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 April 24, 2024, the London Metal Exchange (LME) took action to prevent traders from exploiting rule changes by prohibiting taking Russian aluminium from its approved warehouses and returning it for profit. Earlier this month, the US and Britain prohibited the London Metal Exchange (LME) from accepting new Russian production of aluminium , copper, and nickel. The move is intended to decelerate Moscow's financial situation concerning the Ukraine-Russia geopolitical crisis. The London Metal Exchange has implemented a prohibition on Russian aluminium , copper, and nickel generated after April 13 in adherence to sanctions imposed. LME regulations prior to April 13 distinguished between two types of Russian warrants, Type 1, and Type 2. This allowed for profitable "rent deals" by enabling...
Norsk Hydro's first quarter CY2024 report, released on Wednesday, April 24, highlighted a challenging financial performance attributed to depreciated aluminium sales prices, lower aluminium extrusion sales volumes, and lower recycling margins. The company's revenue was generated at NOK 47,545 million during Q1 2024, compared to NOK 48,534 million a year ago. That recorded a downfall of 2 per cent year-on-year. Adjusted EBITDA registered a slump of 28 per cent Y-o-Y from NOK 7,525 million to NOK 5,411 million. Besides the aforementioned factors , higher fixed costs also negatively impacted Hydro's fiscal results. Adjusted EBITDA from Hydro Extrusions fell sharply by 35 per cent Y-o-Y from NOK 2,223 million to NOK 1,437 million, particularly owing to muted demand in the residential and...
LME aluminium opened at US$2,580 per tonne in the previous trading day, with its high and low at US$2,614.50 per tonne and US$2,563 per tonne respectively before closing at US$2,584 per tonne, up US$8 per tonne or 0.31 per cent. The London Metal Exchange graph registered slow growth in aluminium prices on April 24, with the LME aluminium cash bid and the LME aluminium official price gaining US$2 per tonne or 0.08 per cent and US$0.50 per tonne or 0.02 per cent to close at US$2,585 per tonne and US$2,585.50 per tonne, respectively. On a Year-on-Year scale, there can be seen a major spike of US$231 per tonne or 9.8 per cent from US$2,585.50 per tonne recorded on April 24, last year. Recent developments in the global metals market have seen the UK and the US implement sanctions on Russian...
Stephen Roach, the former Chairman of Morgan Stanley, Asia, has publicly pronounced "Hong Kong is over." Roach, now an analyst focusing on the economy of the former British Crown Colony, which is presently a special administrative zone of China, highlights Law 23 as its primary concern. This law subjects Hong Kong to stringent Chinese security measures and criminalises even verbal criticism of Beijing or the government. Once a thriving metropolis in Asia, Hong Kong is mired in deep pessimism as a profound malaise takes root. Hong Kong's famous stock market languishes in stagnation while housing prices plummet, and an exodus of talent exacerbates the brain drain in both scientific and economic sectors. Many upscale establishments, including restaurants, bars, spas, and shopping malls, have...
In the first quarter of 2024, the world’s primary aluminium production manifested an annual growth trajectory while it shied away from growing on a quarterly basis. The global primary aluminium output in Q1 2024 ended March 31 reflected a 4.11 per cent hike Y-o-Y but exhibited a 1.24 per cent drop Q-o-Q. But the monthly production in March, standing at 6.073 million tonnes, increased month-on-month as well as year-on-year by 7.15 per cent and 3.55 per cent, respectively. Global production in the first quarter of 2024 stood at 17.802 million tonnes, compared to 18.025 million tonnes in Q4 2023 and 17.099 million tonnes in Q1 2023. The world’s daily average production of primary aluminium in March 2024 was 195,900 tonnes, up by 500 tonnes from 194,400 tonnes a month ago and skyrocketed by...
Aluminium Bahrain B.S.C. (Alba), a prominent player in the global aluminium smelting industry, reached a significant milestone in its Power Station 5 (PS 5) Block 4 Project with the First Fire of the Mitsubishi Power M701JAC Gas Turbine (GT) on April 23, 2024. This achievement highlights Alba's commitment to sustainable and efficient power generation, aligning with global initiatives for environmental responsibility. The First Fire marks a crucial step towards the commercial operation of the Block 4 Project, scheduled for completion in Q4 2024. Remarkably, this milestone comes merely six months after the delivery of the GT unit to the project site in October 2023. A ceremony commemorating this achievement took place at the Block 4 Project site, attended by top officials from Alba,...
LME aluminium opened at US$2,661.5 per tonne yesterday, with its high and low at US$2,669.5 per tonne and US$2,562.5 per tonne, respectively, before closing at US$2,576 per tonne, down US$82 per tonne or 3.09 per cent. On Tuesday, April 23, both LME aluminium cash bid price and LME aluminium official settlement price nosedived by US$70 per tonne and US$69 per tonne to clock at US$2,583 per tonne and US$2,585 per tonne. As per the data, both 3-month bid price and 3-month offer price dwindled by US$75 per tonne or 2.81 per cent to settle at US$2,585 per tonne and US$2,585.50 per tonne. December 25 bid price and December 25 offer price contracted by US$42 per tonne to halt at US$2,683 per tonne and US$2,688 per tonne. LME aluminium opening stock came in at 497300 tonnes. Live warrants and...
South32, the diversified mining company, has released its operational results for the first quarter of the 2024 financial year, showcasing notable advancements across various sectors. South32 witnessed an overall improvement in its operating results for the March quarter, marked by record year-to-date production at Hillside Aluminium and South Africa Manganese, along with a significant increase in quarterly volumes at Illawarra Metallurgical Coal. Despite being impacted by tropical cyclone Megan, South32 remains resolute in its efforts to implement recovery plans for its Australia Manganese operations, ensuring a safe return to operations and ore exports. The final investment approval for the development of the Taylor zinc/lead/silver deposit at Hermosa, US, and the sale of Illawarra for...
Nigeria's aspiration for a domestically-produced aluminium industry seems increasingly distant as the $3.2 billion Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State, once again fails to meet its long-awaited revival deadline. The recent setback has sparked renewed criticism of the project, prompting many Nigerians to question its feasibility and potential economic advantages. Critics highlight the escalating costs, recurrent delays, and perceived lack of transparency as indicators of mismanagement and inadequate planning. ALSCON was established with the explicit aim of harnessing Nigeria's vast gas reserves and curbing gas flaring, redirecting this resource to power the smelter plant through a gas-to-power framework. Originally commissioned in 1999, the smelter...
The London Metal Exchange graph registered growth in aluminium prices on April 22, with the LME aluminium cash bid and the LME aluminium official price gaining US$8 per tonne or 0.3 per cent and US$8.50 per tonne or 0.32 per cent to close at US$2,653 per tonne and US$2,654 per tonne, respectively. On a Month-on-Month paradigm, there has been a massive upsurge of US$407.50 per tonne or 18.14 per cent from US$2,246.50 per tonne recorded on March 22. The LME 3-month bid price and the LME 3-month offer price have marked an increase of US$5.50 per tonne or 0.2 per cent to settle at US$2,660 per tonne and US$2,660.50 per tonne. The LME 25-December bid price and the 25-December offer price have declined by US$17 per tonne or 0.62 per cent to officiate at US$2,725 per tonne and US$2,730 per...
In tandem with the enthusiastic buying and selling activities of the aluminium downstream processing enterprises since the beginning of March, owing to the arrival of the traditional peak season, aluminium ingot inventories showed signs of decline at the end of March, as was predicted by SMM earlier. However, due to the rally of Chinese domestic aluminium prices, primarily from the beginning of April, aluminium ingot destocking took a back seat. The downstream activities also slowed down during the three-day holiday for the Qingming Festival, which also inhibited aluminium ingot destocking. The trend goes on But the inventories only grew week-on-week in early April and remained low than the previous year. For instance, on April 8, SMM found the inventories across China’s eight major...
LME aluminium opened at US$2,610 per tonne in the previous trading day, with its high and low at US$2,684 per tonne and US$2,608.5 per tonne, respectively, before closing at US$2,660.5 per tonne, up US$50.5 per tonne or 1.93 per cent. On Friday, April 19, most non-ferrous metals, notably the LME aluminium , were poised for a sixth consecutive weekly increase. This rise was fuelled by supply apprehensions resulting from sanctions imposed on Russian metal exports. As per the LME data, both LME aluminium cash bid price and LME aluminium official settlement price surged by US$45.5 per tonne or 1.75 per cent to settle at US$2,645 per tonne and US$2,645.50 per tonne. On the same day, both 3-month bid price and 3-month offer price also soared by US$63 per tonne or 2.43 per cent to peg at...
This week, significant shifts reshaped the primary aluminium sector. The Biden administration's decision to triple tariffs on Chinese aluminium and steel imports aims to curb overproduction and level the playing field for American metal industries. Supported by the Aluminum Association, this move addresses unfair trade practices and aligns with carbon reduction goals, emphasizing sustainable manufacturing practices. However, China's strong opposition suggests escalating tensions in global trade relations. Geopolitical pressures led the London Metal Exchange (LME) and CME Group to restrict Russian aluminium amid recent sanctions, further impacting market dynamics. Amidst these challenges, RUSAL stands out for its innovative integration of artificial intelligence (AI) into aluminium...
According to China customs data, the country's aluminium imports, including primary metal and unwrought, and alloyed aluminium, surged by 89.8 per cent year-on-year in March 2024, buoyed by demand growth. China's increasing demand for aluminium is being fuelled by the growth of solar, electric vehicle (EV), and energy storage sectors. The remarkable 63 per cent growth in China's solar sector in 2023, reaching RMB 2.5 trillion, indicates the rapid expansion of the renewable energy industry. This growth trajectory persists into 2024, suggesting a sustained demand for aluminium, a crucial material in these sectors. As per the data revealed by China customs, the country imported 380,000 tonnes of unwrought aluminium products, bringing the total imports in the first quarter of 2024 to 1.1...
China has strongly opposed the United States imposing new restrictive measures on Chinese aluminium and steel products, condemning the move as unilateral and protectionist. The announcement came from China's Commerce Ministry, which denounced the US actions and labelled the accusations against China as groundless. According to a ministry spokesperson, the newly imposed measures could triple tariffs on Chinese steel and aluminium products. The spokesperson emphasised that the US's actions ignore the established international economic and trade order and violate established rules. Furthermore, the statement criticised the US for politicising economic and trade issues and abusing procedures such as the Section 301 tariff review process. What the Commerce Ministry stated The Commerce...
Egyptalum , the leading aluminium producer in Egypt and a significant player in Africa, has built a strong reputation over the years. With an impressive annual production exceeding 320,000 tonnes, the company's energy requirements are seamlessly met by the Aswan High Dam. The company has been successfully onboarded by AL Biz , a pioneering worldwide platform that facilitates transactions between several buyers and sellers operating within the aluminium value chain. The organisation's primary function is to simplify the connection between customers and merchants via searches conducted on listed items and business prospects. Products offered by Egyptalum include: Aluminium Profiles Aluminium Ingot Aluminium Slab Aluminium Wire Rod Since its establishment in 1969, Egyptalum has witnessed...
Rio Tinto, the world's second-largest metals and mining corporation, has donated $1.5 million to the Icelandic Red Cross to aid the Grindavík community and its people, which has endured months of volcanic activity. The ISAL aluminium smelter team has shown remarkable care and solidarity, coming forward when it matters most. Grindavík Mayor Fannar Jónasson stated, "We would like to thank Rio Tinto for this initiative and this generous donation. The ISAL team has shown us great care and solidarity, stepping up to the plate when we need it most. We do not control the course of natural forces, but this kind of support helps us deal with their consequences and the pressing issues facing our community at present." About the volcanic eruption Since December, relentless eruptions have had a...
According to a report on April 18, United States President Joe Biden has tripled the current 7.5 per cent tariff on Chinese aluminium and steel imports and is putting pressure on Mexico to prevent China from shipping metals to the United States via Mexican ports. In response to this move, the White House said in a statement, "President Biden knows that steel is the backbone of the American economy. American workers in the steel and aluminium industries face a significant challenge from Chinese exports of steel and aluminium." Last year, Chinese aluminium and steel exports to the United States were valued at US$1.7 billion. Mining giant Rio Tinto pointed out that China's domestic steel demand stood stagnant in early 2024 and so its exports rose 30 per cent year-on-year during the first two...
