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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MANAMA: Alba's sponsorship of a top aluminium conference in the UAE underlines the company's initiatives to engage in events that enrich knowledge-exchange in the industry as well as promote networking opportunities for its leaders. Billed as an authoritative event for senior executives, CRU Event's 17th World Aluminium Conference being held at Fairmont Hotel, Abu Dhabi, concludes today. Alba also hosted a welcome reception for all participating delegates on the opening day of the conference. An exhibition stand at the sidelines of the conference provided Alba with a platform to showcase its extensive range of high-quality aluminium products. "Alba's support for CRU's World Aluminium Conference emphasises our commitment to the growth of this industry we are part of, ensure its continued...
Visiongain’s analysis indicates that the global aluminium market will reach a value of $112.3bn in 2012. The market value will rise mainly due to demand from transport and construction end-use sectors; both sectors together will account for more than half of the global aluminium consumption. The growth in the market will be lower in 2012 compared to the previous year, due to low aluminium prices and weak demand. Visiongain anticipates that, in the likely scenario, aluminium prices will remain under $2,400 per tonne during 2012. The Visiongain author of The Aluminium Market Analysis, Financials and Forecasting Market 2012-2017 report commented that ‘”he recent announcement of capacity cuts by major aluminium producers will curb the downward trend in aluminium prices. However, the presence...
LME aluminum closed down USD 2.5/mt or 0.12% at USD 2,117/mt on Tuesday, as worries towards the European debt crisis reignited by downgrades on most Spanish banks overshadowed stronger expectations for Fed easing following release of mixed US economic data. The light metal only hit USD 2,133.8/mt. Investors should wait for the final HSBC China PMI today standing on the sidelines. LME aluminum is expected to test support at the 5-day moving average and move between USD 2,110-2,140/mt. The most active SHFE aluminum contract for July delivery is expected to struggle near the 30-day moving average and hover between RMB 16,175-16,250/mt. Spot aluminum is expected to trade at discounts of RMB 20/mt to premiums of RMB 20/mt over the current-month SHFE aluminum contract. Trading will stay light...
Minister of Mines (Independent Charge), Shri Dinsha J. Patel informed Rajya Sabha today in a written reply that National Aluminium Company Limited(NALCO’s) proposal to set up the Rs 16,500 crore aluminium smelter and captive power plant project has been approved by Indonesian Investment Coordination Board. A non-binding Memorandum of Understanding to set up the project in East Kalimantan Province has been signed with Government of East Kalimantan . He further informed that NALCO has prepared the Detailed Feasibility Report for the project. Land has been identified in East Kalimantan Province for the project. Consultants have been short-listed for Environment Impact Assessment and Financial Advisory Services.
Price realizations played a key part in ensuring that Sterlite Industries (India) Ltd did well in the March quarter, compared with the December quarter. The metal firm’s sales rose by only 5% sequentially to Rs. 10,763 crore, but operating profit rose 16.1% to Rs. 2,705 crore and operating margin improved 238 basis points (bps). One basis point is one-hundredth of a percentage point. Its merger with Sesa Goa Ltd will be closely watched, especially as the merged entity will contain all of Vedanta Aluminium Ltd, the group’s new aluminium venture whose project has been delayed and is running up losses. In the quarter, Sterlite suffered a charge due to a litigation it lost, which was offset in part by foreign exchange-related gains. The net result was a 15.1% quarter-on-quarter (q-o-q)...
The spirit of innovation and continuous improvement at Dubai Aluminium (Dubal) — the world’s largest primary aluminum smelter using pre-bake anode technology — has again been recognized by an independent, peer-based jury: the company received two category awards in the 2012 Ideas.Arabia Idea of the Year competition. The award ceremony was integral to the 7th Ideas.Arabia International Conference, which took place in Dubai recently. The two awards accorded to DUBAL were: * 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 anode rods while latching/unlatching anodes/butts in the Rodding Room, this suggestion entailed the construction of a...
Aluminium Bahrain B.S.C. (Alba)'s sponsorship of CRU Event's 17th World Aluminium Conference underlines the company's initiatives to engage in events that enrich knowledge-exchange in the aluminium industry as well as promote networking opportunities for industry leaders. Billed as 'an authoritative aluminium event for senior executives', the 17th World Aluminium Conference will be taking place at Fairmont Hotel, Abu Dhabi, United Arab Emirates from April 30 - May 2, 2012. Alba will also be hosting a welcome reception for all participating delegates on the opening day of the conference. An exhibition stand at the sidelines of CRU's 17th World Aluminium Conference will provide Alba with a platform to showcase its extensive range of high-quality aluminium products. Commenting on Alba's...
The decline in aluminum production in the Venezuelan industries located in Guayana (southern Venezuela) has obliged authorities to "adjust" aluminum supply quotas sold to multinational companies. Venezuelan aluminum smelter CVG Alcasa's failure to deliver the product is long-standing and it is due to the industry's operational decline. In the case of Venezuelan smelter Venalum, exports were reduced because of production has plummeted in recent weeks, and high levels of iron have been found in aluminum cylinders. A source of the industry said that in a scenario marked by heavy losses and operational problems, futures contracts are risky for state-run companies, which have already used their reserves and have committed production for several years. Henry Arias, a union leader of Venezuela s...
Emirates Aluminium (Emal) is in talks with two other metal processors interested in building facilities alongside its US$10.2 billion (Dh37.46bn) plant in Abu Dhabi. It comes as the aluminium project increases production to almost 800,000 tonnes in its first phase and prepares to add 1,000 jobs over the next year. "We are encouraging downstream industries to set up around Emal, and we have already committed with two companies and are in negotiations with another two," said Saeed Fadhel Al Mazrooei, the chief executive. The plant will also be able to supply molten aluminium to processors based around the site, reducing the cost of transporting the metal in solid ingots and billets that have to be remelted. Emal is on track to boost first-phase production capacity by almost 50,000 tonnes by...
Oleg Deripaska's Basic Element said it had agreed a $1 billion cooperation deal with China's state-owned North Industries Corporation, or Norinco, that will include construction of a rolling mill in Russia for metal production. The deal will also allow the world's largest aluminum producer RusAl, which is majority owned by Basic Element's subsidiary En+ Group, to expand its aluminum exports to China by selling to North United Aluminum, a joint venture between RusAl and Norinco, Basic Element said in a statement on Saturday. RusAl will also consider an option to buy Norinco-made anode production equipment for its Taishet aluminum smelter that is under construction in eastern Siberia, the statement said. The announcement coincides with a visit to Russia by Chinese Vice Premier Li Keqiang,...
Yunnan Aluminum published the Q1 report also revealed the four major projects go well so far. The 800 thousand tons alumina project of Wenshan Aluminum Company invested 4,835,720 thousan yuan totally, now the project was in smooth condition. The two mating mine systems Hong Sheke and Mai Jiuping mines have already put into production, each system has finished monomer test run and test run with water, now the whole factory was in the process of linkage test run with material. The other three down stream aluminum processing projects were planned to invest 9,171,220 thousand yuan totally, the first quarter in this year has invested 70942.4 thousan yuan. The 300 thousand tons of aluminum plate/strip project of Yongxin Aluminum Company has finished the construction of major structure and...
Reuters reported that Aluminum Corporation of China Limited net loss of CNY 1.09 billion for the Q1 dented by higher costs and lower prices for the lightweight metal. Chalco, the country's top aluminium maker also warned of a loss for its first half ending June 2012 due to weak prices and high raw material prices. It reported 19% rise in revenue to CNY 33.6 billion in the 3 months ended March but the net loss was worse than analysts had expected with UBS forecasting a loss of CNY 750 million. Last year the company made a net profit in the same period of CNY 331.17 million. The state owned aluminium maker had warned of losses in the Q1 and analysts forecast aluminium prices to be flat while China's aluminium market would move into surplus this year with more new low cost capacity coming on...
Norway-based aluminium producer Norsk Hydro reined in its expectations for market growth this year due to weak demand from Europe, as it posted a bigger-than-expected drop in quarterly profit due to a glut in supply that is hitting prices. The company said on Friday it expected global demand for aluminium outside China to grow about 3 percent in 2012, compared with its forecast three months ago of 3-5 percent growth. It announced no new plant closures or production cuts. While Hydro and other western aluminium producers have reduced capacity to try to hold up prices, Chinese smelters have continued to flood the market. Hydro said first-quarter underlying net profit fell by more than half from the prior year period to 256 million crowns ($44.7 million), well short of analysts' mean...
Pin toe-in is an understood and accepted phenomenon in all pre-bake aluminium smelters and VHE has been working to solve the problem. Toe-in is caused by the difference in expansion rates of the steel yoke or spider and the carbon anode as they heat up in the reduction cell. The yoke expands more than the anode, bending the pins which are already sealed in the anode block. The pins bend inwards just above the iron thimble, and can no longer be correctly located in the anode holes. After some further time the pins will no longer fit into the holes. It used to be that smelters would continue to use rods until the pins would no longer fit into the anode. The bent pins would then be cut off and new ones welded onto the yoke. Today, it is generally accepted a pin straightener has a cost...
The week’s biggest mover on the Aluminum MMI® was Indian primary aluminum cash prices, which saw a two percent increase to INR 107.25 ($2.04) per kilogram. This comes on the heels of a 1.1 percent decline the week before. The 3-month price of primary aluminum rose 0.6 percent on the LME to $2,080 per metric ton after falling 1.9 percent during the week prior. The cash price of primary aluminum rose 0.6 percent on the LME to $2,040 per metric ton after falling two percent the previous week. Chinese aluminum prices were mixed for the week. Last week, Chinese primary aluminum cash prices increased by a slight 0.5 percent on the SHFE to CNY 16,080 ($2,550) per metric ton. Chinese aluminum billet prices ticked up 0.3 percent over the past week to CNY 16,100 ($2,553) per metric ton. Closing at...
Russian tycoon Oleg Deripaska's Basic Element said on Sunday it had agreed a $1 billion cooperation deal with China's state-owned North Industries Corporation (Norinco) that will include construction of a rolling mill in Russia for metal production. The deal will also allow the world's largest aluminium producer Rusal (0486.HK), which is majority owned by Basic Element's subsidiary En+Group, to expand its aluminium exports to China by selling to North United Aluminium, a joint venture between Rusal and Norinco, Basic Element said in a statement. Rusal will also consider an option to buy Norinco-made anode production equipment for its Taishet aluminium smelter which is under construction in East Siberia, the statement said. The announcement coincides with a visit to Russia by Chinese Vice...
Norwegian aluminum producer Norsk Hydro ASA said Friday its first quarter net profit fell 34% on year to NOK513 million, and that it expects the market to remain weak, especially in Southern Europe. -Net profit was NOK513 million, down from NOK782 million a year ago. -Revenue was NOK21.75 billion, the same as a year earlier. -Underlying Ebit was NOK557 million, down from NOK1.133 billion the year before. -Lower realized aluminum prices impacted the underlying results, but was partly offset by higher sales volumes. -The company said "significant uncertainty" impacts the industry, and expects the market to stay weak, especially in Southern Europe. -An average of seven analysts surveyed by DJ/FactSet had expected the company's net profit at NOK384.5 million, Ebit at NOK596.6 million and...
Norwegian aluminum producer Norsk Hydro ASA said Friday its first quarter net profit fell 34% on year to NOK513 million, and that it expects the market to remain weak, especially in Southern Europe. -Net profit was NOK513 million, down from NOK782 million a year ago. -Revenue was NOK21.75 billion, the same as a year earlier. -Underlying Ebit was NOK557 million, down from NOK1.133 billion the year before. -Lower realized aluminum prices impacted the underlying results, but was partly offset by higher sales volumes. -The company said "significant uncertainty" impacts the industry, and expects the market to stay weak, especially in Southern Europe. -An average of seven analysts surveyed by DJ/FactSet had expected the company's net profit at NOK384.5 million, Ebit at NOK596.6 million and...
