Downstream Weekly Recap: European Aluminium Association strongly oppose suspension of anti-dumping duties; Mounting aluminium prices narrowing fabricators profit
The global aluminium downstream market essentially remained muted this week except a few important updates. For instance, European Aluminium Association has strongly opposed the 9-month suspension of definitive anti-dumping duties on Chinese aluminium flat-rolled products. European Aluminium is reportedly ready to follow all available avenues to combat the unjustified suspension of the long-overdue trade defence measures.
According to the association, the suspension of duties will have a devastating impact on the EU aluminium value chain, even beyond the suspension period. Tens of thousands of EU jobs and EU investments into decarbonisation and recycling will be at risk.
To know more: https://www.alcircle.com/news/european-aluminium-strongly-oppose-suspension-of-long-overdue-anti-dumping-duties-70605
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The coup in Guinea, a country rich in bauxite, in early September sparked market fears about a shortage of raw materials. Due to the dual control of energy use and the steep rise in coal costs, coupled with power rationing measures, the domestic power supply is tightening. The most actively traded SHFE aluminium contract reached a new high of RMB 24,000 per tonne. On September 30, the most actively traded SHFE aluminium futures ended at RMB 22,405 per tonne, up 10.54% from the previous month, as funds fled the market and downstream manufacturer s were subjected to power rationing rules.
To know more: https://www.alcircle.com/news/aluminium-varieties-price-remains-stable-despite-power-rationing-71622
The Chairman of Shandong Nanshan Aluminium Co, Lu Zhengfeng stated that mounting metal prices would diminish the Chinese aluminium processors profit in 2021. The price of aluminium, used in making beverage cans to aeroplanes, has witnessed a surge of over 50% as of now this year on the ground of robust demand and production curbs due to a severe power crisis and flooding in China, the global master of aluminium production.
He pointed out, “The upstream high aluminium prices have already transmitted to fabricators, and fabricators have to transfer the costs to the downstream sector.”
To know more: https://www.alcircle.com/news/mounting-aluminium-prices-narrowing-profit-for-fabricators-shandong-nanshan-aluminium-71624
The Aluminium Association of India’s President Rahul Sharma emphasized the drastic impact of coal dearth that has developed on industries. He also highlighted the possible risk factor of closure and layoffs across the MSME sector, as the facilities are compelled to functionalize with highly slashed power.
To know more: https://www.alcircle.com/news/india-msme-sector-appeals-govt-to-withdraw-import-duty-on-aluminium-71629
The Aluminium Stewardship Initiative has certified Novelis’ Voerde and Koblenz sites in Germany against Provisional Performance Standard Certification for remelting, casting, and rolling activities. Novelis Europe has expanded its Chain of Custody scope to include these sites, which means that all of Novelis’ European production facilities are now certified to both ASI standards certifications.
According to the Shanghai Metals Market, aluminium billet inventories in China increased by 7,400 tonnes week-on-week across five major consumption areas. Thus, the inventories stood at 184,400 tonnes on Thursday, October 14. Stock gains in Foshan and Nanchang primarily contributed to the increase in aluminium billet inventories this week.
In Foshan, aluminium billet inventories grew by 4,800 tonnes to come in at 99,400 tonnes, while inventories in Nanchang gained 3,500 tonnes to stand at 27,500 tonnes.
Aluminium billet inventories in China gain 7,400 tonnes this week to close at 184,400 tonnes
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