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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Vimetco NV (LSE: VICO), the global producer of primary and processed aluminium products, today announces the shortlist of contractors for the construction of its own power plant in Tulcea. The project is developed by Vimetco Power Romania, a company belonging to Vimetco Group and consists of building a 250 MW cogeneration plant at Alum Tulcea with the possibility of financial support from the European Bank for Reconstruction and Development as well as commercial banks. The three companies selected for negotiations of the EPC contract are the Itochu & Hyundai consortium, Metka and Siemens. The negotiations should be finalized by the end of May 2012. "We are planning a plant that will be a cogeneration unit supplying electricity for Alum and partly for Alro, steam to Alum and hot water for...
The global aluminium market was in surplus by 287,000 metric tons in January and February, the World Bureau of Metal Statistics said Wednesday. Primary aluminum production in the first two months of 2012 rose 6.9% compared with the same period of 2011, it said, without providing the total figure. Demand, it said, rose by 7.7% compared with January and February 2011. The WBMS didn't provide the total demand figure for the two-month period.
Saudi Arabian Mining Co (Maaden) is seeking a 7 billion riyal ($1.86 billion) loan from local banks, a Saudi banker told Reuters on Wednesday. Maaden said in March that it plans to add a new production line, with a capacity of 100,000 tonnes per year, at its aluminium joint venture with U.S. firm Alcoa to produce sheets used in the automotive and construction industries. It said that financing for the project will be announced at a later date. "It is a 7 billion riyal loan for five years," the banker, who declined to be named, said, adding that the loan will be finalised by the third quarter of this year. HSBC Saudi Arabia, an affiliate of HSBC, will be the lead arranger, he said. A spokesman for Maaden could not immediately comment. The aluminium complex is owned 74.9 percent by Maaden...
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...
Canadian coal miner SouthGobi Resources Ltd’s Hong Kong shares plunged on Tuesday on concerns the Mongolian government may scupper a bid by top Chinese aluminium maker Chalco to buy a controlling stake in it. Earlier this month, state-run Aluminium Corp of China Ltd, known as Chalco, agreed to pay $926 million for a majority stake held by mining billionaire Robert Friedland’s Ivanhoe Resources in SouthGobi. Ivanhoe owns 57.6 percent of SouthGobi. Chalco’s offer appears to have caught the Mongolian government by surprise. Government officials within the mineral-rich and land-locked neighbour of China moved to suspend certain exploration licenses that SouthGobi holds. SouthGobi said in a statement late on Monday that the Mongolian government suspended exploration and mining licenses for its...
Rio Tinto increased production of several key commodities in the first quarter, but global aluminum output slipped by nine per cent, largely as a result of its decision to lock out employees at a smelter in Quebec. The London-based mining giant's share of aluminum production at its own and jointly owned operations was 854,000 tonnes, down from 944,000 tonnes a year earlier and 961,000 in the fourth quarter ended Dec. 31. Rio Tinto (NYSE:RIO) has reorganized its aluminum assets into three business groups, including its core group Rio Tinto Alcan headquartered in Montreal. The Anglo-Australian company plans to sell or close some of its non-Alcan assets. Rio Tinto Alcan's production dropped 12 per cent to 520,000 tonnes, primarily reflecting the lock out Dec. 31 of nearly 800 unionized...
The two, Dr. Niklas Magnusson at SINTEF and Professor Magne Runde at SINTEF/NTNU, were awarded the prize of $35,000 at the Technoport Awards 2012 in Trondheim on Tuesday. They also received a work of art as part of the prize. Their work was on an energy-saving superconducting aluminium billet induction heater, which helps lower climate-related emissions. SINTEF is the largest independent research organization in Scandinavia, and NTNU is the Norwegian University of Science and Technology in Trondheim. The prize was created to stimulate students, researchers and Hydro employees to find new ways to improvement the environmental footprint of aluminium production - through more energy-efficient production of aluminium or new aluminium products with a significant effect on climate change...
Alcoa Inc (NYSE:AA) has announced that it has delivered a set of two “ready for installation” aluminum Amah tips to Austal USA for use on the future Littoral Combat Ship USS Jackson (LCS 6). An Amah tip is the leading edge of the all-aluminum, trimaran-type vessel’s outrigger, or amah, and is more than seven feet across and weighs 850 pounds. The LCS 6 is currently being built for the U.S. Navy at Austal’s Mobile, Alabama shipyard. The one-piece design resulted from collaboration between Austal and Alcoa Technical Center (ATC), near Pittsburgh. ATC provided the design and development, Alcoa Global Rolled Products’ mill in Davenport, Iowa, supplied the substrate and Alcoa Transportation Products (ATP) in Farmington Hills, Michigan, oversaw the final milling. "Alcoa was able to provide...
In 2000, China represented roughly 12% of global production and the fact that it’s now 45% illustrates the seachange that the development of China has meant for the aluminium market. In addition, India and the US are also becoming increasingly attractive to be major aluminium producers. This trend is expected to extend, with China nearing 50% by 2017. One would think, given this impressive expansion in aluminium smelting capacity, that it was one of the world’s lowest cost producers, why else would one build so much? This is an example (of many) where economic theory fails. China is in fact a region experiencing some of the world’s highest costs. Expansion has been a function of low cost capital, low environmental hurdles, hitherto low cost labour and government directive. The cost split...
LME aluminum closed up USD 1.3/mt or 0.06% on Tuesday, with transactions plunging 29,400 lots, after surrendering most gains following release of mixed US housing data. The light metal previously hit USD 2,105/mt supported by falling Spanish debt yields and strong annual reports from US businesses. As the bearish market sentiment eases, LME aluminum may be able to consolidate at the 5-day moving average today as it moves between USD 2,075-2,125/mt. The most active SHFE aluminum contract for July delivery is expected to hover between RMB 16,060-16,120/mt as it gathers momentum to break through the RMB 16,100/mt mark. Spot aluminum will continue to trade at discounts of RMB 30/mt to premiums of RMB 10/mt over the current-month aluminum contract in the face of weak demand and low willingness...
Spot premiums for aluminum imported into Japan have gone up to $150/mt plus London Metal Exchange cash CIF Japan basis Tuesday, from plus $130-135/mt on Monday, as traders restocked ahead of the demand season, sources said. A deal for more than 500 mt of primary aluminum ingot to be shipped over May-June closed at $150/mt plus LME cash CIF main Japanese port basis, between two international trading houses, said sources familiar with the matter. The spot cargo is believed to have been re-sold to a third trader who needs to meet his domestic delivery requirement for the current quarter, sources said. The third trader has confirmed the purchase. Japanese buyers said offers this week from overseas trading houses were higher. One seller had offered at $165/mt plus LME cash CIF Japan for over...
Muscat: The work on building Oman Aluminium Rolling Company’s 160,000-tonnes per annum project in Sohar is progressing and the venture will be ready for commissioning by August 2013, said a top-level official of the EPC contractor. “We are now pushing on completing civil and building works. The equipment have been purchased. We will start receiving shipments of equipment in May,” said Anthony Tropeano, Chief Executive Officer of FATA EPC. Tropeano was in Muscat to attend the Oil and Gas West Asia conference and exhibition. “We have around 800-900 people on the site, which will go up to 1,500-1,600 at the peak of construction in September-October this year.” Tropeano said partial hand over is scheduled for August 2013 and the initial production will be around 140,000 tonnes per annum...
Aluminium yesterday traded with the positive node and settled 0.28% up at 106.1 as US dollar index stayed near 80 as better-than-expected retail sales in the US continue to support the reserve currency while Spanish debt causes worries towards the euro zone debt crisis to stay. LME aluminum moved within a narrow band between USD 2,062.5-2,082.5/mt and settled up USD 9/mt or 0.43% at USD 2,079/mt. LME aluminum stocks dropped 7,425 mt to 5,045,275 mt. The US dollar may strengthen further in the near term as Spain continues to stir worries towards debt stability in Europe. LME aluminum to test the 10-day moving average and move between USD 2,050-2,100/mt during today's trading. Later, data revealed Germany bond yields hit a historical high, while Spanish 10-year bond yields soared above 6%...
Riding on the back of Stuart’s aluminum production story last week, India‘s state-owned National Aluminium Co. (Nalco) announced that aluminum output dropped in 2011-12 to 413,000 metric tons against 444,000 metric tons in the previous financial year, according to a Business Line report. The company cited lower coal supply as the main reason for the lower output, namely that supplies from Mahanadi Coalfields affected primary metal production. The newspaper quoted B.L. Bagra, CMD at Nalco, as saying that power generation and consequently metal production were down owing to lower than contractually linked supply of coal, forcing them to shut down 10 percent of their smelting capacity. Mahanadi is mandated to supply Nalco with 4.8 million metric tons of coking coal per year. “Till the end of...
This past week stock market and commodity bulls alike pointed to a solid earnings report from the world's second-largest aluminum producerAlcoa as proof that the global economy is continuing to strengthen. Alcoa reported that its net income dropped 69 percent and revenues were flat at $6 billion as compared with the year prior, which was above expectations. More importantly, the company announced profits of $94 million for the first quarter of 2012 and forecast continuing demand growth (7%) this year. However, if investors look beyond the headlines and actually dig a little deeper, they will find that the outlook is not so bright for the global aluminum industry. These concerns were recently voiced by the chief executive of the world's sixth-biggest aluminum producer, diversified...
Century Aluminum Company (NASDAQ: CENX) has moved forward the date it will report first quarter 2012 earnings to Tuesday, April 24th due to a scheduling conflict. The news release will be issued through Marketwire after the close of market trading. The company will hold a follow-up conference call on Tuesday, April 24th at 5:00 p.m. Eastern time. The earnings call will be webcast live on the Century Aluminum Company website, located at www.centuryaluminum.com. Plan to begin the registration process at least 10 minutes before the live call is scheduled to begin. A replay of the webcast will be archived and available for replay approximately two hours following the live call. Contact: Shelly Harrison (investors) 831-642-9357 Lindsey Berryhill (media) 831-642-9364
Last week, Nick Clegg delivered a speech which aimed to dispel claims that environmental legislation was holding back industrial recovery. In the speech, entitled ‘the myth: green versus growth,’ the Deputy Prime Minister argued that we do not have to give up on the green economy in order to grow, and pointed out that countries “powering away from the recession” such as Germany, China and Brazil were all investing in low carbon industries. However, a new report from think-tank Civitas, suggests the UK’s energy policy is causing the collapse of a successful British industry. “The closure of the Lynemouth aluminium smelter” examines the influence of Government policy decisions to move aluminium production elsewhere, using the Northumberland smelter as a case study. David Merlin-Jones,...
In line with the region's ambitions to grow product sales in Europe, the potential contribution of the UAE's primary aluminium industry to the European market will again be highlighted at the 9th Metef International Aluminium Exhibition (Metef 2012), thanks to the joint participation of Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL) at this high profile event. Held from 18 to 21 April this year in Verona, Italy, the biennial series of Metef exhibitions ranks among the major events in the region, thus providing an excellent platform for increasing the volumes of DUBAL and EMAL's products sold in Europe and farther a field. By design, the combined DUBAL-EMAL exhibition stand at Metef 2012 will promote the two companies' key attributes, specifically the extensive range of...
