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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On Monday, August 1, Century Aluminum Company reported joining Gerald "Jerry" Bialek as its new Executive Vice President and Chief Financial Officer. Before joining Century Aluminum, he worked with Cooper Tire & Rubber Company as Chief Financial Officer, Vice President and Treasurer. Mr Bialek worked for 25 years in increasingly senior roles with Ford Motor Company, Amcor Rigid Plastics, and Johnson Controls before joining Cooper Tire in 2014. Here at Century Aluminum, Mr Bialek will start working on August 22, 2022, and will directly report to Jesse E. Gary, the company's Chief Executive Officer (CEO). Apart from this, Mr Bialek holds an M.B.A. degree from Oakland University and is a graduate of the University of Michigan. “Throughout his career, Jerry has demonstrated proficiency in...
LME aluminium opened at US$2,481.5 per tonne on Monday and closed at US$2,450 per tonne, a drop of US$32.5 per tonne or 1.31 per cent. LME aluminium cash bid price stopped at US$2,469 per tonne, with a 0.77 per cent or US$19 per tonne escalation to begin the week on August 1, while LME aluminium official settlement price rested at US$2,469.50 per tonne, experiencing a price hike of 0.71 per cent or US$17.50 per tonne. 3-month bid price and 3-month offer price grew by 0.41 per cent or US$10 per tonne to stand at US$2,447.50 per tonne and US$2,488 per tonne. December 23 bid price and December 23 offer price climbed up the graph by US$9 per tonne or 0.36 per cent to rest at US$2,487 per tonne and US$2,492 per tonne, respectively. LME aluminium opening stock continued to decrease by 1 per...
As per the latest reports, on July 29, line 2 at Hydro's partially-owned aluminium facility in Brazil, Albras, was resumed fully. The production line was closed on February 19, 2022, due to an internal power distribution failure. A full closure of line 2 caused by the power outage resulted in a 25 per cent reduction in Albras' primary aluminium production. Albras has fully resumed production at the potline and is currently operating at its maximum annual capacity of 460,000 tonnes. The power distribution breakdown had affected only one potline at Albras, which caused it to shut down. Due to the outrage, the affected potline generated 110,000 tonnes of liquid aluminium yearly. Nippon Amazon Aluminium Co. Ltd. owns the remaining 49 per cent of Albras, with Norsk Hydro owning 51 per cent of...
Russia is reportedly willing to build connectivity, capital markets, and financial infrastructure with India, similar to the model built over decades with Europe. According to Russian aluminium tycoon Oleg Deripaska, this relation will benefit both the countries, accentuating bilateral trade to $120-150 billion over the next decade. Over the several decades, Russia has been having trade relations with Europe, achieving annual bilateral trade from 750 billion to 1 trillion, said the founder of aluminium giant Rusal. Prior to this economic cooperation, Russia and Europe were involved in a 12-year integration process, wherein the countries built common transport, financial and debt infrastructure, and harmonised trade procedures. Deripaska further said in a statement that the two countries...
LME aluminium opened at US$2,462 per tonne last Friday and closed at US$2,482.5 per tonne, an increase of US$17.5 per tonne or 0.71 per cent. After witnessing a hike the previous day, both LME aluminium cash bid price and LME aluminium official settlement price slumped by US$7 per tonne or 0.28 per cent and US$6 per tonne or 0.24 per cent on Friday, July 29. The price for the former closed at US$2,450 per tonne, while the latter stood at US$2,452 per tonne. 3-month bid price and 3-month offer price also declined by US$8 per tonne or 0.32 per cent to peg at US$2,437.50 per tonne and US$2,438 per tonne. December 23 bid price and December 23 offer price slipped by US$7 per tonne or 0.28 per cent to rest at US$2,478 per tonne and US$2,483 per tonne. LME aluminium opening stock halted at...
Some of the important events spotted under the global primary aluminium segment are the news of the Tiwai Point aluminium smelter in talks with power companies to continue operations beyond 2024. The Tiwai Point aluminium smelter, which Rio Tinto and the Sumitomo Group control through the joint venture New Zealand Aluminium Smelters Limited (NZAS), has reportedly started talking with electricity providers. Next in line is the news of Scottish government officials being criticised for their lack of openness when it was claimed that metal tycoon Sanjeev Gupta, who is being investigated for fraud, contributed only $5 to the $330 million purchase of a smelting facility in the Highlands. Under the market segment, LME aluminium's official price opened the week with a decline of US$28.5 per...
The People’s Republic of China has some reports that display that the country’s aluminium output is estimated to continue at a high level. However, the price of this non-ferrous metal is heavily being downsized around the area. According to Antaike, a metals research organization under the state, China’s aluminium producers will close the Q3 with a production rate of 10.42 million tonnes, outdoing the previous quarter’s total production ratio of 10.11 million tonnes. Data suggests that the fourth quarter might have a production rate of 10.54 million tonnes. On the other hand, aluminium spot prices at the Shanghai Futures Exchange continue to sledge down the graph. August aluminium contracts are speculated at US$2,558 per tonne towards halfway through the month, with prices being the...
On Monday, July 25, LME aluminium cash bid price and LME aluminium official settlement price started the week with a downfall of US$28 per tonne and US$28.5 per tonne, respectively, to stand at US$2,431 per tonne and US$2,431.50 per tonne. On Tuesday, the prices increased by US$4 per tonne and US$5.50 per tonne to come in at US$2,435 per tonne and US$2,437 per tonne, which, however, nosedived the next day by US$45 per tonne and US$46.50 per tonne to US$2,390 per tonne and US$2,390.50 per tonne, respectively. On Thursday, the prices stopped at US$2,457 per tonne and US$2,458 per tonne, up by US$67 per tonne and US$67.50 per tonne. On Friday, July 29, both LME aluminium cash bid price and LME aluminium official settlement price again dropped on an alternate day by US$7 per tonne and US$6...
The Central European nation, Slovakia's sole aluminium producer, Slovalco, which Hydro majorly owns, will be laying-off its maximum number of employees due to higher fuel and emissions constraints and lower aluminium prices. As a result, the company's stakeholders are considering shutting down its aluminium smelter completely. As per our regional report, around 300 employees of the company out of 450 will be unemployed. The Žiar nad Hronom-based aluminium company said, "the final number of laid-off employees remains uncertain. A further 2,500 jobs in the region that are tied to aluminium manufacturing are now at risk." The layoff and production curb information has already been floated inside the aluminium producer's site. Even though Milan Vesel, Slovalco's CEO, has warned about the...
According to the Shanghai Metals Market, primary aluminium inventories in China witnessed an augmentation of 3,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, July 28, the inventories totalled 671,000 tonnes, which in comparison with the month’s third Monday, July 18, shrunk by 11,000 tonnes. As of now, the inventories in June dropped by 88,000 tonnes as recorded in the same period last year. China’s weekly ingot inventory was holding a balanced outlook, with varied dynamics in different areas. The ingot inventory in Gongyi decreased due to delayed arrivals from Xinjiang but is estimated to rise since all the cargos are already in logistics. The inventory saw a minor rise as some local houses were supplying the requirement....
Vedanta Limited has lifted its aluminium ingot and aluminium products prices, with effect from Friday, July 29, following a cut on the previous day, July 28. On Friday, Vedanta’s aluminium ingot price has come in at INR 226,000-257,500 per tonne, up by INR 5,250 per tonne or 2.38 per cent from the previous day. On July 28, the price stood at 220,750-252,250 per tonne, reflecting a slash of INR 3,250 per tonne. Vedanta’s aluminium wire rod price has also been raised by INR 5,250 per tonne on July 29 from INR 228,250-235,750 per tonne to INR 233,500- 241,000 per tonne. Similar to the ingot price, Vedanta’s aluminium wire rod price on July 28 saw a cut of INR 3,250 per tonne. The company is currently selling its aluminium billets at INR 235,000 per tonne, with effect from July 29, compared...
LME aluminium opened at US$2,430 per tonne on Thursday and closed at US$2,465 per tonne, an increase of US$39 per tonne or 1.61 per cent. LME aluminium cash bid price stopped at US$2,457 per tonne, with a 2.8 per cent or US$67 per tonne escalation on Thursday, July 28, while LME aluminium official settlement price rested at US$2,458 per tonne, experiencing a price hike of 2.82 per cent or US$67.50 per tonne. 3-month bid price grew by 2.51 per cent or US$60 per tonne to stand at US$2,445.50 per tonne, while the 3-month offer price witnessed a US$59.50 per tonne or 2.49 per cent boost to US$2,446 per tonne. December 23 bid price and December 23 offer price climbed up the graph by US$58 per tonne or 2.4 per cent to rest at US$2,485 per tonne and US$2,490 per tonne, respectively. LME...
According to the latest data found by the US Geological Survey, the United States produced 82,000 tonnes of primary aluminium in April 2022, which was down by 2,000 tonnes from the output in March. But on a year-on-year basis, the output recorded a surge of 10,000 tonnes or 13.9 per cent from 72,000 tonnes. The daily average production in April came in at 2,740 tonnes, almost unchanged from 2,730 tonnes in March but up by 13.69 per cent from 2,410 tonnes a year ago. Total aluminium recovered from scrap in April 2022 was 288,000 tonnes versus 290,000 tonnes in March 2022 and 263,000 tonnes in April 2021. That displayed a month-on-month increase of 2,000 tonnes and a year-on-year rise of 25,000 tonnes, according to USGS data. Of the total aluminium recovered from scrap, 155,000 tonnes of...
According to a report on July 28, The Tiwai Point aluminium smelter, owned by Rio Tinto and the Sumitomo Group via joint venture New Zealand Aluminium Smelters Limited (NZAS), has begun corresponding with power companies to be able to continue operations beyond 2024. "There is lots of work to do, but we believe there is a positive pathway to securing a long-term presence for the smelter," NZAS chief executive Chris Blenkiron said. He also said that assurance of job retention was important for the staff and the people of Southland. Meridian, the New Zealand’s largest renewable energy generator, said in a statement that it would consider entering into a contract for power supply to the Tiwai smelter. Previously, Meridian’s chief executive Neal Barclay said it would not further provide power...
LME aluminium opened at US$2,423.5 per tonne on Wednesday and closed at US$2,426 per tonne, an increase of US$4 per tonne or 0.17 per cent. On Wednesday, July 27, LME aluminium cash bid price declined by US$45 per tonne or 1.84 per cent to settle at US$2,390 per tonne. On the same day, LME aluminium official settlement price also plunged by US$46.5 per tonne or 1.90 per cent to rest at US$2,390.50 per tonne. As per the LME data, 3-month bid price dropped by US$39.5 per tonne or 1.62 per cent to stand at US$2,385.50 per tonne. 3-month offer price plunged by US$40.5 per tonne or 1.66 per cent to halt at US$2,386.50 per tonne. Both December 23 bid price and December 23 offer price slumped by US$40 per tonne to peg at US$2,427 per tonne and US$2,432 per tonne. LME aluminium opening stock was...
LME aluminium opened at US$2,406.5 per tonne on Tuesday and closed at US$2,422 per tonne, an increase of US$14 per tonne or 0.58 per cent. LME aluminium cash bid price stopped at US$2,435 per tonne, with a 0.16 per cent or US$4 per tonne escalation on Tuesday, July 26, while LME aluminium official settlement price rested at US$2,437 per tonne, experiencing a price hike of 0.23 per cent or US$5.50 per tonne. The 3 month bid price dropped by US$6 per tonne or 0.25 per cent to USD2,425 per tonne, while the offer price shed US$5 per tonne or 0.2 per cent to USD2,427 per tonne. December 23 bid price and December 23 offer price plummeted by US$3 per tonne or 0.12 per cent to rest at US$2,467 per tonne and US$2,472 per tonne, respectively. LME aluminium opening stock continued to shrink by 1.27...
Hindalco Industries Limited has trimmed its aluminium ingot and aluminium products prices, with effect from July 26, after raising the prices on the previous day, July 23. Hindalco has cut INR 2,500 per tonne from INR 228,750 per tonne to sell the aluminium ingot price at INR 226,250 per tonne from July 26. Hindalco’s aluminium wire rod price has also witnessed a downfall of INR 2,500 per tonne on July 26 from INR 239,850 to INR 237,350 per tonne. Aluminium billet price has come in at INR 240,350 per tonne versus INR 242,850 per tonne as of July 23. Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which shrank by US$28.50 per tonne on Monday, July 25, to stand at US$2,431.50 per tonne....
According to the Shanghai Metals Market, social inventories of primary aluminium gained 3,000 tonnes over the weekend across eight major consumption areas, including SHFE warrants. After several consecutive weeks of fall, primary aluminium inventories built-up to stand at 671,000 tonnes, but 111,000 tonnes lower than in the same period last year and 11,000 tonnes down week-on-week. Inventories increased on Monday as trades in the spot market declined slightly after aluminium prices rebounded last week. The weekly shipments out of warehouses in Foshan, Wuxi, and Gongyi were in a downtrend. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, primary aluminium inventories accumulated by 5,000 tonnes over the weekend to come in...
