Investor sentiment towards aluminium has turned increasingly bearish, but analysts believe the market may be underestimating the metal's underlying strength. Despite growing pessimism, resilient demand and historically low inventories could support higher prices, with analysts forecasting aluminium to reach USD 3,625 per tonne in 2027. Discussions with market participants have pointed to unusually negative sentiment towards the metal. However, analysts argue that the underlying supply-demand fundamentals paint a more constructive picture, challenging the prevailing pessimism surrounding the aluminium market. Their assessment follows Norsk Hydro's third-quarter financial results, which showed stronger earnings compared with the previous year but fell short of market expectations. The...
Aluminium prices recorded another gain on October 30, extending their late-month recovery as improving Chinese industrial indicators provided a supportive backdrop for the non-ferrous metals market. The latest movement comes amid a mixed demand environment, with stronger manufacturing activity and higher primary aluminium production in China contrasting with a broader slowdown in downstream purchasing. The benchmark aluminium quote reached USD 3,076.8, supported by a positive trading session. However, the recovery remains incomplete, with prices yet to return to the higher levels recorded earlier in the autumn. Aluminium rebounds from its late-October decline The daily price chart indicates a prolonged decline through June, followed by relatively stable trading and intermittent recoveries...
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Vedanta Limited has further decreased its aluminium ingot and aluminium products prices, effective from Wednesday September 28, after the previous cut on September 24. The company’s aluminium ingot price has witnessed a decline of INR 3,000 per tonne to INR 199,750- 229,250 per tonne versus INR 202,750-232,250 per tonne on September 24. Vedanta’s aluminium wire rod price has also been reduced to INR 207,250- 212,750 per tonne, with effect from September 28, from INR 210,250- 217,750 per tonne on September 24. Aluminium billets price has come in at INR 208,750 per tonne as against INR 211,750 per tonne. Vedanta links its aluminium prices to the three-month futures of aluminium on the London Metal Exchange, which continued to decline since September 23. After three consecutive days of fall...
In response to rising energy prices, Europe's aluminium plants started shutting down, while Russia and China increased imports. The Iberian gas price cap, supported by the EU, is allegedly causing unfair competition, according to representatives of the French aluminium industry, who are also seeking anti-dumping actions against Spain. The agreement is temporary and will take effect until May 31, 2023. With the European Commission, Spain and Portugal agreed to exclude the Iberian Peninsula from the EU's power market regulations in the spring. The deal established a temporary mechanism limiting the gas price to an average of €50 per megawatt-hour until the end of May, slashing power prices for many Spanish and Portuguese consumers in half. The EU executive approved the measures, stating...
Vedanta Aluminium, India’s largest and one of the world’s leading producers of aluminium, has reportedly won the title Made in India aluminium at ALUMINIUM 2022 in Düsseldorf, Germany. To express gratitude, Rahul Sharma, CEO of Vedanta Aluminium, said: “As India’s largest producer of aluminium, it is a matter of pride for us to showcase our manufacturing expertise and product portfolio ‘made in India for the world’. The forthcoming decades will see aluminium become the most-consumed metal in the world, given its ubiquity in current and potential clean technologies. We, at Vedanta Aluminium, are on a relentless mission to deliver sustained growth for our customers, customers and country through aluminium, the metal of the future. This will see us leverage the full potential of our assets,...
LME aluminium opened at US$2,109 per tonne on Wednesday and closed at US$2,135 per tonne, an increase of US$33 per tonne or 1.57 per cent. LME aluminium cash bid price has decreased by US$26.50 per tonne or 1.26 per cent to settle at US$2,079 per tonne, and LME aluminium official settlement price has dipped by US$26 per tonne or 1.23 per cent to rest at US$2,080 per tonne on Wednesday, September 28. 3-month bid price has dropped by 1.22 per cent or US$26 per tonne to stand at US$2,102 per tonne, while the 3-month offer price has witnessed a US$27 per tonne or 1.27 per cent loss, closing at US$2,103 per tonne. December 23 bid price and December 23 offer price both plunged down by 0.76 per cent or US$17 per tonne, stopping at US$2,213 per tonne and US$2,218 per tonne, respectively. LME...
Norsk Hydro has appointed Trond Olaf Christophersen, Executive Vice President for Corporate Development. As a member of the Corporate Management Board, Christophersen will report to President and CEO Hilde Merete Aasheim. Helena Nonka, who has decided to pursue opportunities outside Hydro, will be replaced by him on November 1. In the past, Christophersen held the position of Senior Vice President and Head of Recycling in Aluminium Metal. He has extensive experience in various roles within Hydro since joining the company in 1997. The roles include senior commercial leadership from Hydro Energy, Hydro Aluminium Metal, and several commercials, business development, and project roles from Hydro's previous oil and gas activities. His academic background includes a Master of Science from the...
Hindalco Industries Limited has reduced its aluminium ingot and aluminium products prices for the second time in a row, effective from Wednesday, September 28. The last cut the company’s ingot and products prices saw was on September 24 by INR 3,250 per tonne. On September 28, Hindalco has cut its aluminium ingot price by INR 3,000 per tonne to INR 197,500 per tonne versus INR 200,500 per tonne on the previous day. Hindalco’s aluminium wire rod price has also been reduced by INR 3,000 per tonne from INR 211,600 per tonne on September 24 to INR 208,600 per tonne on September 28. Aluminium billets price is no exception but seen a cut of the same amount to stand at INR 211,600 per tonne on September 28, compared to INR 214,600 per tonne on September 24. Hindalco Industries links its...
Falling demand for aluminium billets in Europe due to the adverse European economic condition and rising energy prices has caused the Norwegian aluminium smelter to partially reduce its aluminium production in Hydro Karmøy and Hydro Husnes. The choice will result in a reduction in annual primary aluminium production capacity of 110,000–130,000 tonnes, including recently halted output for routine maintenance that has not yet been resumed. Once the curtailment is fully implemented, there will be a reduction in power use of somewhere between 170-200 MW overall. Eivind Kallevik, Executive Vice President and Head of Hydro Aluminium Metal stated, “The extraordinary situation in the European economy and energy market is causing market uncertainty and a decline in demand for our aluminium...
LME aluminium opened at US$2,136 per tonne on Tuesday and closed at US$2,102 per tonne, down US$32 per tonne or 1.5 per cent. On Tuesday, September 27, both LME aluminium cash bid price and LME aluminium official settlement price slipped by US$19.5 per tonne or 0.91 per cent to settle at US$2,105.50 per tonne and US$2,106 per tonne. 3-month bid price and 3-month offer price went down by US$17 per tonne or 0.79 per cent and US$15.5 per tonne or 0.72 per cent to record at US$2,128 per tonne and US$2,130 per tonne. December 23 bid price and December 23 offer price shrunk by US$13 per tonne or 0.57 per cent to rest at US$2,230 per tonne or 2,235 per tonne. LME aluminium opening stock came in at 337425 tonnes. Live warrants and Cancelled warrants halted at 273250 tonnes and 64175 tonnes. On...
In today's world of more work and less time, mobile applications dominate the market and have revolutionised access to internet services. Whether for business transactions, news reading, or online shopping, the app-centric approach has given a new consumption pattern while rendering a competitive edge to the market. In this scenario, AlCircleBiz has also decided to expand its presence from the web to the app, aiming at bringing the world's first global aluminium marketplace to your fingertips. So, with unparalleled delight, the team announces the launch of the app, which will enable you to steer your business even on the go as a user. The app contains impressive features that not only connect businesses faster but allow users to build a direct and personalised market channel and get...
Stena Line, the largest freight route network connecting all the major ports and trade ways of Northern Europe, has bagged the winning bid to take over the 213-acre Eco Parks' former Anglesey Aluminium site in Holyhead, North Wales. Stena Line, for the past 27 years, has held and operated the Holyhead port. The organisation seemed confident that this move would be beneficial for the company's operations in the area and beyond. This new site will provide supplementary land and services to the already registered customers. The executive director of Stena Line, Ian Hampton, quoted: "This purchase is a significant investment for us and forms an important part of our long-term strategy for the future of Holyhead Port." "Our plans for the site have the potential to be a significant boost for...
According to the Shanghai Metals Market, social inventories of primary aluminium across China’s eight major consumption areas, including SHFE warrants, decreased by 14,000 tonnes over the weekend to a total 652,000 tonnes. On a week-on-week basis, the inventories plunged by 33,000 tonnes on Monday, September 26, to come at a year-to-date low. As per the SMM data, Wuxi, Nanhai, and Gongyi contributed 90 per cent to the new low this year. The weekly shipments out of warehouses in Wuxi added 14,000 tonnes last week, while arrivals from Xinjiang declined, allowing local inventories to drop sharply. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, primary aluminium inventories declined by 8,000 tonnes over the weekend and...
Aluminium Bahrain (Alba), the world's largest aluminium smelter ex-China, inaugurated its first concrete pour for the foundation of the Power Station 5 (PS5) Block 4 Project, kicking off the early work at the project's construction. The project is a part of Alba's ambitious decarbonisation initiative. It includes a combined cycle power plant with a hydrogen-ready J-series gas turbine technology which, upon completion in Q4 2024, will reduce Alba's overall GHG emissions. The inauguration was carried out by Shaikh Daij Bin Salman Bin Daij Al Khalifa, the Chairman of the Board of Directors of Alba. He was joined by Shaikh Isa bin Khalid bin Abdullah Al Khalifa, Ali Al Baqali, Amin Sultan, the Company Executives and Management Members, and officials from Mitsubishi Power & SEPCOIII...
China customs data found the country’s prebaked anode exports stood at 141,600 tonnes in August 2022, which reflected a downfall of 31.43 per cent month-on-month and an increase of 6.99 per cent year-on-year. Custom statistics showed the export price per unit of prebaked anode was $1,334.50 per tonne, up by 1.29 per cent month-on-month. The aggregated exports of prebaked anode from January to August of 2022 amounted to 1,365,400 tonnes, compared to 244,800 tonnes during the same period last year. The monthly downfall in China’s prebaked anode exports was primarily contributed by Malaysia, Norway, and the Russian Federation, as the exports to those countries declined significantly. To Malaysia, China’s prebaked anode exports fell by over 25,000 tonnes in August, and that to Norway...
The world's largest premium aluminium producer, Emirates Global Aluminium (EGA), has joined the UAE hydrogen leadership initiative program by signing an agreement with the Ministry of Energy and Infrastructure. Launched last year during Cop26 in Glasgow, the initiative seeks to achieve the country's ambition to be a global leader in low-carbon hydrogen as global demand for clean fuel surges. On 26th September 2022, the Company said, "As a member, EGA will explore collaboration opportunities across industries and conduct further research and development into the future uses of hydrogen in decarbonization." Moreover, hydrogen will be explored in the processes of aluminium production and its local supply chain from a technical and economic perspective. Abdulnasser bin Kalban, the CEO of EGA,...
LME aluminium opened at US$2,169 per tonne on Monday and closed at US$2,134 per tonne down US$33 per tonne or 1.52 per cent. LME aluminium cash bid price has slumped by US$27 per tonne or 1.25 per cent to settle at US$2,125 per tonne, and LME aluminium official settlement price has dipped by US$27.50 per tonne or 1.28 per cent to rest at US$2,125.50 per tonne to begin the week on Monday, September 26. 3-month bid price has dropped by 1.2 per cent or US$26 per tonne to stand at US$2,145 per tonne, while the 3-month offer price has witnessed a US$26.50 per tonne or 1.2 per cent loss, closing at US$2,145.50 per tonne. December 23 bid price and December 23 offer price both dived down by 1.27 per cent or US$29 per tonne, stopping at US$2,243 per tonne and US$2,248 per tonne, respectively. LME...
Diversified miner South32 announced on Tuesday, September 22, that Chief Operating Officer (COO) Mike Fraser, responsible for the operations in Colombia and Africa, will depart from the business. Along with Jason Economidis, who will continue to serve as COO and be responsible for operations in Australia, Noel Pillay, currently serving as Worsley Alumina's vice president of operations, will be named as the new COO. He was appointed the COO in 2021 with the responsibility of handling operations in Colombia and Africa. Noel Pillay was named the Vice President of Operations at Worsley Alumina in 2018, where he was responsible for the operation's cost, production, and safety performance. Mr Pillay began his career with BHP in 1994 as a maintenance engineer at Hillside Aluminium. He has held...
National Aluminium Company Limited's (NALCO) aluminium ingot and aluminium products prices fell after being cut by INR 2,500 per tonne, with effect from September 17. NALCO’s aluminium ingot price is currently ranging between INR 210,750-214250 per tonne since September 17 versus INR 213,250- 216,750 per tonne on September 14. NALCO’s aluminium wire rod price came in at INR 214,250-218,600 per tonne on September 17, seeing a cut of INR 2,500 per tonne from INR 216,750- 221,100 per tonne. Aluminium billets price was reduced from 217,700- 220,350 per tonne to INR 215,200-217,850 per tonne. NALCO reduced its aluminium ingot and aluminium products prices in response to fall of the three-month futures of aluminium on the London Metals Exchange by US$50.50 per tonne during September 13-16 from...
Tomago Aluminium, the largest aluminium smelter in Australia and New South Wales' biggest energy consumer, will speed up its decarbonisation drive and work with renewable energy producers to boost Hunter's clean energy transition. Developing opportunities for renewable power generation and energy storage projects in the region and beyond will be one of the company's priorities by 2029. The initiative will also significantly boost the construction and development of the A$100 billion Hunter Renewable Energy Zone. For the purpose of supporting its net-zero ambition and decarbonisation strategy, the company will solicit expressions of interest in developing, investing in, or procuring long-term traceable renewable energy or firm power generation projects. David Fallu, the Chairman of Tomago...
