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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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. SmarTrend lists the three companies in the Aluminum industry with the lowest betas. Lower-beta stocks mean minimal volatility and are therefore generally considered to be a less risk and offer more stable returns. Kaiser Aluminum ranks lowest with a a beta of 1.2. Following is Alcoa with a a beta of 1.4. Alumina ranks third lowest with a a beta of 1.6. Noranda Aluminum follows with a a beta of 1.9, and Century Aluminum rounds out the bottom five with a a beta of 2.0. SmarTrend recommended that its subscribers protect gains by selling shares of Century Aluminum on May 7th, 2012 by issuing a Downtrend alert when the shares were trading at...
KOLKATA: National Aluminium Company Limited (Nalco), a navratna PSU under the union ministry of mines, has bagged Dun & Bradstreet's Best PSU Award - 2012 in Non-Ferrous Metal Category. B L Bagra, Nalco's chairman and managing director received the award from Dr. M. Veerappa Moily, union minister of corporate affairs last week at New Delhi. Dun & Bradstreet has instituted this award to honour and recognize the country's leading central public sector enterprises (CPSEs) and acknowledge their progress and performance. Nalco, one of the largest domestic producers of aluminium, has been facing a slide in base metal prices due to a slowdown in demand, globally. In its home state of Odisha recently, Nalco advised local ancillary industries to take advantage of the Nalco metal as it will benefit...
Aluminium Bahrain (Alba) has announced new changes to the company’s management structure and appointed Basem Al Sharqi as the chief support functions officer (CSFO), reiterating its commitment to strengthening the organisational performance. Both changes will take effect as of June 3, a statement from Alba said. The structural changes at the executive management include the appointment of former chief supply chain officer, Isa Al Ansari, as the new chief operations officer (COO). Former chief financial officer Tim Murray has been given additional responsibilities and appointed as the new chief finance and supply officer (CFSO). Bahraini national Basem Al Sharqi has been newly inducted into the executive management team and will be the new chief support functions officer. They will report...
Noranda Aluminum shares are trading on heavy volume today, having fallen 14.3% to $6.59. About 1.8 million shares have been traded today, as compared to the 30-day average volume of 335,000 shares. Spikes in volume can validate a breakout or signify a potential turning point. SmarTrend recommended that its subscribers protect gains by selling shares of Noranda Aluminum on March 8th, 2012 by issuing a Downtrend alert when the shares were trading at $10.98. Since that call, shares of Noranda Aluminum have fallen 30.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time. Noranda Aluminum share prices have moved between a 52-week high of $15.50 and the current low of $6.29 and are currently at $6.77 per share. The 200-day and 50-day...
The week’s biggest mover on the Aluminum MMI® was the LME aluminum 3-month price, which saw a 0.9 percent decline to $1,996 per metric ton. Last week marked the fourth in a row of declining prices for the metal.The aluminum cash price fell 0.9 percent on the LME over the past week to $1,957 per metric ton. This was the third week in a row of declining cash prices. Also closing out the third week of rising prices, Indian aluminum cash price increased by 0.5 percent. Chinese aluminum prices were flat for the week. The Chinese aluminum cash price closed at above $2,500 per metric ton after a flat week. Following a steady week, prices for Chinese aluminum bar closed flat at above $2,200 per metric ton. At above $2,500 per metric ton, the price of Chinese aluminum billet did not change since...
Manufacturing contraction showed in major economies and the United States’ May non-agricultural employments grew less than expected, with the unemployment rate rebounding, increasing risk aversion and leading to widespread sell-off of commodities and buying of haven gold. LME aluminum prices dropped together with other base metals prices. Strong short selling led to a large increase in total positions by 5,187 lots to 726,748 lots. The light metal eventually lost USD 22/mt or 1.1% settling at the intraday low USD 1,972/mt, which is also a 2012 low. Latest LME aluminum inventories dropped 1,725 mt to 4.9172 million mt. Weak European and US data will weigh on domestic financial markets. Aluminum will maintain the downward pattern. LME is closed for today and tomorrow, leading to a lack of...
Aluminium Corporation of China Ltd, known as Chalco, said on May 31 that it will lower its aluminium oxide production by 1.7 million tons this year due to Indonesian export restrictions on the raw material bauxite. The reduction represents 15.44 percent of China's production of aluminium oxide, the major material in aluminium production. Indonesia said in early May that exporters of minerals will face duties of about 20 percent. The exports of 14 minerals, including bauxite, are expected to be fully prohibited by 2014. In addition to Chalco -- China's biggest aluminium producer -- five other aluminium oxide producers called for a joint move on May 31 to reduce the production of aluminium oxide by 10 percent starting in June to stabilize the market. China's bauxite imports stood at 5.29...
This week spells the end for Rio Tinto Alcan’s Lynemouth smelter as the main part of the plant closes its doors for the final time today. About 290 workers were due to finish their last shifts this week, and many others have already left to take up other jobs or to use up holidays owed to them. The aluminium smelter, opened 40 years ago at a cost of £54m, was given a £28m government grant back then to help it tackle unemployment in a part of Northumberland struggling to recover from a series of pit closures. Now all that has come to an end as 515 jobs are being axed at the plant – a move some fear could have a catastrophic knock-on effect and lead to a further 2,500 jobs in the smelter’s immediate supply chain being lost too. The closure was announced by Rio Tinto Alcan last year after it...
Qatar is all set to become one of the main centres of aluminium trade and production not only in the region but also in the world. Qatalum is actively working towards a future where the combination of its primary aluminium production and other Qatari firms’ utilisation of the product to create value-added products, results in the country becoming one of the main centres of aluminium trade and production, it said in a presentation at the recently concluded 10th International Aluminum Extrusion Technology Seminar and Exposition in Miami, Florida. “In line with the Gulf Co-operation Council region’s progressively emergent role as a significant primary aluminium producer, Qatalum is constantly working to ensure that it remains at the head of the aluminium technologies development surge within...
The Aluminium Corporation of China Ltd (Chalco) was in the red for the first three months of the year. In its first quarterly report published by the Shanghai- and Hong Kong-listed company, it warned of potential loss for the first half year, citing low aluminium and high raw material prices. Chalco suffered a net loss of RMB1.16bn ($183.4M) in the Jan- Mar period, compared with a RMB437.8M ($69.2M) net profit for the same period last year. The company blamed the drop to a decrease in the selling price of its products, higher energy costs as well as higher interest rates in 2011.
China’s primary aluminium production totalled 1530.6kt in April, down slightly by 2.1% from March. In spite of the fall, however, daily output of primary aluminium averaged 51kt in the month, up from the previous month’s 50.4kt. It seems the production cutbacks by smelters in Henan Province have been cushioned by production ramp-up at smelters in other places. Primary production totalled 6.09Mt in Jan-April of 2012, up 10.83% y-o-y. The increase was contributed mainly by newly built capacity in northwest China. CNIA’s data show that primary output in Xinjiang surged 176.06% y-o-y in Jan-April to 179.2kt, while the output in Ningxia rose 61.21% to 502.4kt. There has been an aluminium investment boom in Xinjiang, where coal resources are redundant, with planned smelting capacity at over...
Alcoa and Santee Cooper have agreed to postpone the date by which the aluminum manufacturer must tell the utility whether its Berkeley County plant will continue operating past 2015. The deadline had been June 30, but late Wednesday, the state-owned utility and its biggest industrial customer signed a short-term deal. Alcoa Mount Holly plant manager Mike Rousseau said the agreement pushes the deadline back a year, to June 30, 2013, and that it also includes “the potential for some short-term rate reduction.” Santee Cooper spokeswoman Laura Varn confirmed the extension but would not specify the new deadline or any other components of the deal. “We’ve been granted an extension, and I think both parties are committed to development of what post-2015 can look like,” Rosseau said. Alcoa, which...
Century Aluminum retirees are encouraging the state Public Service Commission to approve a special power rate structure that might help the company reopen its Ravenswood plant. Karen Gorrell, spokeswoman for the retirees, submitted a formal letter to the PSC Thursday as part of Century's ongoing rate case before the commission. Gorrell was among hundreds who lost their health insurance when Century cut off coverage to retirees in 2011. Retirees and the company negotiated a deal to restore some benefits earlier this year, but the deal is contingent on the Ravenswood plant reopening. Century shuttered the Ravenswood aluminum smelter in February 2009, putting more than 650 people out of work. The state Legislature passed a bill earlier this year that would provide $20 million in tax credits...
Weak US ADP employment data for May and final 1Q GDP released overnight reignited risk aversion, helping the US dollar index return above 83 and record a new 2012 high. LME aluminum weighed by the strong US dollar, dropped below USD 2,000/mt and for the first trading day failing to return above the mark, closing down USD 16/mt or 0.8% at USD 1,994/mt. Total positions added 3,415 lots to 721,561 lots. Latest LME aluminum stocks were down 10,425 mt at 4,918,925 mt. Risk aversion is strong in markets. The May PMI data and U.S. non-farm payroll data to be released today is likely to be weak, which will weigh on aluminum prices. LME aluminum will face stronger pressure at USD 2,000/mt and should move between USD 1,980-2,005/mt. The most active SHFE aluminum contract for September delivery...
The most active SHFE aluminum contract for September delivery opened lower at RMB 15,945/mt and settled down only a slight RMB 30/mt or 0.19% at RMB 15,965/mt, even though LME aluminum dipped to a 2012 low. Positions added 1,720 lots to 97,270 lots. Tight cash flow at month’s end and cautiousness before the US non-farm payroll data had limited the strength of short selling. SMM expects the contract to struggle at RMB 15,950/mt before US employment data. Spot aluminum was traded at RMB 15,930-15,970/mt in Shanghai, at discounts or premiums within RMB 20/mt over the current-month SHFE aluminum contract. The light metal was sold at RMB 15,930-15,960/mt in Wuxi and RMB 15,940-15,970/mt in Hangzhou. Spot aluminum prices dropped after SHFE aluminum gapped lower. While goods holders have...
Midwest aluminum spot premiums rose to new highs this week, hitting 11 cents per pound as the contango on the London Metal Exchange continues to encourage traders to finance metal in warehouses, keeping supply tight. "The sky’s the limit," one trader told AMM, quipping that the Midwest premium was nearly as high as the price of LME aluminum itself. "Clearly it’s trending up. We’re well over 10 (cents)." Producers and traders echoed this sentiment, with a second trader achieving a premium of as high as 11.5 cents for some July tonnage. The dropping aluminum price on the LME this week spurred some forward interest from consumers, although most are only locking up a few loads, sources said. On Thursday, three-month aluminum closed at $2,014 per tonne (91.4 cents per ton) after dipping below...
Senate Republican Leader Mitch McConnell received a hero’s welcome Wednesday at a Louisville aluminum fabricating plant that had fallen on hard times until he helped pass fair trade legislation, protecting some 400 jobs. In a post-earmarks Washington, McConnell has been using his political muscle to protect jobs at home. In recent weeks, he’s been credited with helping to preserve some 1,200 jobs at the Paducah Gaseous Diffusion Plant for at least another year, and with protecting 200 jobs at garment factories in Campbellsville and Olive Hill. For generations, Kentucky politicians have been judged on their success in directing federal dollars to their home state. With that option out of favor, they’ve had to find other ways to prove their worth — such as protecting jobs. McConnell arrived...
On May 30, 2012, the Indian aluminum cash price fell by 0.4 percent, making it the day’s biggest mover on global aluminum markets. The LME aluminum 3-month price showed little movement on Wednesday at $2,019 per metric ton. On the LME, the cash price of primary aluminum saw little change in its price on Wednesday at $1,979 per metric ton. Prices on the Chinese aluminum market, meanwhile, remained sleepy… The price of Chinese aluminum scrap continues hovering above $2,600 per metric ton for the fifth day in a row. Also for the fifth straight day, the price of Chinese aluminum billet remained essentially flat, above $2,500 per metric ton. The price of Chinese aluminum bar was unchanged above $2,200 per metric ton. Finally, the Chinese aluminum cash price saw little movement yesterday,...
