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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LME aluminium opened at $2,218 per tonne on Monday, with its high and low at $2,229.5 per tonne and $2,192 per tonne, respectively, before closing at $2,197.5 per tonne, down 0.92 per cent. On Monday, February 19, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$17.5 per tonne or 0.79 per cent and US$18 per tonne or 0.81 per cent to settle at US$2,184.50 per tonne and US$2,185 per tonne. As per the LME data, 3-month bid price and 3-month offer price contracted by US$27 per tonne or 1.21 per cent and US$28.5 per tonne or 1.27 per cent to settle at US$2,203 per tonne and US$2,203.50 per tonne. December 25 bid price and December 25 offer price slumped by US$30 per tonne or 1.22 per cent to halt at US$2,422 per tonne and US$2,427 per tonne. LME...
South Korea acquired 3,000 tonnes of high-grade primary aluminium ingots of Malaysian origin through a tender process, as announced by the state-operated Public Procurement Service on February 14, 2024. As per the information available on the government procurement agency's website, the purchase particulars are outlined below: 2,000 tonnes from Sumitomo Corp at a premium of $115 CIF/T, with an arrival scheduled for January 31 st at the port of Busan. 1,000 tonnes from LG International Corp at a premium of $114 CIF/T, also set to arrive on January 31 st at the port of Busan. The agreements were finalised with premiums above the London Metal Exchange cash prices, as the metals are required to be registered on the LME. According to the OECD, South Korea's per capita aluminium consumption was...
Contact Energy Limited, a New Zealand electricity generator, natural gas wholesaler, and electricity retailer, has experienced phenomenal financial growth in six months, ending December 31, 3023, buoyed by potential deals with aluminium smelters. As per the report, Contact Energy has earned a net profit of $153 million, up 70 per cent from the previous year and the highest in the past four years, despite extreme market volatility. Factors like increased energy costs and higher wholesale prices enabled the company to achieve this spectacular growth in profit. The need to “firm” intermittent renewable generation and high construction costs for thermal generation, particularly gas and wind power, contributed to the unexpected energy prices. In the six-month financial report, Contact Energy...
On Monday, February 19, the National Bank of Oman (NBO) agreed to provide a working capital facility worth US$50 million to Sohar Aluminium Co. LLC for its operational requirements. The news came after Abdullah Al Hinai, Chief Executive Officer at the National Bank of Oman, and Engr Said Mohamed Al Masoudi, CEO of Sohar Aluminium, signed an agreement to attain mutually advantageous goals while contributing to the overall economic development of the Sultanate. The agreement represents NBO's commitment to help its corporate clients with banking and financial services. A working capital facility valued at US$50 million will substantially elevate Sohar Aluminium's operational capabilities. Ghadeer Iqbal Al Lawati, Assistant General Manager - Head of Project Finance and Syndication at National...
On Monday, February 19, China’s A00 aluminium ingot price dropped by RMB 90 per tonne to arrive at RMB 18,820 per tonne, with the average prices between RMB 18,800 per tonne and RMB 18,840 per tonne. The spot contract prices may be traded at a premium price of RMB 0 to RMB 40 per tonne. As per the SMM data, the prices have shown a fall in all the provinces, with the highest in Gongyi, where it has dropped by RMB 120 per tonne to settle at RMB 18,720 per tonne. On the same day, the prices in Wuxi, Hangzhou, and Tianjin dipped by RMB 90 per tonne to peg at RMB 18,820 per tonne. In Foshan, the A00 aluminium ingot price has slipped by RMB 80 per tonne to reach RMB 18,840 per tonne. In Linyi and Shenyang, the domestic aluminium ingot prices have contracted by RMB 60 per tonne and RMB 40 per...
LME aluminium opened at US$2,220 per tonne last Friday, with its high and low at US$2,238 per tonne and US$2,214 per tonne, respectively, before closing at US$2,217.35 per tonne, down by US$6.50 per tonne or 0.29 per cent. On Friday, February 16, LME aluminium cash bid price and LME aluminium official settlement price stood at US$2,202 per tonne and US$2,203 per tonne, respectively, experiencing a dip of US$2.50 per tonne and US$2 per tonne from the previous day. However, on a week-on-week basis, the LME aluminium benchmark price stood US$22.50 per tonne or 1.03 per cent higher than US$2,180.50 per tonne, and on a month-on-month calculation, edged a hike of US$ 44.50 per tonne or 2.06 per cent from US$2,158.50 per tonne. On the same day, 3-month bid price and 3-month offer price grew by...
Prime Minister Sheikh Mohammed bin Rashid al-Maktoum announced on February 18, 2023, that the United Arab Emirates achieved a historic milestone in its non-oil trade, reaching around $952.93 billion (3.5 trillion dirhams) in 2023. This remarkable accomplishment underscores the nation's commitment to diversifying its economy and reducing its dependence on oil. Thani Al Zeyoudi, the Minister of Foreign Trade, announced that trade in non-oil goods experienced a significant increase of 12.6 per cent since 2022. Additionally, exports of goods and services have exceeded 1 trillion dirhams, marking a new record. The Gulf oil exporter signed a series of bilateral trade, investment, and cooperation agreements in 2021 called Comprehensive Economic Partnership Agreements (CEPAs). These initiatives...
The Norwegian aluminium giant Hydro faces a 43.88 per cent drop in adjusted EBITDA for 2023, attributed to market challenges. Hindalco reports a robust Q3 FY2024, with a 71 per cent YoY increase in net profit. EGA collaborates with the UAE's AI office to accelerate digitisation in industrial sectors, showcasing a commitment to Industry 4.0. Russian aluminium maintains a 90 per cent presence in LME-approved warehouses. The LME aluminium price has soared upward by 0.68 per cent over the week from US$21,188 per tonne on February 12 to US$2,203 per tonne on February 16. Hydro’s adjusted EBITDA for 2023 drops significantly by 43.88% Y-o-Y In 2023, Hydro's adjusted EBITDA dropped significantly by 43.88 per cent YoY, mainly attributed to lower sales prices, reduced volumes, and increased fixed...
NTPC Limited, India's leading integrated power utility, and National Aluminium Company Limited (NALCO), a prestigious Navaratna Company, have entered a non-binding Memorandum of Understanding (MoU). This non-binding agreement embarks on a journey of exploration across diverse energy landscapes, including coal-based thermal, solar PV, wind, and other renewable energies, alongside innovative energy storage solutions. The objective is to provide approximately 1200 MW of uninterrupted, round-the-clock power to meet NALCO's requirements for expanding its smelter plant capacity in Angul, Odisha. This significant agreement was formalised in the presence of Shri Dillip Kumar Patel, Director (HR) of NTPC, and Shri Jagdish Arora, Director (Project & Technical) of NALCO, at the SCOPE Complex in New...
In the heart of the Asia-Pacific region, Tomago Aluminium stands tall as an industry giant, shaping the aluminium landscape. Dennis Moncrieff, the company's IT superintendent, guides us through their digital transformation journey, a saga of challenges, lessons, and strategic decisions. Moncrieff highlights the crucial nature of digital transformation in today's business landscape. While in conversation with the CIO, in simple words, he illustrated: "Sure, digital transformation is a buzzword that's been bouncing around for a long time, but digitising your processes remains important because no modern business can afford to run an old, unpatched, and unsupported version of something. It's just too risky." Tomago faced a pivotal decision in 2015, which led to transforming its ERP system to...
Around mid-February, the LME aluminium price chart seems to be picking up pace, with the LME cash bid price stopping at US$2,204.50 per tonne on the 15th and the LME official settlement price registering a rate of US$2,205 per tonne, both gaining US$11.50 per tonne or 0.52 per cent. If we compare the previous day’s LME aluminium benchmark price with February 9, we can find a Week-on-Week escalation of US$24.50 per tonne or 1.12 per cent from US$2,180.50 per tonne. The 3-month bid price and 3-month offer price soared by US$3.5 per tonne or 0.16 per cent and US$3 per tonne or 0.13 per cent to clock at US$2,225.50 per tonne and US$2,226 per tonne. Only the December 25 bid price and December 25 offer price dwindled by US$2 per tonne or 0.08 per cent to anchor at US$2,445 per tonne and...
In the dynamic realm of aluminium, where innovation meets industry, a beacon of insight emerges with the launch of " Aluminium Middle East: Focus 2024" . This e-Magazine publication is a testament to the thriving landscape of aluminium in the Middle East, capturing the pulse of an ever-evolving sector. Aluminium Middle East: Focus 2024 serves as a comprehensive guide, offering readers an unparalleled glimpse into the latest trends, breakthroughs, and advancements shaping the aluminium industry in the region. From cutting-edge technologies to sustainable practices, this publication promises to unravel the complexities and potentials of aluminium like never before. In an era where sustainability takes precedence, Aluminium Middle East: Focus 2024 embraces the imperative of environmental...
Full year 2023 adjusted EBITDA amounted to NOK 22,258 million, compared with NOK 39,664 million in 2022. The decline was primarily due to reduced sales prices for aluminium and alumina, decreased volumes in extrusions and recycling, elevated fixed costs, and diminished proceeds from power sales. However, these adverse impacts were partially mitigated by decreased raw material expenses, increased margins in Extrusions, and favourable currency effects. 2023 result Demand for extruded products fell by 17 per cent yearly in European markets. Even with these changes, Hydro Extrusions delivered their second-highest adjusted EBITDA of NOK 6,480 million, as growth in high-margin segments offset a large share of the volume decline. All business areas, except bauxite & alumina, delivered returns...
Aluminium Bahrain (Alba), a global aluminium-producing giant, faced headwinds in 2023. Despite navigating through volatile LME prices and fluctuating premiums, Alba reported a Q4 profit of BD23.4 million ($62.2 million), a 40.7% Y-o-Y decrease from a profit of BD39.4 million (US$104.9 million) for the same period in 2022. The 2023 full-year profit of BD118 million ($313.9 million) marked a 71.6% Y-o-Y downturn from a livid annual profit of BD416.2 million (US$1,106.8 million) in 2022. Alba's 2023 financial overview - Q4 2023 performance Alba's Q4 2023 profit reached BD23.4 million ($62.2 million), down 40.7% Y-o-Y. Earnings per share dropped from Fils 28 to Fils 17. Total Comprehensive Income fell to BD6.2 million ($16.5 million), a 74.6% Y-o-Y decline. For the entire year, Alba reported...
On Wednesday, February 14, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$10 per tonne or 0.45 per cent to settle at US$2,193 per tonne and US$2,194 per tonne. As per the LME data , 3-month bid price and 3-month offer price fell by US$10 per tonne or 0.44 per cent and US$11 per tonne or 0.49 per cent to settle at US$2,222 per tonne and US$2,223 per tonne. December 25 bid price and December 25 offer price slipped by US$5 per tonne or 0.20 per cent to clock at US$2,447 per tonne and US$2,452 per tonne. LME aluminium opening stock came in at 525100 tonnes. Live warrants and Cancelled warrants stood at 324350 tonnes and 200750 tonnes. LME aluminium 3-month Asian Reference Price declined by US$27.5 per tonne to stop at US$2,214 per tonne. SHFE price...
Emirates Global Aluminium and the UAE's Artificial Intelligence, Digital Economy and Remote Work Applications office will promote the adoption of artificial intelligence (AI) across the region's industrial sectors. The news came on Wednesday, February 14, after the signing of a memorandum of understanding (MoU). The agreement has been signed by His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Abdulnasser Bin Kalban, Chief Executive Officer of EGA, at the World Governments Summit 2024 in Dubai. His Excellency Omar Sultan Al Olama expressed his opinion during the signing that digitisation through adopting AI applications is an imperative way to accelerate digital transformation in the UAE's vital industrial...
In Russia and Eastern Europe, primary aluminium production during December 2023 stood at 345,000 tonnes, bringing the fourth quarter output to 1.02 million tonnes, according to the International Aluminium Institute. As per the data, the monthly production grew sequentially by 3.92 per cent from 332,000 tonnes, and the quarterly output increased by 2 per cent from 1 million tonnes. On a year-on-year basis, Russia and Eastern Europe’s primary aluminium production during December 2023 registered a slight growth of 2,000 tonnes from 343,000 tonnes, while the total output in Q4 amounted to the same volume. In the full year 2023, Russia and Eastern Europe’s primary aluminium output totalled 4.02 million tonnes, down by 1.47 per cent year-on-year from 4.08 million tonnes despite the growth in...
On Tuesday, February 13, both LME aluminium cash bid price and LME aluminium official settlement price continued to grow by US$16 per tonne or 0.73 per cent to settle at US$2,203 per tonne and US$2,204 per tonne, respectively. On a month-on-month basis, the LME aluminium benchmark price has recorded a surge of 1.3 per cent from US$2,175 per tonne. On the same day, 3-month bid price and 3-month offer price experienced a hike of US$18 per tonne to reach US$2,232 per tonne and US$2,234 per tonne. December-25 bid price and December-25 offer price increased by US$12 per tonne to close the day at US$2,452 per tonne and US$2,457 per tonne. The LME aluminium opening stock amounted to 525,225 tonnes on February 13 versus 525,250 tonnes on the previous day. Live Warrants and Cancelled Warrants...
