The London Metal Exchange (LME) aluminium price chart reported declines on the November 10 trading session after a temporary surge at the November 9 close. Both near-term and longer-dated contracts posted over 1 per cent dip over the previous session. The LME aluminium cash bid as well as offer prices contracted 0.32 per cent day-on-day on November 10. The bid shifted from USD 3,145 per tonne to USD 3,135 per tonne. The offer price dipped from USD 3,147 per tonne to USD 3,137 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 1.11 per cent decline from USD 3,059 per tonne on November 9 to USD 3,025 per tonne on...
Futures: SHFE aluminium closed at RMB 23,170 per tonne in the daytime session (down 0.22 per cent), moving sideways. Prices barely held above the MA5 (23,111) but were capped by the MA10 (23,199) and MA30 (23,352), with the bearish alignment of moving averages unchanged. The MACD formed a golden cross below the zero axis (DIF -132.31, DEA -150.30), with the red histogram expanding to 35.98, but trading volume shrank sharply to 43,600 lots, and the volume-price divergence limited the rebound height. The core trading range for SHFE aluminium is suggested at 22,900-23,400. LME aluminium closed at USD 3,082 per tonne (up 0.31 per cent). Prices held above the MA5 (3,063.8), MA10 (3,072.5), and MA30 (3,068.4), but remained capped by the MA60 (3,166.4), in a weak recovery phase within the...
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Sound earnings development in the 1st quarter of 2012 - Operative business development very satisfactory in all three divisions of the AMAG Group in the first quarter of 2012. Continuing good order situation. - Although the average aluminium price dropped by 9% (3-month LME in EUR/t), sales declined by a mere 3%. - High level of EBITDA for the AMAG Group at 34.6 mEUR (1st quarter 2011: 35.9 mEUR) in spite of a rise in material costs and a lower aluminium price. - At 27.5 mEUR, the cash flow from operating activities more than tripled as compared with the same period of the prior year. - Positive outlook for the fiscal year 2012 confirmed. Sound ownership structure - B&C Industrieholding takes over 29.99% of the shares in AMAG Austria Metall AG from CP Group 3 B.V. indirectly, through its...
LME aluminum closed down USD 10/mt or 0.48% at USD 2,086/mt on Thursday as worries towards European economies stay after ECB’s decision to maintain low interest rates and following release of a worse-than-expected US ISM non-manufacturing data for April. As investors wait for a direction from the US non-farm payroll data today, LME aluminum should hover between USD 2,075/mt and USD 2,095/mt. The most active SHFE aluminum contract for August delivery is expected to move between RMB 16,290 and 16,365 per ton as it tests support at the 30-day moving average. Continually climbing spot prices following the May break should trigger more stock replenishments ahead of the weekend. Most deals will be done at discounts over the current-month SHFE aluminum price, however, due to supply...
Indian primary aluminum saw a 1.4 percent increase on May 2, 2012, making it the biggest upwards shift of the day on global aluminum markets. After a 0.4 percent increase, the primary aluminum cash price finished the day on the LME at $2,067 per metric ton. Also on the LME, the 3-month price of primary aluminum inched up 0.4 percent to $2,106 per metric ton. Chinese aluminum closed mixed on Wednesday. Closing out a three-day flat streak, the price of Chinese aluminum billet moved up 0.3 percent. Following three days of little change on the SHFE, the cash price of Chinese primary aluminum rose by 0.1 percent to CNY 16,100 ($2,551) per metric ton. The price of Chinese aluminum scrap continues hovering above $2,600 per metric ton for the fifth day in a row. The price of Chinese aluminum bar...
Emirates Aluminium (Emal), the first company to set up in Abu Dhabi's new industrial zone in Taweelah, aims to double its sales in the UAE as the zone attracts more downstream industry. Emal, a joint venture between Mubadala Development and Dubai Aluminum (Dubal), currently sells close to 100,000 tonnes a year to domestic buyers. New customers in the Khalifa Industrial Zone Abu Dhabi (Kizad) are expected to double this figure within two years. Mubadala is a strategic investment company owned by the Abu Dhabi Government. "Downstream industries are moving into Kizad, which will increase our percentage of sales in the region," said Saeed Fadhel Al Mazrooei, Emal's chief executive. The company has already concluded supply agreements with two companies setting up shop in Kizad and is in...
The future for Hydro’s Kurri Kurri smelter remains shaky, with the multi-national posting another dismal quarterly financial report. “We will continue our restructuring efforts, reduce costs and take firm actions required to keep a steady course,” Hydro president and chief executive Svein Richard Brandtzæg said. An Australian spokesman for the Norwegian company defended its position in relation to the Kurri Kurri plant and its 400-plus staff yesterday. “The quarterly result of Hydro as a corporation does not affect decisions on the future viability of the Kurri Kurri plant,” he said. In January it was forced to scale back production and make 150 people redundant, citing the high Australian dollar and low aluminium prices as the reasons. The lack of a maintenance schedule has raised new...
Khalifa Industrial Zone Abu Dhabi (Kizad) announced the signing of a Musataha agreement with Al Braik Investments (L.L.C), to establish a silicon metal smelter which will supply high grade silicon to aluminium smelters in the region, during the 17th World Aluminium Conference held at the Fairmont Bab Al Bahr, Abu Dhabi. The Musataha agreement, which paves the way to establish the AED 638 Million smelter, was signed by Mr. Khaled Salmeen, Executive Vice President of Industrial Zones at ADPC and Mr. Shukri Al Braik, Chairman of Al Braik Investments LLC in the presence of Mr. Saeed Al Mazrooei, President and CEO of Emirates Aluminium (Emal). The 316,413m2 plot of land will be utilised by Al Braik to produce high grade silicon which is commonly used in the aluminium industry as an alloying...
LME aluminum closed down USD 21/mt or 0.99% at USD 2,096/mt on Wednesday, after Europe delivered disappointing manufacturing and employment data and the US disclosed a rapid decline in private employments to push the US dollar index above 79. SMM expects aluminum prices to dip slightly as shorts expand. LME aluminum is expected to struggle at USD 2,100/mt and move between USD 2,085-2,115/mt. The most active SHFE aluminum contract may see a shift to August today and should move narrowly between RMB 16,170-16,270/mt. Spot discounts over the current-month SHFE aluminum contract should stabilize as the latter slides. Weak buying, however, will curb the space for premiums. Deals will be limited while supply is sufficient.
Emal President and CEO, Saeed Fadhel Al Mazrooei , declared Aluminium Week 'a great success for Emal and Abu Dhabi'. For the first time ever three of the aluminium industry's major events were held in the same place at the same time as Abu Dhabi hosted business leaders from around the world. During Aluminium Week Emal hosted the Gulf Aluminium Council's (GAC) Annual Dinner at Emirates Palace on 29 April. This was followed the next day by the Annual General Meeting of the International Aluminium Institute (IAI). On the same day, 30 April, the CRU's 17th World Aluminium Conference began. Emal was the host sponsor of the three-day World Aluminium Conference and the conference's signature dinner. Al Mazrooei continued, "It was an important week for the aluminium industry and for the UAE. We...
India's state-run National Aluminium Co has issued a tender to export 12,000 tonnes of aluminium ingots, its commercial director Ansuman Das said today. The last date for submission of bids is May 8. The metal would be shipped in six batches of 2,000 tonnes each from May to October. NALCO, whose tenders serve as a global benchmark, last sold a same quantity of aluminium ingots at $152 per tonne premium over the average LME cash price on a cost, insurance and freight basis to a South Korean buyer in April. Separately, the company has also raised aluminium prices by 1,500 rupees per tonne across all products, in tandem with overseas markets, Das said. The base price of standard aluminium ingots after the latest revision increased to 138,700 rupees per tonne in the domestic market.
The profitability of steel and aluminium producers in the Asia-Pacific region will continue to weaken over the next quarter at least, even in a soft landing scenario for China, according to Standard & Poor's Rating Services. In a report entitled “Most Asia-Pacific Metal And Mining Companies Face Compressing Cash Flows In 2012" released on Thursday, the rating agency said commodity prices had declined from stratospheric levels in 2011, though prices of certain minerals such as iron ore and copper have possibly bottomed out in the first quarter of 2012. “Nevertheless, a negative outlook for the steel and aluminum sectors in 2012 prevails due to lower cash flows,” it said. The report said the steady credit quality of the Asia-Pacific mining sector will likely remain over the next 12 months,...
The primary aluminum 3-month price saw the biggest shift of the day, dropping 0.5 percent on the LME to close at $2,098 per metric ton on May 1, 2012. The LME primary aluminum cash price weakened by 0.5 percent, settling at $2,058 per metric ton. Indian primary aluminum held its value yesterday, above $2.00 per kilogram. Chinese aluminum prices were flat for the day. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat above $2,600 per metric ton. The price of Chinese aluminum billet was unchanged at above $2,500 per metric ton. The price of Chinese aluminum bar held steady at above $2,200 per metric ton. The cash price of Chinese primary aluminum held steady on Tuesday on the SHFE, remaining around CNY 16,080 ($2,560) per metric ton.
Alstom, a global leader in power generation technology, today announced the award of two contracts in India – one for the supply of a Fume Treatment Plant at National Aluminium Company's (NALCO) Angul plant and the other for the supply of a Stock House Dust Extraction System at Rastriya Ispat Nigam Limited's (RINL) Vizag steel plant. In total, these contracts are worth more than 840 million Indian Rupees (€12 million). Both these orders strengthen Alstom's leadership position as a provider of Air Quality Control Systems (AQCS) for the competitive Indian market. Alstom's scope of supply for the Fume Treatment Plant at NALCO's Angul plant will include a Gas Conditioning Tower for cooling of the gas followed by the Alstom patented ABARTTM Fabric Filter system, ducts, dampers and electrical...
International aluminium players are casting a keen eye on the Gulf as cheap natural gas provides the same investment rationale that attracted major petrochemical names to the region. Governments have been promoting industrial development as a means to expand their economies and drive job creation, and they have turned to basic metals such as aluminium. US and European chemical companies have already formed joint ventures with government-owned entities to create a thriving petrochemical industry. Foreign aluminium companies see the petrochemical industry as a valid model for their own entry into the region. Jacynthe Coté, the chief executive of Rio Tinto Alcan, the division of the British-Australian company responsible for aluminium production, called the Gulf a "good platform for...
Looking at the universe of stocks at Dividend Channel, on 5/3/12, Noranda Aluminum Holding Corp (NYSE: NOR) will trade ex-dividend, for its annual dividend of $0.04, payable on 5/30/12. As a percentage of NOR’s recent stock price of $10.59, this dividend works out to approximately 0.38%. In general, dividends are not always predictable; but looking at the history above can help in judging whether the most recent dividend from NOR is likely to continue, and whether the current estimated yield of 0.38% on annualized basis is a reasonable expectation of annual yield going forward. According to the ETF Finder at ETF Channel, NOR makes up 1.23% of the Dynamic Basic Materials Sector Portfolio ETF (AMEX: PYZ) which is trading higher by about 0.3% on the day Tuesday. In Tuesday trading, Noranda...
Up 2.5% to $9.43, Century Aluminum (NASDAQ:CENX), is one of today's notable movers. The S&P is trading higher by 1.2% to 1,414 and the Dow is trading 0.9% higher to 13,331. Century Aluminum Company produces primary aluminum, in both molten and ingot form, through facilities located in the United States. The Company owns and operates a reduction facility in Ravenswood, West Virginia, and owns a partial interest in a reduction facility in Mt. Holly, South Carolina. Century is also the operating partner of a reduction facility in Hawesville, Kentucky. In the past 52 weeks, shares of Century Aluminum have traded between a low of $7.25 and a high of $20.56 and are now at $9.43, which is 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8%...
The spirit of innovation and continuous improvement at Dubai Aluminium Dubal has again been recognized by an independent, peer based jury: the company received 2 category awards in the 2012 Ideas. Arabia Idea of the Year competition. The award ceremony was integral to the 7th Ideas. Arabia International Conference Ideas Arabia 2012 held under the patronage of H H Sheikh Ahmed bin Saeed Al Maktoum president of the Dubai Department of Civil Aviation and Chairman of Emirates Group and which took place at Al Bustan Hotel Dubai on April 22nd and 23rd 2012. The two awards accorded to Dubal were: 1. 2012 Ideas Arabia Health & Safety Award — This went to Loading and unloading jig for anode butts submitted by J Iqbal, B Mohiuddin and M Wazir. To overcome the former unsafe practice of standing on...
Region’s smelters set to more than double net exports as GCC and Russia become key deficit suppliers The Gulf Cooperation Council (GCC) is set to become the world’s largest exporting region of primary aluminum by 2020, according to Dubai Aluminium Company (Dubal). The net export balance of major producers such as China, the US and the EU is expected to decrease over the next decade, leaving opportunities for producers in the Middle East and Russia to supply deficit markets. Speaking at the CRU World Aluminium conference in Abu Dhabi on 1 May, Dubal adviser Malcolm McHale said global demand for primary aluminium is expected to increase to more than 70 million tonnes a year (t/y) by 2020, up from about 50 million t/y in 2011. “Where will the smelter capacity come from … the Middle East and...
By now Rio Tinto is well aware of what it’s like to own assets its register really wished it didn’t. Thankfully, a finish line appears in site for at least some of the Pacific Aluminium assets. Mining giant Rio Tinto hopes to seal its first Pacific Aluminium deal almost a year after quarantining its unwanted aluminium assets. According to Reuters, Rio Tinto Alcan chief executive Jacynthe Cote has told an aluminium conference in Abu Dhabi that talks over the binding offer from private equity group HIG for the three speciality alumina plants in France and one in Germany are “going very well” and should be completed “sometime in the third quarter”. Rio announced the Pacific Aluminium proposal in October last year and hasn’t managed to secure a transaction to date. In fact steep power bills...
