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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Social inventories of primary aluminium in China have decreased by 28,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants, found the Shanghai Metals Market. That brought the inventories to 937,000 tonnes on Thursday, May 26, which compared to Monday, May 23, were down by 5,000 tonnes. Weak arrivals of stocks against stable outflows led to the further decline in primary aluminium inventories. The chart below indicates the current status of primary aluminium inventories across China in more details: The decline in inventories this we led by Wuxi, wherein stocks have plunged by 26,000 tonnes week-on-week to come in at 415,000 tonnes, followed by the decrease of 8,000 tonnes in Gongyi to 77,000 tonnes. In Shanghai and Chongqing, primary aluminium inventories...
According to preliminary estimates released by the Aluminum Association, as part of its Aluminium Situation report, North American (U.S. and Canada) aluminium demand in the first quarter of 2022 (1Q2022) had increased by 5.3 percent. This comes after an expected 8.2 percent increase in demand through the end of 2021 (up from 7.7 percent before), and amid a period of strong investment by aluminium producers, fabricators, and recyclers in the United States. “The picture for the U.S. aluminum industry remains very strong. Economic recovery, demand for recyclable and sustainable materials and robust trade enforcement are all making America a very attractive place to make aluminum – as evidenced by the fastest pace of investment for the industry in decades,” said Charles Johnson, president &...
The money set aside by the owners of Tiwai Point aluminium smelter for the shutting and cleaning up of the smelter has nearly doubled to $687 million. The main reason for this price jump was to get rid of more than 200,000 tonnes of spent cell lining waste that contains cyanide and toxic fluoride by 2029. The hike in funding from $352 million to $687 million appears to be a positive gesture to the government and community organisations that had previously expressed their reservations about the government's commitment to a complete clean-up. The smelter's owners are discussing with Meridian Energy, the smelter's primary power supplier, about the price of energy the smelter will have to pay to stay open beyond 2024, a trend that has reduced their profit for the year. However, Pacific...
On 25 th May 2022, the leader in the global commodity sector, Trafigura Group Pte Ltd. adhered as a founding member of the First Movers Coalition, which is led by the World Economic Forum and the US government, the First Movers Coalition (FMC) aims the heavy industry and long-distance transport sectors responsible for 30% of global emissions – a proportion expected to inflate to over 50% by mid-century without urgent progress on clean technology innovation. However, the announcement of a vital expansion of the First Movers Coalition was compelled by John Kerry, the US Special Presidential Envoy for Climate alongside Bill Gates, the founder of Breakthrough Energy, at a press briefing hosted by the World Economic Forum at its Annual Meeting 2022. The US President Biden launched the...
On Wednesday, May 25, National Aluminium Company Limited (NALCO), the Navratna CPSE, announced its fiscal report for 2021-22, revealing robust performances and surpass of several milestones. The company said in a regulatory filing that it achieved the best ever annual production and sales during FY2022 and therefore earned highest revenue from operations and highest net profit of INR 14,181 crore and INR 2,952 crore, respectively. Soaring aluminium prices and uptick in global demand led to this multi-fold increase in turnover and consequent profit that soared by 227 per cent year-on-year. For the last quarter ended March 31, the company reported a consolidated profit of INR 1,025.46 crore, an increase of 9.5 per cent from INR 935.74 crore during the corresponding period of the previous...
LME aluminium opened at US$2,889.5 per tonne on Wednesday and closed at US$2,868 per tonne, down US$9 per tonne or 0.31 per cent. On Wednesday, May 25, both LME aluminium cash bid price and LME aluminium official settlement price dropped for the second day by US$51.5 per tonne or 1.78 per cent to settle at US$2,829 per tonne and US$2,829.50 per tonne. 3-month bid price and 3-month offer price declined by US$49.5 per tonne or 1.70 per cent and US$50 per tonne or 1.71 per cent to score at US$2,857.50 per tonne and US$2,858 per tonne. December 23 bid price and December 23 offer price also inched down by US$1 per tonne or 0.03 per cent to close at US$2,822 per tonne and US$2,827 per tonne. LME aluminium opening stock halted at 481650 tonnes. Live warrants and Cancelled warrants for the same...
On Wednesday, May 25, Emirates Global Aluminium (EGA) greeted aluminium industry leaders from all over the world in Dubai at the 50th-anniversary meeting of the International Aluminium Institute (IAI). The International Aluminium Institute brings together the global aluminium industry to promote industry’s activities and responsibilities towards the production of green aluminium and its sustainable usage. IAI has members from all verticals of the industry like bauxite, alumina, and aluminium. The activities of the association are monitored by a Board of Directors, with each member company represented at a senior executive level. After the meet and greet, IAI board members paid a visit to Dubai Electricity and Water Authority’s Mohammad bin Rashid Al Maktoum Solar Park to hear about the...
Hindalco Industries’ aluminium ingot and aluminium products prices further trended up by INR 2,750 per tonne or 1 per cent, with effect from Tuesday, May 25. That brought the company’s aluminium ingot price to INR 264,500 per tonne versus INR 261,750 per tonne on May 21. Hindalco’s aluminium wire rod price came in at INR 275,600 per tonne, seeing a rise from INR 272,850 per tonne on the previous day. Aluminium billets price stood at INR 278,600 per tonne, in contrast to INR 275,850 per tonne on May 21. Hindalco continued to grow its aluminium ingot and products prices in response to the LME aluminium benchmark price rally by US$32 per tonne from US$2,931 per tonne on May 22 to US$2,963 per tonne on May 23. Aluminium operations of the company, excluding those of its US arm Novelis Inc.,...
In the face of rising energy prices, Europe's major aluminium smelters are continuing to reduce output. Over the last year, the region's output of light metal has decreased by an annualised 550,000 tonnes, with the decline continuing. With European smelters already grappling with the rising electricity costs, the geopolitical crisis has further worsened the region's energy crisis, with forward electricity prices hitting new highs regularly. The cost of operating Europe's aluminium smelters is constantly growing, with no prospect of respite in sight. According to the International Aluminium Institute's latest estimate, Western European primary aluminium output was 244,000 tonnes in April. Since the beginning of 2022, aluminium output in Eastern Europe has also decreased. April output was...
Three-month LME aluminium opened at US$2,957 per tonne on Tuesday and closed at US$2,877 per tonne, down US$78 per tonne or 2.64 per cent. Both LME aluminium cash bid price and LME aluminium official settlement price decreased on Tuesday, May 24, after two consecutive days of hike. While the former slumped by US$81.50 per tonne or 2.75 per cent to come in at US$2,880.50 per tonne, the latter plummeted by US$82 per tonne or 2.77 per cent to settle at US$2,881 per tonne. 3-month bid price and 3-month offer price also recorded a sharp downfall of US$66 per tonne and US$67 per tonne to close at US$2,907 per tonne and US$2,908 per tonne, respectively. December 23 bid price and December 23 offer price slipped by US$32 per tonne or 1.12 per cent to record at US$2,823 per tonne and US$2,828 per...
The Norwegian aluminium company, Norsk Hydro has stated by delivering a statement that there is a possibility to shut down its majority-owned aluminium smelter in Slovakia without the government in the nation coming out to support financially through the carbon compensation scheme. The Slovalco aluminium smelter is 55.3% owned by Norsk Hydro and the remaining 44.7% is held by Penta Investments Group, with the capacity to produce 175,000 tonnes per year of aluminium already operating only at a 60% capacity of 105,000 tonnes. Due to record high electricity prices, aluminium smelters in Europe have reduced production by 800,000 to 900,000 tons annually in recent months. As a result, the transport, packaging, and construction industries have experienced deficits and higher prices for...
The Gulf aluminium giant, Emirates Global Aluminium (EGA) and the American energy technology company, GE Power, have successfully collaborated on the up-gradation of four readily installed GE 9F gas turbines at the EGA’s Al Taweelah power plant. This notion will help contain the severity of the greenhouse gas emissions, aiding UAE in achieving its proposed Net-Zero strategic initiative by 2050. With a similar amount of fuel utilised, the upgraded facilities will generate 72 megawatts (MW) more power than what they used to produce with those four turbines. Greenhouse gas emissions would be lessened by 74,000 tonnes annually to yield the previous power output of 920 MW which is parallel to the removal of 16,000 cars from the roads of the UAE. Ge Power’s Advanced Gas Path (AGP) enhancement...
The General Administration of Customs found China’s total exports of prebaked anode reached 185,500 tonnes in April 2022, which were 8.22 per cent higher month-on-month and 63.86 per cent year-on-year. Export value amounted to US$192 million, with a unit price of $1,035.81 per tonne. China exported its lion share of prebaked anode to Malaysia in April 2022, a volume of 48,700 tonnes which accounted for 26 per cent of the country’s total export volume. The value of the export to Malaysia stood at almost US$42 million, with a unit price at US$855.24 per tonne. Norway was the second leading destination for China’s prebaked anode exports, securing 33,600 tonnes. That accounted for 18 per cent of China’s total exports, with a value of US$36.5 million and a unit price of US$1,087.18 per tonne....
According to the Shanghai Metals Market, social inventories of primary aluminium in China decreased by 42,000 tones week-on-week across eight major consumption areas, including SHFE warrants, to come in at 942,000 tonnes as of Monday, May 23. Compared to last Thursday, May 19, primary aluminium inventories declined by 23,000 tonnes and from the end of April shrank by 21,000 tonnes. Low arrivals of stocks and normal shipments out of warehouses caused the decline in inventories. The chart below indicates the current status of primary aluminium inventories across China in more details: In terms of region, Wuxi and Gongyi contributed most of the decline on Monday, May 23. In Wuxi, inventories plunged by 14,000 tonnes from Thursday and 28,000 tonnes from last Monday to stand at 427,000 tonnes,...
LME aluminium opened at US$2,975 per tonne on Monday and closed at US$2,955 per tonne, down US$14.5 per tonne or 0.49 percent. On Monday, May 23, both LME aluminium cash bid price and LME aluminium official settlement price hiked by US$32 per tonne or 1.09 per cent to settle at US$2,962 per tonne and US$2,963 per tonne, respectively. 3-month bid price and 3-month offer price also soared up by US$40 per tonne or 1.36 per cent to score at US$2,973 per tonne and US$2,975 per tonne. December 23 bid price and December 23 offer price increased by US$10 per tonne or 0.35 per cent to record at US$2,855 per tonne and US$2,860 per tonne. LME aluminium opening stock came in at 497250 tonnes. Live warrants and Cancelled warrants for the same day scored at 194175 tonnes and 303075 tonnes. LME...
In April 2022, primary aluminium production in Africa stood at 131,000 tonnes, registering a month-on-month downfall of 6,000 tonnes or 4.38 per cent, showed the International Aluminium Institute data. In March, primary aluminium output was 137,000 tonnes, seeing a hike of 11.38 per cent from 123,000 tonnes in February. On a year-on-year basis, primary aluminium production in Africa during April’22 stood only 1,000 tonnes higher than 130,000 tonnes. In total four months of the year 2022, Africa produced 528,000 tonnes of primary aluminium, up by 2.52 per cent or 13,000 tonnes from 515,000 tonnes of output during the same period last year. World primary aluminium production during January-April 2022 amounted to 22.148 million tonnes, down by 1.06 per cent from 22.385 million tonnes during...
On 22 nd May 2022, the Micro, Small and Medium Enterprises (MSME) sector players of India praised the government’s decision to lessen the duty on raw materials for steel and plastics in a way to reduce the prices. However, the sector owners stated that to ensure Indian exporters are not outbid by rivals on the international market and more efforts need to be made to ensure local supply chains remain competitive. “The government should have cut import duty on aluminium, primary steel, copper and plastics to nil, only then inflation could be contained in a meaningful way”, said Anil Bhardwaj, the Secretary-General of the Federation of Indian Micro and Small & Medium Enterprises (FISME). "The way duties have been reduced on petrol and diesel. There is a need to effect similar duty cuts on...
Three-month LME aluminium price opened at US$2,935 per tonne last Friday and closed at US$2,969.50 per tonne, an increase of US$63 per tonne or 2.17 per cent. On Friday, May 20, both LME aluminium cash bid price and LME aluminium official settlement price skyrocketed by over US$100 per tonne after an intermittent drop on the previous day. While the former came in at US$2,930 per tonne, seeing a surge of US$104.50 per tonne, the latter closed at US$2,931 per tonne, witnessing a jump of US$105 per tonne. 3-month bid price and 3-month offer price augmented by US$93.50 per tonne and US$95 per tonne, respectively, to settle at US$2,933 per tonne and US$2,935 per tonne. December 23 bid price and December 23 offer price totalled at US$2,845 per tonne and US$2,850 per tonne. LME aluminium opening...
