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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After Flat Days, 3-Month Aluminum Price Drops 0.9% The 3-month price of primary aluminum experienced the biggest price shift of the day in aluminum prices, dropping 0.9 percent on the LME to close at $2,068 per metric ton on April 19, 2012. The cash price of primary aluminum saw a 0.6 percent decline on the LME to $2,028 per metric ton. Indian aluminum primary prices saw a 0.5 percent drop as well. Chinese aluminum prices did not change yesterday. For the fifth straight day, the price of Chinese aluminum scrap held flat at above $2,600 per metric ton. Chinese aluminum billet held its value on Thursday at above $2,500 per metric ton. The price of Chinese aluminum bar remained essentially flat at above $2,200 per metric ton. The SHFE cash price of Chinese primary aluminum held steady on...
World primary aluminium output averaged 68,400 mt/day in March, down from 68,900 mt/day in February and 69,800 mt/day in March 2011, according to figures released Friday by the International Aluminium Institute. Total production in March (31 days) was 2.121 million mt, up from a revised 1.999 million mt in February (29 days) but down from 2.164 million mt in March last year (31 days). For the first quarter of 2012, aluminium production averaged 68,800 mt/day, down from 69,500 mt/day in January-March 2011. Production for the three-month period totaled 6.259 million mt, up from 6.253 million mt a year earlier. CHINESE OUTPUT UP China's primary aluminium production averaged 50,500 mt/day in March, down from 53,400 mt/day in February but up from 45,600 mt/day in March 2011, the IAI said,...
National Aluminium Company (Nalco) has in principle “secured” supply of all key raw materials – bauxite, limestone, coal and caustic soda – for a proposed one lakh tonnes a year alumina project in Gujarat. Mr B.L. Bagra, CMD of Nalco confirming the development told Business Line here on Friday that the Gujarat Government agreed to provide the raw materials through two State-promoted outfits for the proposed Rs 4,500 crore (first phase) refinery project in the State. The project is to be set up as a joint venture. Nalco will be the majority partner and Gujarat Minerals Development Corporation (GMDC) will hold a minority stake. “GMDC and Gujarat Alkalies and Chemicals Ltd (GACL) will supply the principal raw materials,” he added. “A draft supply agreement has been agreed upon this week,”...
United Co. Rusal (486), the world’s biggest aluminum supplier, is locked in to selling $43 billion of the metal to Glencore International Plc (GLEN) over seven years in a contract that’s fueling a feud among billionaire investors, four people familiar with the accord said. Glencore agreed to the accord in the fourth quarter as premiums paid by buyers reached near-record highs, according to the people, who declined to be identified as the terms aren’t public. Buyers in Europe paid an average $130 a metric ton more than the London Metal Exchange in the final three months of 2011. Rusal will sell about 1.4 million metric tons this year as part the deal, the people said. Investor Victor Vekselberg’s Sual Partners Ltd. is seeking arbitration, saying the contract, which accounts for a third of...
Rio Tinto PLC (RIO) said Thursday it is willing to enter talks with labor unions regarding a collective work agreement at its Canadian Alma aluminum smelter if the talks are "reasonable." "We have come to solutions all the time before [regarding collective work agreement], it's just about being reasonable," Rio Tinto's Chief Executive Tom Albanese told shareholders at the company's annual general meeting here. Rio Tinto Alcan, the aluminum arm of Rio, locked out 780 unionized workers at its 438,000-ton-a-year Saguenay-Lac-Saint-Jean aluminum smelter in northern Quebec Jan. 1. Both parties had started negotiations in October to establish a new collective workers' agreement to replace one that expired Dec. 31, but failed to reach an agreement. Albanese said there were instances of vandalism...
LME aluminum hit USD 2,091/mt on Friday supported by gains in European stock markets and strong annual reports from the US, but only closed USD 4.3/mt or 0.2% higher at USD 2,078.3/mt as cautiousness stayed. Transacted contracts dropped 3,456 lots to 8,960 lots. The US dollar index closed down at 79.167. LME should remain range-bound and move between USD 2,060-2,100/mt during today’s trading as strong resistance exists at USD 2,100/mt. The most active SHFE aluminum contract for July delivery should hover between RMB 16,040-16,120/mt. Spot aluminum is expected to continue trading at discounts of RMB 20/mt to premiums of RMB 20/mt over the current-month SHFE aluminum contract.
LME aluminum opened at USD 2,065/mt and dipped to USD 2,051/mt later pressured by weak US economic data. Successful Spanish debt auction afterwards helped the metal break through the 5-day moving average and finally settled near the level. Transacted contracts stayed above 10,000 lots while positions dropped 6,422 lots to 689,811 lots. Aluminum stocks in LME-bonded warehouses slipped a slight 8,875 mt to 5.06 million mt. Mixed news will cause the cautious market sentiment to stay. As such, SMM expects LME aluminum to move narrowly between USD 2,055-2,085/mt during today’s trading. SHFE three-month aluminum contract is expected to hover between RMB 16,050-16,120/mt with support from reserve requirement cut expectations. Spot aluminum is expected to traded at discounts of RMB 30/mt to...
Boyne Smelters says more than $300 million spent on a new carbon bake furnace had been approved before its planned sell-off. The furnace officially opens today and is designed to reduce the smelters' greenhouse gas emissions by 20,000 tonnes per year. Last year, Rio Tinto Alcan announced it was selling off parts of its aluminium business, including the Boyne Smelters and Gladstone Power Station, to bolster its financial performance. Smelters' spokesman Rob Craig says plans to replace the furnaces had been in the pipeline for several years. "I think the decision to invest this money was actually taken prior to any decision of divestment," he said. "So this project, which comprises the bake as well as other parts, was actually approved in January 2008."
Ukraine's State Property Fund and Prosecutor General are continuing litigation to renationalize a 68.01% stake in Zaporizhiya Aluminum Smelter (ZAlK), but believe it would make sense to sign a new contract with the stake's owner, Russian aluminum giant UC Rusal. ZAlK is the only major asset over which a court battle is being waged to return it to state ownership, SPF head Alexander Ryabchenko told Interfax on the sidelines of the Ukrainian Investment Summit being held in London from April 18 to 20. "Clearly, the investment obligations have not been met. The investor does not intend to fulfil them. Discussions are being held with the government, and court proceedings are underway simultaneously. We don't want to resolve [the problem] through the courts, but the current position [of Rusal]...
Huang Weiping, General Manager of Aluminum Corporation of China Limited (CHALCO) Qinghai Branch, said that the branch produced 96,500 mt in 1Q 2012, up 1.16% YoY, 25.06% of its annual production plan. SMM sources report that CHALCO Qinghai Branch is located in Xining City, Qinghai Province, covering an area of 195 hectares. The branch is formerly known as Qinghai Aluminum Plant and owns aluminum production capacity of 400,000 mt currently.
An aluminum subsidiary of central China's Yimei Group plans to build a 600,000 metric ton aluminum smelter and processing plant in Henan province's Sanmenxia city, a report on the state-backed China Nonferrous Metals Industry Association said Thursday. The company, Yimei Group Henan Tongren Aluminum Industry Co. Ltd., plans to invest CNY10 billion ($1.6 billion) in the first phase of the project, which may take two-and-a-half years to complete, the report said. The company intends to substitute certain imported products to meet demand from the aerospace and defense industries, the report said. While Beijing has sought curbs on new aluminum output capacity, Yimei Group executives are positioning the project as a "restructuring, consolidation and upgrading." They told association officials...
For the third consecutive year Emirates Aluminium (EMAL) sponsored the eighth International Symposium on Mechatronics and its Applications (ISMA) which was held at the American University of Sharjah from 10 to 12 April, 2012. Mechatronics concerns the fusion of multiple engineering practices to create intelligent components to improve system performance. It is one of the most important emerging technologies that will help change the world in the future, and local students were able to hear from some of the leading experts in the field during the three-day event. EMAL's President and CEO, Saeed Fadhel Al Mazrooei, said: "EMAL is delighted to continue its support of this international symposium. Mechatronics is one of the most important emerging fields of technology development in the...
Coal miner SouthGobi Resources (1878) saw its shares plunge after the Mongolian government suspended its licenses, sparking fears the move may scupper a takeover bid by the Aluminium Corp of China (2600), or Chalco. Earlier this month, state-run Chalco agreed to pay US$926 million (HK$7.22 billion) for a 57.6percent stake in SouthGobi held by Canada-based Ivanhoe Resources. Late Monday, SouthGobi announced the Mongolian government had suspended the firm's exploration and mining licenses. The suspension included its flagship Ovoot Tolgoi coal mine. "The Mongolian government's intervention appears to be like a political move rather than a commercial decision," UOB Kay Hian analyst Helen Lau said. SouthGobi fully owns four coal projects in Mongolia - three development projects, and mineral...
Action must be taken against Chinese dumping of cheap aluminium in Australia, said an industry CEO. The outgoing CEO of the Australian Industry Group said cheap Chinese aluminium had contributed to production cuts and job losses at the Kurri Kurri smelter. Heather Ridout, who leaves the organisation at the end of April to take up a post with the board of the Reserve Bank, addressed Hunter Valley business leaders in Newcastle, Australia. She said Australia should be complaining more to the World Trade Organisation. "The Americans seem to have a very well trod path to the WTO," she said. "In fact they've won a few cases, the Brazilians I think have taken about a hundred this year most of them against China. We're pussycats, we have the most open economy in the western world and yet we don't...
Further subsidization of electricity for the Aluminium Plant Podgorica (KAP) would cancel Government of Montenegro's decision on termination of Agreement with the Russian partner and initiation of investigation of KAP's operation and spending of the loan the Government guaranteed for, said the Movement for Changes (PzP). The PzP President Nebojsa Medojevic said that it was the reason why the announced criminal proceedings would not be instigated and the state interest would not be protected.
QuesTek Innovations LLC has been awarded a Small Business Innovation Research (SBIR) Phase II project from the U.S. Air Force Research Laboratory (AFRL) to apply QuesTek's Materials by Design technology to design and develop a new high-strength, thermally-stable aluminum alloy. The 2-year contract is valued at $746,981. The key objectives of this project are to design and develop a new alloy with greater strength than alloy 2014 at both room temperature and after high temperature exposure, in combination with corrosion and fatigue resistance, and also with manufacturing and raw material costs similar to incumbent alloy 2014. Although competing alloy 2040 offers higher strength than alloy 2014, it is sole-sourced and can be more expensive due in part to raw material costs associated with...
LME aluminum opened at USD 2,085/mt and dropped to near USD 2,058/mt on Wednesday as investors sold euro assets and bought safer US dollar assets on worries towards Spanish debt auction. The 10-day moving average again became a resistance level. Total positions dropped 19,122 lots to 683,389 lots while total LME aluminum stocks stayed above 5.07 million mt. LME aluminum is expected to move narrowly between USD 2,035-2,085/mt during today’s trading as cautiousness prevails while Spanish debt is auctioned. The most active SHFE aluminum contract for July delivery is expected hover between RMB 16,040-16,120/mt, with temporary support from strong performance of the Shanghai Composite Index. Spot aluminum still face resistance at the RMB 16,000/mt mark and should continue to trade at discounts...
The cash price of Indian primary aluminum saw the biggest increase at 0.7 percent, finishing at INR 105.65 ($2.05) per kilogram for April 18, 2012. On the LME, the cash price of primary aluminum declined 0.3 percent to $2,040 per metric ton. Also on the LME, the 3-month price of primary aluminum held steady around $2,087 per metric ton. Chinese aluminum prices were mixed for the day. The cash price of Chinese primary aluminum rose 0.4 percent, remaining in the $2,500 range. Also in the $2,500 range, the price of Chinese aluminum billet finished the market day up 0.3 percent per metric ton. The price of Chinese aluminum scrap was unchanged at around the $2,600-per-metric-ton range. For the fifth consecutive day, the price of Chinese aluminum bar held flat, holding in the region of $2,200...
