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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We hear it often to a point that we may find it overused. However, we are immersed in innovations. Innovation is, by definition, a new idea, product, method that benefits people and generates growth. It is all about solving problems. At EPIQ Machinery, what we see are occasions for improvement. Some can be challenging, but it is the fuel that keeps us moving as we have a passion for challenges. According to Greg Satell, international keynote speaker, adviser and bestselling author, there are 4 types of innovations: Sustaining innovation, Breakthrough innovation, Basic Research, and Disruptive innovation. We like to think that we must have a blend of all types to bring balance. Sustaining Innovation: making it better everyday EPIQ Machinery's goal is to become the leader in providing...
Amidst the geopolitical and the Energy crisis in Europe, Russia has cancelled the start of its gas supply at the Nord Stream 1 after apparently citing an oil leak in the turbine. This will thrust the entire energy-based economy into a completely dark zone, and disputes have already started taking place between big companies like Gazprom and Siemens Energy, with Europe under the fear of an industrial breakdown. LME benchmark aluminium price began the week of September 5 with an US$18.50 per tonne slump resting at US$2,290.50 per tonne and had downward luck all week with prices gradually declining. On September 9, there was, however, a sudden US$24 per tonne boost, with the official aluminium price docking at US$2,280 per tonne, experiencing a 0.46 per cent drop overall this week. SHFE...
The LME aluminium benchmark price has slumped this the week by US$34.50 per tonne. On Monday, September 5, LME aluminium cash bid price and LME aluminium official settlement price decreased by US$18 per tonne and US$18.50 per tonne to stand at US$2,290 per tonne and US$2,290.50 per tonne, respectively. The next day, the prices lost US$32 per tonne and US$30.50 per tonne, arriving at US$2,258 per tonne and US$2,260 per tonne. On Wednesday, September 7, LME aluminium cash bid price reached US$ 2,230 per tonne, seeing a fall of US$28 per tonne, while LME aluminium office settlement price parked at US$2,230.50 per tonne, rolling down by US$29.50 per tonne. The prices continued to decline further on September 8 to rest at US$2,255.50 per tonne and US$2,256 per tonne, respectively. However, on...
On Thursday, September 8, China's aluminium billet inventories plunged by 2,100 tonnes W-o-W across four major consumption areas. All other regions showed a reduction in their inventories, except Foshan, which had a build-up. Due to rising aluminium prices, downstream purchasers stocked at reduced prices, which aided in the destocking process and Yunnan's power difficulties and the impending holiday. The figure below provides further information on the current state of aluminium billet inventories in China: The inventory in Foshan has hiked by 3,000 tonnes to close at 78,200 tonnes from 75,200 tonnes recorded last week. The inventory in Foshan increased due to significant arrivals and a minimal improvement in downstream demand. As a result, the inventory in Wuxi dropped by 2,700 tonnes to...
After two weeks of price hike on August 26, National Aluminium Company Limited’s (NALCO) both aluminium ingot and aluminium products prices have seen a sharp cut, with effect from Friday, September 9. NALCO has axed its aluminium ingot price by INR 15,900 per tonne or 7 per cent to INR 210,150- 213,650 per tonne. NALCO's aluminium wire rod price has also been chopped by INR 15,900 per tonne from INR 229,550-233,900 per tonne on August 26 to INR 213,650- 218,000 per tonne. Seeing a cut of the same amount, NALCO’s aluminium billets price is ranging between INR 214,600- 217,250 per tonne versus INR 230,500-233,150 per tonne two weeks ago. NALCO has sharply cut its aluminium ingot and aluminium products prices in response to the downtrend of the LME aluminium benchmark price. Between August...
On Thursday, September 8, Alcoa Corporation announced it received certification from the Aluminium Stewardship Initiative (ASI) for its remaining Poços de Caldas operation in Brazil. Now, all of Alcoa’s Brazil operations are ASI-certified, bringing the total number of the company’s ASI Performance Standard certifications to 17. Alcoa’s Poços de Caldas site is the company’s first site in Brazil, founded in 1965, comprised of a bauxite mine, alumina refinery, and aluminium casthouse. All of them passed the required criteria to earn the ASI Performance Standard certification. Poços de Caldas is also Alcoa’s sole producer of aluminium power. “This certification marks an important milestone in our efforts to ensure that all of our Brazilian operations adhere to the highest sustainability...
On 8th September 2022, India's significant rating agency, ICRA, stated that the country's primary aluminium producers operating margins are likely to contract by 400-500 basis points (BPS) consecutively in the second quarter of 2022-23 on the aspect of high production cost. ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency. ICRA said, "Owing to a twin onslaught of correction in aluminium prices and elevated input costs, the estimated operating profitability of ICRA's sample set of domestic players is likely to contract sequentially by almost 400-500 bps in...
LME aluminium opened at US$2,284 per tonne on Thursday and closed at US$2,277 per tonne. LME aluminium cash bid price and LME aluminium official settlement price both witnessed an US$25.50 per tonne or 1.14 per cent hike to rest at US$2,255.50 per tonne and US$2,256 per tonne on Thursday, September 8. 3-month bid price ascended by 1.34 per cent or US$30 per tonne to stand at US$2,267 per tonne, while the 3-month offer price witnessed a similar spike closing at US$2,268 per tonne. December 23 bid price and December 23 offer price gained 1.51 per cent or US$35 per tonne stopping at US$2,347 per tonne and US$2,352 per tonne, respectively. LME aluminium opening stock continued to decline by 0.15 per cent or 475 tonnes, from 309,500 tonnes to 309,025 tonnes as of September 8. Live warrants...
Vedanta Limited has again reduced its aluminium ingot and aluminium products prices, with effect from Wednesday, September 7, following an intermittent raise on September 3. With the latest cut, the company’s aluminium ingot price has come in at INR 209,250- 238,750 per tonne, down by INR 4,000 per tonne or 2 per cent from INR 213,250-242,750 per tonne. Vedanta’s aluminium wire rod price has also experienced a cut of INR 4,000 per tonne from INR 220,750-228,250 per tonne on September 3 to INR 216,750- 224,250 per tonne on September 7. Aluminium billet price is now ranging between INR 218,250 per tonne versus INR 222,250 per tonne on September 3. Vedanta has again cut its aluminium prices, linked to the three-month futures of aluminium on the London Metal Exchange. Over the past three...
The Ukraine-Russia conflict has caused relentless aluminium production cuts at European smelters this year. In addition, the indefinite suspension of the “North Stream No. 1” gas pipeline in Russia, coupled with the electricity price surge, has worsened the situation further. It is reported that the largest aluminium smelter in Europe will step up its output cut next week. European aluminium production capacity cut has already reached beyond 1 million tonnes to date and is likely to be reduced further before winter. But due to relatively a smaller size of production capacity of about 4.8 million tonnes in Europe, the output cuts have had limited impact on the total supply so far, resulting in global aluminium price boost. Since the electricity supply in Europe is primarily dependent on...
LME aluminium opened at $2,263 per tonne on Wednesday and closed at $2,241 per tonne. On Wednesday, September 7, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$28 per tonne or 1.24 per cent and US$29.5 per tonne or 1.30 per cent to settle at US$2,230 per tonne and US$2,230.50 per tonne. On the same day, 3-month bid price and 3-month offer price slumped by US$25 per tonne or 1.10 per cent to score at US$2,237 per tonne and US$2,238 per tonne. December 23 bid price and December 23 offer price slipped by US$13 per tonne or 0.55 per cent to stop at US$2,312 per tonne and US$2,317 per tonne. LME aluminium opening stock halted at 309500 tonnes. Live warrants and Cancelled warrants closed at 229075 tonnes and 80425 tonnes. LME aluminium 3-month Asian...
The insurmountable energy price has hit another European aluminium company – Speira GmbH. On Wednesday, September 7, Speira, a Germany-based global aluminium company, has announced its decision to reduce 50 per cent of its aluminium production at Rheinwerk smelter in Neuss until further notice. Going ahead, the company will cut its output to 70,000 tonnes of primary aluminium per year. The production curtailment process will start in early-October 2022 and is likely to be completed in November. Speira has planned to meet the future demand with external metal supplies in place of its in-house metal. Speira CEO Einar Glomnes commented, “We are facing similar challenges as many other European aluminium smelters. Energy prices have reached too high levels over the last months, and we don´t...
The Aluminium Association of India (AAI) has once again attempted to bring the Prime Minister’s attention to the shortage of coal, seeking his immediate intervention for the resumption of sufficient coal supplies to the domestic non-power sector. In a letter to the PMO office, the association has mentioned that around 6,233 railway rakes, representing 25 million tonnes, is due as long-pending supplies to the non-power industries. AAI has also noted that challenges due to coal shortage have continued to hit the non-power sector despite improvements in Coal India’s production performance. Previously, AAI had written a letter to the PMO when Coal India decided to restrict coal deliveries to the non-power sector in March, asking for an immediate supply of coal to the highly energy-intensive...
SMM found that operating rates at primary aluminium alloy facilities in China in August were 42.64 per cent, a decline of 8.08 percentage points from the previous year but an increase of 1.3 points from the last month. Since August is typically the off-season for producing primary aluminium alloys, facilities reported weak downstream demand and exceedingly slow output and sales in August compared to July. Fortunately, the alloy makers were spared mainly by the covid-19 outbreak, electricity restriction, and natural calamity that plagued the home market. Several businesses indicated that orders had climbed M-o-M with a seasonal rebound in September, the regular high season. However, most industry insiders believe the seasonal demand recovery this year will be slower than in previous years...
Vedanta Aluminium has set another national benchmark, and this time it is all about water efficiency. On Tuesday, September 6, the company declared its Aluminium Smelter-I at Jharsuguda (Odisha) substantially reduced Specific Water Consumption (water consumed per unit of metal produced) by around 11 per cent in FY2022 compared to the previous fiscal for producing more than 17,400 tonnes of aluminium over the year. Vedanta Aluminium at Jharsuguda has two state-of-the-art aluminium smelters. The Smelter-II (SEZ) reduced Specific Water Consumption by 8 per cent in FY22, while producing 2 lakh tonnes of aluminium more than the previous year. Overall, Vedanta’s Jharsuguda site recycled around 5 billion litres of water for inhouse consumption in the last fiscal, marking a significant step...
LME aluminium opened at US$2,289.50 per tonne on Tuesday and closed at US$2,260.50 per tonne. LME aluminium cash bid price halted at US$2,258 per tonne, striped down by 1.4 per cent or US$32 per tonne on Tuesday, September 6, while LME aluminium official settlement price rested at US$2,260 per tonne, experiencing a drop of 1.33 per cent or US$30.50 per tonne. 3-month bid price descended by 1.18 per cent or US$27 per tonne to stand at US$2,262 per tonne, while the 3-month offer price witnessed a similar slump closing at US$2,263 per tonne. December 23 bid price shed 0.94 per cent or US$22 per tonne closing at US$2,325 per tonne, while December 23 offer price lost 0.93 per cent or US$22 per tonne coming in at US$2,330 per tonne. LME aluminium opening stock increased for the first time in a...
Aluminium Dunkerque, the biggest aluminium smelter in France previously owned by a unit under GFG Alliance, has decided to curtail production by one-fifth of its capacity to battle rising energy prices in Europe, as was reported by an internal source. The new authority, private equity firm American Industrial Partners (AIP), will utilise this strategy until the beginning of 2023. The equity firm took over the smelter after the previous owner was charged with a debt default. Just like Aluminium Dunkerque, other European aluminium or metallurgical organisations have decreased their production rate, unable to balance the augmenting energy prices with the net cost of their finished products. Aluminium Dunkerque is situated near the northern French port of Dunkirk, boasting of being Europe's...
Norsk Hydro, one of the largest aluminium companies in the world, announced on Tuesday, September 6, that due to a drop in demand for aluminium, the company has decided to keep a small portion of its aluminium capacity in Norway out of service, following maintenance. Out of the 1.1 million tonnes the firm produces in Norway each year, Hydro has opted not to begin smelting pots at its Karmøy and Husnes facilities, reducing output by a few tens of thousands of tonnes. "The main reason is lower demand for aluminium. We're not actively shutting down but we're holding off on restarts after maintenance this is within what we would call normal variations," said Hydro spokesperson Halvor Molland. Although it played a role in the choice, the rising cost of energy was not the main factor because...
