LME aluminium prices advanced on October 28, with cash and three-month contracts posting gains. The Asian Reference Price moved lower, while exchange opening stocks and cancelled warrants declined. Alumina Platts prices recorded a stronger increase. The cash bid rose 0.73 per cent to USD 3,100 per tonne from USD 3,077.50 per tonne. The cash offer increased 0.75 per cent to USD 3,101 per tonne on October 28 from USD 3,078 per tonne previously. Three-month aluminium prices also moved higher. The bid climbed 0.70 per cent to USD 3,083.50 per tonne from USD 3,062 per tonne, while the offer advanced 0.65 per cent to USD 3,084 per tonne from USD 3,064 per tonne. Explore the production, demand and consumption forecasts of bauxite and alumina in our report: " Global Bauxite & Alumina Market...
Copper could climb towards USD 16,000 per tonne over the next six to 12 months, while aluminium may offer a shorter-term trading opportunity following its recent correction, according to Navneet Damani, senior group vice-president and head of research for commodities and currency. Speaking on BusinessLine’s Trending Commodity Picks programme, Damani said copper continued to benefit from supply constraints and demand from emerging industries, while aluminium’s price trajectory had been influenced by fluctuations in energy costs and changing supply conditions. Damani said aluminium had climbed from around USD 3,100 to USD 3,600 per tonne earlier in 2026, supported by increases in electricity, crude oil and coal prices. The metal subsequently corrected towards USD 3,300 per tonne, although...
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On May 7, 2024, Norsk Hydro, a Norwegian aluminium and renewable energy company, announced that its nomination committee elected Jane Toogood and Espen Gundersen as new members of the Board of Directors. This announcement followed the release of Hydro’s Annual General Meeting minutes. Berit Ledel Henriksen chairs Hydro's nomination committee, which is consisted of three other members namely Susanne Munch Thore, Muriel Bjørseth Hansen, and Karl Mathisen. Hydro also announced that some members were re-elected to the Board of Directors as per the committee's recommendation. They are Rune Bjerke, Marianne Wiinholt, Peter Kukielski, Kristin Fejerskov Kragseth, and Philip Graham New. From now on, Rune Bjerke will chair the board of eleven members, and Kristin Fejerskov Kragseth will be the...
LME aluminium opened at US$2,573 per tonne on Tuesday, with its low and high at US$2547 per tonne and US$2,593 per tonne, respectively, before closing at US$2,568.5 per tonne, up 0.69 per cent. On Tuesday, May 7, both LME aluminium cash bid price and LME aluminium official settlement price moved up by US$3 per tonne or 0.11 per cent and US$2.5 per tonne or 0.09 per cent to settle at US$2,512 per tonne and US$2,512.50 per tonne. The 3-month bid price and 3-month offer price ascended by US$5 per tonne, or 0.19 per cent, to US$2,557.50 per tonne and US$2,558.50 per tonne. As per the SMM data, the December 25 bid price and December 25 offer price added US$8 per tonne, or 0.29 per cent, to reach US$2,690 per tonne and US$2,695 per tonne. LME aluminium opening stock halted at 486050 tonnes....
Aluminium Bahrain B.S.C., the first aluminium smelter in the Middle East, has reportedly achieved a Platinum rating from EcoVadis, the largest independent provider of business sustainability ratings. This prestigious grade places Alba among the 1 per cent of companies assessed globally in the industry. This remarkable accomplishment also marks Alba's commitment towards sustainability. In 2021, Alba received its first EcoVadis Bronze rating, and two years later, it achieved a Silver Rating. Receiving these prestigious gradations back-to-back demonstrates the company's long-term sustainability goals. Alba's Chief Executive Officer, Ali Al Baqali, said: "We are incredibly honoured to receive the EcoVadis Platinum Rating. This recognition serves as a powerful validation of our relentless...
Elliott Management Corp.'s move to acquire a significant stake in Sumitomo Corp., a favoured Japanese trading house of Warren Buffett, signals potential shifts in the market. With Elliott's reputation for activist investing, this development could lead to interesting changes within Sumitomo's operations or governance structure. It's a noteworthy development in finance, especially considering the involvement of influential figures like Buffett and Elliott Management. Elliott Investment Management is an American investment management firm. It is also one of the largest activist funds in the world and is one of the oldest investment managers of its kind under continuous management. As of December 31, 2023, Elliott manages approximately $65.5 billion in assets. The anonymous source mentioned...
The Shanghai Futures Exchange (SHFE) aluminium benchmark price has inched up by US$13 per tonne or 0.45 per cent on May 7, halting at US$2,864 per tonne. Overnight, the most-traded SHFE 2406 aluminium contract opened at RMB 20,720 per tonne, with the highest and lowest prices at RMB 20,830 per tonne and RMB 20,705 per tonne before closing at RMB 20,730 per tonne, down RMB 15 per tonne or 0.07 per cent. SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots. China’s domestic aluminium market is experiencing a balance between bullish and bearish factors. Bauxite supply is tight, and ore prices are solid, leading to rising alumina prices and increased aluminium costs. Demand is better than expected, but high...
Aluminium Bahrain (Alba), one of the world's largest aluminium smelters, has signed an agreement with SAP, a market leader in enterprise application software, to upgrade its enterprise resource planning solution (ERP) to SAP's latest software – S/4HANA Cloud. With this strategic move, Alba aims to expedite its digital transformation journey and embrace Industry 4.0 practices to meet evolving business demands. Signing Ceremony The signing ceremony took place on Thursday at Alba's premises. It was attended by Ali Al Baqali, the Chief Executive Officer of Alba, and Ahmed Jaber Al-Faifi, Senior Vice President of SAP Middle East Africa – North, alongside senior officials from both Alba and SAP. Alba's Chief Executive Officer, Ali Al Baqali, commented, "This advanced solution isn't just about...
LME aluminium opened at US$2,530.5 per tonne in the previous trading day, with its high and low at US$2,572 per tonne and US$2,526 per tonne, respectively, before closing at US$2,551 per tonne, up US 12.5 per tonne or 0.49 per cent. On Friday, May 3, both LME aluminium cash bid price and LME aluminium official settlement price added US$7 per tonne or 0.27 per cent to clock at US$2,516 per tonne and US$2,517 per tonne. On the same day, both 3-month bid price and 3-month offer price hiked by US$7.5 per tonne or 0.29 per cent and US$8 per tonne or 0.31 per cent to settle at US$ 2,545 per tonne and US$2,545.50 per tonne. December 25 bid price and December 25 offer price moved up by US$5 per tonne or 0.18 per cent to halt at US$2,687 per tonne and US$2,692 per tonne. LME aluminium opening...
Hindalco Industries Limited and Vedanta Limited have trimmed their aluminium ingot and aluminium product prices, with effect from May 3, 2024, following a plunge on the prior day by US$44.50 per tonne or 1.74 per cent. Hindalco has cut its aluminium ingot price by INR 2,500 per tonne or 1 per cent to INR 246,500 per tonne on May 3 versus INR 249,000 per tonne on April 30. Similarly, the company’s aluminium wire rod and aluminium billet prices have seen a cut of INR 2,500 per tonne, with effect from May 3, to stand at INR 263,500 per tonne and INR 260,600 per tonne, respectively, compared to INR 266,000 per tonne and INR 263,100 per tonne on April 30. Vedanta’s aluminium ingot price, on the other hand, has experienced a fall of INR 4,250 per tonne or 1.29 per cent to range between INR...
In March 2024, the mineral production index stood at 156.1, marking a 1.2 per cent rise compared to March 2023. Throughout the fiscal year 2023-24, the index surged by 7.5 per cent from the preceding fiscal year 2022-23. Noteworthy minerals demonstrating positive growth in March 2024 vis-à-vis the same period last year include copper concentrate, gold, manganese ore, diamond, graphite, kyanite, sillimanite, lime shell, limestone, and magnesite, among others. The increased output of iron ore, limestone, and aluminium signals robust economic activity across sectors like energy, infrastructure, construction, automotive, and machinery. Iron ore and limestone collectively constitute approximately 80 per cent of the total MCDR mineral production by value. According to provisional figures, these...
In a harmonious convergence of industry titans, Vedanta Aluminium's Jharsuguda operations recently garnered accolades as the highest revenue generator for Indian Railways in the Sambalpur Division. This achievement signifies the seamless integration of efficiency, safety, and sustainable practices within its operational paradigm. Amidst a backdrop of industrial excellence, Vedanta Aluminium, India's premier aluminium producer, was lauded for its unparalleled contribution to Indian Railways' revenue stream. Graced by esteemed dignitaries, including Shri Tushar Kant Pandey and Shri Tanmay Mukhopadhyay, the felicitation ceremony underscored Vedanta's pivotal role in driving logistical efficiency and safety standards. Commemorating the event, Mr Sunil Gupta, COO of Vedanta Aluminium, stated:...
Press Metal Aluminium Holdings Berhad, a Malaysia-based aluminium company engaged in the manufacturing and trading of both midstream and downstream aluminium products, announced its full-year 2023 financial and operational report, demonstrating its resilience, operational efficiency, and steadfast dedication for the year. Although its financial output recorded a dip last year due to global economic challenges, Press Metal maintained steady operations, expanding its extrusion capacity, enhanced efficiency, and optimised cost structure. Press Metal declared a full-year revenue of RM13.8 billion, down by 12 per cent from the previous year, while net income decreased by 14 per cent to RM1.22 billion. In tandem with lower revenue, Press Metal’s profit margin also dipped over the year from 9...
On Thursday, May 2, both LME aluminium cash bid price and LME aluminium official settlement price contracted by US$45 per tonne or 1.76 per cent and US$44.5 per tonne or 1.74 per cent to settle at US$2,509 per tonne and US$2,510 per tonne. As per the LME data, both 3-month bid price and 3-month offer price dropped by US$15.5 per tonne or 0.60 per cent and US$16.5 per tonne or 0.64 per cent to clock at US$2,552.50 per tonne and US$2,553.50 per tonne. LME aluminium opening stock came in at 489250 tonnes. Live warrants and Cancelled warrants stood at 220000 tonnes and 269250 tonnes. December 25 bid price and December 25 offer price gained US$9 per tonne to dock at US$2,682 per tonne and US$2,687 per tonne. LME aluminium 3-month Asian Reference Price moved down by US$1.87 per tonne or 0.07...
Primary aluminium production in Africa decreased during the first quarter of 2024 despite a recovery in the quarter’s last month. However, the output in March demonstrated a fall on a year-on-year basis. According to the International Aluminium Institute, primary aluminium production in Africa during Q1 2024 totalled 371,000 tonnes, reflecting a sequential plunge of 31,000 tonnes or 7.71 per cent from 402,000 tonnes. On a year-on-year basis, the Q1 2024 output stood 5.36 per cent lower than 392,000 tonnes. Africa’s primary aluminium production increased in March by 5,000 tonnes month-on-month from 121,000 tonnes to 126,000 tonnes. On an annual basis, the March 2024 output edged a fall of 5,000 tonnes or 3.82 per cent from 131,000 tonnes. Africa’s daily average production of primary...
Century Aluminum, a global primary aluminium producer with operations in the United States and Iceland, announced its first quarter results of 2024, which ended March 31. The company’s net sales during the period totalled $489.50 million, down by $22.8 million or 4.45 per cent from $512.3 million in Q4 2023. However, despite the drop in net sales, Century’s net income attributable to stakeholders surged by $216.8 million to reach $246.8 million in Q1 2024, driven by higher shipments and elevated average global aluminium price on the London Metal Exchange at $2,190 per tonne, up $8 per tonne from the prior quarter.Shipments grew sequentially from 173,871 tonnes to 174,627 tonnes. Amid the increase in net income, Century Aluminum experienced an adjusted net loss of $3 million for the first...
The London Metal Exchange graph recorded fluctuating prices on May 1 with the LME aluminium cash bid price and the LME aluminium official price settling down at US$2,554 per tonne and US$2,554.50 per tonne having gathered US$9.50 per tonne or 0.37 per cent. The LME aluminium price has seen a Week-on-Week slump of US$31 per tonne or 1.2 per cent from US$2,585.50 per tonne recorded on April 24. The 3-month Bid price and the 3-month offer price have rested at US$2,568 per tonne and US$2,570 per tonne, respectively, after incurring loses of US$7.50 per tonne or 0.29 per cent and US$6.50 per tonne or 0.25 per cent . The 25 December bid price has halted at US$2,673 per tonne and the 25-December offer price has parked at US$2,570 per tonne, with a uniform decline of US$9 per tonne or 0.33 per...
The Aluminum Branch of the China Non-Ferrous Metals Industry Association convened a symposium on April 16. The conference was organised for key aluminium enterprises highlighting the operational aspects of the industry for 2023 and the first quarter of 2024. Focus of the conference Regarding production, by the end of March 2024, China had achieved a completed capacity of 103.35 million tonnes per year for alumina and 44.43 million tonnes per year for primary aluminium. During the first quarter, the primary aluminium output was 10.59 million tonnes, marking increases of 6.1 per cent year-on-year. The focus was on addressing challenges and fostering discussions on strategies to propel the aluminium industry towards high-quality development. The meeting provided updates on the performance of...
On Tuesday, April 30, both LME aluminium cash bid price and LME aluminium official settlement price moved up by US$8.5 per tonne or 0.33 per cent to settle at US$2,544.50 per tonne and US$2,545 per tonne. As per the LME price graph , 3-month bid price and 3-month offer price ascended by US$8.5 per tonne or 0.33 per cent to halt at US$2,575.50 per tonne and US$2,576.50 per tonne. December 25 bid price and December 25 offer price inched up by US$2 per tonne or 0.07 per cent to clock at US$2,682 per tonne and US$2,687 per tonne. LME aluminium's opening stock was 490750 tonnes. Live warrants and Cancelled warrants settled at 131875 tonnes and 358875 tonnes, respectively. On the same day, LME aluminium 3-month Asian Reference price hiked by US$14.48 per tonne or 0.56 per cent to US$2,580.94...
According to a recent report from Wood Mackenzie, the European Union's (EU) introduction of a Carbon Border Adjustment Mechanism (CBAM) in the primary aluminium market could have a disproportionate impact on European producers, potentially leading to increased prices for consumers. The report "CBAM and aluminium: Unveiling the nuances" highlights a critical gap in the current CBAM framework: it solely accounts for direct emissions from smelters, neglecting indirect emissions from power generation. Consequently, this setup disproportionately affects older European smelters compared to newer facilities elsewhere globally. Uday Patel, the Principal Aluminium Analyst at Wood Mackenzie, said, “The implementation of the CBAM in the EU will inevitably lead to higher aluminium prices for EU...
