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-run National Aluminium Co. Ltd.(NALCO) has issued a tender to export 8,000 tonnes of aluminium ingots, Commercial Director Ansuman Das said on Tuesday. The last date for submission of bids is June 22. The metal will be shipped in eight batches of 1,000 tonnes each from July to Feb, Das said. 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 cost, insurance and freight basis to a European buyer earlier this month.
Spot ADC12 aluminum alloy offers from Europe to Japanese buyers have decreased over the past two weeks ahead of the approaching summer holidays in Europe, Japanese buyer sources said Tuesday. European smelters have been active in the Japanese market in May, offering spot supplies $50-100/mt below levels offered by Chinese smelters -- the main suppliers in Asia, Japanese traders said. But over the past two weeks not only have offers become limited, levels at which offers were being made had also gone above China producers' -- Europeans were offering $10-40/mt above offers made by Chinese producers, said Japanese traders. Last week, a Spanish smelter, which exports 1,000-2,000 mt/month into Japan, stopped spot offers as it will cut output in the coming quarter due to the summer holidays,...
Industry metals apart from aluminum rose despite weak industry data from the US. US factory production shank last month and consumer confidence data missed expectations. Aluminum was the only loser as global economic instability and weak demand continued to force aluminum producers to reduce output capacity.
The US dollar index plunged, helping commodities rebound, after several emerging economies disclosed a USD 900 billion IMF capital injection to help contain the European debt crisis and with stronger expectations for Fed stimulus after US May housing starts trailed estimates. Weak fundamentals in China weighed heavily on LME aluminum prices, however, with the light metal gapping lower and slipping to USD 1,915.8/mt in early trading. Profit-taking by shorts at the trading tail helped it to narrow losses to only USD 0.8/mt or 0.04% when settling at USD 1,927.5/mt. Total positions plunged by 36,315 lots to 706,772 lots. Latest LME aluminum stocks were down 10,975 mt at 4,860,575 mt. Investors are expecting support from the G20 Summit as well as the Fed interest rate meeting, but aluminum...
Today, shares of Century Aluminum (NASDAQ:CENX) have crossed bullishly above their 10-day moving average of $7.23 on a volume of 468K shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term. In the past 52 weeks, shares of Century Aluminum have traded between a low of $6.51 and a high of $16.55 and are now at $7.38, which is 13% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 1.1%. Century Aluminum (NASDAQ:CENX) has potential upside of 46.2% based on a current price of $7.38 and analysts' consensus price target of $10.80. The stock should find initial resistance at its 50-day moving average (MA) of $7.78 and further...
Aluminium prices have crashed from $2700 to $1700 per tone in a gap of 15 months, input costs are rising, so are fuel costs, but Hindalco Industries Ltd is on the verge of a massive expansion plan. Is the expansion plans justified? “When Hindalco planned this massive expansion, the foreseen scenario was not gloomy as it is currently. The projects have faced several hurdles, especially in the past two years,” according to Angel Broking which has giving a neutral rating for Hindalco stock. Hindalco is investing heavily in greenfiled and brownfield projects. Its green field projects are : - Mahan Aluminium project in Madhya Pradesh, a smelter power plant with 359 kpta alumina smelter , 900 MW captive power plant. The project has access to Mahan Cola block through a JV with Essar Power....
Dropping two percent, Indian aluminum cash price was the biggest mover on June 18, 2012 on our daily aluminum price index. On the LME, the aluminum 3-month price fell 0.7 percent to $1,951 per metric ton. The primary aluminum cash price weakened by 0.5 percent on the LME, settling at $1,914 per metric ton. Chinese aluminum prices closed flat for the day. The cash price of Chinese aluminum remained essentially flat in the mid-$2,500s per metric ton. The price of Chinese aluminum scrap held steady below $2,600 per metric ton. At under $2,500 per metric ton, the price of Chinese aluminum billet was essentially unchanged, and for the fifth day in a row, the price of Chinese aluminum bar remained essentially flat above $2,200 per metric ton.
Russia's RUSAL, the world's biggest aluminum producer, is prepared to cut output and costs this year to support prices, which could recover in 2013 if China also reduces production, a senior executive told Reuters. "The market price is at a level where about 30 percent of producers are unprofitable. This means that people are forced to significantly reduce capital expenditures, which leads to stagnation of the industry," Oleg Mukhamedshin, RUSAL's head of equity and corporate development, said in an interview. Aluminum prices ended last year near 18-month lows on concerns about weakening global demand for the metal, which is used in drink cans, car parts, planes and iPads, and prompted Alcoa (AA.N) and Norsk Hydro (NHY.OL) to cut capacity. Since then aluminum prices have fallen another 5...
A unit of China's state-owned aluminum producer Chinalco on Tuesday launched a pared-down Hong Kong IPO without Morgan Stanley (MS.N) and UBS (UBSN.VX), which may have dropped out on concerns over the unit's dealings in Iran, sources said. The deal could raise up to $200 million, Thomson Reuters publication IFR reported, with China International Capital Corp (CICC) and Guangfa Securities as its bookrunners. China Aluminum International Engineering, or Chalieco, had planned to raise up to $500 million in March, when concerns over its business contracts in Iran prompted it to delay the IPO. Chalieco, an infrastructure engineering and technology company, and subsidiary CNPT, had three contracts in Iran, according to a preliminary IPO prospectus. Two sources said the global banks dropped out...
Concerns about operational hurdles and a large debt inherited from the aluminium business, dominated the extraordinary general meeting (EGM) of Sesa Goa on Tuesday, as shareholders of the iron ore mining firm cast their vote on the proposal to merge their firm with Vedanta Resources flagship Sterlite Industries and its various subsidiaries. Results of the vote on the merger is being closely watched as it will create the world's seventh largest diversified metals and mining conglomerate. The result will be known on June 25. At least 75% of shareholders need to approve the merger for it to become effective. If approved, the restructuring will transfer a huge debt of about $14 billion on the largely profitable Sesa Sterlite, a key concern that was cited by institutional proxy advisories...
Greek election results motivated early Asian trading, but the market soon focused on whether the new government can improve Greece's debt problem and optimism gradually dissipated, and with Spain's 10-year bond yields climbing to more than 7% to further exacerbate the worries over the debt of Europe, LME aluminum turned to losses in the European session. In some regions of China preferential power rates are discussed to encourage aluminum plant to resume production. Output growth will weigh on aluminum prices, and short selling pressure sent LME aluminum to USD 1,915.3 /mt, a fresh low of the year. A weak late rebound helped it finally close at USD 1,928.3/mt, down USD 7/mt, or 0.36%, extending the losing streak to the seventh trading day. Total positions added 3861 lots to 743,087 lots....
Navaratna PSU National Aluminium Company Limited (NALCO) has bagged the prestigious Performance Excellence Award for 2010-11. The award, instituted by Indian Institute of Industrial Engineering (IIIE), Mumbai, was presented at a function in Udaipur over the week-end, company sources said on Monday. Javed Reyaz, DGM (IE), received the award from Arun Balakrishnan, Former CMD, HPCL during the inaugural function of the 16th CEOs Conference in Udaipur on behalf of the company, the sources added.
The most active SHFE aluminum contract for September delivery opened slightly higher at RMB 15,885/mt, shortly hit RMB 15,900/mt and trended downward. Its losses accelerated in the afternoon to finally settle at its low of RMB 15,800/mt, down RMB 65/mt or 0.41%. Positions dropped 244 lots to 100,346 lots. Rumors about preferential power rates ignited bearishness in the aluminum market, pressuring on aluminum prices. The most active contract is expected to see even weaker support at RMB 15,800/mt. Spot aluminum was traded at RMB 15,870-15,890/mt in Shanghai, with low-iron aluminum trading at RMB 15,950-15,970/mt. Greece’s euro exit risks have dropped considerably but debt worries stay. Metals prices started higher and narrowed gains. SHFE aluminum’s rebound was restrained by LME aluminum...
Aluminium Bahrain (Alba) recently presented the second instalment of BD50,000 ($132,655) to the University of Bahrain (UOB) that will go towards the purchase and installation of eco-friendly LED lights at its Sakhir campus. The instalment is a part of Alba’s BD150,000 ($397,877) donation to the university which is payable over three years. The chairman of Alba’s board of directors, Mahmood Hashim Al Kooheji, presented the cheque for to UOB president, Dr Ebrahim Mohammed Janahi. Also present were the university’s vice president for planning & development and professor of applied physics, Dr Waheeb Essa Al Nasser; Alba’s investor & public relations manager, Eline Hilal; and other officials. “There has already been a positive impact of the LED lights across the campus not only because of...
Eskom will allow BHP Billiton to produce aluminium using subsidised electricity, even if winter conditions necessitate load-shedding. “We have a contract with Billiton and we will fulfill that contract,” said chief executive Brian Dames in response to the question whether he, like his predecessor, would allow Billiton’s two aluminium smelters to go ahead with production even if the pressure on the national power grid became so critical that he was obliged to revert to load-shedding. During the previous load-shedding sessions and the three days that Eskom brought the mining industry to a stop in January 2008, Billiton continued producing aluminium unabated. All the raw materials for doing so are imported and more than 95% of its production is exported. The National Energy Regulator (Nersa)...
DUBAL and EMAL promote products, target market share growth at prestigious industry event United Arab Emirates: Senior industry representatives gathered in New York, USA, from 11 to 13 June this year for the 2nd Annual Aluminium Summit, hosted by leading metals publication, American Metal Market. Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL) leveraged the opportunity to reach this prestigious audience by participating jointly in the exhibition component held alongside the summit. The combined DUBAL-EMAL exhibition stand showcased the two companies, and their product portfolios. DUBAL's Marketing and Sales team is responsible for marketing the metal produced by EMAL. This amounted to 288,568 metric tonnes of cast aluminium in 2010, and 749,000 metric tonnes in 2011; in addition to...
Angel Broking has made an analysis on why Hindalco project is delaying ahead. Hindalco is on the verge of a massive expansion plan, wherein it is expanding its aluminium and alumina capacity three-fold over the coming 4-5 years. In light of recent events such as clearance of Mahan coal block by Group of Ministers (GoM), delay in projects, declining aluminium prices and rising input costs (crude oil derivatives), Angel Broking revisited Hindalco's financials for its upcoming projects under various scenarios. Their findings reveal that all three projects will generate around 17% RoE in a scenario where aluminium prices are at least at US$2,400/tonne (INR-USD53) and the projects have the backing of captive bauxite and coal mines - a scenario that looks remote in the coming 2-3 years. When...
Aluminum continues to struggle around $1,950 a metric ton support, said Edward Meir, commodities consultant with INTL FCStone. Meir continued that, “Some of this may be due to the lack of fresh production cutbacks despite prices below $2,000. This is especially true of China, where year-to-date production is up some 10% through May and now likely running ahead of demand given the slowdown in the Chinese economy.” “Moreover, with local Chinese aluminum prices hovering around $2,500, there seems to be little incentive to cut back as unlike in the West, producers still remain profitable. Also, there may be growing concern about aluminum stockpiles locked up in financing deals,” he added. “There is growing concern that the London Metal Exchange “may have to address the issue more forcefully...
