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 verdict on the vote for the merger of Sesa Goa and Sterlite Industries will be announced later today. The combined entity, Sesa Sterlite, will be one of the largest diversified resources players in the world with operations in iron ore mining, copper, Aluminium, zinc, lead, silver and oil & gas. Individually, the stock of iron ore miner Sesa Goa trades at a P/E multiple of 6.02, whereas the base metals player Sterlite Industries trades at a P/E of 6.9. But what sort of valuations should the combined entity have? For the year ended March 2012, Sesa Sterlite's combined revenue stood at Rs 49,240cr. BHP Billiton, the largest resources player in the world, is six times the size of Sesa Sterlite. With a revenue of about Rs 3,14,400cr, the Anglo-Australian company's market capitalization is...
Some 600 Victorian Alcoa workers will soon learn if they still have jobs, with the federal government saying it expects to finish talks soon with the company about the future of its Point Henry aluminium smelter. Federal Industry and Innovation Minister Greg Combet said the government wanted to conclude discussions with the company in the "very near future". Mr Combet said the long-term viability of the smelter depended on the projected value of the Australian dollar, world aluminium prices and state government electricity subsidies. "We are obviously extremely concerned about the future of the smelter and the 600 workers whose futures, their jobs, depend upon the viability of the smelter, plus their families plus other businesses and the jobs that are associated with the smelter...
Europe is a "big question mark" for commodity markets but at the same time demand for aluminum is strong, Klaus Kleinfeld Alcoa Chairman and Chief Executive Officer, told CNBC on Friday at the Saint Petersburg International Economic Forum. Aluminum prices have fallen more than $100 to below $1,900 per ton since last month, amid increasing market nervousness about the worsening of the euro zone debt crisis. "Aerospace demand is very strong, we're seeing an increase in automotive demand," he added. However, the sharp fall in prices over the spring – aluminum was trading close to $2,300 per ton back in February - has brought trouble to many companies in the industry around the world. "There are quite a number of players under water," Kleinfeld said, estimating that around one third of the...
Growth in May shipments of aluminum accelerated in both the US and Canada, an improvement from the smaller growth levels shown in April. Inventory positions improved slightly in both countries. US Service Center Activity: 136,100 tonnes of aluminum products were shipped by US Service Centers in May, an increase of 6.8% from the same month in 2011. For 2012 year to date, aluminum shipments were 664,200 tonnes an increase of 5.6% from the same period in 2011. Inventories of Aluminum products were 385,700 tonnes at the end of May 2012 an increase of 6.3% over May a year ago and an increase of 2.3% from last month. At the current shipping rate this represents 2.8 months of supply in inventory. Canadian Service Center Activity; 14,600 tonnes of aluminum products were shipped by Canadian...
As Century Aluminum lobbies for a new power rate that could force Appalachian Power customers to pay higher bills when aluminum prices drop, the price of aluminum is doing just that. Aluminum prices closed $1,879.50 per ton on the London Metals Exchange Thursday morning. This week was the first time prices dipped below $1,900 since a brief market decline in early 2010. Aluminum prices have dropped more than $100 since Century filed its rate case with the state Public Service Commission last month. The recent drop is part of a global commodities sell-off driven by the economic worries in Europe and fears that the pace of U.S. economic growth is slowing. Aluminum has fallen markedly since Century officials announced plans to restart the idled Ravenswood plant. The company closed that plant...
U.S. prosecutors dropped objections to the pretrial gathering of evidence in a lawsuit by Bahrain’s state-owned aluminum producer, which claims it overpaid for raw materials because of bribes directed by Alcoa Inc. (AA) Aluminium Bahrain BSC, known as Alba, claims that New York- based Alcoa bribed senior officials in Bahrain and caused Alba to pay almost $500 million more than it should have for alumina, the principal raw material in aluminum. U.S. prosecutors have been investigating those allegations since 2008 to determine whether Alcoa, the largest U.S. aluminum producer, or anyone else violated the U.S. Foreign Corrupt Practices Act. Prosecutors said yesterday in a court filing that U.S. District Judge Donetta Ambrose in Pittsburgh no longer needs to halt the pretrial collection of...
Aluminium breached another major support level of R 105.5 per kg and plunged by 1% or R 1.05 at R 104.7 per kg with an intraday high at R 105.85 per kg and low at R 104.5 per kg. Short selling with 9% rise in its open interest to 10073 lots led the metal to fall further. The contract traded below 9-day EMA and it was found to be on oversold region with its RSI at 15.4. Aluminium was finding its next support at R 104 per kg and R 103.6 per kg and resistance at R 105.5 per kg and R 106.2 per kg. At LME, Aluminium slumped to July 2010 levels, down 1.9% at $1883 per tonne on Thursday. The political and economic chaos in Europe coupled with the gloomy economic growth in the major economies such as US and China pulled down the metal to its previous lower levels. Even though the major global...
Alcoa Inc. makes aluminum, so when aluminum prices drop, so do its fortunes. Goldman Sachs cut its earnings estimate for Alcoa through 2014 because of lower aluminum prices. Alcoa's share price fell more than 4 percent Thursday. Analyst Sal Tharani wrote late Wednesday that aluminum inventory levels are high and China has more supply than it needs, while prices for the aluminum-making ingredient coke have fallen. That has pushed aluminum prices below what it costs some companies to make it. Alcoa has been cutting costs and reducing capacity, but the issues in the aluminum market are likely to continue, Tharani wrote. He cut earnings-per-share estimates to 7 cents, down from 17 cents, for the second quarter, as well as reducing estimates for each period through full-year 2014. On average,...
A negative trend was seen in ferrous and non-ferrous metals today, traders at the Bombay Metals Exchange (BME) said. In ferrous metals, copper utensils and brass cuttings eased by Rs 100 per quintal each following weak demand from stockiest. Brass utensils and aluminum utensils also dropped by Rs 200 per quintal each on selling pressure from local dealers, traders said. In non-ferrous metals, aluminium ingot and lead ingot declined by Rs 100 per quintal each on sluggish demand along with weak trend in London Metal Exchange (LME). Zinc slab also shed by Rs 300 per quintal, traders added.
The government is likely to reject an offer by the Anil Agarwal-led metals and mining conglomerate Vedanta Resources to buy the residual stakes in group firms Hindustan Zinc Ltd (HZL) and Bharat Aluminium Co Ltd (Balco) for about Rs 17,000 crore. A senior government official associated with the process said the Committee of Secretaries (CoS) was against accepting the offer. The CoS has already drafted a response to the offer, with the help of legal experts. It has to be vetted by the Empowered Group of Ministers (EGoM). The official explained the new offer put forth as an alternative solution was based on the same assumptions the government was contesting. “If you are already contesting an assumption, then a new proposal based on the same doesn’t move forward,” he said. The official...
Rusal announced Thursday the completion of the first stage of its value-added campaign for its Aluminium Division West business unit. The program boosted the share of value-added products, or VAP, for three smelters, reaching 100% at the Volkhov unit (24,000 mt/year of VAP), 80% at the Nadvoitsy unit (60,000 mt/year of VAP) and 100% at the Urals unit (75,000 mt/year of VAP). Next up will be the modernization of the Volgograd and Kandalaksha smelters, slated for completion in the first quarter of 2013. The drive will enable the smelters to produce 165,000 mt/year and 75,000 mt/year of VAP respectively. The Kandalakasha smelter will produce wire rods, and the Volgograd smelter will increase its output of slabs. The increase of alloys production is underway at the Bogoslovsk aluminum...
A U.S. Justice Department attorney has told a federal judge in Pittsburgh that a Middle Eastern firm can proceed with a bribery lawsuit against Alcoa Inc. without harming a related federal criminal investigation. The Justice Department had previously asked the judge to suspend the pretrial exchange of evidence known as discovery for fear it would compromise the investigation. But the Pittsburgh Tribune-Review reports Thursday that the attorney heading the criminal probe has told the court the lawsuit can proceed. Aluminum Bahrain BSC alleges companies affiliated with Alcoa paid $9.5 million in bribes plus millions more in commissions so the Bahrain-controlled firm known as Alba would overpay $420 million for raw materials from 1997 to 2009. Alcoa has denied wrongdoing and says it's...
Global aluminium production dipped by 1.2% to 10532 million metric tonnes during the period of Jan-May 2012 compared to the 10404 million metric tons recorded in the same period a year ago, according to latest data released by International Aluminum Institute (IAI). IAI data also mentioned that, global primary aluminum production was higher on a sequential basis in May 212, down 3% to 2.104 million metric tonnes. But declined by the same 3% on year-on-year basis from 2.168 million metric tonnes registered in the same month a year ago. Sequentially, May production was either flat or higher in all eight of the IAI's reporting regions such as Africa, North America, South America, Asia, West Europe, East/ Central Europe, Oceania and GAC/Gulf regions.
Noranda Aluminum shares have crossed bearishly below their 10-day moving average of $7.81 on a volume of 110K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term. Noranda Aluminum share prices have moved between a 52-week high of $15.50 and a 52-week low of $6.29 and are now trading 21% above that low price at $7.63 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 1.1%. Noranda Aluminum Holding Corp is an integrated producer of aluminum products, as well as rolled aluminum coils. The Company produces aluminum products in the form of billets, rods and sows, used mainly for building construction, architectural and transportation...
On June 20, 2012, the day’s biggest mover on MetalMiner’s daily aluminum price index was the price of Chinese aluminum billet, which saw a 0.6 percent decline. This was the first shift after three changeless days. The Chinese aluminum cash price, meanwhile, fell 0.3 percent. The price of Chinese aluminum bar saw little movement at above $2,200 per metric ton. The price of Chinese aluminum scrap continues hovering below $2,600 per metric ton for the fifth day in a row. The cash price of primary Indian aluminum declined 0.2 percent. The primary aluminum cash price saw a 0.2 percent decline on the LME to $1,878 per metric ton. Following two days of downward movement, the 3-month price of aluminum held steady at $1,920 per metric ton on the LME.
China Aluminum International Engineering Corporation will begin taking retail orders for its HK$1.72 billion initial public offering today. The company, a subsidiary of state-controlled Chinalco, provides engineering and design services to nonferrous metals companies. It is offering 363.16 million shares and the international tranche is partly covered. Retail investors will have to part with HK$4,777 for a single board lot of 1,000 shares. "The listing offers us an international stage to build our reputation. We aim to secure more overseas projects," Chairman Zhang Chengzhong said yesterday. Half the net proceeds, or HK$735.3 million, will be used for new engineering and construction projects, a third of which are outside China. The company said that a third of the proceeds will be spent...
New Delhi gears up to host the sixteenth edition of the International Conference on Non-ferrous metals, scheduled for July 13 & 14, 2012 at Hotel Le Meridien. Around 150 delegates from India and abroad, representing all sections of the non-ferrous fraternity have already registered for the event which is being organized by M/s Corporate Monitor, the event conceptualizers, in association with Alcircle.com - a global aluminium industry B2B portal of news, data and knowledge and TISS Consultancy Services. The 2-day meet will essentially discuss & deliberate on the major issues concerning the non-ferrous metal industry and will also have a satellite session on “Technology & Equipment Upgradation for Aluminium & Copper smelting”. More than 30 technical papers and case studies are scheduled for...
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