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Colin Bennett

2012 demand in China - Luvata - 0 views

  • Luvata has seen a contraction in demand for copper products in China so far in 2012, senior vp and chief procurement officer Bob Kickham told Metal Bulletin on Monday October 8.

    “We planned for growth but we saw some contraction, and it’s the first year in as many as I can remember where that’s happened,” he said. The outright contraction in sales volumes runs counter to prevailing analysis indicating that China’s end-use demand grew in 2012, albeit at a slower pace than in previous years. China’s apparent usage – not taking into account unreported changes in inventories held by consumers, producers, traders or the State Reserve Bureau – grew by 27% in the six months to July, driven by an 80% increase in net imports, according to the International Copper Study Group (ICSG). But as the ICSG pointed out, anecdotal evidence suggests that bonded stocks in Chinese warehouses have surged during the same period as demand has failed to keep pace with the stronger imports.“I wouldn’t be surprised at all to see that warehouse stocks in China are at the 650,000-700,000-tonne...

Colin Bennett

Chinese product demand to contract in 2012, says Luvata - 0 views

  • Luvata has seen a contraction in demand for copper products in China so far in 2012, senior vp and chief procurement officer Bob Kickham told Metal Bulletin on Monday October 8.
James Wright

Sweden - Aurubis commences the closure of Finspång - 0 views

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    Aurubis issued redundancy notices to 177 employees and began relocating rolling equipment to its facilities in Zutphen, Netherlands and Buffalo, USA. Aurubis took ownership of the facility from Luvata in September 2011 when it acquired Luvata's rolled products division. However, structural overcapacity due to longterm declining demand in the European copper strip for engine cooling segment led to the operation generating losses in the past few years. In an earlier announcement on Aurubis' website, the company said that production at Finspång would be gradually reduced from mid-2013 with the company expecting to finalise the closure in late 2013.
James Wright

Germany - Aurubis AG's acquisition of Luvata Group's Rolled Product Division delayed un... - 0 views

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    Aurubis AG and Luvata Group have agreed a closing date for the sale of Luvata's rolled copper and brass products division (RPD). Aurubis originally expected the deal to close in August, however, delays in seeking regulatory approval has caused the date to slip to 1st September. Aurubis has received clearance from the US and Turkish regulatory authorities but is awaiting a response from the European Union's antitrust body. The early May agreement stated that Aurubis will pay the Net Working Capital of Luvata RPD at the time of closing, anticipated to be between EUR200 - 250M. The final price is subject to copper price movements and stock levels at Luvata RPD.
Colin Bennett

Luvata Board approves expansion in India to meet rapid growth in refrigeration market - 0 views

  • Luvata, a world leader in metal solutions manufacturing and related engineering services, confirms it has received Board approval for an expansion into India through its Heat Transfer Solutions division. The group anticipates a first large production facility aimed at the domestic market. Luvata is one of the world’s biggest producers of coils and coolers for applications including commercial, industrial and mobile refrigeration.
James Wright

India - Luvata set to expand into the emerging India refrigeration market - 0 views

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    London-headquartered Luvata Group, a major semis fabricator, announced its intention to establish a new production facility in India as it endeavours to capture around 10% of this emerging market by 2015. The company anticipates that growth in the domestic heat transfer market will surge by 25% per annum, driven by demand from the processed-food, supermarket retail, horticultural crops and pharmaceutical sectors. Development of an effective refrigeration supply chain is one of the targets of the Ministry of Food Processing Industries and Luvata has highlighted opportunities in reducing the waste produced by India's large fruit and vegetable market.
James Wright

Germany - Luvata Group agrees to sell its Rolled Product Division to Aurubis AG - 0 views

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    Aurubis AG, the Germany based copper producer and semi-fabricator, is expected to acquire Luvata RPD, the rolled products division of Luvata Group, in August 2011 following the companies' announcement that an acquisition agreement has been reached. Aurubis will pay the Net Working Capital of Luvata RPD at the time of closing, anticipated to be between EUR200 - 250M.
Panos Kotseras

US - Luvata increases tolling to reduce exposure to copper prices - 0 views

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    Luvata's North American rolled copper products business is asking some clients to buy their own cathode. The semis fabricator aims to switch a portion of its customers to tolling deals as an alternative to 30-day payment terms, which is a move to reduce its exposure to rising copper prices. Luvata said that semis production involves a 60-75 days of cash tied up.
Panos Kotseras

Mexico - Luvata officially opened its new copper tube plant - 0 views

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    Luvata officially opened its first copper tube plant in Mexico, aiming to fabricate tubes for the HVACR industry. The company sees the current downturn in the commercial tube market as a convenient time to establish its position in the marketplace and be ready when the market picks up. The Monterrey-based plant has started with small but steady deliveries since mid-June. Currently, the plant employs 180 staff with the plan to raise workforce to 250 when the full capacity level of 2,500t per month is reached in H1 2010. Luvata aims to supply several major clients but also expand its clientele to new and smaller Mexican customers. The company intends to differentiate itself by offering just-in-time deliveries, enabling its clients to run reduced inventory levels.
Panos Kotseras

Europe - Luvata sees recovery signs - 1 views

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    Luvata said that it will restart idled capacity in Europe and the US in 2010. The decision is based on the slow but steady recovery that the company is experiencing on a monthly basis. It was reported that the Chinese plants that make air con tubes and cooling pipes resumed production in the second half of June after a month-long cut. Luvata expects that its growth will be a function of GDP and gains in its market share.
Susanna Keung

Luvata expects mid-2010 pick up in copper demand - 0 views

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    Luvata, a copper semis fabricator, believes that even though destocking in the copper supply chain is over, a significant rise in demand is not anticipated until mid-2010. The company expects that Asia will be the first region to recover, followed by North America and Europe. As a result of destocking, Luvata has got used to operating at a lower level of stock, and therefore became more efficient in its production procedures. The company intends to keep operating at lower stock levels even in periods of growth. While demand before the summer showed some recovery signs, the company is now waiting for the autumn to see whether the positive trend will continue.

Panos Kotseras

Europe - Aurubis & Luvata see signs of market stabilisation - 0 views

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    Aurubis said that demand for its products bottomed in April and showed some recovery signs in May. As a result of weakening demand in Q1, the company cut copper wirerod output by 25% to 168,000t. The company planned to cut working hours in its copper wirerod plant in Hamburg but the measure was not implemented as demand strengthened. Luvata reported that its copper semis sales contracted on average by 25% y-o-y in Q1. The worst hit end-use sectors were the automotive and construction industries, which plunged by 40% y-o-y in Q1. In response to the economic crisis, the company has cut production in the US, Europe and China. Both Aurubis and Luvata said that as their customers have kept stocks to a minimum the market now experiences stabilisation. Luvata highlighted that its recent demand increase may be only the result of restocking. Also, extended summer holidays will impact this rebound.
Panos Kotseras

Finland - Luvata to prepare for upturn by improving its supply chain - 0 views

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    Finish copper fabricator Luvata intends to improve its supply chain with the prospect of economic recovery. The company anticipates that the market will recover by the end of Q1 2010 and recognises that it needs to prepare so as to regain market share. Senior Vice President of procurement Bob Kickham said that once the market starts to recover, copper prices may increase again. Given the ongoing fears of substitution toward aluminium, a more streamlined and efficient supply chain will provide considerable support to copper.
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