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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According to the International Aluminium Institute data, world primary aluminium production in July 2022 rose by 176,000 tonnes or 3.10 per cent month-on-month. From 5.672 million tonnes in June 2022, the world output escalated to 5.848 million tonnes in July. The average daily output in June 2022 was 189,100 tonnes, while the average daily production in July 2022 came in at 188,600 tonnes. The total production volume of primary aluminium in July 2021 was 5.730 million tonnes worldwide; thus, if considered on a year-on-year scale, the output grew by 118,000 tonnes or 2.06 per cent in July 2022. The Q4 2021 saw a total aluminium production rate of 16.637 million tonnes, which declined by 71,000 tonnes in Q1 2022. Here we see a quarter-on-quarter sluggish trend at the beginning of 2022,...
Despite several meetings with Industri Energi and Norsk Industri, the collective agreement between the two companies to secure a new labour deal failed, due to which some employees at Alcoa's Mosjøen aluminium smelter in Norway went on strike on Monday, August 22. However, Alcoa's Lista plant in Norway is not currently part of the ongoing strike. In a more considerable labour dispute that affects other areas of Norway's industrial sector, Alcoa said that 17 of the 550 employees at the Mosjøen smelter failed to report to work on Monday. If the strike continues on Wednesday, the number will rise to 35 members. A reduction agreement that applies to Alcoa's factory specifies what will happen if a strike gets out of control, including delivery halts, temporary output cutbacks at the smelter,...
Information & eGovernment Authority reported that in July 2022, Bahrain's exports of goods and services of domestic production surged by 29 per cent to BD421 million ($1.17 billion) from BD327 million recorded same month a year ago. Unwrought aluminium alloy, worth BD162 million, was the most exported commodity in July 2022, followed by unalloyed aluminium wire, worth BD18 million, and agglomerated iron ores and concentrates, worth BD89 million. In July 2022, the value of imports climbed by 12 per cent to BD468 million from BD418 million in the same month the year before. 68 per cent of the value of imports came from the top 10 nations, while 32 per cent came from the other nations. Brazilian imports to Bahrain were BD71 million; China came in second with BD67 million; and the UAE...
Emirates Global Aluminium (EGA), the biggest premium aluminium producer in the world, has announced its best-ever half-year results, driven by strong operational performance across the value chain resulting in robust earnings. EGA has reported a net profit of AED 5.9 billion for H1 2022, which exceeds the net profit of AED 5.5 billion in the entire year of 2021 and stands 247 per cent higher than AED 1.7 billion in H1 2021. Adjusted EBITDA was a record at AED 7.6 billion in the first half of 2022, compared to AED 3.5 billion during the same period last year. Revenue totalled AED 18.3 billion, up by 69.44 per cent from AED 10.8 billion a year ago. This record-breaking fiscal result could be attributed to increased sales, shipments, and production across the value chain. EGA has mentioned...
After the two consecutive cuts, Vedanta’s aluminium ingot and products prices have seen a slight rise on Tuesday, August 23. The company has increased its aluminium ingot price by INR 1,250 per tonne to INR 220,250-249,750 per tonne, following a reduction of INR 2,500 per tonne on August 20 to INR 219,000-248,500 per tonne. Vedanta’s aluminium billet price has also seen a rise of INR 1,250 per tonne, resulting in INR 229,250 per tonne as of August 23. On Saturday, August 20, the price was cut by INR 2,500 per tonne from INR 230,500 per tonne to INR 228,000 per tonne. Vedanta’s aluminium wire rod price has come in at INR 227,750-235,250 per tonne on August 23 versus INR 226,500-234,000 per tonne on August 20. This reflects no exception but also an increase of INR 1,250 per tonne. Vedanta...
LME aluminium opened at US$2,405 per tonne on Monday and closed at US$2,388.5 per tonne, down US$5 per tonne or 0.21 per cent. On Monday, August 22, both LME aluminium cash bid price and LME aluminium official settlement price went up by US$11.5 per tonne or 0.48 per cent to settle at US$2,387 per tonne and US$2,387.50 per tonne. 3-month bid price and 3-month offer price for the same day stood at US$2,380 per tonne and US$2,380.50 per tonne, after experiencing a similar growth of US$7 per tonne or 0.29 per cent. December 23 bid price and December 23 offer price also went up by US$8 per tonne or 0.33 per cent to rest at US$2,425 per tonne and US$2,430 per tonne. LME aluminium opening stock was recorded at 273325 tonnes. Live warrants and Cancelled warrants came in at 172375 tonnes and...
Social inventories of primary aluminium in China have witnessed a slight rise of 3,000 tonnes over the weekend across eight major consumption areas, including SHFE warrants. Shanghai Metals Market data shows the inventories have totalled 683,000 tonnes as of August 22, compared to 680,000 tonnes on Thursday, August 18. Last week, on Thursday, primary aluminium inventories slipped sharply by 13,000 tonnes week-on-week and 18,000 tonnes from Monday, August 15, to clock at 680,000 tonnes. Cargo outflows from warehouses increased by 7,300 tonnes week-on-week, but inventories were offset by the arrivals of stocks in Wuxi and Hangzhou. Change in inventories in each Chinese province is further detailed in the chart below: Primary aluminium inventories in Wuxi and Hangzhou have accumulated 2,000...
According to a report on Monday, August 22, strike at Hydro Sunndal aluminium plant has come into effect today, which will result in the implementation of production cut agreement. Also, as a result of the strike, around 30 members of Industri Energi will not report to work at the aluminium plant. The strike is expected to cause a supply disruption, as 20 per cent of the production will initially be reduced within the next four weeks. A pause in the shipment of products from Hydro Sunndal to customers during the strike will also be an added factor for the supply irregularities. If the strike continues for more than four weeks, then another 10 per cent of production will be cut each week until one section of production line remains. More Industri Energi members will go on strike gradually,...
LME aluminium opened at US$2,404 per tonne last Friday, with its high and low at US$2,411 per tonne and US$2,375 per tonne respectively before closing at US$2,393.5 per tonne, a drop of US$11.5 per tonne or 0.48 per cent. LME aluminium cash bid price stopped at US$2,375.50 per tonne, with a 1.43 per cent or US$34.50 per tonne decline to close the week on Friday, August 19, while LME aluminium official settlement price rested at US$2,376 per tonne, experiencing a drop of US$36 per tonne or 1.49 per cent. 3-month bid price fell by 1.66 per cent or US$40 per tonne to stand at US$2,373 per tonne, while the 3-month offer price stooped to US$2,373.50 per tonne with a 1.68 per cent or US$40.50 per tonne downfall. December 23 bid price and December 23 offer price decreased by US$41 per tonne or...
The global primary aluminium segment witnessed some important events this week. To begin with, by the end of September 2022, Slovalco Aluminium will shut down its primary aluminium manufacturing line. The Adani Group, backed by Indian billionaire Gautam Adani, revealed a $5 billion investment plan last week to develop an alumina refinery there. However, the international corporation with headquarters in Ahmedabad intends to build more than merely a sizable alumina refinery. The Sichuan province in China had been affected the worst due to severe power outrage brought on by the ongoing heatwaves. As a result of this, Chinese factories are lowering their operations to help cope with energy demands. On Monday, LME aluminium official settlement price opened the week with a decline of US$79 to...
Sichuan province in China is facing severe power shortages brought on by the ongoing heat waves. As a result, 19 cities in Sichuan province (except Panzhihua and Liangshan) had their power cuts from August 15 and are expected to continue till August 20 to ensure that residents have a sufficient power supply. The province has already reduced its aluminium capacity by 395,000 tonnes and is expected to rise more in the coming days. According to the SMM survey, most of Sichuan's aluminium smelters have their own carbon facilities and only need to purchase 9,500 tonnes of prebaked anode monthly. SMM anticipates that this month's prebaked anode output will be affected little. However, many carbon plants are currently adopting a wait-and-see attitude and have decreased raw material purchases due...
In July 2022, China’s unwrought aluminium and aluminium products imports, including alloys, plunged by 38.3 per cent year-on-year to stand at 192,581 tonnes, showed the General Administration of Customs on Thursday, August 18. This shrink in imports could be attributed to the domestic production rise to a record high and overseas supply disruption. Increase in domestic aluminium suppliers this year is also an important factor for the fall in China’s imports. China, the world’s biggest aluminium producer and consumer, made a record output of 3.43 million tonnes as smelters did not have to face power restrictions as much as last year. This discouraged imports from overseas. On the other hand, energy crisis was at its peak outside China, which contained the production of aluminium, an...
Last week, Indian billionaire industrialist Gautam Adani-led Adani Group announced an investment proposal of around $5 billion to build an alumina refinery in the country. However, the Ahmedabad-based multinational conglomerate plans to construct more than just a giant alumina plant. Our report cites people familiar with the group who believe that Adani's current discussions with the Odisha government indicate the company is impassive about exploring aluminium production opportunities. The flagship company of Adani Group, Adani Enterprises, received approval from the Odisha state government to set up two projects, including a 4 million tonnes per annum (mtpa) integrated alumina refinery . Hemant Sharma, the Principal Secretary Industries Department, Odisha, said negotiations with the...
Sumitomo Corporation, one of the world’s largest trading companies, has anticipated Japanese aluminium premiums to range between US$125 and US$175 a tonne next year, compared to $148 a tonne in the September quarter, unless a disruption on the domestic supply side due to production cut or supply hindrance from Russia. "Japanese premiums will likely drop further next quarter amid concerns over a global recession," said Yasushi Miyachi, manager of Sumitomo's light metals trading team. Russia was the second-biggest supplier of primary aluminium to Japan in 2021, providing 237,777 tonnes of the metal, which accounted for 17 per cent of Japan’s total imports. Japan is Asia’s biggest aluminium importer, and the premiums it agrees to pay over the LME cash price each quarter set a benchmark for...
LME aluminium opened at US$2,404.5 per tonne on Thursday, with its high and low at US$2,440.5 per tonne and US$2,381 per tonne, respectively, before closing at US$2,405 per tonne, a drop of US$8.5 per tonne or 0.35 per cent. On Thursday, August 18, the LME aluminium cash bid price went down by US$3.5 per tonne or 0.14 per cent to close at US$2,410 per tonne. LME aluminium official settlement price slipped by US$2 per tonne or 0.08 per cent to rest at US$2,412 per tonne. 3-month bid price and 3-month offer price, on the other hand, inched up by US$1 per tonne or 0.04 per cent to come in at US$2,413 per tonne and US$2,414 per tonne. December 23 bid price and December 23 offer price crawled up by US$1 per tonne or 0.04 per cent to peg at US$2,458 per tonne and US$2,463 per tonne. LME...
The Hunter region in Australia is one of New South Wales' most popular destinations, where the aluminium smelting industry is under scrutiny as part of a Government's effort to cut greenhouse gases. The nation's largest Tomago Aluminium Smelter consumes around 11 per cent of the total energy production of NSW. However, the uppermost 200 in the country roots in about 28 per cent of Australia's greenhouse gas emissions. Chris Bowen, the Energy Minister, will commence discussions with all industrial polluters to bolster a "safeguard mechanism" policy, by which businesses would decarbonize or purchase carbon credits to offset their emissions. Based on feedback from those businesses, the Federal Government will design the mechanism. The Australian multinational mining and metal giant BHP,...
National Aluminium Company Limited (NALCO) has further reduced its aluminium ingot price since the last trim more than two weeks ago. On Thursday, August 18, the company's aluminium ingot price witnessed a cut of INR 4,700 per tonne to INR 221,950- 225,450 per tonne versus INR 226,650-230,150 per tonne on August 1. NALCO’s aluminium wire rod price has also suffered a loss of INR 4,700 per tonne on Thursday, August 18. Thus, the price has come in at INR 225,450- 229,800 per tonne against INR 230,150-234,500 per tonne on August 1. NALCO’s aluminium billets price is currently hovering around INR 226,400- 229,050 per tonne versus INR 231,100-233,750 per tonne on August 1. NALCO has continued to cut its aluminium ingot and aluminium products prices in response to the downward trend in...
After a surprise evaluation of the New Zealand power market, the Electricity Authority has decided to restrict power companies from signing large power deals with customers unless certain conditions are met. This is applicable to energy supply contracts of more than 150 megawatts, meaning power companies would not be allowed to strike a new power supply deal with the Tiwai Point aluminium smelter, without prior approval. Authority spokesman Sean Martin explains the Tiwai smelter’s power contract is the only one above 150MW and, therefore, requires the authority’s approval for renewal. The authority’s market policy manager Andrew Doube has explained that this measure has been taken in response to the average household paying above $200 more than they should pay for electricity each year...
