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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And yet with the cost of aluminum production notoriously high in China, even in the lower-cost western provinces, many analysts have been looking for production cutbacks in China as being the catalyst for a move to supply balance and higher prices. Arguably China is a market unto itself. Tariffs or lack of export incentives make imports and exports of primary aluminum negligible in comparison to installed capacity, yet it is the hope that mass closures in China will force the country to import primary metal that has long been a plank of the expectation that prices would move higher over time. Cote observes Chinese demand will likely be in the region of 9 percent per year as GDP grows at around 8 percent, and rightly points out this is off a much higher base than five to 10 years ago,...
Federal Industry Minister Greg Combet has rejected a call from NSW for the commonwealth to bail out a Hunter aluminium smelter. The federal government is reportedly set to announce a $42 million rescue package for Alcoa's Point Henry aluminium smelter operations near Geelong in Victoria to help save 600 jobs. Norwegian firm Norsk Hydro announced earlier this month 300 redundancies at its Kurri Kurri smelter, in the NSW Hunter Valley, following the loss of 150 jobs in January. The company announced the plant would close in May. In January, Tomago Aluminium confirmed 100 jobs would go as part of a major restructure at another Kurri Kurri plant. NSW Energy Minister Chris Hartcher says that if Canberra can save a Victorian plant, it should put up funds to save a Kurri Kurri operation. "Why...
LME aluminum rebound during early trading on Monday supported by an 7.6% month-on-month growth in new home sales in the United States, but still dipped to a fresh one-year low of USD 1,852/mt as Spain and Cyprus’s aid calls and Moody’s downgrade on the Spanish banking sector shadowed efforts to help solve the European debt crisis. The light metal settled down USD 0.8/mt at USD 1,868/mt in the end. Positions dropped 1,520 lots to 704,140 lots. Latest LME aluminum stocks were down 9,675 mt at 4,851,700 mt. The market sentiment is still slightly bearish as the European debt crisis remains unsolved. LME aluminum should continue to struggle at USD 1,870/mt and hover between USD 1,850-1,885/mt. The most active SHFE October aluminum contract should start below RMB 15,550/mt and fluctuate between...
Shanghai aluminium futures fell over 3 percent in afternoon trade to a 14,990 Yuan ($2,400) a tonne, exchange data exchange showed on Tuesday. The most-active October aluminium contract on the Shanghai Futures Exchange was down 3.13 percent at 15,035 Yuan by 0640 GMT, after hitting a low of 14,990. Chinese aluminium prices have been pressured by news that local governments were supporting high-cost aluminium smelters with subsidies to boost local GDP.
The Point Henry aluminium smelter has been offered a $42 million lifeline by the Gillard government which, if accepted, would guarantee the future of the Geelong plant for the next two years and save hundreds of manufacturing jobs on the eve of the introduction of the carbon tax. Under the terms of a three-way deal being negotiated between the plant's majority owner, Alcoa, and the federal and Victorian governments, Point Henry would receive half the bailout money as an immediate capital injection. The Baillieu government will make assistance available to suppliers and contractors expected to be adversely affected by Alcoa's cost-cutting measures, and is negotiating with the company to reduce its share of the plant's carbon tax liability. It has not been determined how many of the 600...
On June 22, 2012, the cash price of primary aluminum fell by two percent on the LME, landing at $1,841 per metric ton and making it the day’s biggest mover on our daily aluminum price index. After two changeless days, the aluminum 3-month price fell 1.9 percent on the LME to $1,883 per metric ton. After dropping for two days, the cash price of primary Indian aluminum flattened. Chinese aluminum prices were flat for the day. For the fifth consecutive day, the price of Chinese aluminum scrap held flat, while the price of Chinese aluminum billet showed little movement last Friday below $2,500 per metric ton. The price of Chinese aluminum bar was unchanged, and Chinese aluminum cash prices flattened to hold below $2,500 per metric ton after two days of downward movement.
London Stock Exchange-listed Vedanta Resources moved a step ahead to merge its Indian subsidiaries to create a diversified mining and metals group. On Monday, iron ore miner Sesa Goa and copper-to-aluminium maker Sterlite shareholders approved creating the $14.5-billion Sesa Sterlite, the seventh-largest natural resources company by operating profit. Sesa Goa said 91.70 per cent of its shareholders, representing 79.12 per cent of votes, approved the merger of Sterlite, Madras Aluminum and Vedanta Aluminum with itself, despite opposition from FII Franklin Templeton which owns 12.5 per cent. 92 per cent of Sterlite shareholders, too, voted for the merger with Sesa Goa. Vedanta now needs approval from the Foreign Investment Promotion Board. Sesa Sterlite will own iron ore, oil & gas,...
Tony Abbott labelled the expected $42 million bailout of aluminium giant Alcoa's Port Henry smelter "hush money" yesterday as Julia Gillard accused him of a misleading campaign to demonise the carbon tax, which comes into effect on Sunday. The Opposition Leader seized on reports that the government is preparing to announce a bailout package for Alcoa. In a spiteful question time, Mr Abbott labelled the mooted $42m package as "hush money" to help save 600 jobs and cited the government's own Treasury modelling predicting a 61 per cent decline in aluminium output by 2050. He asked the Prime Minister whether similar payments would be made for the other 16,000 workers in the aluminium sector he said would be affected by the carbon tax. But Ms Gillard accused Mr Abbott of attempting to profit...
In a recently held seminar by the Indian Institute of Chemical Engineers on the “Prospects of Alumina and Aluminium Industry in Odisha” many eminent Scientists, Academicians, Engineers and Industry Houses interacted on the importance of Bauxite, Alumina & Aluminium for the development of Odisha. Speaking on the occasion Dr. Mukesh Kumar, President & COO - Vedanta Aluminium Ltd., pointed out that Odisha is blessed with High Quality Aluminium Reserves and based on the present analysis nearly 60% of India’s reserves are available in Odisha. However, this wealth of natural resources could not be translated into economic prosperity for the state. The availability of such vast natural resources could have been used for turning the Mineral and Metal potential of Odisha and eradicating the...
South Korea purchased a total of 4,000 tonnes of aluminium for arrivals by September 20 via tenders on June 21, the state-run Public Procurement Service said on its website (www.g2b.go.kr). Details of the purchases are as follows: TONNE SUPPLIER PREMIUM(CIF/T) 2,000 Glencore International AG $235 1,000 LG International Corp $242 1,000 Metal Park Corp $207.2 The above premiums were made over London Metal exchange (LME) prices.
Alcoa Inc.'s aggressive focus on restructuring and cost-cutting strategies, expected productivity gains, diverse product mix, and cheap valuations are attractive enough for a long position in its stock. The stock is down 50% from its 52-week highs. However, some potential risks to our recommendation include the continual decline in aluminum prices (trading near two-year low levels), unfavorable settlements of Alcoa's litigation, and China's aluminum companies not cutting their production capacity to reduce aluminum oversupply. Recommendation: Buy AA now and add to position when: 1. Aluminum prices start to move up 2. Chinese aluminum producers announce supply cuts The Aluminum Industry is currently undergoing a downturn because of weakening global demand of the metal, along with declining...
Hundreds of people took a lengthy stroll through Alcoa’s Wenatchee Works smelter Saturday to see the inner workings of one of North Central Washington’s largest employers. They dipped their hands in alumina — the white liquid-looking raw material used to make aluminum — and was surprised when their hands came out dry. They watched workers manning pots that have poured out some 16.7 billion pounds of aluminum ingots over the past six decades. And, they were treated to Blue Mist purified water served in cans (aluminum, of course), artistically shaped aluminum foil sculptures, and cake decorated with the logos of Alcoa and Washington Aluminum Trades Council. Saturday’s 60th anniversary event wasn’t the first time Alcoa has opened its doors to the public for tours and celebrations. But it was...
Aluminium Bahrain (Alba) praised the contribution of its work force in raising the company’s profile and in playing a key role in strengthening its reputation as one of the world’s leading aluminium smelters. The statement was made at the conclusion of a series of ceremonies held at the Alba Club to honour long service employees who have worked in the company for 10, 20 and 30 years. The first ceremony was held on Thursday, June 14, 2012, the second was on the following week on Thursday, June 21, 2012 while the final ceremony was held on Sunday, June 24, 2012. Alba’s Chief Executive, Laurent Schmitt presented the awards to the employees, and present at the event were the Chairman of Alba Labour Union, Ali bin Ali, Human Resources Manager, Abdul Rahman Janahi and other Alba officials....
Aluminium smelters in China's Xinjiang province, which aim to become a key production hub of the metal, will add only about a third to half of the capacity expansion originally planned for 2012 as low metal prices and costly power cripple the industry, analysts say. The delay in adding as much as 2.6 million tonnes of aluminium capacity this year in China, the world's top producer and user of the industrial metal, could ease pressure on prices as smelters worldwide struggle to cope with dwindling margins. "Out of the 3 million to 4 million tonnes per year of new aluminium production earmarked for Xinjiang in 2012, we may only see 1.3 million to 1.4 million tonnes come online," said Liang Lijuan, deputy manager of metal products at COFCO Futures. While gloomy economics has a part to play...
On Saturday 9th June 2012 Alcoa Fjardaal formally commissioned its new Pot Repair Facility. Oddny G. Hardardottir, Finance Minister and acting Industry Minister, and Jenne Sigurdsson, CEO of Alcoa Fjardaal, officially opened the facility in the presence of town councillors from the region. Construction of the Pot Repair Shop began in 2010 and VHE was responsible a large part of the work; the total investment by Alcoa Fjardaal is about 4,5 billion Icelandic kronur. The opening of the Pot Repair Shop completes the final stage of the Alcoa Fjardaal smelter which began operating in 2007. VHE is responsible for all operations of the Pot Repair Shop including relining pots and repairing pot shells; this will create 60 new jobs in Reydarfjordur. The Pot Repair Facility has a floor area of 4000...
LME aluminum slipped to a fresh two-year low of USD 1,854/mt on Friday after Moody’s downgraded 15 large banks and due to the huge needed for the Spanish banking sector. Investor risk appetite rebounded during later trading, however, trimming LME aluminum losses to only USD 0.3/mt. The light metal settled at USD 1,868.8/mt. Strong resistance was also felt at USD 1,880/mt. Total positions were up 5,918 lots at 705,660 lots. Latest LME aluminum stocks were up 14,300 mt at 4,861,375/mt. Investors should remain bearish with the European debt crisis unsolved and due to sluggishness in the global economy. LME aluminum is expected to struggle at USD 1,870/mt and move between USD 1,850-1,885/mt. The most active SHFE aluminum contract should shift to October today and start lower near RMB...
India's state-run National Aluminium Co (NALCO) on Monday said it has sold 8,000 tonnes of aluminium ingots at close to $203 per tonne premium over the average LME cash price on a cost, insurance and freight (CIF) basis. The metal will be shipped to a European buyer in eight batches of 1,000 tonnes each from July to February, NALCO's commercial director Ansuman Das told Reuters. NALCO, whose tenders serve as a global benchmark, last sold 4,500 tonne of aluminium ingots at about $180 per tonne premium over the average LME cash price on a CIF basis to a European buyer earlier this month.
MCX Aluminium edged up by 0.2% at Rs 104.95 per kg on Friday, 22nd June and tested an intraday high at Rs 105.7 per kg and low at Rs 104.3 per kg. Bargain hunting with 6% dip in its open interest to 9517 lots helped the Aluminium metal end with modest gains shrugging off the its downtrend since early June 2012. The contract traded above 27-day EMA and it was found to be on oversold region with its RSI at 54.07. At LME, Aluminium slumped to July 2010 levels having dropped by 1.1% at $1864 per tonne on Friday. The slew of gloomy events such as Moody's downgrade of several global banks coupled with bleak economic growth scenario in US, China and Europe hampred the metal. In addition to this, the increase in input costs, oversupply scenario and shortage of raw materials despite the major...
