The most-traded SHFE aluminium 2612 contract closed at RMB 23,280 per tonne, down RMB 85 or 0.36 per cent from the previous trading day's settlement price. It opened at RMB 23,375 per tonne during the day and fluctuated within a range of RMB 23,250-23,445 per tonne. Prices traded below the MA5 (23,386.00), MA10 (23,300.00), MA30 (23,570.00), and MA60 (23,778.00) moving averages, weakening again after a rebound and showing a consolidating-on-a-subdued-note structure, with the moving averages above forming key resistance pressure. The MACD DIF (-121.7235) remained above the DEA (-168.5361), with the MACD red bar at 93.6251, indicating some convergence in bearish momentum. The core trading range for SHFE aluminium is suggested at RMB 23,000-23,600 per tonne. The LME aluminium 3M contract...
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...
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The 10th IBAAS conference was inaugurated on 14th September 2022 morning by Mr Bibhu Prasad Mishra, President & Head, Manufacturing Centre of Excellence, Hindalco Industries. Dr Anupam Agnihotri, Director, JNARDDC, Ms Marieke van der Mijn, Director of Partnerships, Aluminium Stewardship Initiative (ASI) and Ms Lavanya Kugaswaran, Environment Program Manager, International Aluminium Institute (IAI), London were guests of honour. About 200 delegates representing the bauxite, alumina and aluminium industry, research organizations, technology/equipment suppliers, service providers, and academic institutes participated in this conference. The inaugural function was conducted by Mr Sankaranarayanan and Dr Ashok Nandi, Convener of the Conference, highlighting the journey, growth and contribution...
Social inventories of aluminium ingot across China’s eight major consumption areas, including SHFE warrants, grew by 10,000 tonnes over the weekend ended Monday, September 19, to stand at 685,000 tonnes, found the Shanghai Metals Market. But compared to the previous Monday, September 12, the inventories on September 19 edged 11,000 tonnes lower than 696,000 tonnes. The primary aluminium inventories on Thursday also reflected a decrease of 21,000 tonnes from Monday to amount to 675,000 tonnes, learned SMM. The inventories fluctuated greatly in the past two weeks due to concentrated arrivals of stocks during and after the holiday, while withdrawals from warehouses in main markets fell sharply to 113,800 tonnes owing to squeezed demand among downstream producers. To know the current status...
LME aluminium opened at US$2,284 per tonne on Monday and closed at US$2,249 per tonne, down US$34 per tonne or 1.49 per cent. On Monday, September 19, both LME aluminium cash bid price and LME aluminium official settlement price dipped by US$26 per tonne or 1.15 per cent and US$27 per tonne or 1.19 per cent to settle at US$2,231 per tonne and US$2,232 per tonne. 3-month bid price and 3-month offer price slipped by US$20 per tonne or 0.88 per cent to stop at US$2,246 per tonne and US$2,247 per tonne. December 23 bid price and December 23 offer price climbed down the graph by US$23 per tonne or 0.97 per cent to record at US$2,335 per tonne and US$2,340 per tonne. LME aluminium opening stock settled at 346325 tonnes. Live warrants and Cancelled warrants came in at 278600 tonnes and 67725...
A00 aluminium ingot price has slumped by RMB 80 per tonne to close at RMB 18,690 per tonne, as the Shanghai Metals Market recorded on Tuesday, September 20. The average prices are expected to range between RMB 18,670 per tonne and RMB 18,710 per tonne, with spot contracts trading at discount prices of RMB 70 per tonne and RMB 30 per tonne. The provinces in China have witnessed a downfall in aluminium prices today, with A00 aluminium ingot prices declining the highest in Foshan and Shenyang by RMB 90 per tonne to RMB 18,680 per tonne and RMB 18,630 per tonne. The prices of aluminium in Wuxi, Hangzhou, Chongqing and Linyi have recorded an RMB 80 per tonne drop to settle at RMB 18,680 per tonne, RMB 18,700 per tonne, RMB 18,740 per tonne and RMB 18,690 per tonne. The price of aluminium in...
CME Group Inc., a futures exchange operator, said on 16 th September 2022 that aluminium futures volumes soared 359% in Q3 to date from Q1 and topped 6,709 contracts in the fourth quarter. A futures contract for aluminium is a standardized, exchange-traded contract in which the contract buyer agrees to take delivery of aluminium at a predetermined price from the seller on a future delivery date. CME Group Inc. is an American global markets company. It is the world's largest financial derivatives exchange and trades in asset classes that include agricultural products, currencies, energy, interest rates, metals, stock indexes and cryptocurrencies futures. The CME stated, "The top 25 aluminium futures volume days have all occurred since April, with nearly 150 new accounts trading since May."...
On 18th September 2022, the Chinese customs data revealed that China's aluminium imports in August 2022 descended 19% from the previous year's same period. The record rise in domestic production and limited export supply is the primary reason for this import dip. China stands as the world’s largest producer and consumer of aluminium. According to data from the General Administration of Customs, in August 2022, China procured 200,440 tonnes of unwrought aluminium and products, including primary metal and unwrought, alloyed aluminium. The drop in imports was attributed to this year's production ramp-up, which eased supply tensions at home. Imported materials have also been in high demand due to power restrictions. In August 2022, China produced a record 3.51 million tonnes of light metal,...
LME aluminium opened at US$2,312.5 per tonne on Friday and closed at US$2,283 per tonne, down US$21 per tonne or 1.38 per cent. LME aluminium cash bid price dropped by US$14 per tonne or 0.62 per cent to settle at US$2,257 per tonne and LME aluminium official settlement price slipped by US$13 per tonne or 0.57 per cent to rest at US$2,259 per tonne on Friday, September 16. 3-month bid price descended by 0.66 per cent or US$15 per tonne to stand at US$2,266 per tonne, while the 3-month offer price witnessed a similar fall in percentage, closing at US$2,267 per tonne. December 23 bid price and December 23 offer price both lost 0.59 per cent or US$14 per tonne stopping at US$2,358 per tonne and US$2,363 per tonne, respectively. LME aluminium opening stock continued to decrease by 0.57 per...
According to sources, the Yunnan province in southwest China gave this week's directive to aluminium companies to use less energy. In addition to its captive power plant (CPP) at its Mahan facility, Hindalco Industries, the largest manufacturer of aluminium in India, started producing energy from a 25 MW solar project in Singrauli, Madhya Pradesh. Boeing announced that owing to the current conflict in Russia and Ukraine, it ceased purchasing aluminium from Vladimir's Russia. Boeing stopped obtaining essential supplies from Russia for the second time. Energy price hikes are still having an impact in China. . Egyptalum, the biggest producer of aluminium in Egypt and one of the biggest in Africa, anticipates solid commercial outcomes in the next year by leveraging many local and global...
Customers in Europe are hesitant to place orders for next year due to recession concerns, causing a decline in demand, as stated by Ali Al-Baqali, the Chief Executive of Aluminium Bahrain (Alba). Ali Al-Baqali commented on the sidelines of an aluminium conference in Barcelona, "The overall demand is lower... because people are hesitating to order." Aluminum Bahrain was the first aluminium smelter in the Middle East to begin commercial operations in 1971. Alba employs 84 per cent Bahraini nationals, and the company has introduced numerous capacity-building initiatives to increase its nationalization rate. "Many (European) customers have an order book, but they don't know when they will take the metal because they are afraid that if they book the full quantity, then the recession starts."...
On Thursday, September 15, the domestic social inventory of aluminium billets dropped by 2,700 tonnes or 2.29 per cent across three major consumption areas to close at 114,900 tonnes. This month, the orders received by downstream businesses had hardly improved. Since downstream producers are concerned that projected output reductions in Yunnan would increase aluminium prices, they will be more inclined to hoard. As a result, the social inventory of aluminium billet may drop slightly soon. The figure below provides further information on the current state of aluminium billet inventories in China: The inventories in Huzhou and Nanchang had ascended by 2,000 tonnes or 1,200 tonnes to close at 16,000 tonnes or 4,700 tonnes. The increment was due to the steady arrivals and weak downstream...
The voice of the aluminium industry in Europe, European Aluminium, appraises the emergency measures proposed by the European Commission on the 14th of September and welcomes the first step to address the extremely high energy prices. However, the aluminium industry association signifies that these measures are insufficient and will not bail out the energy-intensive aluminium industry from further production cuts, job losses, and possibly a complete breakdown. These short-term measures aim to reduce electricity demand and redistribute financial resources to exposed consumers, such as energy-intensive industries like aluminium. European Aluminium stresses that while the proposed measures may provide some much-needed immediate relief, they do very little to reduce the excessive energy costs...
LME aluminium opened at US$2,276 per tonne on Thursday and closed at US$2,315 per tonne, up 1.83 per cent. On Thursday, September 15, both LME aluminium cash bid price and LME aluminium official settlement price surged by US$44 per tonne or 1.97 per cent and US$44.5 per tonne or 1.99 per cent to settle at US$2,271 per tonne and US$2,272 per tonne. 3-month bid price and 3-month offer price grew by US$38 per tonne or 1.69 per cent to stop at US$2,281 per tonne and US$2,282 per tonne. December 23 bid price and December 23 offer price soared up by US$40 per tonne or 1.71 per cent to record at US$2,372 per tonne and US$2,377 per tonne. LME aluminium opening stock closed at 349650 tonnes. Live warrants and Cancelled warrants came in at 278825 tonnes and 70825 tonnes. LME aluminium 3-month Asian...
The largest aluminium producer in Egypt and one of the largest in Africa, Egyptalum expects strong business results in the coming period, taking advantage of several factors, whether on the global or local scene. Several factors are expected to contribute to Egyptalum's business results, whether global or local, over the coming period. The aluminium company of Egypt is expected to benefit directly from the rise of the US dollar price, in conjunction with the state's tendency to support the industrial sector, as well as the effects of the Russian-Ukrainian conflict on increasing aluminium demand worldwide, which would be an advantage to the company. As per our report, it has been confirmed that the Russian-Ukrainian conflict positively impacted Egyptalum’s business, which continues to...
To meet its raw material needs, Constellium, at this moment, is plotting to continue the purchase of aluminium from Russia's industrial giant Rusal in the next year as it did in the better half of 2022. Apparently, no sanction on Rusal has made the company take this step, as was anonymously reported by an employee on September 15. Constellium, on the whole, buys 5 per cent of its materials from Rusal, and the executive confirmed that the company has not made any purchase decisions yet, but it is very unlikely that the buying rate would decrease in 2023. The Constellium employee declared: "If there is any sanction, we will respect it; today, there is no sanction, so we don't see any reason why we should not get metal from there. I guess if the economics are good, we will continue to work...
National Aluminium Company Limited (NALCO) has increased its aluminium ingot and aluminium products prices, with effect from Wednesday, September 14, following a sharp cut last week, September 9. NALCO’s aluminium ingot price has gained INR 3,100 per tonne from the earlier time to stand at INR 213,250- 216,750 per tonne. On September 9, the price stood at INR 210,150- 213,650 per tonne, down by 7 per cent since the last hike. NALCO’s aluminium wire rod price has also undergone a rise of INR 3,100 per tonne, with effect from September 14, to come in at INR 216,750- 221,100 per tonne versus INR 213,650- 218,000 per tonne on September 9. The company’s aluminium billets price is currently ranging between INR 217,700- 220,350 per tonne, as against INR 214,600- 217,250 per tonne in the previous...
The unveiling of a new Critical Raw Materials Act by European Commission President Ursula von der Leyen during the annual State of the Union Address was warmly received by European Aluminium. This trade group represents the aluminium value chain in Europe. The Association requests urgent help from decision-makers in assuring a sustainable supply of European aluminium in light of the growing significance of speeding Europe's green transformation. Aluminium is a crucial element in green technology, including wind turbines and solar panels, as well as in defence equipment and essential consumer goods. Given the significance of raw materials in implementing the EU Green Deal and providing critical applications for European residents, European Aluminium emphasises the need to increase Europe's...
The UK Aluminium Federation (ALFED) has announced a Net Zero Report, aiming to achieve the long-standing goal of decarbonisation, sustainability, and a circular economy. While its actions outlined in the early roadmap remain the same, the new report includes contributions and challenges from members, stakeholders, and industry representatives to infuse a bigger and bolder vision. ALFED considers its Net Zero goal as a pathway to enable the UK aluminium industry to achieve a vision that fits its interests. The report contains industry experts’ responses based on overwhelming theme of collaboration and systematic approach to solution development to explore greater opportunities for investment in the UK. The objectives of the report are mentioned in detail, along with emerging action plans...
LME aluminium opened at US$2,309.5 per tonne on Wednesday and closed at US$2,273.5 per tonne, down 1.43 per cent. LME aluminium cash bid price and LME aluminium official settlement price both plunged by US$82 per tonne or 3.55 per cent to rest at US$2,227 per tonne and US$2,227.50 per tonne on Wednesday, September 14. 3-month bid price descended by 3.53 per cent or US$82 per tonne to stand at US$2,243 per tonne, while the 3-month offer price witnessed a drop of US$82.50 per tonne or 3.55 per cent closing at US$2,244 per tonne. December 23 bid price and December 23 offer price lost 3.24 per cent or US$78 per tonne stopping at US$2,332 per tonne and US$2,337 per tonne, respectively. LME aluminium opening stock rose first time in a while by 3.81 per cent or 12,700 tonnes, from 332,900 tonnes...
