Aluminium Update

National Aluminium Co (NALCO) has raised aluminium prices by Rs 4500 per tonne for all products in the domestic market, effective Dec. 1. The basic price of standard aluminium ingots after the latest increase was 143700 rupees per tonne, as per market reports.

NALCO, which is India's third-largest producer of aluminium, revises product prices from time to time to mirror London Metal Exchange prices. It last raised aluminium prices across all products by Rs 2500 in November.

Aluminium Update's

The US production of Aluminium declined to 202000 tonnes in the third quarter ending September 2012. The production of Aluminium was marginally lower compared to 216000 tonnes in second quarter this year.
United States Geological Survey (USGS) said that the total Aluminium production was down by 22000 tonnes to 631000 tonnes between first and third quarter of 2012. The production was down from 653000 tonnes in between January-September 2011.
LME Aluminium three month forward was trading at $ 2002 per tonne, compared to $ 2015 per tonne on 27 November 2012. Indian metal futures will close for the evening session only due to Gurunanak Jayanti. MCX Aluminium settled at Rs 111.1 per kg, up 0.22%.

Aluminium Update's

Hopes have been very futile for bearish sentiments in November. Aluminium has seen sharp recovery on Monday on account of hopes that Greece will be able to avoid bankruptcy and things will move on industrial front in China.

LME three month forward Aluminium prices were driven by these hopes and were up by almost 2 percent in Asian trades. The prices were at $ 1983 per tonne, compared to $ 1948 per tonne.

The rise has been at a time when Aluminium inventories are at all time highs in London Metal Exchange. The total inventories now rule at 5177425 tonnes, up 4% since the beginning of this year.

Indian MCX Aluminium has gained on fact that Rupee now is dragged near 56 against the Dollar. The benchmark Aluminium contract was trading at Rs 110.3 per kg, up 0.8%.

Aluminium Update's

China's steel industry will face better situations in the fourth quarter and in 2013 after posting whopping losses in the first three quarters, an official of China Iron and Steel Association (CISA) said.
Liu Zhenjiang, vice president of the CISA, said last week at a steel industry forum that most large and medium-sized steel companies have shaken off losses since October, but their main steel business is still suffering losses.
Data from the CISA showed Chinese steel companies posted total losses of 5.5 billion yuan (874.32 million U.S. dollars) from January to September, compared with total profits of 38.7 billion yuan registered during the same period last year.