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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In 2023, DUBAL Holding LLC (DH), the investment wing of the Dubai Government operating across commodities, mining, power and energy, and industrial sectors, achieved a net profit of AED 1.79 billion, showcasing a strong performance for the group yet again. The announcement came during DH's annual general meeting (AGM), presided over by its Chairman, His Excellency Saeed Mohammed Al Tayer. The board, management team, auditors, and shareholder representative from the Investment Corporation of Dubai (ICD) convened for the meeting. Dubal Holding experienced a noteworthy year, propelled by its international acquisition, expansions, and strong operational performance. HE Saeed Mohammed Al Tayer, Chairman of DUBAL Holding, said, “We are working diligently in line with the directives of our wise...
Rio Tinto will reportedly see a change in its board at the end of the annual general meeting on May 2, 2024, as Simon McKeon will step down as a Non-Executive Director. Since the last year, Rio Tinto appointed five new Non-Executive Directors as it continued to refresh the composition of the board. As part of that changeover, Simon McKeon has agreed to resign from the position of a Director at the conclusion of Rio Tinto’s AGM, and will not seek re-election by shareholders. Rio Tinto Chair Dominic Barton said, “I am extremely grateful to Simon for his invaluable contribution. Having regard for his roles as Rio Tinto Limited's Senior Independent Director and the Designated Director for workforce engagement, Simon has taken a particular interest in Rio Tinto's revitalised approach to...
Morten Wierod has been appointed as the Chief Executive Officer by the ABB Board of Directors. He will assume the role on August 1, 2024, succeeding Björn Rosengren, who will step down from his position effective July 31, 2024, and retire by December 31, 2024. During the transition period from August 1, 2024, until the year's end, Björn Rosengren will provide guidance and support to Morten Wierod and the Executive Committee to ensure a smooth handover. After a comprehensive selection process, the Board chose Morten Wierod, aged 52 and a Norwegian citizen. He has been with ABB since 1998 and has been a member of the Executive Committee since 2019, currently serving as President of the Electrification Business Area. Previously, he held the position of President of the Motion Business Area....
LME aluminium opened at US$2,225 per tonne on Thursday, with its high and low at US$2,234.5 per tonne and US$2,187.5 per tonne, respectively, before closing at US$2,201 per tonne, down 0.83 per cent. The London Metal Exchange market displayed overall plunges in aluminium prices on February 22, with the LME aluminium cash bid price locking at US$2,178 per tonne and the LME aluminium official price halting at US$2,178.50 per tonne. Both dropped US$33 per tonne or 1.49 per cent. If we consider the LME aluminium price on February 16, we can find a Week-on-Week slump of US$24.50 per tonne or 1.11 per cent. On the other hand, when we take the LME aluminium price on January 22 into account, we can witness a Month-on-Month escalation of US$68.50 per tonne or 3.25 per cent. This monthly price hike...
On Friday, February 23, China’s A00 aluminium ingot price gained RMB 140 per tonne to settle at RMB 18,870 per tonne, with the average prices between RMB 18,850 per tonne and RMB 18,890 per tonne. The spot contract price may be traded at a discount price of RMB 40 to a premium price of RMB 0 per tonne. The prices have grown in all the provinces, with the highest in Wuxi, which has grown by RMB 150 per tonne to reach RMB 18,870 per tonne. In Gongyi and Hangzhou, the domestic aluminium ingot prices have hiked by RMB 140 per tonne to settle at RMB 18,770 per tonne and RMB 18,870 per tonne. In Foshan, the price has ascended by RMB 130 per tonne to clock at RMB 18,960 per tonne. In Shenyang and Chongqing, the aluminium ingot prices have increased by RMB 110 per tonne and RMB 100 per tonne,...
In the fast-evolving landscape of the aluminium industry, Norsk Hydro, a Norwegian aluminium giant, has been pioneering extraordinary initiatives, solidifying its commitment to sustainability, innovation, and emission reduction. This case study unfolds the chronological sequence of key events in 2023, showcasing Hydro's strides towards a green and economically robust future. HalZero: Revolutionising primary aluminium production Hydro's HalZero technology, a testament to seven years of dedicated development, is set to transform the aluminium industry by producing zero-carbon primary aluminium. With the Norwegian government's backing, a test facility, fueled by a NOK 400 million investment, aims to achieve pilot production by 2030. This eco-friendly approach aligns with Hydro's vision to...
World primary aluminium production started 2024 with an annual rise of 2.36 per cent, reaching 6.039 million tonnes during January, according to the International Aluminium Institute survey. On a month-on-month basis, the output remained restrained compared to 6.042 million tonnes. The world's primary aluminium output in January 2024 was majorly contributed by China, the world's largest producer, accounting for 58.98 per cent. According to IAI, China, during the said month, produced 3.562 million tonnes of primary aluminium, which remained mostly unchanged from the previous month's output of 3.565 million tonnes. On a year-on-year basis, China's primary aluminium production in January 2024 edged an increase of 2.83 per cent from 3.464 million tonnes. The country's daily average production...
On February 16, 2024, the technology leader in electrification and automation, enabling a more sustainable and resource-efficient future, disclosed its agreement to acquire a global, energised asset optimisation leader focused on optimising asset safety, reliability, and maintenance for more than 800 active clients operating in multiple industries and markets around the world. The acquisition will enhance the company's Electrification Service portfolio, providing customers with enhanced expertise in predictive, preventive, and corrective maintenance, electrical safety, renewable energy, and asset management advisory services. The Swedish-Swiss multinational corporation headquartered in Västerås, Sweden, and Zürich, Switzerland ABB has entered into an agreement to acquire Beachwood, Ohio,...
On February 21, 2024, Century Aluminum Company announced its fourth quarter and full-year results for 2023, revealing net sales of $512.3 million in Q4 2023 and $2,185.4 million in the entire year. Both in Q4 and full-year, Century's net sales experienced a downfall of 6.03 per cent (sequentially) and 21.31 per cent (Y-o-Y), respectively, from $545.2 million and $2,777.3 million. Net sales in the fourth quarter fell despite a 1 per cent Q-o-Q rise in primary aluminium shipments from 171,995 tonnes to 173,871 tonnes. Shipments in full-year stood at 700,680 tonnes, down by 8.85 per cent from 768,691 tonnes. Century's fourth quarter results were primarily impacted by $9.2 million of net exceptional items, in particular $7.4 million related to the power equipment failure at Jamalco, $2.9...
LME aluminium opened at US$2,227 per tonne on Wednesday, with its low and high at US$2,216 per tonne and US$2,269 per tonne respectively before closing at US$2,220.5 per tonne, up 1.23 per cent. On Wednesday, February 21, both LME aluminium cash bid price and LME aluminium official settlement price moved northward. Prices surged amid speculation that a new round of US sanctions against Russia could target metal industries, potentially disrupting supply chains. As per the data, both LME aluminium cash bid price and LME aluminium official settlement price surged by US$64 per tonne or 2.98 per cent to score at US$2,211 per tonne and US$2,211.50 per tonne. 3-month bid price and 3-month offer price skyrocketed by US$70 per tonne or 3.20 per cent and US$70.5 per tonne or 3.22 per cent to halt...
Today, the SMM A00 aluminium ingot price has discarded RMB 150 per tonne to close at RMB 18,730 per tonne, with the average prices ranging between RMB 18,710 per tonne and RMB 18,750 per tonne. The Shanghai Metals Market has shown a major slump in aluminium prices today, with the highest recorded fall of RMB 160 per tonne in Foshan and Wuxi, where the prices stood at RMB 18,630 per tonne and RMB 18,830 per tonne, respectively. In Hangzhou, the aluminium price halted at RMB 18,730 per tonne with a drop of RMB 150 per tonne, while the aluminium price in Gongyi negated RMB 130 per tonne to close at RMB 18,630 per tonne. In Chongqing, the aluminium price has plunged by RMB 110 per tonne to officiate at RMB 18,750 per tonne. The aluminium prices in Shenyang and Linyi have dampened by RMB 100...
Terrorist group attacks on commercial vessels navigating through the Red Sea have prompted some shipowners to opt for the longer and costlier route via Southern Africa instead of the Suez Canal and the Red Sea. The recent intensification of these attacks has heightened concerns, with tensions showing no signs of abating. This reluctance among shipowners has disrupted the flow of steel and aluminium into Europe , typically transiting through the Suez Canal, by 775,000 tonnes per month, equivalent to 9.3 million tons per year, as reported in some industry data. Let’s check from Maersk The Danish shipping and integrated logistics company Maersk has recently announced that the Red Sea crisis may endure until the latter half of 2024, and they are advising customers to make necessary...
In a volatile twist, aluminium prices experienced a surge driven by speculations of impending US sanctions against Russia, potentially targeting the metal industry. The uncertainty surrounding the specific industries to be affected has left investors on edge, with President Joe Biden hinting at a "major" sanctions package set to be unveiled on Friday. President Biden's announcement of forthcoming sanctions was linked to the tragic death of Russian opposition leader Alexey Navalny. While details remained scant, US National Security Advisor Jake Sullivan mentioned a focus on elements of Russia's "defense-industrial base" and other revenue sources for the nation's economy. Historical context: Aluminium's record rally in 2022 Aluminium previously surged to a record above US$4,000 a tonne in...
On Wednesday, February 21, China’s A00 aluminium ingot price gained RMB 210 per tonne to settle at RMB 18,880 per tonne, with the average prices between RMB 18,860 per tonne and RMB 18,900 per tonne. The spot contract price may be traded at a discount price of RMB 40 to a premium price of RMB 0 per tonne. As per the SMM data, the domestic aluminium ingot prices in Hangzhou and Wuxi have expanded by RMB 210 per tonne and RMB 200 per tonne to settle at RMB 18,880 per tonne. On the same day, the price in Foshan also gained RMB 200 per tonne to peg at RMB 18,990 per tonne. In Chongqing and Gongyi, the A00 aluminium ingot price has ascended by RMB 190 per tonne and RMB 180 per tonne to score at RMB 18,860 per tonne and RMB 18,760 per tonne. In Shenyang and Linyi, the aluminium ingot prices...
LME aluminium opened at US$2,195.50 per tonne on Tuesday, with its low and high at US$2,180 per tonne and US$2,236 per tonne respectively before closing at US$2,223.50 per tonne, up 1.21 per cent. The London Metal Exchange market on February 20 showed down pouring traits, wherein the LME aluminium cash bid price and the LME aluminium official price stood at US$2,147 per tonne and US$2,147.50 per tonne, respectively, with a plunge of US$37.50 per tonne or 1.72 per cent. The LME aluminium market has been volatile owing to the overburdening of Russian stocks in LME warehouses. The future outlook seems quite uncertain amidst the call for CBAM and other regulatory trade measures. The LME aluminium 3-month bid price halted at US$2,183 per tonne, and the 3-month offer price stood at US$2,183.50...
In a warning echoing the echoes of the COVID-19 crisis, Norsk Hydro, Europe's largest aluminium producer, reveals a significant downturn in the construction sector in some of the continent's major countries. Pål Kildemo, the CFO of Norsk Hydro, points to a 50% decline in building and construction demand year-over-year in specific regions reminiscent of the challenges faced during the pandemic. In an interview with the Financial Times, he revealed: "We have certain countries and areas where we see up to 50 per cent fall in building and construction demand year-over-year, which is kind of like Covid-period impacts." The construction crash, driven by high rates and escalating building costs, has dealt a severe blow to the aluminium sector. Aluminium, extensively used in facades and...
In 2023, domestic primary aluminium prices continued to surge, driven by a trend of robust internal demand contrasted with relatively weaker external markets. This dynamic opened a window for increased imports of primary aluminium, resulting in a significant uptick in annual import volumes. Moreover, reshaping the global trade dynamics for primary aluminium saw more products flowing into China, with Russia emerging as a critical source country. Consequently, China experienced a substantial uptick in primary aluminium imports in 2023, which mitigated the supply shortages stemming from local production cuts. Concurrently, imports of aluminium alloys also sustained at a scale of one million tonnes. General Administration of Customs data According to data from the General Administration of...
The Shanghai Metals Market on February 20 has shown deflecting aluminium prices, with the SMM aluminium ingot price being stuck at RMB 18,670 per tonne, down RMB 150 per tonne in one day. The average prices have ranged between RMB 18,650 per tonne and RMB 18,690 per tonne. If we consider the SMM aluminium ingot price on January 19, we can witness a Month-on-Month slump of RMB 160 per tonne or 0.85 per cent from RMB 18,830 per recorded that day. China’s eight major provinces have all experienced a gradual decline in SMM aluminium ingot prices, with the highest slump recorded in Hangzhou, Chongqing and Shenyang by RMB 150 per tonne, where for the first two places, the price stood at RMB 18,670 per tonne and for the latter it halted at RMB 18,720 per tonne. Tianjin also marked a similar...
