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 aluminum industry on the Indian subcontinent is a highly concentrated sector with five prominent players catering to the majority of the country’s aluminum production. The country has been witnessing growing demand for aluminum in the domestic market, accounting for an enviable growth in the sector. The forecast for 2012 global production of aluminum is 42–45 million tons, driven by rising Chinese output. Both market and non-market forces have equally affected the aluminum industry for almost two decades. It is anticipated that the value of the global aluminum market in 2012 will reach $112.3 billion. The per-capita consumption of aluminum metal in India is less than 1 kilogram, whereas it’s estimated to be 25 to 30 kilograms in the US and Europe, 15 kilograms in Japan, 10 kilograms...
Japan's Daiki Aluminum is seeking cheaper production sites overseas following local car makers who have already been forced abroad by an increasingly strong yen, shrinking domestic output and competition from China and South East Asia. The country's largest aluminium alloy producer, which produces about 85 percent of its ingots for motorcycle and car production, already has a presence in China and Southeast Asia. "Our strategy is to move production overseas to Thailand and Indonesia and China among other countries," the company's director of purchasing, Shigenori Hayashi, told Reuters late on Wednesday on the sidelines of the BIR recycling conference. The most promising country among these is Indonesia, according to the executive, due to its growing population and strong GDP growth....
The most active SHFE aluminum contract for September delivery started lower and settled down RMB 55/mt or 0.34% at RMB 15,980/mt after a struggle near the RMB 16,000/mt mark. The trading range was only RMB 30/mt. Transactions were less than 10,000 lots due to cautious trading at month’s end. Positions added 3,316 lots to 95,550 lots. SHFE aluminum weakened amid losses in other base metals. Pressure increased at the RMB 16,000/mt mark. For the near term there is no real supportive news. Spot aluminum traded at RMB 15,950-15,980/mt in Shanghai, at discounts of RMB 0-30/mt over the current-month SHFE aluminum price. The trading band is RMB 15,960-15,990/mt in Wuxi and RMB 15,970-15,990/mt in Hangzhou. SHFE aluminum prices slipped, with the near-term contracts being pressured at RMB...
Successive downgrades on Spanish debt lead to heavier pressure on the nation’s banks and continue to stir risk aversion. The unexpected plunge in US pending home sales index for April added to market worries. The US dollar index hit 83,116, a record high this year, as investors flocked to the haven asset, pulling down commodity prices. LME aluminum dropped to a low of USD 1,990/mt and recovered slightly with the help of bargain hunting, settling at USD 2,010/mt, down USD 5/mt or 0.25%. Total positions added 2,851 lots to 718,146 lots. Latest LME aluminum stocks were 4,929,350 mt, down 8,250 mt. With the European debt crisis escalating, risk aversion should remain strong before the US releases employment data on Friday. Commodities will shed more. LME aluminum is expected to lose support...
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 knowledge of the talks. Premiums for the three months starting in July will be $200 to $210 a metric ton over the London Metal Exchange’s price of metal for immediate delivery, said the executives, who declined to be identified because the fee hasn’t been publicly announced. That compares with $115 to $127 this quarter. Premiums are rising as Japanese demand expands, led by the car and construction industries rebuilding from last year’s earthquake and tsunami. At the same time, buyers in China are boosting imports to take advantage of international prices that are below domestic costs. An average of 68,100...
Rusal could cut up to 600kt of capacity due to the continued economic downturn, it said. Publishing its Q1 financial results the Russian company said it is currently considering cutting between 300kt-600kt of high-cost smelting capacity starting from H2 2012. The cut represents 4 to 6% of overall capacity, Rusal said. Its alumina production could also be possibly idled to achieve a production capacity balance. It posted an 84% drop in Q1 net profit as prices fell. Q1 net profit slumped to $74M in the three months ended March from $451M a year earlier. While global aluminium consumption in Q1 grew 5% y-o-y, the average price of the metal fell 13% to $2177/t, Rusal said. Total aluminium output was up to 1.049Mt in Q1 2012 compared to 1.014Mt a year before. The rise was due to increased...
A low aluminium price, high raw material and power cost are compelling a number of smelters in China cut their production capacity. Linfeng Aluminium-Power Co in Henan Province has idled 100kt/y of potroom capacity as the company has been running at a loss since the beginning of the year. The idled capacity accounts for roughly 29% of the company’s total aluminium smelting capacity. The Company is the only smelter in Henan that entirely uses grid power resulting in huge losses after the power tariff was raised in December last year. It consumes about 4.8 billion kWh of electricity every year. Lifeng Al-Power’s monthly losses averaged about RMB 30M ($4.7bn). Currently, power cost accounts for approximately 50% of the smelter’s total production cost, which stands at some RMB 17600/t...
Japan's 11 secondary aluminium alloy smelters have shipped 39,308 mt of auto diecasting alloys in April 2012, up 49% year on year, Japan Aluminium Alloy Refiners Association said Wednesday. The April shipments, however, fell by 356 mt from March as some smelters have lost sales opportunities to cheaper imports from China, Shoji Matsunaga, the association's secretary general, said. Japan imported 35,921 mt of aluminium alloy from China in April, according to customs data. The 11 smelters' total secondary aluminium alloy output for April was 68,162 mt, up 43.6% from a year ago, but lower than the March output of 69,542 mt.
Following a two-day decline, the cash price of primary Indian aluminum climbed up 0.5 percent on May 29, 2012. On the LME, the 3-month price of aluminum remained essentially flat at $2,021 per metric ton. The primary aluminum cash price remained essentially flat on the LME at $1,980 per metric ton. Chinese aluminum prices ended up steady for the day. The cash price of Chinese aluminum weakened by 0.1 percent, while the price of Chinese aluminum scrap saw essentially no change for the fifth day in a row, remaining above $2,600 per metric ton. Chinese aluminum billet saw little change in its price on Tuesday, holding between $2,500 and $2,550 per metric ton. The price of Chinese aluminum bar remained essentially flat at above $2,200 per metric ton.
According to a recent study released by the Doha-based Gulf Organization for Industrial Consulting (GOIC), the estimated investments of five major aluminum smelters in the Gulf region, mainly in Qatar, Bahrain, Sultanate of Oman and UAE have reached $22 billion dollars. The study published in a book, indicated the total production capacity of the five smelters reaching 3.6 billion tons of raw aluminum which makes up around 9 % of the world's aluminum production. According to the study, the rate of the aluminum production capacity could reach 6 million tons by year 2012, and 9 million tons by year 2020 (13% of world's aluminum production) in light of the current schemes adopted across the GCC to set up some leading projects. A press statement issued by GOIC in Doha Tuesday, said the book...
The West Virginia Supreme Court says tax officials properly appraised Century Aluminum's idled Jackson County plant. Tuesday's 3-2 ruling upholds the $54 million value assigned to the plant's machinery, equipment and inventory. The 2010 tax year appraisal followed the plant shutdown the prior year. The California-based metal producer alleged that tax officials failed to reduce the appraisal given the plant's status. Chief Justice Menis Ketchum agreed with Century in a dissenting opinion. He was joined by Justice Brent Benjamin. The ruling arrives amid attempts to restart the Ravenswood plant. That effort has the company seeking a special electrical utility rate. About 650 workers lost their jobs when the plant closed. Hundreds of retirees later lost their health benefits. A deal to...
The most active SHFE aluminum contract for September delivery started at RMB 16,035/mt and closed unchanged from the previous trading day at RMB 16,030/mt on Tuesday. The light metal found its low at RMB 16,005/mt and rebounded with the help of bargain hunting. Profit-taking by longs dragged it down from RMB 16,055/mt, the intraday high. Positions added 514 lots to 92,234 lots. It showed strong resilience on both sides and speculation activities dominated trading. SMM expects the contract to test pressure at RMB 16,050/mt in the near term awaiting a clear direction. Aluminum spot was traded at RMB 15,970-16,000/mt in Shanghai, at discounts of RMB 0-30/mt over the current-month SHFE aluminum contract. The trading band was RMB 15,990-16,010/mt in Wuxi and RMB 15,980-16,000/mt in Hangzhou....
Investor worries towards Spanish debt stability have been increasing recent days, helping the US dollar index stand steady above 82. There are reports that the Chinese government will release a series of stimulus policies. These stimuli are also hinted to be weaker than those after the 2008 financial crisis, though, weakening rebound of commodities. LME aluminum climbed above the 10-day moving average twice and hit a high of USD 2,035/mt on Tuesday, but settled down USD 12/mt or 0.59% at USD 2,015/mt weighed by weak US consumer confidence in May and a downgrade on Spanish debt. Positions dropped 4,094 lots to 715,295 lots and latest LME aluminum stocks dropped 7,725 mt to 4,937,600 mt. The worsening debt stability in Spain will continue to weigh on markets. Aluminum’s strong resilience...
Commercial deep-sea mining by China of polymetallic nodules that contain copper, nickel and cobalt among other key minerals, can begin as early as 2030, according to the former head of the State Oceanic Administration. "With the improvement in deep-sea technology, metal resources under the ocean can be explored and mined within 20 years," said Sun Zhihui. Last year, China was among the first group of countries approved by the International Seabed Authority to look for polymetallic sulphide deposits, a recently discovered mineral source, in the Southwest Indian Ridge, a tectonic plate boundary on the bed of the Indian Ocean, he said, adding the country is applying to explore for cobalt in a new area in the Pacific Ocean. Sun said many countries are developing technologies for commercial...
Manufacturing continues to contract in China, Europe and the US, while weak global demand and turmoil in Greece will continue to weigh on financial markets. The US dollar index is expected to stay high near 82 without any significant economic news. A strong US dollar, stagnating domestic demand, and declining exports will cause commodities prices to fall. Long-term production cuts at aluminum smelters will limit price declines for aluminum, though. LME aluminum prices should find support at USD 2,000/mt, and the most active SHFE aluminum contract is expected to test support at RMB 15,900/mt. Both buyers and sellers will largely stay on the sidelines due to tight cash flows at the month’s end. Spot aluminum should trade near current-month SHFE aluminum prices, but trading volumes will not...
Bechtel and the Ma'aden Aluminium Company have celebrated a major safe working achievement at the Ras Al Khair Aluminium Smelter project in Saudi Arabia: 25 million job hours without a lost work day injury. Ras Al Khair will be the world's largest aluminium smelter when completed in 2013. The Ras Al Khair Aluminium Smelter project, which is being developed by Ma'aden in partnership with Alcoa, reached the safety milestone on May 14. Twenty-five million job hours worked without a lost work day case (LWDC) represents 269 LWDC-free days. "This significant safety milestone is a testament to the leadership and commitment to safety shown by everyone involved with the project -- Bechtel people, Ma'aden people, Alcoa people, and the many contractors working at the site. It reflects the fact that...
The Australian Workers Union says it is confident there will be no problems with entitlements for the hundreds of workers set to lose their jobs at a Hunter aluminium smelter. The union will today meet with senior executives from Norsk Hyrdo after the company last week announced it is closing its Kurri Kurri plant. Federal Industry Minister and Charlton MP Greg Combet met with the union last week to discuss Government assistance. The AWU's Richard Downie says today's meeting is designed to thrash out what training and assistance the company will make available to the workers. "The company only knows too well that the collective agreement that we have between the AWU and Hydro Aluminium is a legally binding document," he said. Mr Downie says many of the employees have been at the smelter...
With a decline of 0.8 percent on May 28, 2012, the cash price of primary Indian aluminum recorded the biggest shift of the day on global aluminum markets. After falling for two days, the cash price of primary aluminum rose 0.6 percent on the LME to $1,979 per metric ton. The 3-month price of aluminum is back up, rising by 0.5 percent on the LME last Friday to close at $2,019 per metric ton. Chinese aluminum prices were mixed for the day. The Chinese aluminum cash price rose 0.1 percent, while the price of Chinese aluminum scrap remained essentially flat at above $2,600 per metric ton. Holding above $2,500 per metric ton, the price of Chinese aluminum billet was essentially unchanged. The price of Chinese aluminum bar held steady at over $2,200 per metric ton.
