LME aluminium prices advanced on October 30 , with cash and futures contracts recording gains. The Asian Reference Price edged lower, while exchange opening stocks and cancelled warrants declined. Alumina Platts prices posted a stronger increase. Both the cash bid and cash offer rose 1.40 per cent, to USD 3,113.50 and USD 3,114 per tonne, respectively, from USD 3,070.50 and USD 3,071 per tonne. Three-month aluminium prices also moved higher. The bid climbed 0.52 per cent to USD 3,078 per tonne from USD 3,062 per tonne. The offer price also advanced 0.52 per cent to USD 3,080 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 Forecast to 2036: Supply–Demand, Trade Flows & Price...
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...
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Mr. Anthony Tropeano, a distinguished expert in the aluminium industry, joins AlCircle as the North American Strategic Advisor. Currently, Mr. Tropeano serves as the President of TT Consulting Inc., a US-based firm that provides management consulting services in the metals, mining, and contracting sectors. Having worked in the ferrous and non-ferrous industries for 40 years, Mr. Tropeano retired from FATA S.p.A. (part of the Danieli Group) in February 2018. As Chief Executive Officer of FATA, he successfully led its two operating divisions, FATA Hunter (engineering and equipment supplier for aluminium flat rolled products) and FATA EPC (supplier of complete plants on an LSTK-EPC basis). Before joining FATA, Mr. Tropeano served as Executive V.P. and COO of Italimpianti of America, Inc. -...
LME aluminium opened at US$2,390 per tonne on Wednesday and closed at US$2,363 per tonne, down US$21 per tonne or 0.88 per cent. LME aluminium cash bid price stopped at US$2,368 per tonne, with a decline of 1.58 per cent or US$38 per tonne hike on Wednesday, August 31, while LME aluminium official settlement price rested at US$2,368.50 per tonne, experiencing a similar price dip. 3-month bid price witnessed a 2.02 per cent or US$48.50 per tonne drop to stand at US$2,356 per tonne and the 3-month offer price also had a fall of 2 per cent or US$48 per tonne, arriving at US$2,357 per tonne. December 23 bid price and December 23 offer price plunged by US$47 per tonne or 1.91 per cent to rest at US$2,405 per tonne and US$2,410 per tonne, respectively. LME aluminium opening stock continued to...
Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from Wednesday, August 31, in line with a startling fall of the LME aluminium benchmark price. As per the price update, Hindalco’s aluminium ingot has witnessed a sharp price cut of INR 8,000 per tonne or 3.45 per cent to INR 223,750 per tonne. Aluminium wire rod price has also experienced a cut of INR 8,000 per tonne to stand at INR 234,850 per tonne on August 31 versus INR 242,850 per tonne on August 27. Suffering the same amount of loss, aluminium billet price has come in at INR 237,850 per tonne with effect from August 31, compared to INR 245,850 per tonne on August 27. Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium...
LME aluminium opened at US$2,475 per tonne on Tuesday and closed at US$2,384 per tonne, down $106 per tonne or 4.26 per cent. On Tuesday, August 30, both LME aluminium cash bid price and LME aluminium official settlement price plummeted by US$87 per tonne or 3.48 per cent and US$88.5 per tonne or 3.54 per cent, to settle at US$2,406 per tonne and US$2,406.50 per tonne, after a long weekend. China, the largest user of primary aluminium raw materials worldwide, had already expressed concern about the likelihood of a global recession and economic stagnation and the prospect of reduced market size. As a result, the industry's purchasing power decreased significantly. On the same day, 3-month bid price and 3-month offer price dropped by US$80 per tonne or 3.21 per cent and US$80.5 per tonne or...
Alcoa has decided to decrease one-third production capacity of the Lista aluminium smelter in Norway because of the aggravating energy prices in Europe and also for the heightened operational costs of the particular site. The Lista smelter houses three potlines with an annual net yield of 94,000 tonnes and easing the capacity of one potline producing 31,000 tonnes would be achieved immediately within a time span of 14 days at the most. Alcoa claims that 65 per cent of its international smelting grounds are powered by long-term energy agreements with the London Metal Exchange aluminium pricing structure, 30 per cent of which is either fixed priced or self-generated rates. Others are exposed to short-term market outputs just like the Lista smelter, making operations quite difficult at the...
China customs data revealed last week that the country’s prebaked anode export volume rebounded to the 200,000 tonnes level in July 2022, attaining 206,500 tonnes. This is the second time this year that China’s prebaked anode export has exceeded 200,000 tonnes, driven by strong demand from overseas aluminium smelters. On a month-on-month basis, the export volume in the said month edged 57.32 per cent higher, while 24.93 per cent more than a year ago. In June, China’s prebaked anode export volume stood the lowest this year at 131,000 tonnes. Yet the export price per unit elevated to a record number of US$1,316.67 per tonne. During January-July 2022, China’s total prebaked anode export volume achieved 1.22 million tonnes, reflecting a 255,500 tonnes increase over the year. Malaysia topped...
Social inventories of aluminium ingot across eight major Chinese consumption areas, including SHFE warrants, grew by 3,000 tonnes over the weekend to stand at 682,000 tonnes as of Monday, August 29, found the Shanghai Metals Market. But week-on-week, the inventories stood 1,000 tonnes lower than 683,000 tonnes on August 22. On Thursday, August 25, China’s primary aluminium inventories also lost 1,000 tonnes over a week to clock at 679,000 tonnes. The increase in inventories on Monday was contributed by low buying interest due to domestic price rally last week. However, going ahead, accumulation of inventories is likely to slow down as the production cut in Sichuan has affected the supply of aluminium ingots. The chart below indicates the current status of primary aluminium inventories...
On August 29, an INR 2005.89 crore investment accord was inked by the Government of Odisha to set up ten industrial projects employing more than 3,545 people in the Indian state. The principal approvals were made for the metal industry following its downstream activities, along with citing proposals for the pharmaceutical, chemical, infrastructure, and tourism sectors. The State Level Single Window Clearance Authority (SLSWCA) committee, chaired by Chief Secretary S C Mohapatra, signed off on these investments to build a commercial ground in the state. During the electrolysis phase, carbon electrodes are used in the Hall–Héroult production process, and at present, it is the only procedure followed by aluminium smelting industries. The SLSWCA committee allotted an investment of INR 205.44...
The high possibility of global recession and economic stagnation has already alarmed countries like China, the world’s largest consumer of primary aluminium raw materials, flagging the risk of downsized markets. China, who has been battling with increased energy costs and heat wave, previously reported some aluminium and alumina capacity cut at Sichuan and Chongqing provinces. According to a report last week, the aluminium production cut in Sichuan became intense from 395,000 tonnes to 777,000 tonnes, with mere residual capacity at 230,000 tonnes out of total installed capacity at 1.07 million tonnes. Chongqing was no exception but experienced a production cut due to high temperature, despite smelters having more dependence on thermal power, whereby heat energy is converted to electrical...
On Monday, August 29, the benchmark aluminium price for SHFE slipped down the graph by US$53 per tonne or 1.93 per cent to stand at US$2,694 per tonne. The most-traded SHFE 2210 aluminium contract opened at RMB 18,675 per tonne last night and rose to RMB 18,755 per tonne before closing at RMB 18,680 per tonne, up RMB 5 per tonne or 0.03 per cent. The most-traded SHFE 2210 aluminium closed down 0.64 per cent or RMB 120 per tonne to RMB 18,675 per tonne, with open interest up 6,223 lots to 171,655 lots. The energy supply crunch in Sichuan is now gradually easing down owing to sufficient rainfall in China. Slowly the smelters are also travelling towards recovery; mainly, those in Guangyuan city are gaining their average speed. The domestic supply shortcomings were also being met. In the...
Beck Aluminum, a global pioneer in selling aluminium worldwide, joined Aluminium Stewardship Initiative (ASI) as a General Supporter member. Through its network of authorised suppliers, Beck Aluminum offers aluminium ingot and RSI products of the highest calibre at cost-effective prices throughout North America, providing supply certainty that is unmatched in the industry. “Beck Aluminum joined ASI because its membership will enhance its corporate mission to support its global supply base, diverse market segments and long-term customer relationships in the best way possible. ASl’s performance standards further support Beck Aluminum’s market objectives to responsibly access new markets and forge stronger partnerships in the aluminium recycling industry,” said Geoffrey Beck, Manager at Beck...
Four GT13E2 gas turbines and four generators placed at Sohar Aluminium's facility in the Sultanate of Oman will get repairs, maintenance, and components for ten years thanks to a services agreement inked with GE Gas Power (NYSE: GE). For the duration of the deal, GE Digital will also supply its Asset Performance Management (APM) software. Sohar Aluminium's smelter is powered by the electricity generated from the four units, which have a 696 megawatts (MW) capacity. The GE solutions are anticipated to boost unit reliability, expand gas turbine availability, lower costs, and lower operational risks, eventually increasing smelting productivity. “Stable electricity supply is a key input for our manufacturing processes and essential for continuous operations at Sohar Aluminium. The GT13E2...
According to the International Aluminium Institute, primary aluminium production in North America during July 2022 continued to decline month-on-month by 6,000 tonnes or 1.92 per cent standing at 306,000 tonnes. The output in June plunged by 13,000 tonnes from 325,000 tonnes in May to 312,000 tonnes. On a year-on-year calculation, North America’s primary aluminium production in July’22 stood down significantly by 8.10 per cent from 333,000 tonnes. In the first seven months of the year (January-July), aluminium output in North America totalled 2.195 million tonnes, after being slipped by 5.10 per cent from 2.313 million tonnes during the same period last year. IAI data also showed a 4.81 per cent monthly drop in the daily average production of primary aluminium in North America from 10,400...
LME aluminium opened at US$2,430 per tonne last Friday and closed at US$2,490 per tonne, an increase of US$54.5 per tonne or 2.24 per cent. Rising energy prices are affecting the aluminium industry more than ever. As a result, aluminium smelter production costs are also on the rise, which in turn affects aluminium prices. As per the data, both LME aluminium cash bid price and LME aluminium official settlement price had augmented by US$51.5 per tonne or 2.10 per cent and US$52.5 per tonne or 2.14 per cent on Friday, August 26. The former closed at US$2,493 per tonne, while the latter settled at US$2,495 per tonne. 3-month bid price and 3-month offer price surged by US$58 per tonne to record at US$2,484.50 per tonne and US$2,485.50 per tonne. On the same day, December 23 bid price and...
This week the global primary aluminium segment witnessed a lot of essential changes. European aluminium smelters have once more increased their output cutbacks. According to Citi analysts, the 4.5 million tonnes of total aluminium production capacity in Europe have decreased by 1 million tonnes since 2021, and another 500,000 tonnes are in jeopardy. Next in line is the European aluminium rolling company Speira, planning to lower the output of its German aluminium smelter to 50 per cent of its maximum capacity by September. Not only this, Talum, a prominent Slovenian firm that specializes in alumina and aluminium products, has lowered its primary aluminium output by 20 per cent of its smelting capacity. However, on a positive note, on Wednesday, August 24, Norsk Hydro announced that the...
Hindalco Industries Limited has added on INR 2,000 per tonne to its aluminium ingot and aluminium products prices, with effect from Friday, August 26. This brings the company’s aluminium wire rod price to INR 238,350 per tonne, compared with INR 236,350 per tonne on August 25. Hindalco’s aluminium wire rod price on August 25 was deducted by INR 1,750 per tonne. Hindalco’s aluminium billets price has come in at INR 241,350 per tonne, with effect from August 26, versus INR 239,350 per tonne on August 25. Aluminium ingot price has amounted to INR 227,250 per tonne as against INR 225,250 per tonne on the previous day. Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which rose by US$53 per tonne...
The LME aluminium benchmark price has reflected an upswing movement through the week by US$107.50 per tonne, with only an intermittent downfall. Both LME aluminium cash bid price and LME aluminium official settlement price started the week with a rise of US$11.50 per tonne or 0.48 per cent to settle at US$2,387 per tonne and US$2,387.50 per tonne. The prices grew on Tuesday by 2.14 per tonne to US$2,438 per tonne and US$2,438.50 per tonne but decreased the next day by US$16.50 per tonne to rest at US$2,421.50 per tonne and US$2,422 per tonne, respectively. On Thursday, August 25, LME aluminium cash bid price and LME aluminium official settlement price experienced a rise of US$20.50 per tonne or 0.85 per cent to settle at US$2,441.50 per tonne and US$2,442.50 per tonne. On Friday, August...
According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a decrease of 1,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, August 25, the inventories totalled 679,000 tonnes, which in comparison with the month’s third Monday, August 15, shrunk by 19,000 tonnes. As of now, the inventories in August dropped by 75,000 tonnes as recorded in the same period last year, while adding 9,000 tonnes in comparison with July’s end. The inventory has witnessed stagnancy on a week-on-week basis showing only minor changes along the border of activity. Some of the sources were carried on to Sichuan and Chongqing, following rigid production cuts in these areas. The inventories in Wuxi and Shanghai refrained from...
