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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Shares of Hong Kong-listed Winsway Coking Coal Holdings Ltd. have been surging this week with some analysts asking if China’s state-backed aluminum giant could be at work. On Wednesday, Winsway was up more than 20%. The unusual share price movement led the company to issue a statement to the stock exchange Wednesday it did not know the reason behind it. On Thursday morning, Winsway gave up some of those gains and was off 6.3%. Analysts think it could be connected to a pending acquisition by Aluminum Corp. of China Ltd. for a 30% stake in Winsway for HK$2.39 billion, announced in April. The Winsway deal comes as Chalco’s earlier attempt to buy a majority stake in SouthGobi Resources, controlled by Canada’s Ivanhoe Mines Ltd., has stalled amid political opposition in Mongolia. Chalco is...
Alcoa Inc. says a South Carolina shareholder's lawsuit claiming the company didn't properly investigate allegations of a multibillion dollar bribery scheme "lacks merit." A Middle Eastern firm, Aluminum Bahrain BSC, contends companies affiliated with Alcoa Inc. 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. The U.S. Justice Department is conducting a related criminal investigation centering on Alcoa affiliates controlled by billionaire businessman Victor Dahdaleh, who has been charged by British authorities. Tuesday's lawsuit by shareholder Catherine Rubery seeks to make Alcoa's board responsible for any damages Alcoa may pay to Alba and court-ordered changes to make...
Dropping 1.7 percent on the LME, the aluminum cash price was the biggest mover on our daily aluminum price index on June 19, 2012, closing at $1,881 per metric ton. The aluminum 3-month price saw a 1.5 percent decline on the LME to $1,921 per metric ton. The cash price of primary Indian aluminum closed with a 0.5 percent rise on Tuesday. Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum weakened by 0.8 percent; meanwhile, the price of Chinese aluminum scrap was unchanged at under $2,600 per metric ton. The price of Chinese aluminum billet held steady, and for the fifth consecutive day, the price of Chinese aluminum bar held flat at above $2,200 per metric ton.
MCX Aluminium was in downtrend since the early of this month by breaching the major support level of R 107.5 per kg and was found to be near to the another major resistance level of R 105.5 per kg. Aluminium dropped by 0.5% or R 0.5 at R 105.75 per kg on Wednesday, 20th June and tested an intraday high of R 106.45 per kg and low of R 105.5 per kg. Short selling with 9% rise in its open interest to 9261 lots pulled down the metal for the second consecutive day. The contract traded below 9-day EMA and it was found to be on oversold region with its RSI at 20.23. At LME, Aluminium remained unchanged at $1920 per tonne on Wednesday. The mixed economic uncertainties pertaining to Federal Reserve open market committee stimulus decision and the woes on the Spain borrowing costs weighed on the...
Russia's primary aluminum output in January-May increased by 2.5% compared with the corresponding period last year, the federal statistics service reported Wednesday. The statistics service does not give non-ferrous metals output volumes in tonnages, only the percentage change. Russia's nickel output in January-May increased by 1.4% on the year and zinc output increased by 1.8%. Lead output fell by 7.1% and bauxite output increased by 4.2%. Russia's copper output in January-May fell by 4.6% compared with January-May 2011.
LME aluminum lost USD 24.8/mt or 1.28% to USD 1,902.8/mt overnight as Fed decided only to extend “operation twist” till year-end in addition to maintaining low interest rates, disappointing investors expecting QE3. The light metal also slipped to USD 1,897.8/mt, a two-year low, while extending its weakening string into the 9th trading day. Total positions were little changed at 706,772 lots. Latest LME aluminum stocks were down 2,500 mt at 4,858,075 mt. Sluggishness in the global economy and weak fundamentals mean aluminum prices will continue to fall. LME aluminum is expected to struggle at the USD 1,900/mt mark and move between USD 1,870-1,920/mt today. The most active SHFE aluminum contract for September delivery should open near RMB 15,600/mt and test support at RMB 15,500/mt as it...
Aluminum giant Alcoa has suffered a setback in its $158 million damages claim against Apache Energy over the 2008 Varanus Island gas explosion, after a judge threw out part of its legal argument. West Australian Supreme Court judge Rene Le Miere yesterday handed down a pre-trial decision in the case and ruled that Alcoa could not argue a breach of statutory duty by Apache. At the same time, Justice Le Miere allowed Alcoa to argue that it had a claim for damages for economic loss sustained as a result of Apache's breach of duty. Apache had applied for Alcoa's claim of a breach of duty to be dismissed. A date for the civil trial has not been set. Alcoa sued Apache and its partners, Tap Oil and Kufpec, for $158m in March last year. Yesterday, Alcoa's lawyer David Collins told the Supreme...
The 16th Arab International Aluminum Conference (ARABAL), organized by Qatar Aluminum, will be held in Doha from November 19 through 21. ARABAL will discuss the aluminum sector on a regional and international level through a variety of workshops and roundtables in attendance of professionals, experts, and academics. An international promotional campaign for ARABAL will be launched to group the largest number of specialists in the sector, in an effort to increase the conference s outcomes and raise awareness, in addition to bolstering the exchange of information and expertise strengthening connections between all of the sector s bodies. ARABAL began in 1983 by Kuwait Aluminum Co. to bring together leading figures in the Middle East aluminum industry in order to foster ties and discuss the...
UC Rusal is to spend RUS100M ($3M) to modernise its Yaroslavsk Mining Company (Yaroslavsk GRK). Rusal will use the money to refurbish existing equipment and buy new machinery. The funds will also be spent on carrying out stripping operations to guarantee the stable operation of the Yaroslavsk GRK for future years. Yaroslavsk GRK produces about 10kt of fluorspar concentrate monthly, but is expected to rise to 11kt/month in 2012. The concentrate is supplied to the Rusal smelters as part of its strategy for resource security.
The global aluminum market was in surplus by 482,000 metric tons in the first four months of the year, the World Bureau of Metal Statistics said Wednesday. This compares with a surplus of 1.729 million tons over the whole of 2011. Global demand for primary aluminum rose by 4.95% from the year-earlier period in January to April, the WBMS said, without citing specific figures. Demand for primary aluminum in April was 3.583 million tons and production was 3.692 million tons, it said.
Aluminium major Nalco is under tremendous market pressure due to dropping aluminium prices in the London Metal Exchange (LME) and higher production costs. to boost sales and to cope with the continuous losses, India's state-run National Aluminium Co Ltd (NALCO) has offered a discount of 2,500 rupees ($44.26) per tonne across all products in the domestic market, a company official said on Thursday. The move was prompted by changes in the London Metal Exchange rates, Commercial Director Ansuman Das told Reuters. The discount on aluminium products will remain effective until the month end.
London-listed mining group Vedanta Resources today said it has sold 3,000 tonnes of aluminium ingots at a premium of USD 220 a tonne over the London Metal Exchange Price in the Asian market. "Vedanta Group, India's largest Aluminium producer, has recently sold 3,000 metric tonne of Aluminium Ingots 99.7% through a tender at a premium of USD 220 pmt over LME on a cost, insurance and freight (CIF) basis in the Asian market," the Anil Agarwal-led company said in a statement. The metal will be shipped in three lots from July, 2012 to September 2012. The company said that the increase in premiums was an outcome of global "tightness in the physical market due to closure of smelters in recent quarters in the wake of low LME price." Aluminium premiums are also increasing because of highly...
United Co. Rusal PLC (0486.HK) said Tuesday it plans to borrow up to $850 million from Chinese bank Eximbank to build a new anode factory in the Irkutsk Region. The main consumers will be Rusal's aluminum smelters in Eastern Siberia which are able to meet China's growing demand in aluminum, the company said in a statement.
MCX Aluminum may note gains tracking firmness in international exchange. Supporting prices is firmness in copper prices and falling stocks at LME. Stocks at LME rose by 2,050 tons yesterday after declining by 16650 tons last week. Meanwhile cancel warrants ratio jumped to 37.5% signaling demand in physical markets. Support for Aluminum June contract is seen at Rs 105 while resistance of Rs 108.
Research and Markets has announced the addition of the "Aluminum Industry in Brazil - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016: Market Profile" report to their offering. Brazil was the sixth-largest aluminum producer in the world in 2010. The country's domestic aluminum supply exceeded domestic demand throughout the review period. As such, Brazil exports a significant amount of aluminum. However, demand is expected to exceed supply from 2014 onwards. Brazilian aluminum production recorded a decline during the review period, while Brazilian aluminum consumption grew. The global economic crisis is the main reason for the negative production growth. The abundant availability of bauxite in Brazil provides an advantage for domestic producers of aluminum over...
New market research report on Aluminum Industry in India throws light on Market Opportunities and Entry Strategies. India was the seventh-largest aluminum producer in the world in 2010. The per capita consumption of aluminum in India is very low compared to the consumption in developed markets. Despite India's huge spending on infrastructure development, especially on power generation, and the country's expanding automobile and packaging industries, the per capita consumption of aluminum remained low in India during the review period. The domestic Indian aluminum supply is expected to exceed demand over 2013-2016, which will enable the country to be self-sufficient in meeting its aluminum demand. The power generation industry is the largest end user for aluminum consumption in India in...
Alcoa is tangled in another legal hassle when a South Carolina woman claims in lawsuit filed Tuesday in federal court in Pittsburgh that 14 current or former Alcoa Inc. board members ignored her request that the company investigate and take action to limit the company’s liability in an international bribery lawsuit. Catherine Rubery is suing the board members as well as the two men that Aluminium Bahrain BSC claimed were at the center of a bribery scheme that allowed New York-based Alcoa to reap more than $400 million in illegal profits. The foreign aluminum maker, known as Alba, is also suing in Pittsburgh federal court and seeking more than $1 billion in damages. Rubery, on behalf of herself and other shareholders, is suing to make the defendants personally responsible for repaying to...
Aluminum ingot output hit 57,600 tons in Iran during the first two months of the current calendar year, which began on March 20, the IRNA News Agency reported. The output stood at 28,900 tons in the second calendar month, the report added. Aluminum powder production amounted to 37,700 tons in the two-month period. Deputy head of Iran's Geology and Mineral Exploration Organization Behrouz Borna said that the country ranks first in the Middle East for possessing the region's largest mineral reserves. "Iran holds three percent of the world's mineral reserves, which puts the country first in the Middle East and third in Asia," Borna added, Press TV reported. The official also said that the country holds about 68 kinds of minerals. He added that 20 other types of minerals have been revealed...
