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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Hindalco Industries Limited continued to trim its aluminium ingot and aluminium products prices in line with the downtrend price on the London Metal Exchange. With effect from June 14, Hindalco slashed its aluminium ingot price by INR 8,000 per tonne or 3.3 per cent to INR 234,750 per tonne. On June 11, the company’s aluminium ingot price stood at INR 242,750 per tonne, seeing a cut of INR 5,500 per tonne or 2.22 per cent. Hindalco Industries also reduced its aluminium wire rod price by INR 8,000 per tonne from INR 253,850 per tonne on June 11 to INR 245,850 per tonne on June 14. Aluminium billets price was no exception but experienced a cut by the same amount to INR 248,850 per tonne. With effect from June 11, the price came in at INR 256,850 per tonne, down by 2 per cent from the...
LME aluminium opened at US$2,637 per tonne on Tuesday and closed at US$2,558 per tonne, down US$79 per tonne or 3 per cent. LME aluminium cash bid price collapsed to US$2,587 per tonne with a 0.08 per cent or US$2 per tonne decline, according to London Metal Exchange. The LME aluminium official settlement price halted at US$2,588 per tonne, experiencing a downfall of 0.06 per cent or US$1.50 per tonne, on June 14. The 3-month bid price and the 3-month offer price escalated by 0.19 per cent or US$5 per tonne to US$2,610 per tonne and US$2,611 per tonne, respectively. December 23 bid price stood at US$2,588 per tonne, rising 0.5 per cent or US$13 per tonne. The December 23 offer price closed at US$2,593 per tonne, going up by US$13 per tonne or 0.5 per cent. LME aluminium opening stock...
The international energy, real estate and transport law firm, Watson Farley & Williams (“WFW”) has advocated Greenalia on the negotiation and execution of a long-term power purchase agreement (“PPA”) to supply up to 183 MW of baseload wind energy to Alcoa’s San Ciprián aluminium smelter in Spain. The A Coruña, Spain headquartered independent renewable energy producer, Greenalia is operating across Europe, especially the Iberian Peninsula, the Canary Islands, and the United States. In all areas where it operates, the company uses wind, solar, and biomass energy from certified plants to make electricity, creating green jobs and bringing innovation. The electricity will come from a group of up to 29 wind farms Greenalia plans to install in the northern region of Galicia, with a focus on...
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On Wednesday, June 15, the A00 aluminium ingot price in China halted at RMB 20,070 per tonne, after witnessing a hike of RMB 150 per tonne. As per the SMM data, the average price is expected to stand between RMB 20,050 per tonne and RMB 20,090 per tonne, with spot contract to be traded at a premium price of RMB 70 per tonne to RMB 110 per tonne. The primary aluminium ingot price in Hangzhou and Chongqing has hiked by RMB 170 per tonne to settle at RMB 20,150 per tonne and RMB 20,120 per tonne. On the same day, the price in Gongyi and Foshan has surged by RMB 210 per tonne and RMB 200 per tonne to stop at RMB 20,260 per tonne and RMB 20,060 per tonne. The price in Wuxi and Shenyang has ascended by RMB 160 per tonne and RMB 120 per tonne to halt at RMB 20,090 per tonne. As per the SMM data,...
Vedanta Limited has more significantly reduced its aluminium ingot and aluminium products selling prices, with effect from June 14, in response to the LME aluminium price plunge for the third consecutive day. Vedanta has notified a cut of INR 8,000 per tonne or 3 per cent on its aluminium ingot to sell it at INR 234,500- 267500 per tonne versus INR 242,500 -275,500 per tonne on June 11. Vedanta’s aluminium wire rod price has also suffered a loss of INR 8,000 per tonne, ranging between INR 242,000- 249,500 per tonne, with effect from June 14. On June 11, the company’s aluminium wire rod price stood at INR 250,000-257500 per tonne after being reduced by INR 5,500 per tonne. Aluminium billets price has come in at INR 243,500 per tonne, also down by INR 8,000 per tonne from INR 251,500 per...
China’s social inventories of primary aluminium decreased over the weekend by 28,000 tonnes across eight major consumption areas, including SHFE warrants, to come in at 825,000 tonnes on Monday, June 13, found the Shanghai Metals Market. On a week-on-week calculation, the inventories recorded a plunge of 49,000 tonnes or 5.61 per cent, showed SMM. This fall indicates the fact that the actual transaction situation is not as strong as the destocking trend. The chart below indicates the current status of primary aluminium inventories across China in more details: In Nanhai and Wuxi, primary aluminium inventories plummeted by 16,000 tonnes and 15,000 tonnes over the weekend to stand at 203,000 tonnes and 333,000 tonnes, respectively. Over the week, the inventories in those two provinces...
LME aluminium opened at US$2,674 per tonne on Monday and closed at US$2,637 per tonne, down US$45.5 per tonne or 1.7 per cent. On Monday, June 13, both LME aluminium cash bid price and LME aluminium official settlement price dropped majorly by US$105.5 per tonne or 3.91 per cent, due to the sluggish economic development resulting in reduced market demand for the metal. The price for the same closed at US$2589 per tonne and US$2589.50 per tonne. 3-month bid price and 3-month offer price plunged by US$104.5 per tonne or 3.85 per cent and US$104 per tonne or 3.83 per cent to halt at US$2,605 per tonne and US$2,606 per tonne. December 23 bid price and December 23 offer price declined by US$83 per tonne to come in at US$2,575 per tonne and US$2,580 per tonne. LME aluminium opening stock...
Ghana, popularly known for abundant bauxite reserves, is now reportedly aiming at creating an integrated aluminium industry in the country, said Ghana Lands and Natural Resources minister Samuel Jinapor on Monday, June 13. With that aim, Ghana is running campaigns and trying its best to find a strategic partner which would help upgrade a state-owned Volta Aluminium Company’s (VALCO) aluminium smelter, said Jinapore on the same day at the Africa CEO Forum conference in Abidjan. "Today we are insisting ... that exploration, prospecting, mining, refining, smelting, the downstream industry, all of it must be in Ghana," Jinapor said. Ghana’s move to turn the country into an integrated aluminium producer and expand domestic processing capabilities looks like Africa’s another top bauxite...
Hindalco Industries Limited narrowed down its aluminium ingot and aluminium products prices, with effect from Saturday, June 11, following a hike on June 9. Hindalco’s aluminium ingot price came in at INR 242,750 per tonne, seeing a cut of INR 5,500 per or 2.22 per cent from INR 248,250 per tonne. Hindalco’s aluminium wire rod price also experienced a slash of INR 5,500 per tonne from INR 259,350 per tonne on June 9 to INR 253,850 per tonne on June 11. Hindalco’s aluminium billets price was no exception but also underwent a cut by the same amount to stand at INR 256,850 per tonne. Hindalco reduced its aluminium ingot and aluminium products prices on Saturday in response to the back-to-back downfall in the LME aluminium benchmark price on June 9 and 10 by US$70.50 per tonne to hit...
The subsidiary of Vedanta Aluminium Business and India’s iconic aluminium producer, Bharat Aluminium Company Limited (BALCO) is using biomass briquettes as a fuel mix, to improve the sustainability of thermal power generation. The Korba-Chhattisgarh-based aluminium producer is utilizing 40-50 tonnes of biomass briquettes per day and further plans to augment the quantum of biomass consumption to scale down its dependency on fossil fuel. As a result of this initiative, BALCO's GHG emissions are expected to be diminished by 4.3 lakh tonnes of CO2 equivalent each year, showing a clear path towards Vedanta Aluminium's net-zero carbon target by 2050. Additionally, since these biomass briquettes are made from agricultural waste, under guidelines issued by the Ministry of Power, Government of...
LME aluminium opened at US$2,760 per tonne last Friday and closed at US$2,682.5 per tonne, a drop of US$77.5 per tonne or 2.81 per cent. LME aluminium price has decreased exponentially due to weak economic growth diminishing the metals’ demand in the market. Moreover, the second round of Covid-19 lockdowns in China has been instrumental in the interest rate hike. LME aluminium cash bid price and LME aluminium official settlement price plunged to the lowest in six months on Friday, June 10, by US$57.50 per tonne or 2.09 per cent to stand at US$2,694.50 per tonne and US$2,695 per tonne, respectively. The 3-month bid price fell 2.71 per cent or US$ 75.50 to close at US$ 2,709.50 per tonne, followed by the 3-month offer price losing US$76 per tonne or 2.73 per cent to settle at US$2,710 per...
On Monday, June 13, A00 aluminium ingot price in China halted at RMB 20,100 per tonne, falling sharply by RMB 400 per tonne, as shown in the SMM data. The average price is expected to hover between RMB 20,080 per tonne and RMB 20,120 per tonne, with spot contract to be traded at a discount price of RMB -50 per tonne and RMB -10 per tonne. As per the SMM data, the price in Foshan and Hangzhou has plummeted by RMB 400 per tonne to settle at RMB 20,010 per tonne and RMB 20,150 per tonne, respectively. In Gongyi and Wuxi, the price has plunged by RMB 370 per tonne and RMB 390 per tonne to record at RMB 20,180 per tonne and RMB 20,100 per tonne. The A00 aluminium ingot price in Shenyang and Tianjin has slumped by RMB 400 per tonne and RMB 420 per tonne to stop at RMB 20,100 per tonne and RMB...
The global aluminium primary aluminium segment witnessed a lot of significant changes. To begin with, the news that garnered the most attention this week was the appointment of Satish Pai as the new board chairman of the International Aluminium Institute. Satish Pai is the Managing Director of Hindalco Industries, one of the world’s largest integrated aluminium producers. Also on the occasion of World Environment Day, Vedanta Aluminium’s CEO Rahul Sharma stated that the company's climate measures resulted in a 12% reduction in carbon emissions intensity at several of its smelters in FY2022. Under the market forefront, China produced 3.435 million tonnes of aluminium in May (31 days), up 4.15 per cent over the previous month's 3.298 million tonnes (30 days), says the data from SMM. On...
Vedanta Limited has reduced its aluminium ingot and aluminium products prices by INR 5,500 per tonne or 2 per cent, with effect from Saturday, June 11, following a hike on June 9. That has brought the company’s aluminium ingot price to INR 242,500-275,500 per tonne versus INR 248,000-281,000 per tonne on Thursday, June 9. Vedanta aluminium ingot price on June 9 had seen a rise of INR 4,250 from the previous day. With effect from June 11, Vedanta’s aluminium wire rod price has come in at INR 250,000-257500 per tonne after being slashed by INR 5,500 per tonne. On June 9, the price stood at INR 255,500-263,000 per tonne, up by INR 4,250 per tonne from 251,250-258750 on June 8. Aluminium billets selling price is currently standing at INR 251,500 per tonne, also down by INR 5,500 per tonne...
LME aluminium cash bid price and LME aluminium official settlement price resumed the week on Monday, June 6, with a sharp rise of US$40 per tonne and US$40.50 per tonne to come in at US$2,741 per tonne and US$2,742 per tonne, respectively. On Tuesday, June 7, the prices decreased by US$27 per tonne or 0.98 per cent to close at US$2,714 per tonne and US$2,715 per tonne, but rebounded the next day to US$2,765 per tonne and US$2,765.50 per tonne. On Thursday, June 9, LME aluminium cash bid price and LME aluminium official settlement price again decreased to halt at US$2,752 per tonne and US$2,752.50 per tonne, and further slipped on Friday, June 10, to close the week at US$2,694.50 per tonne and US$2,695 per tonne. 3-month bid price and 3-month offer price also started the week with a hike...
According to the Shanghai Metals Market, China produced 3.435 million tonnes of aluminium in May (31 days), which registered an increase of 4.15 per cent from 3.298 million tonnes in April (30 days). On a year-on-year basis, the output in May grew 3.6 per cent from 3.32 million tonnes. The daily average production of aluminium amounted to 110,800 tonnes in May’22, up by 800 tonnes month-on-month and 3,900 tonnes on the year. During January-May 2022, aluminium production in China totalled 16.199 million tonnes, a decrease of 0.39 per cent from 16.25 million tonnes during the same period last year. In May, China’s domestic aluminium saw both increase and decrease in supply and a slight hike in production capacity. Enterprises in Yunnan, Guangxi and Henan resumed operations and put new...
As recorded by the Shanghai Metals Market, China’s social inventories of primary aluminium witnessed a downfall on Friday, June 9, across eight primary consumption areas. According to the data provided by SMM, the aluminium ingot inventory fell sharply by 29,000 tonnes week-on-week compared with last Thursday. Yesterday, the primary ingot social inventories stood at 853,000 tonnes in total versus 882,000 tonnes on June 2. SMM also calculated that the inventories as of June 2 were 70,000 tonnes lower than the end of May. Enthusiastic consumption of the metal amid weaker arrivals of stocks led to the decline in inventories on June 9. The chart below refers the current status of primary aluminium inventories across China in more details: The aluminium ingot inventories plunged the highest in...
On Thursday, June 9, Hindalco Industries Limited’s aluminium ingot and aluminium products prices trended up by INR 4,250 per tonne or 1.74 per cent. That brought the company’s aluminium ingot price to INR 248,250 per tonne from INR 244,000 per tonne on June 8. As per the data revealed by the company, Hindalco’s aluminium ingot price underwent a slash of INR 2,000 per tonne or 0.81 per cent on June 8 from INR 246,000 per tonne on June 7. Hindalco also increased its aluminium wire rod price by INR 4,250 per tonne from INR 255,100 per tonne on June 8 to INR 259,350 per tonne on June 9. The price on June 8 was reduced by INR 2,000 per tonne from a day before. The price of aluminium billets expanded by INR 4,250 per tonne as well, with effect from June 9, to halt at INR 262,350 per tonne. The...
