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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Aluminum Corporation of China Ltd., a subsidiary of Chinalco Aluminum Corporation of China (CHALCO), an aluminum exploration company, intends to make a proportional takeover bid to acquire all issued and outstanding shares of SouthGobi Resources Ltd., a coal production and Development Company from Ivanhoe Mines, a mining company. Scope - The report provides a brief of the planned majority acquisition bid to acquire all issued and outstanding shares of SouthGobi Resources Ltd., a coal producing company. - It describes the deal in brie together with a brief explanation of CHALCO's diversification into coal, the latter's shareholding structure, expected benefits to CHALCO and Ivanhoe mines and other Mongolian coal deals. Reasons to buy - Obtain an understanding of the planned majority...
Research and Markets has announced the addition of a report to their offering: “Aluminum Industry in China - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016: Market Profile” China is the largest producer and consumer of aluminum in the world. China's aluminum consumption grew at a robust during the review period, and is projected to record a growth over the forecast period. Despite the rising aluminum consumption from China's end users, which considerably increased consumption during the review period, the per capita consumption of aluminum is still relatively low in China. China's domestic aluminum supply is expected to marginally exceed demand in 2012, although demand is expected to exceed supply during 2013-2016. Transport is the largest end user of aluminum...
“There’s nothing new under the sun — history is a good way of analyzing the future.” With that, Jorge Vazquez began wrapping up this year’s Harbor Aluminum Outlook conference with his final forecast of the price of aluminum for the year. (If you’d like the exact numbers, check out Harbor’s value proposition — their analysis and forecasting is generally always solid.) However, even Harbor’s forecast from last year was much too bullish for what the market is seeing now — severe undervaluation, with LME prices hovering around $1,950 per ton. The intelligence firm has had to reevaluate, and now doesn’t see prices rebounding for another few quarters at the very least. (For some drivers of the forecast, here’s an earlier post.) The consensus view, according to Vazquez is that most other...
BHP Billiton may have to write $2 billion off the value of its aluminium assets as the global economy struggles, industry experts say. And more writedowns could follow if there is no let-up in the poor conditions buffeting the sector, they say. According to research published by Bank of America analysts, BHP's aluminium business is experiencing "very difficult" conditions. The bank may soon need to cut the value of the unit by $US2 billion ($2.02 billion) in a "worst case" scenario, the analysts say. BHP merged its aluminium and nickel operations last month. In February, rival Rio Tinto wrote almost $US9 billion from the value of its aluminium division. The Bank of America assessment follows reports in Britain that BHP has cut its forecasts for medium term commodity prices. According to...
In a limited activity, tin, brass and select aluminium prices fell at the non-ferrous metal market here today on subdued industrial offtake on the back of bearish London Metal Exchange (LME) advices. Meanwhile, Nickel spurted on renewed demand from alloy industries. Industrial metal were trading sluggish at the LME, on cautiousness ahead of Italian debt option and Greek election this weekend, amidst weak retail sales data from US. Tin dropped by Rs 5 per kg to Rs 1,335 from Wednesday's closing level of Rs 1,340. Brass utensils scrap and brass sheet cutting declined by Rs 3 per kg each to Rs 315 and Rs 324 from Rs 318 and Rs 327. respectively. Aluminium utensils scrap also softened by Re 1 per kg to Rs 113. However, Nickel climbed by Rs 5 per kg to Rs 1,110 from Rs 1,095.
Chinalco Southwest Aluminium hosted May Economic Analysis meeting on June 13. General Manager Li Fengyi and other company leaders attended the meeting. Southwest Aluminium maintained stable production and management in May. Total Industrial Output Value in May increased by 1.87% on YoY basis. Administrative expense reduced by 18.77% in May on YoY basis. Li pointed that faced by the current tough economy, all the staffs should be confident in overcoming difficulties so as to guarantee the third quarter business performance.
The most active SHFE aluminum contract started lower at RMB 15,855/mt and settled down RMB 5/mt or 0.03% at RMB 15,865/mt. It met strong resistance at the 5-day moving average and was pressured by the losses in Shanghai Composite Index. Transacted contracts added 4,440 lots to 6,686 lots and total positions climbed to 100,246 lots. Pressure is still coming from the news side. Investors are waiting for a direction in the face of negative news from the Euro zone and the coming Greek election. Spot aluminum traded at RMB 15,870-15,890/mt in Shanghai, with low-iron aluminum trading at RMB 15,950-15,970/mt. Mainstream traded prices in Hangzhou were RMB 15,880-15,890/mt and were RMB 15,870-15,890/mt in Wuxi. SHFE aluminum prices stared lower and met strong resistance at the 5-day moving...
Italian and Spanish debt yields climbed. Greek stocks prices jumped before the Greek election. US CPI and employment data disappointed, dragging the US dollar index below 82. LME aluminum opened at USD 1,960/mt during Asian trading and climbed slightly, shortly breaking through the 5-day moving average and fell back. It settled down USD 6.5/mt or 0.33% at the 2-year low USD 1,953.5/mt. Transacted contracts increased a slight 1,978 lots to 8,929 lots. Total positions dropped 3,518 lots to 734,822 lots. LME aluminum stocks surged 25,800 mt overnight to 4,860,925 mt. LME aluminum opened slightly higher this morning and SHFE aluminum is expected to see a slight rebound and stay within ranges. The Greek election is near. Surging Greek stocks prices overnight also boosted confidence in European...
South Korea has bought a total of 3,000 tonnes of aluminium via tenders for arrival by August 31, the state-run Public Procurement Service said on its website (www.g2b.go.kr). The country also reissued a tender to buy 500 tonnes of lead for arrival by September 18, after passing on the tender on June 12, a company source said. The reissued tender for lead of minimum 99.99 percent purity will close at 4 p.m. (0700 GMT) on June 18. The product should be from London Metal Exchange (LME) registered brands and arrive at the port of Incheon. Details of the aluminium purchases are as follows: TONNE SUPPLIER PREMIUM(CIF/T) 2,000 LG International Corp $210 1,000 Glencore International AG $230 *Note: The above premiums are over LME prices.
The most active SHFE aluminum contract for September delivery started at RMB 15,860/mt and settled up RMB 45/mt or 0.28% at RMB 15,900/mt supported by the Shanghai Composite Index’s return above 2,300 points. Transacted contracts were only 2,246 lots and positions added 56 lots to 100,990 lots. The contract succeeded in returning above the 5-day moving average but support has been weak. Investors are expected to await the Greek election result and the most active SHFE aluminum contract will still face heavy pressure at the RMB 15,900/mt mark. Spot aluminum was sold at RMB 15,870-15,900/mt, with low-iron ingots trading at RMB 15,960-15,980/mt. The bottom of SHFE aluminum prices climbed slightly, helping spot aluminum prices consolidate. However, supply remained excessive, posing heavy...
Soft US economic data dragged the US dollar index down to 82. LME base metals stayed within narrow bands, however, as investors were cautiously waiting for the Greek election result. LME aluminum opened at USD 1,975/mt and settled down USD 10/mt or 0.51% at USD 1,960/mt. Both transactions and positions dropped. Cancelled LME aluminum warrants were 1,708,700 mt or 35.34% of total stocks. Latest LME aluminum stocks were down 13,500 mt at 4,835,125 mt. The euro continued to weaken against the US dollar following another downgrade on Spanish debt. The US dollar index slipped due to weak economic data, but also found strong support at 82. LME aluminum prices are expected to stay near USD 1,960/mt before the Greek election is completed. The most active SHFE aluminum contract is expected to open...
Karen Gorrell, a leader and representative for Century Aluminum retirees, expressed new concerns about a continuing lack of health-care benefits in a letter she sent to Sens. Jay Rockefeller and Joe Manchin, both D-W.Va., Gov. Earl Ray Tomblin and Century President Michael A. Bless. Gorrell, whose husband is a Century Aluminum retiree, released her letter on Tuesday. She focused on the May 11 announcement by West Virginia's Public Service Commission that Century and Appalachian Power had not reached an agreement about lower electricity fees. The PSC will hold hearings about the agreement in late July, but is unlikely to make any decision about the Century/Appalachian Power agreement until September. Susan Small, communications director for the PSC, said on Tuesday, "There is not anything...
Aluminum demand in Japan, Asia’s largest importer, may be flat this year, failing to recover from the lowest level since 2009, as the end of a government subsidy will hurt auto sales, a Showa Denko K.K. (4004) executive said. Demand will probably stay weak after dropping to 2 million metric tons last fiscal year, said Shunichi Shiraishi, executive officer for the aluminum sector, who is also the chairman of the Japan Aluminium Association. In March, the group forecast demand growth of 2.8 percent for this fiscal year. Shipments to domestic and overseas markets of rolled- aluminum products expanded 1.1 percent in the first four months, according to the association, as demand from the auto industry was offset by a contraction in sales to electronics makers. Panasonic Corp. (6752) and Sony...
Presentations at the Harbor Aluminum Outlook conference tend to lean towards technical forecasts for aluminum price, inventory levels, and production costs for aluminum. However, equally important are glances at the bigger macroeconomic picture. And this year, the European debt crisis takes center stage, just over China’s growth declines, and Ed Meir of INTL FCStone, a fixture in the metals analysis world, homed in on Greece, Italy and Spain, and what the US dollar can tell us about where aluminum prices — indeed, all commodity prices — are headed. As Meir showed, the value of the dollar is inversely correlated with commodity prices. When the dollar increases, there is a decline in commodity prices, according to a graphic comparison between the dollar rate and the Jefferies CRB Index....
The Aditya Birla Group is in talks with American thermal coal miner Drummond Company to purchase a significant stake in coal mines in Colombia owned by the privately held company. The Kumar Mangalam Birla-promoted group wants to strengthen its mining business and utilise the coal for its captive power plants to make aluminium in India, a person with direct knowledge of the development said. “The group is looking to own rights of anywhere between 20% and 40% of the coal produced in these mines and this may need an investment of $1 billion,” the person said. “The ownership will also help the group hedge itself against price volatility in the global coal market.” “We do not comment on market speculation,” Tuhin Mukherjee, managing director, Aditya Birla Natural Resources, said. “Indian power...
It's hardly a household name but Tomago Aluminium is New South Wales' biggest power user. It needs the same amount of electricity as one million homes. The Federal Government's new carbon tax will affect the company on two fronts: directly, as one of Australia's 500 biggest polluters, and indirectly because its thirst for electricity means it'll be hit hard by power price increases. AM's Adam Harvey visited the company's site near Newcastle. ADAM HARVEY: In a vast storage yard a few kilometres outside Newcastle, Tomago Aluminium's finished products sit like pieces of an oversized Lego kit - shiny ingots, hefty rectangular blocks bigger than fridges, and silver cylinders the size of tree trunks. JOHN LEMBERG: These extrusion pellets get extruded out into shapes that might form yacht masts...
ALUMINIUM World Trade Fair which will be held at the Düsseldorf Exhibition Centre (Germany) from 9 to 11 October is already larger than the previous event two years ago. 750 exhibitors from 40 countries have booked their stands so far; among them are the big key players like Alcoa, Constellium, Hydro, Trimet, SMS, BWG or Sapa. The change of location from the Ruhr to the Rhine has also paid off. Many exhibitors have taken advantage of the change in location to enlarge their stands. Currently, organiser Reed Exhibitions records a 20 percent increase in area. With an exhibition area of 75,000 square meters the world fair thus continues on its success course. The trade fair will follow the process chain, from primary products and the associated technologies (Hall 9) to casting and heat...
Vedanta Aluminum Limited (VAL) is planning to buy Madras Aluminium Company Limited (MALCO)’s power business for a consideration of around Rs 150crore. The group will also amalgamate Malco with Sesa Goa Limited (SGL). According to Sterlite Industries (India) Limited, a group company of VAL, as part of the overall amalgamation within the group companies, MALCO, post the hiving off of its power business undertaking into VAL, will be merged with SGL. “Upon vesting of all the assets and liabilities of the power business undertaking of MALCO into VAL, VAL will pay Malco a lump-sum cash consideration of around Rs 150cr,” said a note from Sterlite Industries. MALCO, the operating company of Vedanta in commercial power generation, generates 100Mw of power from four units of 25Mw each through a...
