising spot demand and a firming trend in global markets, supported the upside in aluminium futures here.
Qatalum has announced the agenda of the 16th Arab International Aluminium Conference (ARABAL 2012), which will be held in Doha from the 19th - 21st November 2012. It will focus on future opportunities in the aluminium downstream industry in the Gulf region, as GCC countries contribute to over 13% of the world’s aluminium output, with an annual production of 3.6 million tonnes. Qatalum noted that the region’s countries have the required infrastructure and appropriate components to establish any industry based on primary aluminium. The availability of this important material coupled with the investor-friendly regulations, energy resources and industrial infrastructure will further facilitate the establishment of advanced and sophisticated industries associated with aluminium, together with...
Century Aluminum Company will report second quarter 2012 earnings on Tuesday, July 24th after the close of market trading. The news release will be issued through Marketwire. The company will hold a follow-up conference call on Tuesday, July 24th at 5:00 p.m. Eastern time. The earnings call will be webcast live on the Century Aluminum Company website, located at www.centuryaluminum.com. Plan to begin the registration process at least 10 minutes before the live call is scheduled to begin. A replay of the webcast will be archived and available for replay approximately two hours following the live call.
Aluminum company Alcoa Inc said on Friday it will sell its Tapoco hydroelectric project in Tennessee and North Carolina to Canada's Brookfield Renewable Energy Partners for $600 million. Tapoco, a 351-megawatt project located on the Little Tennessee and Cheoah Rivers in eastern Tennessee and western North Carolina, is operated by Alcoa Power Generating Inc., a wholly owned subsidiary of Alcoa. The transaction will include the four generating stations and dams, 86 miles of transmission line, and about 14,500 acres of land, Alcoa said. J.P. Morgan advised the company on the transaction, which is expected to close by the end of this year. Alcoa stock was up 2.3 percent at $8.71 in morning trading on the New York Stock Exchange. Brookfield rose 49 cents to C$28.10 on the Toronto Stock...
The unexpected agreement of euro zone leaders to help bring down borrowing costs of Spain and Italy and restructure the banking sector send LME aluminum above the 10-day moving average to a high of USD 1,920/mt, before settling up USD 72/mt or 3.91% at USD 1,915/mt. Transacted contracts added 4,217 lots to 18,491 lots. Latest LME aluminum stocks dropped 10,800 mt to 4,833,925 mt. A further slide in China’s June PMI will erode support from the EU Summit agreement, so trading should be cautious today. LME aluminum is expected to be pressured at the 20-day moving average and move between USD 1,880-1,920/mt. The most active SHFE aluminum contract for October delivery should open higher near RMB 15,600/mt and test support at RMB 15,400/mt. Its trading band is expected to be RMB...
Alcoa doesn't need much of an introduction. The company has been at the vanguard of every major aluminum industry innovation for well over a century. With aluminum below the industry's cost of production, plant closures are putting a crimp on supplies. As a result, the world could be headed toward an aluminum deficit in the next 12 month -- perhaps marking the turning point from bust to boom. Last year's worst performing Dow Industrial stock, Alcoa could put in one of the best showings over the next year. From mining bauxite to refining it into alumina, Alcoa is a global leader every step of the way. This vertical integration cuts out the middleman and generates additional income that slips through the fingers of many rivals. Alcoa is also the world's biggest supplier of primary aluminum,...
The Gulf Cooperation Council (GCC) countries' aluminum production represent 13 percent, or 6.3 million tons per year, of global output, Qatar Aluminum (Qatalum) said Saturday. The GCC countries have sufficient infrastructure and elements that enable them to establish any industry based on raw aluminum, Qatalum said in a statement. It said appropriate economic and legislative legisations, energy sources and industrial infrastructure have facilitated the creation of aluminum-related industries. Qatalum noted that aluminum is used in major industries including vehicles and aircraft.
Hindalco has issued 10-year R1500Cr 9.55% secured redeemable NCDs having face value of R10 lakh each through private placement. These funds will be used for capital expenditure, working capital and debt refinancing. In April, it raised around R3000Cr through NCDs. Hindalco is currently implementing large-scale integrated projects for its aluminium business; the total project cost is estimated to be over R300 billion for the medium term. The ongoing capex will increase the company’s aluminium smelting capacity to around 1700 ktpa by 2014-15 from the current capacity of 590 ktpa. Hindalco is the flagship company of the Aditya Birla group. The company commenced operations in 1962 with an aluminium unit at Renukoot, U.P. It has installed capacity to produce 590 ktpa of aluminium and 1700 ktpa...
The London Metal Exchange is considering launching a North American aluminum contract, sources say, a measure that could expand the footprint of its most-active futures market. Discussions are still at an early stage, but the LME has begun to canvas physical traders and consumers about the viability of a U.S. contract that would include the Midwest physical premium, which represents the additional cost of delivering the metal from an LME warehouse in Detroit or New Orleans or a producer plant to the Midwest, market participants have told Reuters. At least one ring dealing member had asked the 135-year old exchange to look into a new contract based on feedback from its own customers, according to a senior executive at the firm. If the LME follows through, it would be biggest expansion of...
Global miner Rio Tinto said it expected economic growth in China, the world's top consumer of raw materials, to rise above 8 percent this year. A slowdown in Chinese growth this year has translated into weaker consumption of raw materials such as copper and oil, contributing to a slide in commodities prices. "We expect Chinese growth to be above 8 percent this year despite lower export demand and monetary tightening," Rio said in a presentation on its website. "Recent fiscal and monetary loosening should lead to a pick-up in growth in H2 2012," Vivek Tulpulé, Rio's chief economist, said in a presentation. A Chinese finance ministry official said on June 28 the country was confident it could meet its 2012 economic growth target of 7.5 percent. Rio also was optimistic about the outlook for...
On June 27, 2012, the Chinese aluminum cash price fell by 1.9 percent, making it the day’s biggest mover. Chinese aluminum billet prices saw a 1.9 percent decline. The price of Chinese aluminum bar held steady. The price of Chinese aluminum scrap continues hovering just under $2,600 per metric ton for the fifth day in a row. The 3-month price of aluminum saw a 0.4 percent decline on the LME to $1,851 per metric ton. On the LME, the primary aluminum cash price fell 0.4 percent to $1,810 per metric ton. Indian aluminum cash price gained 0.3 percent.
