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 February 13, 2024, National Aluminium Company Ltd announced a nearly twofold increase in consolidated profit, reaching INR 470.61 crore for the December 31, 2023 quarter. Nalco's filing to BSE marks a substantial rise of around 83.6 per cent (Y-o-Y) compared to the consolidated profit of INR 256.32 crore reported in the October-December quarter of FY2022-23. In the same quarter last year, Nalco disclosed a net profit of INR 256.3 crore, as per a regulatory filing. The company reported a 1.5 per cent increase in revenue from operations, reaching INR 3,346.9 crore compared to INR 3,297.2 crore in the corresponding period of the previous fiscal year. At the operational level, EBITDA surged by 66 per cent to INR 773.1 crore in the third quarter of the current fiscal year, compared to INR...
On Tuesday, February 13, Hindalco Industries Limited announced a strong double-digit growth in net profit for the third quarter of FY2024 ended December 31, 2023. As per the report, the Aditya Birla Group Company’s consolidated net profit soared 71 per cent year-on-year to amount to INR 2,331 crore, driven by robust performance across aluminium and copper business segments. Hindalco’s consolidated EBITDA was INR 6,322 crore, up 61 per cent year-on-year on account of lower input costs and strong operating performance. In the Indian aluminium segment, upstream business EBITDA for the quarter was INR 2,443 crore, up 54 percent Y-o-Y. Consolidated revenue for the third quarter of FY2024 was INR 52,808 crore – 1 per cent less than INR 53,151 crore a year ago. Revenue from the upstream segment...
Vedanta Aluminium has reportedly launched an e-commerce platform called Vedanta Metal Bazaar for primary aluminium product sales. The platform will facilitate buyers with a real-time shopping experience, providing AI-based price discovery, end-to-end visibility of purchases, and in-time delivery. As per the report, there are 750 aluminium products listed on Vedanta Metal Bazaar. Products include ingots, billets, foundry alloy, wire rods, rolled products, flip coils, hot metal, and in-house low-carbon aluminium Restora. In addition, the e-superstore also offers customised solutions tailored to the needs of the company's customer base. The platform is one-of-a-kind in the aluminium value chain, having integrated features. On a single platform, aluminium buyers can access product...
According to data from the London Metal Exchange (LME) released on February 12, 2024, the proportion of aluminium stocks originating from Russia in warehouses approved by the LME remained consistent at 90 per cent throughout January. Despite some restrictions, the London Metal Exchange (LME) recently reported that Russian metal is still being transported through LME-registered warehouses. In January 2024, the quantity of Russian primary aluminium stocks on the LME warrant decreased to 286,750 tonnes, down from 338,375 in December, according to data.
On February 12, the LME aluminium cash bid price and LME aluminium official price halted at US$2,187 per tonne and US$2,188 per tonne, with a uniform surplus of US$7.50 per tonne or 0.34 per cent. The 3-month bid price stood at US$2,214 per tonne, gaining US$2 per tonne or 0.09 per cent, while the 3-month official price stopped at US$2,216 per tonne, up US$3 per tonne or 0.13 per cent. The 25 December bid price registered a rate of US$2,440 per tonne, and the 25 December offer price stood at US$2,445 per tonne, adding US$2 per tonne or 0.08 per cent. On Monday, the Opening Stock parked at 525,250 tonnes, while LME Live Stock registered 325,600 tonnes, and Cancelled Warrants reached 199,650 tonnes. The Asian Reference price halted at US$2,207.35 per tonne, negating US$6.47 per tonne or...
One of the most critical areas determining cell life reduction and productivity over that life is the efficient sealing or lack of good sealing at the cathode bar penetrations on each cell. Engineers and product developers have worked for years to improve the sealing solutions in this critical application to lengthen reduction cell life and avoid premature failure or the inevitable declining productivity of cells that have not been suitably sealed during rebuild operations. Mid-Mountain Materials, Inc. has worked to develop creative products and solutions for this application for almost half a century. This has culminated in the design and implementation of two systems proving to be very highly efficient sealing systems for cathode bars in the worldwide aluminium industry. Mid-Mountain’s...
A top official of Vedanta Limited has apprised that the company is close to demerging its key businesses, including aluminium, and is likely to complete the process in the next nine to twelve months. The news came after John Slaven, CEO of the aluminium business of Vedanta, said in an interview with PTI that the company is working very actively to secure the successful demerger of the aluminium business. He also said the process is underway and is subject to some approvals from various authorities, including current lenders who would approve the allocation of debt across the demerged entities. In 2023, Billionaire Anil-Agarwal-owned Vedanta Limited had announced its plan to demerge metal, power, aluminium, and oil and gas businesses into independent verticals to unlock potential value....
Sohar Aluminium Company, the first aluminium smelter in the Sultanate of Oman, will reportedly finance the construction of a building for Takaful Suhar Social Charity Team in Suhar, North Batinah. The news came on Sunday, February 11, after Sohar Aluminium inked a memorandum of understanding (MoU) with the Charity Team. As per the report, the financing would include the construction of a four-floor residential as well as commercial building based on the approved design. The structure will span approximately 406 square metres and expected to be completed within a year. This building will not only transform the cityscape but symbolise the partnership between Sohar Aluminium and Takaful Suhar Social Charity Team. The agreement was signed by Ahmed bin Mohammed al Kharusi, General Manager of...
On Friday, February 9, LME aluminium cash bid price and LME aluminium official settlement price stood at US$2,179.50 per tonne and US$2,180.50 per tonne, respectively. The latter showcased a sharp fall of US$40.50 per tonne. As per the LME data, 3-month bid price and 3-month offer price settled at US$2,212 per tonne and US$2,213 per tonne, down by US$25 per tonne from US$2,237 per tonne and US$2,238 per tonne. December 25 bid price and December 25 offer price slipped by US$20 per tonne to close at US$2,438 per tonne and US$2,443 per tonne. LME aluminium opening stock came in at 527,350 tonnes. Live Warrants and Cancelled Warrants stood at 325,825 tonnes and 201,525 tonnes. LME aluminium 3-month Asian Reference Price closed at US$2,213.82 per tonne. SHFE price The SHFE market is closed on...
The global aluminium market persists in navigating a convoluted landscape of factors, prolonging its journey towards a deficit more than anticipated. The industry has been ensnared in a precarious equilibrium over the previous year as the Chinese market tightens. In contrast, the primary market outside China experiences a softening, maintaining London Metal Exchange (LME) pricing slightly above the $2,000 per tonne threshold. 2024 to see modest tightening The American multinational investment bank and financial services company Goldman Sachs' analysts now forecast a slight tightening in the balance for 2024 , with an estimated deficit of 724,000 tonnes. This marks a notable revision from the earlier projection of a 1.2 million tonne deficit. A more significant deficit is anticipated in...
While recapitulating the week, the primary aluminium sector flashes some very important events and information. For instance, the European Union is now contemplating refraining from banning Russian aluminium imports in its next sanctions package; the Southland Chamber of Commerce is assisting Tiwai Aluminium Smelter with its potential closure at the end of 2024; three subsidiaries of Nanhai Aluminium bag the National High Tech Enterprises recognition and much more. This week, we also learned that primary aluminium production started in 2024 with an annual hike of 4.2%, as SMM predicted earlier this month. Let us explore every significant event that has made this week momentous. According to a report, the European Union will most likely back off from prohibiting Russian aluminium imports...
The United States aluminium crude metals and alloys imports in November 2023 stood at 277,000 tonnes, reflecting a fall of 11.50 per cent month-on-month from 313,000 tonnes, found the US Geological survey. In the second half of the year, November marked the second month when the US aluminium crude metals and alloys stood below 300,000 tonnes. In the previous two months, the United States' imports of aluminium crude metals and alloys saw M-o-M hikes. In September, the imports rose 9.19 per cent from 283,000 tonnes to 309,000 tonnes, which in October further grew by 1.29 per cent to 313,000 tonnes. From January to November 2023, the United States imported 3.5 million tonnes of aluminium crude metals and alloys compared to 3.76 million tonnes during the corresponding period of the earlier...
According to a report this week, the European Union will most likely back off from prohibiting Russian aluminium imports in the 13th sanctions package. Despite full consent and support from local aluminium producers in Lithuania, Latvia, Estonia, and Poland, the European Union will likely refrain from taking drastic steps like banning Russian aluminium. Many industrial nations may have opposed the EU's proposed ban, fearing a potential escalation of aluminium prices. Some industrial consumers within the European Union even called this measure a potential "economic tactical nuclear bomb." Besides being worried about price consequences, industrial nations like Italy were apprehensive of the tight availability of aluminium, a critical component for various industries. The European Union...
On Thursday, February 8, LME aluminium official settlement price hiked by US$25.50 per tonne to settle at US$2,221 per tonne. As per the LME data, both 3-month bid price and 3-month offer price grew by US$9 per tonne or 0.40 per cent and US$8 per tonne or 0.35 per cent to clock at US$2,237 per tonne and US$2,238 per tonne. December 25 bid price and December 25 offer price ascended by US$5 per tonne or 0.20 per cent to peg at US$2,458 per tonne and uS$2,463 per tonne. LME aluminium opening stock came in at 529350 tonnes. Live warrants and Cancelled warrants stood at 325825 tonnes and 203525 tonnes. LME aluminium 3-month Asian Reference Price moved up by US$3.15 per tonne or 0.14 per cent to halt at US$2,229.65 per tonne. SHFE price The SHFE market is closed on the occasion of the Chinese...
Egyptalum plans to develop and rehabilitate the current smelter and evaluate the capital expenditures required to ensure operation for another 25 to 30 years of the operational life of the current smelter, with compliance with all health, safety, and environmental laws and standards. The project will increase the current production capacity from (320,000 tonnes per year) to about (420,000 tonnes per year). The total expected investment cost reaches USD$300 million. Egyptalum said, in a statement to the Egyptian Stock Exchange, that the company's rehabilitation includes the scope of business, the aluminium production lines sector, the electrical network transformers and power units’ sector, the factory equipment sector connected by anodic conductors, the carbon area, the water networks...
In recent years, there has been a global resurgence in commitments to carbon neutrality, with countries worldwide revising their policies and strategies to attain these objectives. This movement has coincided with a remarkable increase in the adoption of electric vehicles and a substantial rise in investments directed towards renewable energy projects. Many nations are prioritising these investments as part of their efforts to enhance energy independence and sustainability. As per IAI's analysis, primary aluminium production in Europe amounted to approximately 6.73 million tonnes in 2023. This marked a 3.95 per cent decline from the previous year's production of 6.99 million tonnes, primarily attributed to persistently high energy costs that had adversely impacted the European primary...
On Thursday, February 8, the Southland Chamber of Commerce reported that it is assisting to prepare for the potential closure of the Tiwai Point Aluminium Smelter at the end of 2024. The chamber is working closely with the smelter to enable it to deal with any uncertainty if that defers the closure again. Upon the smelter's closure, about 750 direct jobs would be affected, along with 2,500 livelihoods in the region indirectly associated with the smelter. According to the company's report, the smelter produces about 330,000 tonnes of aluminium a year. Initially, the smelter was announced to be closed by the end of 2021; however, following a new energy contract with Meridian Energy, it extended its operations until the end of December 2024. Chief executive of the Southland Chamber of...
LME aluminium opened at US$2,230.50 per tonne on Wednesday, with its high and low at US$2,234 per tonne and $2,214.50 per tonne, respectively, before closing at US$2,221.50 per tonne, down 0.34 per cent. On Wednesday, February 7, LME aluminium cash bid price and LME aluminium official settlement price increased by US$11 per tonne or 0.50 per cent to reach US$2,195 per tonne and US$2,195.50 per tonne, respectively. 3-month bid price and 3-month offer price built up by US$8 per tonne and US$9 per tonne to settle at US$2,228 per tonne and US$2,230 per tonne, while December 25 bid price and December 25 offer price added US$3 per tonne to stand at US$2,453 per tonne and US$2,458 per tonne. On the same day, LME aluminium opening stock stood at 528,050 tonnes, up by 1,300 tonnes from 526,750...
