LME aluminum

Constellium NV announced Monday it has closed on a $1.4 billion acquisition of Wise Metals Intermediate Holdings’ private aluminum sheet production facility in Muscle Shoals, Ala. The deal, which was first reported in October, includes $455 million in cash and the assumption of $945 million in debt.

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By acquiring Wise Metals, Constellium will have access to 450,000 metric tons of hot mill capacity, increasing its presence in the North American Body-in-White (BiW) market to build car bodies. Constellium plans to invest $750 million in the Muscle Shoals plant by 2022 to boost involvement.

The Indian aluminum cash price saw the biggest decline of the day, dropping 1.4% to close at INR 116.40 ($1.84) per kilogram on Monday, January 5. The 3-month price of aluminum saw a 0.6% decline on the LME to $1,848 per metric ton. The cash price of primary aluminum weakened by 0.5% on the LME, settling at $1,821 per metric ton.

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Chinese aluminum prices were mixed for the day. Monday saw the Chinese aluminum cash price drift down 0.9% to CNY 12,870 ($2,074) per metric ton after three quiet days. The price of Chinese aluminum bar fell 0.9% to a 30-day low of CNY 12,880 ($2,076) per metric ton on Monday. The price of Chinese aluminum scrap continues hovering around CNY 12,600 ($2,031) per metric ton for the fifth day in a row. The price of Chinese aluminum billet remained essentially flat at CNY 13,200 ($2,127) per metric ton.

Oversupply in China’s aluminum market is expected to escalate in Q1 2015 on massive new capacities and falling demand, according to Shanghai Metals Market.

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Most new capacities came on stream in H2 2014. Nearly 3 million total-per-year aluminum capacity factorites in Xinjiang and at Shandong Weiqiao Group began to enter operations in September 2014, which will gradually reach full capacity in Q1 2015.

On the demand side, many aluminum processors will not return to production immediately after the Chinese New Year holiday – February 19 this year – due to cash crunch and poor orders.

On Friday, January 2, the day’s biggest mover was the 3-month price of aluminum, which saw a 0.3% increase on the LME to $1,858 per metric ton. The Indian aluminum cash price weakened by 0.2%, settling at INR 118.10 ($1.87) per kilogram. On the LME, the primary aluminum cash price fell 0.1% to $1,831 per metric ton.

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Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap saw essentially no change for the fifth day in a row, remaining around CNY 12,600 ($2,028) per metric ton. The price of Chinese aluminum billet remained steady at CNY 13,200 ($2,125) per metric ton. Chinese aluminum bar held its value last Friday at CNY 13,000 ($2,092) per metric ton. The Chinese aluminum cash price saw little price change last Friday at CNY 12,990 ($2,091) per metric ton.

The 3-month price of aluminum dropped 0.6% on the London Metal Exchange this week, closing out the third consecutive week of falling prices at $1,853 per metric ton. Closing at $1,833 per metric ton, the cash price of primary aluminum remained unchanged on the LME for the week.

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Russia’s 2014 oil output hit a post-Soviet record high average of 10.58 million barrels per day (bpd), rising by 0.7% helped by small non-state producers, Energy Ministry data showed on Friday. More oil capacity generally pushes down all commodities.

Oil and gas condensate production in December hit 10.67 million bpd, also a record high since the collapse of the Soviet Union.

The data showed Russia’s so-called small producers, mostly privately held, increased their output by 11 percent to just over 1 million barrels per day.

The week’s biggest mover on the weekly Aluminum MMI® was European 1050 aluminum, which saw a 4.4% decline to EUR 2,499 ($3,023) per metric ton. European 5083 plate weakened by 3.8% to land at EUR 2,843 ($3,439) per metric ton. Closing at KRW 3,740 ($3.42) per kilogram, Korean 3003 coil premium over 1050 sheet remained unchanged for the week. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 3,890 ($3.56) per kilogram.

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Chinese aluminum prices were mixed for the week. The past week saw Chinese aluminum billet close at CNY 13,200 ($2,127) per metric ton after a 3.6% decline. At CNY 12,990 ($2,093) per metric ton, the cash price of Chinese aluminum finished the week down 0.2%. For the third week in a row, the price of Chinese aluminum bar dropped, falling 0.2% to CNY 13,000 ($2,095) per metric ton.

The Indian aluminum cash price declined to INR 118.35 ($1.88) per kilogram after drifting 0.7% since last week.

The Aluminum MMI® collects and weights 12 global aluminum price points to provide a unique view into aluminum price trends. For more information on the Aluminum MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

Hindalco Industries Ltd. , owned by Indian billionaire Kumar Mangalam Birla, is targeting a record $1 billion of aluminum exports by March 31 buoyed by rising US and European demand, people with knowledge of the matter told Bloomberg Businessweek.

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Overseas shipments may triple to as much as 400,000 metric tons in the 12 months ending March 31 from the previous year, said two people, who asked Bloomberg not to be identified because they aren’t authorized to speak to the media. The Mumbai-based company had exported less than half the target as of the middle of last month, the people said.

The Indian aluminum cash price fell 0.7% on Wednesday, December 31 to INR 118.35 ($1.87) per kilogram, making it the day’s biggest mover. On the LME, the primary aluminum cash price inched up 0.3% to $1,833 per metric ton. On the LME, the 3-month price of aluminum declined 0.3% to $1,853 per metric ton.

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Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap showed little movement yesterday at CNY 12,600 ($2,032) per metric ton. The price of Chinese aluminum billet flattened at CNY 13,200 ($2,128) per metric ton after two days of downward movement. Chinese aluminum bar saw little change in its price yesterday at CNY 13,000 ($2,096) per metric ton. The cash price of Chinese aluminum saw little change in its price yesterday at CNY 12,990 ($2,094) per metric ton.

 

The European Union threatened to widen tariffs on heavy rolls of aluminum foil from China, highlighting the Chinese challenge to manufacturers in Europe, Bloomberg News reported.

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The EU began an inquiry into whether Chinese exporters of aluminum foil in rolls weighing more than 10 kilograms (22 pounds) and with a thickness of less than 0.021 millimeter sell the wrapping in the bloc below cost, a practice known as dumping.

The EU already applies anti-dumping duties on aluminum foil from China in rolls weighing more than 10 kilograms and as wide as 650 millimeters (25.6 inches), with a thickness between 0.008 millimeter and 0.018 millimeter. This foil is excluded from the probe announced today.

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Chinese aluminum billet saw a 1.5% drop on Tuesday, December 30, landing at CNY 13,200 ($2,121) per metric ton and making it the biggest mover of the day. The cash price of Chinese aluminum fell 0.4% to CNY 12,990 ($2,087) per metric ton. The price of Chinese aluminum bar fell 0.3% to a 30-day low of CNY 13,000 ($2,088) per metric ton yesterday. The price of Chinese aluminum scrap held steady at CNY 12,600 ($2,024) per metric ton.

The cash price of primary aluminum dropped by 0.3% on the LME to $1,827 per metric ton after holding steady. Following a quiet couple of days, the 3-month price of aluminum fell 0.2% yesterday on the LME to $1,859 per metric ton. At INR 119.15 ($1.87), the cash price of primary Indian aluminum finished the market day up 0.1% per kilogram.

China’s aluminum smelting operating capacity is expected to rise to 31 million metric tons in 2015, up 7% from 29 million metric tons in 2014, the Henan Nonferrous Metals Industry Association said December 30.

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The report said 2015 alumina operating capacity will be 58 million metric tons, without giving this year’s figure. It said alumina supply and demand would be balanced next year if imports hit 5 million metric tons.

The National Statistics Bureau estimates China’s 2014 refined aluminum output at 24.5 million metric tons and expects it to rise 6-7% next year.

The Indian aluminum cash price saw a 1.0% increase on Monday, December 29, reaching INR 119.00 ($1.87) per kilogram and making it the biggest mover for the day. On the LME, the cash price of primary aluminum held steady around $1,833 per metric ton. The 3-month price of aluminum saw little movement yesterday on the LME, closing out around $1,864 per metric ton.

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Chinese aluminum prices were mixed for the day. Chinese aluminum billet finished the day down 0.7% to CNY 13,400 ($2,151) per metric ton. Chinese aluminum bar held its value yesterday at CNY 13,040 ($2,093) per metric ton. The cash price of Chinese aluminum held steady on Monday, remaining around CNY 13,040 ($2,093) per metric ton. The price of Chinese aluminum scrap remained steady at CNY 12,600 ($2,022) per metric ton.

Global aluminum premiums are expected to reach fresh record highs by mid-2015 on a supply deficit in the US and Europe, a Reuters survey showed.

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Premiums have surged this year, more than doubling in the US, as a revival in auto demand spurred aluminum consumption, while smelter shutdowns and use of the metal in financing deals squeezed supply.

But premiums next year will rise at a slower pace as new rules reduce queues at warehouses and as higher all-in prices encourage smelters to ramp up production.

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The day’s biggest mover broke away from a static phase with a 1.5% drop on Friday, December 26. After three changeless days, the price of Chinese aluminum billet closed at CNY 13,500 ($2,173) per metric ton. Following a two-day drop, the cash price of Chinese aluminum increased by 0.2% to CNY 13,050 ($2,101) per metric ton. The price of Chinese aluminum bar is back up, rising by 0.2% last Friday to close at CNY 13,050 ($2,101) per metric ton. The price of Chinese aluminum scrap remained steady at CNY 12,600 ($2,028) per metric ton.

The cash price of primary Indian aluminum saw a 1.1% decline to INR 117.80 ($1.85) per kilogram. After dropping for two days on the LME, the aluminum 3-month price flattened at $1,864. Following two days of downward movement, the primary aluminum cash price held steady at $1,833 per metric ton on the LME.

Aluminum buyers in Japan, Asia’s biggest importer, agreed to pay a record fee to producers next quarter as the global market will stay in a deficit, 3 people involved in the negotiations told Bloomberg News.

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The surcharge for the 3 months beginning in January is $425 a metric ton above the London Metal Exchange cash price, the people said, asking not to be identified because the talks are confidential. The fee was $420 this quarter.

Premiums to Japan surged 71% this year and reached records every quarter as output cuts by smelters including United Co. Rusal and Alcoa Inc. are creating a global shortage.

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Following a three-day flat streak, the price of Chinese aluminum scrap dropped by 2.3% to end at CNY 12,600 ($2,026) per metric ton on Thursday, December 25. The Chinese aluminum cash price saw a 0.2% decline to CNY 13,020 ($2,093) per metric ton. After falling 0.2% to CNY 13,030 ($2,095) per metric ton, the price of Chinese aluminum bar reached a 30-day low. The price of Chinese aluminum billet remained essentially flat at CNY 13,700 ($2,203) per metric ton.

On the LME, the primary aluminum cash price declined 1.0% to $1,833 per metric ton. On the LME, the 3-month price of aluminum fell 0.8% to $1,864 per metric ton. Following a 0.4% rise on Wednesday, the cash price of primary Indian aluminum closed at INR 119.15 ($1.88) per kilogram.

Aluminum is exiting warehouses tracked by the London Metal Exchange at the fastest pace in a decade, leaving investors with less information about the market and possibly more volatility.

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Both the spot and 3-month prices for aluminum fell on the LME Wednesday.

The Indian aluminum cash price experienced the biggest price decline of the day, dropping 1.4% to close at INR 118.70 ($1.87) per kilogram on Wednesday, December 24. On the LME, the aluminum 3-month price fell 1.4% to $1,878 per metric ton. The primary aluminum cash price saw a 1.4% decline on the LME to $1,852 per metric ton.

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Chinese aluminum closed mixed on Wednesday. The Chinese aluminum cash price declined 0.4% to CNY 13,050 ($2,097) per metric ton. The price of Chinese aluminum bar fell 0.4% to a 30-day low of CNY 13,060 ($2,098) per metric ton on Wednesday. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat at CNY 12,900 ($2,072) per metric ton. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row, remaining around CNY 13,700 ($2,201) per metric ton.

Alcoa Inc. has developed a new manufacturing process that produces aluminum sheet that is 40% more formable than the current aluminum alloys that are used on such vehicles as the Range Rover SUV and Ford F-150 pickup – the two highest volume aluminum-bodied vehicles.

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The Alcoa Micromill process changes the structure of the metal, enabling automakers to stamp body panels with deeper curves and creases, the Automotive News reported.

The aluminum 3-month price saw a 0.7% drop on the LME on Tuesday, December 23, landing at $1,904 per metric ton and making it the biggest mover of the day. The primary aluminum cash price weakened by 0.6% on the LME, settling at $1,877 per metric ton. The cash price of primary Indian aluminum fell 0.4% to INR 120.40 ($1.90) per kilogram.

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Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap remained essentially flat at CNY 12,900 ($2,073) per metric ton. For the fifth consecutive day, the price of Chinese aluminum billet held flat at CNY 13,700 ($2,202) per metric ton. The price of Chinese aluminum bar showed little movement yesterday at CNY 13,110 ($2,107) per metric ton. The cash price of Chinese aluminum showed little movement yesterday, hovering around CNY 13,100 ($2,105) per metric ton.

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