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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PUGET VENTURES INC. announces that it has accepted the recommendation of Anhua to sign an MOU with China Aluminium International Engineering Corporation Limited ("CHALIECO") as EPC contractor to develop the Karakul Cobalt Project ("Karakul") in Altai, Russia upon completion of the Company's previously-announced acquisition of Pafra Enterprises Company Limited ("Pafra"). CHALIECO is a subsidiary of China Aluminum Corporation (CHINALCO). The potential engagement of CHALIECO results from the previously-announced MOU between the Company and Anhua. Pursuant to that MOU, Anhua was entitled to select an EPC contractor for the Karakul project agreeable to the Company, and will arrange the financing for the engagement of such EPC contractor, subject to the Company issuing common share purchase...
Indian state-run metals maker National Aluminium Co Ltd has issued a tender to export 10,000 tonnes of aluminium ingots. The last date for submission of bids is May 28, the company said in a posting on its website late on Monday. NALCO, whose tenders serve as a global benchmark, last week sold 12,000 tonnes of aluminium ingots at nearly $162 per tonne premium over the average LME cash price on a cost, insurance and freight (CIF) basis to a European trader.
Vedanta again gets actively involved in community service to improve the lifestyle of local people especially women. To improve options of income generation of local women through locally viable group enterprises, Vedanta Aluminium Limited, Lanjigarh in collaboration with Integrated Child Development Serves (ICDS) on May 17-18 organized a special training program with the theme ‘Book keeping, Record keeping and Benefits of SHG Formation’ at Niyamgiri Vedanta Nagar Community Centre & Kenduguda village respectively covering 93 women members from 11 Self Help Groups. VAL, Lanjigarh conducted the training programme under the project Sashakti. So far 22 SHG’s have been strengthened covering 236 women in 12 villages. During the session, a detailed training was imparted by Child Development...
The future of Kuri Kuri smelter is decided as Hydro is initiating the closure of the plant entirely. After curtailing one of three pot lines at its Kurri Kurri aluminium plant in January, Norsk Hydro ASA is initiating consultation with the plant's workforce with a view to curtailing the remaining operations. "Our Kurri Kurri workforce has worked intensively to improve the plant's cost position and no stone has been left unturned. Despite extensive efforts to improve profitability, we are faced with a very challenging situation at Kurri Kurri," says Hilde Merete Aasheim, executive vice president of Hydro's Primary Metal business area. The profitability of Hydro's Kurri Kurri plant has suffered as a result of the continued weak macro-economic conditions, with low metal prices and an...
Material science company Powdermet announced on Monday that it has entered into joint venture with Oshkosh Corp., Eck Industries and the University of Wisconsin-Madison to develop nanostructured, high-strength, lightweight metals. Powdermet specializes in the manufacture of forged nanocomposite aluminum alloys. The Euclid, Ohio-based company has been working with the U.S. Army and the National Science Foundation to develop micro-nanocomposite aluminum alloys that offer 30 to 50 percent higher ductility than today’s state-of-the-art, high-strength aluminum alloys, such as aluminum lithium. The company says its powder metallurgy process — from which it gets its name — allows the retention of nanocrystallites and ductile reinforcing phases throughout the powder forging (or “extrusion”)...
State-owned National Aluminium Company (Nalco) has a "comfortable" coal inventory at an average of 18-19 days and should be able to manage the upcoming monsoon season, BL Bagra, CMD and Director (Finance) told CNBC-TV18. Monsoon is typically a slack period for metal companies in general. The PSU had faced coal shortage during September-October last year, but the supply has been "fairly satisfactory" since last November, Bagra said. Nalco's March quarter net sales rose 9% to Rs 6,500.27 crore, but net profit grew less than 8% to Rs 282.10 crore as high fuel costs and lower realisations on aluminium sales crimped margins. Gross aluminum sales were up only about 3% to Rs 4,968.05 crore According to Bagra, aluminium prices will remain between USD 2,100 and USD 2,300 per tonne in the current...
A community benefit held April 28 for the families of three Century Aluminum employees resulted in $90,000 to help them with the costs of cancer treatment. Nearly 1,000 local residents participated in the fundraiser, said Dave Whitmore, the company's Hawesville plant manager. The money was raised for Lydia Haycraft, daughter of Century employee Paul Haycraft; employee Larry Edge; and Tammy Miller, who retired recently after working several years at the smelting plant. Each family received a check for $30,000. Whitmore said all of the families attended; the Hawesville and Lewisport Lions Clubs prepared food; and the Hancock County Girls Softball Team parked cars. "It was a great day," Whitmore said. "The community truly came together for these families." The event also included a...
World primary aluminium output averaged 68,100 mt/day in April, down from a revised 68,300 mt/day in March and 70,400 mt/day in April 2011, according to figures released Monday by the International Aluminium Institute. Total production in April (30 days) was 2.043 million mt, down from 2.118 million mt in March (31 days) and down from 2.111 million mt in April 2011. For the first four months of 2012, aluminium production averaged 68,600 mt/day, down from 69,700 mt/day in January-April 2011. Production for the four-month period totaled 8.300 million mt, down from 8.364 million mt a year earlier. CHINESE OUTPUT UP China's primary aluminium production averaged 51,000 mt/day in April, up from 50,500 mt/day in March and up from 48,400 mt/day in April 2011, the IAI said, quoting data previously...
MetalMiner’s recent trend report on aluminum prices, the weekly Aluminum MMI®, showed that the global prices of the light grey metal have somewhat tempered their freefall — but uncertainty remains for the future price of aluminum, as we can see in Western and Asian markets. LME spot prices have been dipping below $2,000 per metric ton — hitting $1,994 per metric ton on May 17 — which is putting producers worldwide on the wrong side of the production cost curve. Speaking of which, Russia’s Rusal reported an 84 percent drop in its profits in the first quarter, forcing the company to consider “cutting 300,000 metric tons to 600,000 tons of smelting output in the next half” of the year, according to Bloomberg. “That equates to 6.4 percent to 13 percent of total capacity, which is 4.7 million...
State-owned Nalco today reported a decline of 7.59 per cent in net profit at Rs 282.10 crore for the quarter ended March 31, 2012, largely due to higher fuel costs and lower realisations on aluminium sales. The Bhubaneswar-based aluminium major had reported a net profit of Rs 305.26 crore during the corresponding period last fiscal. Net sales of the National Aluminium Company (Nalco) also declined marginally by about 2 per cent to Rs 1,753.41 crore during the quarter as against Rs 1,787.51 crore in the same period last fiscal, it said in a filing to the BSE. Company's realisations on aluminium sales were down by about 11.50 per cent to Rs 1,262.71 crore during the quarter, largely due to lower prices on the London Metal Exchange. Its expenses on power and fuel rose by over 4 per cent to...
Negotiations for premiums for primary aluminum ingot to be exported to Japan in the third quarter have started, with Rio Tinto Alcan offering a premium of $200/mt plus London Metal Exchange cash CIF Japan, sources said Monday. A representative from a second global producer, who will be meeting with Japanese buyers this week, has not yet made Q3 premium offers, two Japanese buyer sources said. Six other overseas suppliers are expected to make their Q3 premium offers in the coming weeks, Japanese buyers added. The negotiations are for 30,000-50,000 mt/month of primary aluminum ingot of minimum 99.7% aluminum and maximum 0.2% iron, 0.1% silicon content. Some Japanese buyers started negotiations earlier in May to secure Q3 volumes amid mounting concern over tightening supply, Platts reported...
Adverse market conditions confronting Alcoa's ageing Point Henry plant have not improved since the company announced a review of its Geelong smelter three months ago, with any relief from the falling dollar offset by weakening aluminium prices. Shortly after the review was announced in February, union leaders urged the federal government to prop up the plant, arguing it would be profitable once the dollar returned to parity with the greenback. The dollar dipped beneath the $US1 mark last week, giving hope to struggling manufacturers in other industries. However, an analysis of currency and aluminium movements by the Australian Aluminium Council shows the outlook for Point Henry and its 600 workers remains bleak. "The company was pretty open and honest about the situation when it announced...
The markets witnessed higher turnover last week as traders displayed increased risk appetite, especially in hard assets. The week-on-week market-wide turnover on the MCX rose 16% while the market-wide open interest fell 7%. The MCX turnover gainers during the week were aluminium, copper, crude oil, crude palm oil, gold, lead, mentha oil, natural gas, nickel, silver, sugar and zinc. The open interest gainers were aluminium, cotton, crude oil, gold, mentha oil, natural gas and potato. The US non-strategic petroleum reserves were higher by 2.1 million barrels, at the 381.6 million barrel mark. Safe-haven buying, coupled with a weakening rupee, kept commodity prices buoyed in the domestic markets. Should the rupee witness some RBI support, commodity prices may witness near-term volatility....
According to the Central Bank of Venezuela (BCV), the mining sector declined 3.2% compared to 2011 In a growing and expanding economic environment, Venezuela s mining activity fell 3.2% in the first quarter of the year, compared to the same period in 2011. Jorge Giordani, the Minister of Finance and Planning, reported a decline in the production of iron, steel and aluminum of the basic industries of the Venezuelan Guayana Corporation (CVG). Nelson Merentes, the president of the Central Bank of Venezuela (BCV), specifically informed that the mining activity lowered 3.5%, although the statistical report showed a 3.2% contraction in the sector. This performance, which differs from the positive macroeconomic environment, occurred two years after a power crisis that forced Venezuela s heavy...
Chinese aluminum billet’s 0.6 percent decline made it this week’s biggest mover on the Aluminum MMI®. The Chinese primary aluminum cash price closed last week after a 0.5 percent drop. Chinese aluminum bar prices held steady from the previous week above $2,200 per metric ton. Chinese aluminum scrap traded sideways last week, hovering above $2,600 per metric ton. The Indian primary aluminum cash price rose 0.6 percent this week after falling 2.3 percent during the previous week. The cash price of primary aluminum rose 0.4 percent on the LME to $1,994 per metric ton after falling three percent during the previous week. The primary aluminum 3-month price rose 0.4 percent on the LME to $2,034 per metric ton after falling 2.9 percent during the previous week. The week finished with no movement...
Century Aluminum hopes the state Public Service Commission won't take long to decide on a special electricity rate for the company's now-closed plant in Ravenswood. Century has proposed a four-month schedule. Century closed the plant in 2009 because of low prices for aluminum and a very high electric bill. In the past six months its retirees have agreed to a scaled down benefits package and the state legislature passed a bill that gives the opportunity for a special power rate. The next step is the PSC review and decision. Century attorney Tom Heywood says the company knows everyone is anxious to get the plant restarted, with the possibility of hundreds of jobs. He says that's why they've suggested an expedited schedule before the PSC. "From start to finish for the petition to be...
The European physical aluminium market was quiet this week with little activity reported by market participants although premiums rose on the back of financial trades, sources said. "Everything is going up and up. There is competition for material," one European trader said. The trader said that premiums were as high as $230-240/mt for duty-paid plus LME cash and $190-195/mt for duty-unpaid plus LME cash. "What I see now is everything is getting tied up in financial deals and production is being cut back. Plus, material is being directed to Asia," the trader said. "It's a pity for the physical side, lets hope it improves soon," the trader added. A European consumer noted the difficulty facing end-users. "It's a new experience. It's crazy," the consumer said. "There is so much material,...
Century Aluminum's lawyers say that if the company's Ravenswood smelter reopened with special electric rates, the worst-case scenario would be ongoing low aluminum prices. "Let's say aluminum prices never go above $1,800 a ton for 20 years," said Tom Heywood of the law firm Bowles Rice McDavid Graff & Love, which represents Century. "Statistically, that's remote to the point it will not happen." However, "to the extent you tie the price Century pays for electricity to the price of aluminum, the biggest risk everyone would face would be a low aluminum price over an extended period of time." Last week Century asked the state Public Service Commission for an electricity rate structure tied to the price of aluminum that could require Appalachian Power Co.'s nearly 500,000 other customers to...
