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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Aluminium yesterday traded with the positive node and settled 0.18% up at 108.45 but earlier in the data we have seen market falling to day's low of 106.60 as United States April factory orders unexpectedly and sharply fell. The debt crisis has been developing in several European countries. As the market has somewhat digested that recently, the US dollar index retreated. Short-selling should weaken today and aluminum will be range-bound. LME is still closed today. Insufficient downstream activities have weakened market buying, and goods holders’ selling interests are still strong. Meanwhile support seen as Aluminum buyers in Japan, Asia’s largest importer, agreed to pay a record premium to producers next quarter after global smelters cut output, according to five officials with direct...
Noranda Aluminum is a company whose shares are active, trading 4.7% higher to $7.50. The S&P is currently trading 0.2% higher to 1,281 and the Dow Jones Industrial Average is trading fractionally lower to 12,100. In the past 52 weeks, shares of Noranda Aluminum have traded between a low of $6.29 and a high of $15.50 and are now at $7.50, which is 19% above that low price. The 200-day and 50-day moving averages have moved 0.61% lower and 2.07% lower over the past week, respectively. 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 applications. Noranda also produces foil and light...
Rio Tinto Alcan has not scheduled any new talks to end a six-month lockout of unionized workers at its Alma aluminum smelter in northern Quebec that has cut output at the plant by two-thirds, a spokesman told Reuters in an email on Tuesday. "No face-to-face meetings are scheduled," Rio Tinto Alcan spokesman Bryan Tucker said. "Each party met with the mediator last week -- but again, no negotiations are scheduled." The company, a unit of Anglo-Australian mining giant Rio Tinto , locked out workers at the 438,000 tonne-per-year smelter in Saguenay-Lac-Saint-Jean on Jan. 1, after talks on a new contract broke down. The two sides met in March through a government-appointed mediator for the first time since talks broke off a day before the last contract ended, but were unable to end the labor...
Rio Tinto Alcan has selected Konecranes to provide two 225-ton SMARTON(R) powerhouse cranes with tandem lift capability for its aluminium smelter in northern British Columbia. The turnkey contract also includes installation, remote diagnostics and an operator training package from The Konecranes Training Institute. Rio Tinto Alcan's BC Operations, based in Kitimat, British Columbia, Canada supplies the majority of the aluminium products for the Pacific Rim area. The smelter is currently undergoing a $3.3 billion USD modernization that will be powered exclusively by the hydro power from the company's wholly-owned power facility, located 55 miles south of Kitimat on the Douglas Channel. SMARTON(R) from Konecranes, with all of its standard safety features including anti-sway and shock load...
Acknowledging the importance of the Far East and ASEAN regions — both of which represent major export markets for the premium purity, high quality primary aluminium produced in the UAE — Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL) will participate jointly in the annual Aluminium China 2012 exhibition, which takes place in Shanghai from 6 to 8 June. According to Mohamed Qanbar (General Manager, Marketing & Sales: Asia), Aluminium China is rated as the most important and comprehensive aluminium industry event in China, offering a definitive international networking and trading platform where visitors can meet with suppliers of raw materials, semi-finished and finished products, surface treatment and producers of machinery, plant and equipment for aluminium processing and...
Alba's commitment to expand its customer base across Asia's emerging markets provided one of the key incentives behind the company's sponsorship and participation in Aluminium China 2012. The event opens today at the Shanghai New International Expo Centre in China and runs until Friday. Aluminium China 2012 is widely considered to be one of Asia's leading trade fairs for the aluminium industry as it presents opportunities for knowledge exchange and networking with industry peers across the entire spectrum of the aluminium value chain. "Asia presents one of the most dynamic markets for the aluminium industry, and Alba remains keen on expanding the footprint of its product portfolio in the continent," said chief executive Laurent Schmitt. "Our participation in this event enables us to...
Aluminium manufacturing companies like Nalco, Balco and Hindalco’s margins are likely to remain under pressure in the short-term due to declining prices of aluminium in the London Metal Exchange (LME) and higher input costs. “We are offering discount of around Rs 2,500 on domestic published aluminium prices as the rates are lower on the London Metal Exchange,” said a senior official at Nalco. Aluminium prices on an average cost at around Rs 1,30,000 per tonne in the domestic market while on the London Metal Exchange it is around $2,000 (Rs 1,11,280). Prices of both ferrous and non-ferrous metals during the last fortnight ending June 1 have continued to fall, as global economic scenario remains uncertain particularly in Europe and China and also due to strong upward movement in US Dollar...
Gujarat government, last week, Okayed the Rs 12,000-crore investment plan by National Aluminium Company in Gujarat to set up an alumina and smelter plant. The approval has cleared the way for Nalco and state-owned Gujarat Mineral Development Corporation to set up a joint venture, a senior official from Gujarat's department of industries and mines said. GMDC will have a 26% stake in the joint venture. The project is expected to be set up on the lines units installed by the UK-based Vedanta group in Orissa, but will use better technology, the GMDC official said. The project will be set up in two phases. In the first phase, Nalco will invest Rs 4,400 crore in an alumina plant with a capacity of 10 lakh tonnes per annum. The remaining investment will come in the second phase that will also...
Aluminium dropped to 5-week's low by 0.6% or Rs 0.6 at Rs 108.25 per kg with an intraday high at Rs 108.8 per kg and low at Rs 108.1 per kg on Monday, 4th June. Aluminium recovered huge losses during the morning session and edged up at MCX. The contract traded below 9-day EMA and found to be oversold region with its RSI at 28.6. The falling Spain and Italy bond yields coupled with the lower prices below the cost of production foared the metal to edge up. But, the dragonfly doji reflects that aluminium might rise on Tuesday, 5th June. MCX Aluminium was finding strong support at Rs 107.8 per kg and Rs 107.5 per kg and resistance at Rs 108.9 per kg and Rs 109.3 per kg.
For the second year in a row, Bank AlJazira (BAJ) is further scaling newer heights of achievement as evidenced by the recent recognition in one of the most high-profile project finance industry honors — the Euromoney project finance — Deals of the Year 2011. BAJ has been recognized for its coveted role of being one of the Mandated Lead Arrangers and the Islamic Wakala Facility Agent for award-winning deals in the year 2011: Maaden Bauxite & Alumina Project Company — Middle East Metals and Mining Deal of the Year 2011. Besides its involvement in other strategic projects, BAJ has been involved as a Mandated Lead Arranger (MLA) in arranging financings for the vertically integrated aluminum complex, sponsored by Saudi Arabian Mining Company (Maaden) and Alcoa, the world leader in the...
The President of the West Virginia Coal Association is supporting an agreement which would pave the way for the reopening of Century Aluminum in Ravenswood. Bill Raney recently penned a letter to the PSC asking for a favorable ruling on a utility rate which would allow the plant to reopen. "When it comes back on line, that's going to mean positive things not only for Ravenswood, but it reaches deeply into the coalfields," said Raney. It makes a huge difference because Century, before the shutdown, was Appalachian Power Company's largest customer. The Century operation used 10-percent of all the power generated by AEP. Most of that power was generated by coal. Raney hopes it will continue to be. "We're hopeful it's going to continue to be coal generated electricity that supplies that plant...
Appalachian Power has told the state Public Service Commission that the cost of Century Aluminum's proposed special power rate is "staggeringly high" and questioned whether the scheme is worth the trouble. Century is asking the commission to approve a new power rate structure to help it reopen its Ravenswood plant. The company closed that plant in 2009 after aluminum prices plummeted during the recession. More than 650 people lost their jobs. Century's proposed rate structure would shift some power costs to other customers if aluminum prices fell again. The company would pay higher rates to reimburse those customers if prices rebounded. Century said in its filing that if aluminum price forecasts for the next decade proved correct, consumers would come out ahead. But in a response to...
The UAE’s manufacturing sector is expected to see “moderate growth” in 2012 and the medium-term, but the Eurozone crisis and the sanctions on Iran will limit the export markets for local products, analysts say. “The UAE’s aluminium produce finds major usage in the automotive and construction sectors,” said Virein Kumar Yadlapalli, an analyst with Frost & Sullivan. There are encouraging signs of moderate growth for the industry this year, which will see a change in export markets due to changing international trade dynamics, said Yadlapalli. The need for economic diversification and the slowdown in real estate have contributed to the growing significance of the manufacturing sector. Sustainable growth drivers for the UAE include the government plan to increase the GDP contribution of the...
Following the plunge of LME aluminum prices last Friday, the most active SHFE September aluminum contract gapped lower at RMB 15,850/mt and ended down RMB 85/mt or 0.53% at RMB 15,865/mt on Monday. It slipped to RMB 15,800/mt in the beginning, but recovered some losses with the help of bargain hunting. Positions added 2,048 lots to 102,322 lots. LME was closed and SHFE aluminum tracked other futures and Chinese stocks. Though it showed more stability than other base metals contracts, SMM expects it to test support at RMB 15,800/mt in the near term in the face of short selling triggered by a sluggish macro economy and accelerating losses in copper prices. Shanghai mainstream spot prices were RMB 15,890-15,910/mt. Domestic stocks and futures prices fell, despite resilience of SHFE aluminum,...
Schumacher Alan H purchased 5,000 shares of Noranda Aluminum Holding Corp stock, or $38,350 worth, as noted in an SEC Filing today. As reported in the filing, the transactions occurred on May 31, 2012. After the transaction, Schumacher Alan H's stake was reported as 26,382 shares of Noranda Aluminum Holding Corp stock. In addition, Schumacher Alan H performed several other transactions; including using transaction codes 'A' (grant or award). As noted on June 1, 2012, Schumacher Alan H's purchase was done directly over 1 transaction on May 31, 2012. The share price for the transaction was $7.67 according to the regulatory filing detailing the trade. If we look over the past 12 months, Schumacher Alan H has sold no shares of Noranda Aluminum Holding Corp stock. Over the same time period,...
Norwegian aluminium producer Norsk Hydro will take an impairment charge of 1.2 billion Norwegian crowns ($195.10 million) and redundancy expenses of 200 million crowns as it closes its Kurri Kurri aluminium plant in Australia, the firm said on Tuesday. Hydro announced its plans to shut the plant on May 23. The decision follows a consultation process with the local employees. The decision is a response to the weak macro-economic environment, with low metal prices, uncertain market outlook and overcapacity in the aluminium industry, in combination with a strong Australian dollar.
On June 1, 2012, the cash price of primary Indian aluminum fell by 2.7 percent, making it the day’s biggest mover on global aluminum markets. On the LME, the 3-month price of aluminum increased 0.8 percent to $2,013 per metric ton. After a 0.8 percent increase, the primary aluminum cash price finished the day on the LME at $1,973 per metric ton. Chinese aluminum prices finished mixed on June 1. The cash price of Chinese aluminum declined 0.2 percent, while the price of Chinese aluminum scrap remained essentially flat at above $2,600 per metric ton. For the fifth day in a row, the price of Chinese aluminum billet remained essentially flat at above $2,500 per metric ton. The price of Chinese aluminum bar continues hovering around $2,200 per metric ton for the fifth day in a row.
In the last couple of months, NALCO has been charging a more than $150 per ton premium on its export tenders. Bagra felt that prices would swing between the $2,100 and $2,300 mark until the end of 2012. Reuters had reported on May 11 that NALCO had sold 12,000 metric tons of aluminum ingots at a $160 per ton premium over the average LME cash price on a CIF basis. Ansuman Das, NALCO commercial director, had been quoted by the news agency that the company would be shipping the consignment to a London-based buyer in six batches from May to October. In April, too, NALCO had sold a similar quantity of aluminum ingots at a $152 per ton premium over the average LME cash price on a cost, insurance and freight basis to a South Korean buyer. NALCO had also last week raised aluminum prices by Rs...
