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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India's state-run National Aluminium Co Ltd (NALCO) on Friday said it has raised aluminium prices by Rs 4,000 per tonne across all products in the domestic market. The basic price of standard aluminium ingots after the latest revision increased to Rs 142,700 per tonne, Ansuman Das, commercial director of NALCO told Reuters. NALCO, which is India's third-largest producer of aluminium, revises prices of its products from time to time to mirror LME prices.
Insolvent German aluminium plant Voerde Aluminium has agreed a deal to maintain power supplies and is continuing production as the search goes on for a buyer, its provisional administrator said on Friday. The Voerde smelter, which produces 115,000 tonnes of aluminium annually, declared insolvency on May 4. Germany's metals industry association said the Voerde case illustrates the danger to German metal output from the country's high electricity prices. Agreement has been reached with power utilities about continued electricity supplies to Voerde without the financial guarantees previously requested, provisional administrator Frank Kebekus said in a statement. Continued power supplies were a "fundamental requirement" for continued operations, he said. The plant's main aluminium production...
Trading houses like Trafigura and rival Vitol, traditionally the middle men on global sales, are looking to acquire physical assets like aluminum smelters as trading profits shrink and stricter derivatives regulations loom. Any future acquisitions would also cement Trafigura's position in the 40 million metric ton per year aluminum market, which is dominated by Glencore (GLEN.L) and large producers Alcoa (AA.N), Rio Tinto Alcan (RIO.AX)(RIO.L) and United Co Rusal (0486.HK)(RUA.PA). For its part, Ormet, a small producer in the global market with capacity to produce about 250,000 metric tons of aluminum a year, has secured a partner with deep pockets to expand as the majors have put high-cost, underperforming assets under review. "We've agreed this venture at a crucial time for the global...
Nirmal Bang is bearish on National Aluminium Company (NALCO) and has recommended sell rating on the stock with a target of Rs 49 in its May 22, 2012 research report. “National Aluminium Company (NALCO) reported very strong 4QFY12 results, with its EBITDA being 53%/59% above our/street estimates and PAT 101%/116% above our/street estimates, respectively. Decline in power and fuel costs and staff costs were the primary reason for strong EBITDA performance, while PAT performance was also boosted by a 21% QoQ increase in other income, exceptional gains and lower tax rate as compared to our estimates. We have not revised our revenue and EBITDA estimates as we are not assuming any significant decline in power and fuel costs and staff costs. However, we have revised our PAT estimates downwards...
Public sector company National Aluminium Company Ltd (Nalco) reported a lower net profit last year mainly due to the problems it faced in coal supplies. After an analysts conference call, the predominant view of many analysts is that the bearish trend would continue into the current year, too. For 2011-12, Nalco reported a net profit of Rs 850 crore compared with Rs 1,070 crore for the previous year. The company has been facing coal supply issues which affected its operations in April-December 2011. Pointing out that Nalco has been getting its coal supplies from Mahanadi Coalfields, which has not been supplying the fuel regularly, a report of Angel Broking said that if such a situation continues it would increase Nalco’s dependence on imported coal, “which is very expensive”. It was...
The cash price of primary Indian aluminum saw a 0.8 percent increase on May 23, 2012, making it the biggest mover for the day on global aluminum markets. The cash price of primary aluminum saw a 0.4 percent decline on the LME to $1,996 per metric ton. On the LME, the 3-month price of aluminum declined 0.3 percent to $2,038 per metric ton. Chinese aluminum closed mixed on Wednesday. Chinese aluminum billet finished the day down 0.3 percent, while the price of Chinese aluminum scrap remained essentially flat at above $2,600 per metric ton. The price of Chinese aluminum bar was unchanged at above $2,200 per metric ton. The cash price of Chinese aluminum remained essentially flat in the mid-$2,5o0s per metric ton.
The Bonneville Power Administration has given the Alcoa Intalco Works aluminum smelter west of Ferndale a 35-day extension on its electricity supply contract, just three days before its existing contract was scheduled to expire. BPA spokesman Mike Hansen said the extension, announced Wednesday, May 23, means business as usual through the end of June while Alcoa and BPA negotiators continue their efforts to put together a longer-term agreement. Hansen said the longer-term deal is expected to provide 300 average megawatts of BPA power - a slight reduction from the 320 average megawatts in the current deal that had been scheduled to expire May 26, 2012. The new deal could have a term of as long as 10 years, Hansen said. He noted that any new long-term deal would have to be presented to other...
South Korea bought 500 tonnes of aluminium from LG International Corp at $188 per tonne over London Metal Exchange (LME) on a cost, insurance and freight (CIF) basis, the state-run Public Procurement Service said. It also issued a tender for 200 tonnes of nickel from London Metal Exchange (LME) registered brands of more than 99.95 percent purity for shipment by Aug. 30 to the port of Incheon. Registration for the nickel tender will close at 2 p.m. (0500 GMT) on May 30, the agency said on its website (www.g2b.go.kr).
Overnight rumors that Greece may have to leave the euro zone ignited panic selling of all commodities. The US dollar index broke through 82 to a new high since September 2010 as investors flocked to the safer US dollar. LME aluminum prices dropped for a third successive trading day, settling USD 20.5/mt or 1.01% lower at USD 2,007.5/mt. Latest aluminum stocks in LME-bonded warehouses dropped 5,025 mt to 4,952,975 mt. Whether Greece will leave the euro zone will continue to stimulate risk aversion, keeping aluminum prices low. LME aluminum is expected to be pressured at the 5-day moving average and move between USD 1,990-2,030/mt as it tries to consolidate support at the 5-day moving average. The most active SHFE aluminum contract for August delivery is expected to open lower but above RMB...
China's top aluminium-producing province has idled about 700,000 tonnes of capacity in recent months, a senior industry official said, further evidence that slower growth in the world's No. 2 economy is denting the country's appetite for commodities. The total reduction could rise to 1.2 million tonnes by the end of the year, Henan Nonferrous Metals Industry Association deputy chairman Liu Libin said, more than a quarter of the province's total capacity. Slowing growth, along with a recent slump in prices, has sparked a string of deferrals and defaults on coal and iron ore deliveries to China and seen stocks of the minerals pile up in the country's ports. Aluminium prices have joined a general slump for commodities, with London Metal Exchange metal down 15 percent from the year high hit...
AWU National Secretary Paul Howes today said the Australian aluminium sector was in crisis as it struggled to deal with the impact of the high exchange rate and low global price for aluminium. "These two factors have been exacerbated by the failure of State Governments to finalise competitive, secure energy contracts with aluminium companies, and a lack of investment in better plant and equipment by the companies themselves," Mr Howes said. "Australia is a major global producer of bauxite – the raw material for aluminium – so it is vital that we retain the ability to value-add this product locally. "A plan is needed to help the industry through this difficult period, and to secure Australian jobs in the aluminium sector for the long-term." Mr Howes said the AWU would take five key issues...
Emirates Aluminium (EMAL) has been awarded the prestigious GCC Industrial Project of the Year at the MEED Quality Awards for Projects 2012. The award is in recognition of the successful completion of Phase I of the Al Taweelah-based smelter, which was delivered ahead of schedule and to budget. The prize was announced at an awards ceremony held at The Westin Resort in Abu Dhabi on 21 May 2012. EMAL President and CEO, Saeed Fadhel Al Mazrooei, said: “This is an incredible award for EMAL, following in the footsteps of an iconic project such as last year’s winner, the Burj Khalifa, is both humbling and a great honour. It is recognition of all the hard work and commitment of all involved in successfully delivering such a complex industrial project. It is also an endorsement of our leaders’...
MORE than 300 jobs are set to be lost as a Norwegian company plans to shut its aluminium smelter in the NSW Hunter Valley. Norsk Hydro will shut down its Kurri Kurri plant, as low metals prices and the strong Australian dollar impact its profitability, the company said today. The smelter employs 344 people. In January, Norsk Hydro made 150 redundancies at the smelter after cutting back its production. A subsequent review of the plant has revealed it would not be profitable in the short term, and its long-term viability would be negatively affected by increasing energy costs and the carbon tax, Norsk Hydro said. "Our Kurri Kurri workforce has worked intensively to improve the plant's cost position and no stone has been left unturned," vice president of primary metal Hilde Merete Aasheim...
Alba's position as a global company with a presence for its high-grade aluminium products in European markets was highlighted during a goodwill visit to the Alba plant by British Ambassador Iain Lindsay. Alba chief executive Laurent Schmitt briefed Mr Lindsay on the strides the company has made over the past 40 years in strengthening its export potential, tapping key marketing territories worldwide, and raising Bahrain's profile as a key industrial centre in the region. "The relations between Bahrain and the UK go back many years, and have been bolstered by the social, cultural, economic and political ties between the two countries," said Mr Schmitt. "With the recent opening of a sales office in Europe, we are confident that it will boost our association with British and other European...
Nalco’s stock has seen high volatility during FY12, trading between 52-week high of Rs 94 (June 2, 2011) and 52-week low of Rs 48 (November 24). While international aluminium prices have been under pressure due to the global crisis, lack of backward integration (coal) added to the woes. Coal availability in India has not been good, and imports are also proving costly despite the decline in global prices, thanks to the rupee’s depreciation. The company was forced to close 120 of its 930 pots due to non-availability of coal during the September 2011 quarter, which have not restarted yet. It hopes to restart these after coal availability improves and aluminium prices support profitability. While these events impacted Nalco’s profitability in 2011-12, there is some solace that the March 2012...
The National Aluminium Co's board of directors late on Monday recommended a final dividend of Rs 0.10 per share on the revised equity share capital (2 per cent on face value of Rs 5 each) in addition to interim dividend of Rs 0 90 per share, already paid. The public sector company during the quarter ended March 31, 2012 posted a lower net profit of Rs 282.10 crore as compared to Rs 305.26 crore for the quarter ended March 31, 2011. Total income of Q4FY12, however, increased to Rs 1,943.88 crore from Rs 1,919.81 crore in the comparable quarter in the previous fiscal. The company, for the whole of 2011-12, reported a net profit of Rs 849.50 crore (Rs. 1,069.30 crore). Total income moved up from Rs 6,409.97 crore for the year ended March 31, 2011 to Rs 7,153.73 crore for the year ended March...
State-owned aluminium major Nalco's net profit plunged by 21% to Rs 849.50 crore in 2011-12 from Rs 1,069.30 crore achieved during the previous year, mainly due to rising cost of fuel and input materials. The 'Navaratna' PSU, however, achieved sales turnover of Rs 6,500.27 crore during the year, up 9% over Rs 5,958.98 crore registered in the previous fiscal, company sources said here today. The results would have been still better but for the impact of rising fuel cost and increase in price of input materials, they said. The rise in sales turn-over is mostly attributed to better market realisations, in addition to higher production and sale of alumina. The company has reported improved performance in terms of production and sales for 2011-12. During the year, the company has achieved the...
The aluminum cash price saw the biggest upwards shift for the day on global aluminum markets, rising 1.5 percent on the LME to close at $2,016 per metric ton on May 21, 2012. The LME aluminum 3-month price inched up 1.1 percent to $2,055 per metric ton. Shifting to Asian markets, the Indian aluminum cash price weakened by one percent. Chinese aluminum closed mixed yesterday. The cash price of Chinese aluminum increased 0.3 percent, while the Chinese aluminum scrap price saw essentially no change for the fifth day in a row, remaining between $2,600 and $2,650 per metric ton. Chinese aluminum billet held its value yesterday at above $2,500 per metric ton. The price of Chinese aluminum bar held steady between $2,200 and $2,250 per metric ton.
