Aluminium fluoride prices rise on cost support; premium for high-grade supply widens
This week, trading sentiment in China's aluminium fluoride enterprises was moderate, and aluminium fluoride prices continued to rise. As of now, SMM mainstream quotations for aluminium fluoride stand at RMB 11,500-12,300 per tonne; cryolite spot prices firmed, with SMM cryolite quotations at RMB...
Macro rate hike expectations bring periodic pressure, while destocking in China provides solid bottom support
Futures: The most-traded SHFE aluminium contract opened at RMB 24,310 per tonne in the night session on September 10, reached a high of RMB 24,310 per tonne and a low of RMB 24,075 per tonne, and closed at RMB 24,125 per tonne, down RMB 365 per tonne or 1.49 per cent from the previous close....
Grow with
AL Circle
Hero cycles' all-aluminium cycle plant to target premium bikers
Targeting the premium bicycle market which is growing at 40 percent annually, Hero cycles Monday opened a new all-aluminium cycle plant here with an aim to increase sales five-fold. The company launched two all-aluminium cycles -- 'Astra' and 'Orion' -- under its premium 'Octane' brand. The bikes...
Chinese aluminum demand keeping largely in step with production
China, if not often blamed for the global aluminum market’s ills, is at least mentioned in the same sentence every time overcapacity and metal surpluses are discussed. The implied point is the growth in Chinese aluminum production is way beyond what is required by the world’s second largest economy...
U.S.summons Goldman in inquiry of aluminum warehouses
Goldman Sachs has been subpoenaed by federal regulators investigating complaints that the financial giant’s metals warehouses have intentionally created delays and inflated the price of aluminum. The Commodity Futures Trading Commission has issued subpoenas to Goldman and owners of other major...
French secondary aluminum producer Affinage applies for insolvency
Oetinger's French subsidiary, Affinage de Lorraine, located at Gorcy, also applied for insolvency July 30, legal firm Kebekus and Zimmermann, which is acting as temporary insolvency administrators for Oetinger, told Platts in an email this week. Affinage, which produces about 50,000 mt/year of...
Stock investors sell off shares of Century Aluminum, down 3.2%
Century Aluminum, a company whose shares are moving quickly, is trading 3.2% lower to $8.04. The Dow is down 0.5% to 15,532 and the S&P is currently down 0.5% to 1,699. Over the past year, Century Aluminum has traded in a range of $6.02 to $10.60 and is now at $8.04, 34% above that low. In the last...
JPMorgan sued with Goldman sachs in aluminum antitrust case
JPMorgan Chase & Co, the biggest U.S. bank, was sued with Goldman Sachs Group Inc. over claims it restrained aluminum supplies and drove up prices. The complaint was filed by a Jacksonville, Florida, direct purchaser, Master Screens Inc., and by individual plaintiff Daniel Price Bart of...
China's aluminium market faces mounting supply in H2
China's oversupply of aluminium is likely to escalate in the second half of 2013 as more new capacity is set to come on stream, further reducing the need for imports by the world's top consumer and producer of aluminium. Imports have already tumbled 67 percent in the first half from a year earlier,...
Rusal may halt 350,000 tons of output to recover aluminum price
United Co. Rusal, the world’s largest aluminum producer, may reduce output by as much as 8.4 percent this year to allow prices to recover. The company will idle 350,000 metric tons of capacity at five of its plants with high production costs until aluminum rises to $2,400 a ton, Oleg Deripaska,...
Electrolytic aluminum industry in China affected by aluminium overcapacity
China has reported that the electrolytic aluminum industry was burdened by excessive overcapacity. The total losses were 670 million yuan ($109 million) in the first half of this year. The Ministry of Industry and Information Technology (MIIT) said that it will introduce specific measures to deal...
Rusal says aluminum premiums to stay high as LME tackles backlog
United Co. Rusal, the world’s biggest aluminum producer, said elevated premiums are supported by demand and financing deals as the London Metal Exchange tries to ease backlogs in its warehouses that drew complaints from users including MillerCoors LLC. The LME, which oversees more than 700...
China's starts its capacity cut drive in metal sector
China's plans to force more than 1,900 companies to cut excess capacity in bloated industries including aluminium, steel and copper have met with an underwhelming response from the market. Certainly, the moves to make China's heavy industries more efficient will have little immediate market impact,...
Kaiser Aluminum rating lowered to Neutral
Kaiser Aluminum Corp. was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research note issued on Thursday, StockRatingsNetwork.com reports. They currently have a $68.80 target price on the stock. Zacks‘ price objective would indicate a potential upside of 5.44% from the...
Goldman to offer Metro customers immediate access to aluminium
Goldman Sachs Group said on Wednesday that it would offer customers of its Metro International metals warehouse business immediate access to aluminium held up in queues through an exchange deal with the bank. "In light of the concerns that end-users have raised about their access to aluminium they...
U.S. futures regulators should review aluminum market, US lawmaker says
U.S. futures regulators should review alleged manipulation of the aluminum market, the head of the Senate Agriculture Committee said on Tuesday. Committee Chairwoman Debbie Stabenow noted that in congressional testimony last week, buyers of aluminum alleged that the current market price was being...
Aluminium up 0.5% on global cues, spot demand
Aluminium prices edged up by 0.52% to INR 106.95 per kg in futures trade today as participants enlarged their positions, supported by a firming overseas trend. Further, strong demand in the spot markets also influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery in August...
Century Aluminum to release earnings on Tuesday
Century Aluminum is scheduled to issue its Q2 2013 quarterly earnings data after the market closes on Tuesday, July 30th. Century Aluminum opened at 10.30 on Monday. Century Aluminum has a 52-week low of $5.75 and a 52-week high of $10.60. The stock’s 50-day moving average is currently $9.75. The...
Goldman Sachs denies aluminium price-rigging
Brewer Miller Coors last week told the US Senate that inflated aluminium prices were costing consumers $3bn a year, putting the focus on the stockpiles held by the Wall Street investment bank and the world’s largest commodity trading firm. Together, the two firms are estimated to control two-thirds...
Hulamin posts rise in turnover despite falling aluminium price
ALUMINIUM processor Hulamin on Monday reported a 32% decline in headline earnings per share (HEPS) to 21c in the half-year ended June 30 2013 compared with restated 2012 results. The restatement is required by the new accounting standard IAS 19R, which became effective in the current period and...
