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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National Aluminium Company Ltd today advised Odisha based ancillary industries to take advantage of the Nalco metal as it will benefit them with lesser transportation cost, VAT credit and timely delivery. This was stated by Nalco's CMD B L Bagra while addressing a meeting of the Plant Level Advisory Committee here. "In context of globalization it is evident that the MSME units should lay more emphasis in maintaining quality, cost competitiveness and technological up-gradations," Bagra said. Speaking on the occasion, Bagra said that the spirit of entrepreneurship must be infused among young individuals of the state. He also urged the present MSME-entrepreneurs to come up with quality sustainable business ideas. During the meeting, presentations were made by the Nalco representatives...
Aluminium Bahrain (Alba), ranked as one of the largest aluminium smelters in the world, has installed new ergonomically designed seating arrangements in cranes at its Carbon Department. The new Ergo Seats in Kiln 3 FTA-1 cranes will be utilised by crane operators while loading green anodes, discharging baked anodes, filling packing coke, etc. The Alba Labour Union in its capacity as a liaison between workers and managements played a key role in presenting these complaints before concerned officials and in devising solutions that would promote general safety and increase employee productivity. Kiln crane operator at Alba’s Carbon Department, Khalil Ebrahim Khalil said: “The new seating arrangements at the Kiln 3 FTA-1 cranes have brought increased comfort in our day to day operations, and...
A number of Hunter region industries, including chemical giant Orica, plan to offer jobs to Hydro Aluminium workers when the Kurri Kurri smelter closes. Senior Hydro executives will go into a second day of talks today with Australian Workers Union delegates to thrash out a plan to assist the 344 workers who will be made redundant when the smelter closes. Both sides are tight-lipped about yesterday's discussions but a Hydro executive told the ABC the company is committed to a positive outcome. Meanwhile the chemical giant, Orica is one of several companies in preliminary discussions with Hydro to provide alternative jobs for employees. It is understood the employment opportunities involve the company's expansion of its Kooragang Island ammonium nitrate facility. Other jobs could be offered...
Aluminium edged up by 0.3% or Rs 0.35 at Rs 110.15 per kg with an intraday high at Rs 110.3 per kg and low at Rs 109.35 per kg on Monday, 28th May. Bargain hunting with 3.4% drop in its open interest to 2193 lots and the improvement in the risk appetite in the global markets favored the sentiment. The contract traded just above 9-day EMA with its RSI at 52.36.Aluminium was finding strong support at Rs 109.6 per kg and Rs 109.3 per kg and resistance at Rs 110.6 per kg and Rs 111.1 per kg on Tuesday, 29th May. At LME, Aluminium edged up by 0.1% at $2021 per tonne on Monday, 28th May as the calmed fears on Greece political and economic distress brought an relief rally in the metal during the morning session. But, the reiterated woes on Spain with its increase in bond yields and slowest...
Lower prices for aluminum have pushed a number of aluminum plants “under water,” unable to make a profit. That’s why modernizing Rio Tinto Alcan’s smelter in Kitimat is crucial. When upgrades costing $3.3 billion US are finished on the almost 60-year-old Kitimat facility it will be one of the lowest-cost smelters around, The Vancouver Sun editorial board was told Monday. The problem hurting smelters, including the one at Kitimat, is not a lack of demand, which keeps growing, but a spurt in supply, said Tom Albanese, the chief executive with Rio Tinto, Rio Tinto Alcan’s parent company. Right now demand for aluminum is strong, Albanese said. High copper prices have led to substitution from copper into aluminum. And some automobile parts are now shifting from steel to aluminum, he said. But...
Markets were closed overnight in countries including the US, Germany and France due to holidays, leading to light trading. The US dollar index was pressured during early European trading, helping LME aluminum test pressure at the 10-day moving average. The light metal failed to present any effective breakthrough, only hitting USD 2,028/mt, before closing up USD 13/mt or 0.65% at USD 2,027/mt. Transacted contract plunged 5,540 lots to 3,361 lots while LME aluminum stocks added 1,425 mt to 4,945,325 mt. Though more investors now expect Greece to stay in the euro zone, risk aversion will stay due to surging debt yields and bank downgrades in Spain. Aluminum is expected stay within narrow bands today, though being weak. LME aluminum should move between USD 2,010-2,030/mt and the most active...
Supported by slight gains in LME aluminum prices overnight, the most active SHFE aluminum contract for September delivery opened higher at RMB 16,030/mt, and settled up RMB 50/mt or 0.31% at RMB 16,045/mt on Monday, after a narrow struggle in RMB 16,020-16,040/mt. Positions added 4,158 lots to 91,720 lots. The bearish market sentiment eased, helping SHFE aluminum prices rise steadily and the most active SHFE aluminum contract consolidate at RMB 16,000/mt. The contract broke resistance at the 10-day moving average, but is expected to continue struggling near RMB 16,000/mt in the near term as longs lack confidence. Spot aluminum traded at RMB 15,970-16,010/mt in Shanghai, at discounts of RMB 0-40/mt over the current-month SHFE aluminum contract. The light metal was sold at RMB...
Fitch Ratings has affirmed Aluminum Corporation of China Limited's (Chalco) Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) at 'BBB+' with Stable Outlook and Long-Term Local Currency (LC) IDR at 'A-' with Negative Outlook. The Short-Term FC and LC IDRs have been affirmed at 'F2'. Chalco is rated at three notches below China's ratings (FC IDR 'A+'/Stable; LC IDR 'AA-'/Negative) based on Fitch's application of the top-down approach in its Parent and Subsidiary Rating Linkage criteria. This reflects Chalco's and its parent Aluminium Corporation of China's (Chinalco) strategic importance to the government in developing the Chinese base metal industry and overseas resources. Base metals like aluminium are important to China's development of its aerospace and defence industries....
A high dollar, low prices and Asian competition are threatening the industry with older plants in New South Wales and Victoria under threat of closure. The debate about the future of the industry often concentrates on the high energy usage associated with aluminium production. The joke description of aluminium as congealed electricity is never far away. It is true that a lot of energy is required to make Aluminium. CSIRO calculate that the embodied energy for aluminium is 211 GJ per ton compared to 22.7 GJ per ton for steel. This huge difference in overall energy required to produce the metal helps explain the enormous difference in the scales of the two industries last year, nearly 1500 million tons of steel was made in the world compared to 40 million tons of aluminium. Of course,...
Premiums for imported primary aluminum products in the third quarter have settled at $200-210/mt plus LME cash CIF Japan last week, four Japanese market participants involved in the negotiations said Monday. One deal for over 500 mt/month of minimum 99.7%-grade primary aluminum ingot was confirmed at $200/mt plus LME cash CIF main Japanese ports for July-September, and another in the range of $201-210/mt, also for over 500 mt/month of ingot over July-September. The four market participants included two buyers and two sellers. Meanwhile, one Japanese buyer of billet/slab/alloy products is said to have agreed on a premium of $200/mt plus LME cash CIF, also for July-September, but other details of the deal could not be confirmed. Billet/slab/alloy product prices are typically based on a...
Global unwrought aluminum inventories at the end of April increased 63,000 mt from March but fell 80,000 mt from April 2011, according to figures released Monday by the International Aluminium Institute. Unwrought inventories totaled 1.454 million mt at the end of April, up from a revised 1.391 million mt a month earlier but down from 1.534 million mt at the end of April 2011. Total aluminum inventories at the end of April were up 77,000 mt at 2.406 million mt from a revised 2.329 million mt in March, but down 181,000 mt from 2.587 million mt a year earlier, the IAI said.
Aluminium Bahrain B.S.C. (Alba)'s commitment to broadening the benefits of state-of-the-art cardiac care treatment to Bahrain residents and supporting the development of advanced health care services in the kingdom provided the key incentive behind Alba's recent donation towards Mohammed bin Khalifa bin Salman Al Khalifa Cardiac Centre. The Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji met the Director of the Centre, Dr. Raisan Hamood Al Badran in early May to present the cheque on Alba's behalf as well as assure Alba's continuing support to the Centre. The Mohammed bin Khalifa bin Salman Al Khalifa Cardiac Centre - part of the Bahrain Defence Force Hospital (BDF) - has a well established reputation for its highly specialised cardiac care facilities, the latest...
Angel Broking is bearish on National Aluminium Company (NALCO) and has recommended reduce rating on the stock with a target of Rs 54 in its May 21, 2012 research report. “For 4QFY2012, National Aluminium’s (Nalco) profitability was significantly above our expectations; however, we recommend Reduce on the stock. For 4QFY2012, Nalco’s net sales declined by 1.9% yoy to Rs1,753cr (below our estimate of Rs2,524cr). The aluminium segment reported a decline of 11.4% yoy in its revenue to Rs1,262.71cr and loss of Rs16.47cr in its EBIT.” “During the quarter, raw-material cost as a percentage of net sales stood at 19.2% compared to 14.8% in 4QFY2011. Further, power cost as a percentage of net sales stood at 29% in 4QFY2012 compared to 26.2% in 4QFY2011. Hence, EBITDA decreased by massive 32.3% yoy...
The US May Michigan Consumer Confidence climbed to a new high since October 2007, beating expectations. However, debt woes of Greece and Spain continued to weigh on market. LME aluminum hit a high of USD 2,030/mt and fell back to settle up only USD 4/mt or 0.2% at USD 2,014/mt. Strong pressure was felt at the 10-day moving average while strong support showed at USD 2,000/mt. Positions increased slightly by 412 lots. Latest LME aluminum stocks dropped 12,425 mt to 4,943,900 mt. Though European debt worries will not easily fade, improving consumer confidence in Europe and the US will boost commodities. LME aluminum is expected to struggle at the 5-day moving average and hover between USD 2,010-2,030/mt. The most active SHFE aluminum contract for September delivery should test support at RMB...
Almost 350 workers at the Kurri?Kurri aluminium smelter in NSW have become pawns in the shouting that masquerades as public policy debate in Australia in 2012. The facts of the smelter’s closure and the cost pressures that this and other Australian businesses face are reasonably clear. Interpretation of the facts and the overlay of politics make things less clear, and shining some light might be useful. Aluminium smelting in Australia, like other light metals manufacturing, has been politically charged for decades. Electricity costs are the major driver of aluminium smelter plant profitability and location decisions. Most Australian producers have generally had low costs by global standards because the price they have paid for electricity has been low and has also been subsidised by...
The deregulation of the electricity industry is emerging as an increasingly important factor in the future of Australia’s struggling aluminium industry. Power prices were named as a second-tier issue last week when Norwegian firm Norsk Hydro said low metal prices and the high Australian dollar were the main reasons behind its decision to close the 43-year-old Kurri Kurri smelter. Green advocates of renewable energy have long criticised aluminium smelting as a drain on the economy, but pro-industrial academics say the aluminium industry can justify its discounted power bills. Professor of Engineering Mathematics at Swinburne University of Technology, Geoffrey Brooks, said the description of aluminium as ‘‘congealed energy’’ had a degree of truth given the amount of electricity it took to...
There are signs of increasing momentum in Chinese aluminum-smelter cutbacks, said Barclays Capital in a commodities research note. Some 500,000 to 700,000 metric tons of capacity per year has reportedly been shuttered in the top-producing province of Henan. “More than half of smelters in Henan purchase their power from the grid and so have higher costs than smelters in northwestern provinces like Xinjiang, where an abundance of coal supplies allows smelters to access to lower-cost power,” Barclays added. Analyst with Barclays added that, “Some of the cuts in higher-cost production have been offset by the ramp-up of this lower-cost capacity further inland, though we understand that the pace of ramp-up has been constrained by power availability (lots of coal but not enough power-generating...
A 2.5 percent increase made Indian aluminum cash price the week’s biggest mover on the Aluminum MMI®. Following a 0.4 percent increase in the week prior, the primary aluminum cash price fell one percent on the LME last week to $1,974 per metric ton. The aluminum 3-month price fell 0.9 percent on the LME to $2,015 per metric ton after rising 0.4 percent the week before. Chinese aluminum prices were mixed for the week. The cash price of Chinese aluminum dropped 0.1 percent this week, closing out the third consecutive week of falling prices. Following a steady week, prices for Chinese aluminum bar closed flat above $2,200 per metric ton. Chinese aluminum billet traded sideways last week, hovering above $2,500 per metric ton. The price of Korean 3003 coil premium over 1050 sheet did not...
