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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LME aluminium opened at US$2,824.5 per tonne on Monday and closed at US$2,835 per tonne, an increase of US$7 per tonne or 0.25 per cent. On Monday, May 16, LME aluminium cash bid price surged by US$69 per tonne or 2.53 per cent to score at US$2,790 per tonne. On the same day, LME aluminium official settlement price also witnessed a hike of US$68 per tonne or 2.49 per cent to halt at US$2,791 per tonne. 3-month bid price and 3-month offer price also ascended by US$72 per tonne to stop at US$2,820 per tonne and US$2,822 per tonne. December 23 bid price and December 23 offer price escalated by US$52 per tonne or 1.90 per cent to settle at US$2,775 per tonne and US$2,780 per tonne. LME aluminium opening stock dropped from 539800 tonnes to 532500 tonnes. Live warrants and Cancelled warrants...
The world's largest aluminium single-site smelter, Aluminium Bahrain B.S.C. (Alba) is on course to start building its fourth additional block at Power Station Five. The above remarks were made by Shaikh Daij Bin Salman Bin Daij Al Khalifa, Chairman of Alba's Board of Directors, during the signing ceremony with Mitsubishi Power & SEPCO III consortium on 16 May 2022 at Al Oasis Hall in Alba. Counting 680.9 megawatts (MW) of Combined Cycle Gas Turbines at Alba, Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), and SEPCO III consortium signed a full turnkey contract for the expansion on 16 th May. Mitsubishi Power Ltd. President and CEO Hideshi Kawamoto, Dr Javier Cavada, President of Mitsubishi Power Middle East and North Africa and GTCC Business Unit...
According to the Shanghai Metals Market, social inventories of primary aluminium have declined over the weekend ending May 16 by 19,000 tonnes or 1.89 per cent across eight major consumption areas, including SHFE warrants. On a year-on-year calculation, the inventories are down by 77,000 tonnes coming in at 984,000 tonnes. This has also marked a month-on-month downfall of 55,000 tonnes. The chart below indicates the current status of primary aluminium inventories across China in more details: Inventory in Wuxi has declined the most on Monday, May 16, by 14,000 tonnes to stand at 455,000 tonnes, followed by the decrease of 8,000 tonnes in Gongyi to 97,000 tonnes. In Hangzhou and Chongqing, inventories have inched down by 1,000 tonnes to settle at 55,000 tonnes and 5,000 tonnes,...
Aluminium stocks in the London Metal Exchange have decreased to a record low but the sign of supply shortages has yet not wobbled the bearish sentiment of the global metal price anticipating weaker demand in the near future. According to the data shown by London Metal Exchange, on-warrant aluminium inventories have dropped 9.7 per cent to total 260,275 tonnes, surpassing the previous low in the year 2000. Stockpiles have plummeted by 63 per cent this year, approaching towards a record annual decline and deepened deficit, due to robust demand amid production curtailments. But despite the incessant fall in stocks, the LME aluminium price has retreated from the earlier gains, which indicates the fact that the industry focus is now on the risks of low demand. The mood in metals markets has...
Hindalco Industries Limited raised its aluminium ingot and aluminium products prices for the third day in a row, with effect from Saturday, May 14. As per the revised prices, the company’s aluminium ingot price saw a rise of INR 2,250 per tonne or 1 per cent to INR 243,500 per tonne. On Friday, May 13, the price stood at INR 241,250 per tonne, seeing an increase of INR 1,500 per tonne from the previous day. Hindalco’s aluminium wire rod price also experienced a growth of INR 2,250 per tonne from INR 252,350 per tonne on May 13 to INR 254,600 per tonne on May 14. Aluminium billets price came in at INR 257,600 per tonne, also up by the same amount from INR 255,350 per tonne. Hindalco continued to expand its aluminium prices for the third consecutive day in response to the upswing of the LME...
China, one of the world's leading primary aluminium producers, has achieved a new record in April after restrictions on power production were relaxed, allowing smelters to boost operations. As per the National Bureau of Statistics, the primary aluminium output in China closed at 3.36 million tonnes, up by 0.3 per cent Y-o-Y for the same month. In March 2022, the average aluminium production closed at 112,000 tonnes per day, up from 106,453 tonnes per day in March and a new high. China produced 13.01 million tonnes of aluminium in the first four months of 2022, down 0.2 per cent from the same period last year. In the first quarter, output was slowed by power usage restrictions aimed at ensuring enough supply to critical users. By April, however, curbs had loosened dramatically, allowing...
Three-month LME aluminium opened at US$2,785 per tonne last Friday and closed at US$2,828 per tonne, an increase of US$42 per tonne or 1.51 per cent. On Friday, May 13, LME aluminium cash bid price and LME aluminium official settlement price rose for an alternate day by US$35 per tonne to stand at US$2,721 per tonne and US$2,723 per tonne, respectively. That made the prices closed higher at the end of the week by US$15 per tonne compared to the prices of Monday, May 9. 3-month bid price and 3-month offer price grew by US$26 per tonne and US$27 per tonne, respectively, to come in at US$2,748 per tonne and US$2,750 per tonne on the same day. Dec-23 bid price and Dec-23 offer price settled at US$2,723 per tonne and US$2,728 per tonne, up by US$25 per tonne from Thursday, May 12. LME...
The British businessman, Sanjeev Gupta owned GFG Alliance, which acquired the Locabher aluminium smelter, the last aluminium smelter in Britain and the hydropower plant from the global mining and metal giant Rio Tino in a £330 million deal in 2016, is encountering a bankruptcy battle in a UK court. The multinational metal group owned by Sanjeev Gupta has been experiencing a crisis since the fall out of its primary lender Greensill Capital in the previous year, which had financed GFG, with as much as £3.5 billion. The Swiss investment banking and financial services firm, Credit Suisse was approached with offers of mediation while the French police performed raids at the company’s office. The fate of ‘saviour of steel’ Sanjeev Gupta now resides in the decision of a British Judge. By...
Vedanta Limited has increased its aluminium ingot and aluminium products prices, with effect from Saturday, May 14, as the LME aluminium benchmark price regained by US$35 per tonne on Friday, May 13. On Thursday, Vedanta’s aluminium prices were slashed by INR 3,000 per tonne in response to the LME price fall by US$49 per tonne on the previous day. The company’s aluminium ingot price has witnessed a growth of INR 2,000 per tonne from INR 241,250-276,950 per tonne to INR 243,250-278,950 per tonne as of May 14. Vedanta’s aluminium wire rod price has also been raised by INR 2,000 per tonne, with effect from May 14, to stand at INR 250,750-258,250 per tonne versus INR 248,750-256,250 per tonne on May 13. Vedanta’s aluminium billet price has come in at INR 251,250 per tonne, seeing the same...
This week, the global primary aluminium sector recorded a lot of positive events. To begin with, New Zealand Aluminium Smelters Limited (NZAS), which owns the Tiwai Point Aluminium Smelter, is now focused on guaranteeing the future beyond its 2024 closure date. On the market forefront, this week, LME aluminium benchmark price SHFE dropped by US$96 per tonne on Monday, May 9, to US$2,957 per tonne, before falling further by US$17 per tonne the next day to US$2,940 per tonne. The Tiwai Point Aluminium Smelter, owned by New Zealand Aluminium Smelters Limited (NZAS), is now focused on securing the future beyond its closing date in 2024. On Tuesday, May 10, NZAS chief executive Chris Blenkiron said in a community forum that he is seeking a pathway for the smelter to enable it to continue its...
On May 13, Emirates Global Aluminium (EGA) announced that they have successfully started their DX+ Ultra reduction cell technology with a modified liner at 500kA, the first time this amperage has reached the Middle East. When compared to the existing maximum working amperage in EGA, increasing the amperage to 500kA is predicted to increase aluminium output by 5 per cent. This milestone was achieved in the Eagle research and development section of EGA in Jebel Ali. It is a part of the feasibility study for EGA's potline 3 in Al Taweelah, which contains 444 DX+ and 14 DX+ Ultra pots, to update 458 reduction cells. “Reaching 500kA for the first time is a great achievement and I congratulate our Research & Development team who are continuously improving the performance of our proprietary...
The LME aluminium benchmark price increased this week by US$15 per tonne but touched the five-month for an intermittent period. On Monday, May 9, LME aluminium cash bid price and LME aluminium official settlement price started the week with a decline to US$2,707 per tonne and US$2,708 per tonne and extended downfall the next day to US$2,676 per tonne and US$2,677 per tonne, the lowest in the past five months. On Wednesday, May 11, the prices grew by US$60 per tonne or 2.24 per cent to rest at US$2,736 per tonne and US$2,737 per tonne but again fell Thursday, May 12, by over 1.5 per cent to settle at US$2,686 per tonne and US$2,688 per tonne, respectively. However, on Friday, May 13, both LME aluminium cash bid price and LME aluminium official settlement price rebounded at US$2,721 per...
Aluminium Bahrain B.S.C. (Alba) announced its financial results for the first quarter (Q1) 2022. As per the results, Alba, the world’s largest single-site aluminium smelter outside of China, earned a profit of BD146.8 million (US$390.4 million) in Q1’22, which on a Y-o-Y value went up by 181% from BD52.2 million (US$138.8 million) in the same period of 2021. Based on the same period in 2021, the company reported basic and diluted earnings per share of fils 104 versus fils 37. For Q1'22 the total comprehensive income settled at BD156 million (US$415 million), up 167% from BD58.4 million (US$155.4 million) in the same quarter of 2021. Gross profit in 2022 surged by 121% from BD80.5 million (US$214.1 million) in the same quarter of 2021. The gross profit for 2022 closed at BD178 million...
According to the Shanghai Metals Market, social inventories of primary aluminium continued to decrease across eight major consumption areas, including SHFE warrants. On a weekly basis, inventories decreased by 30,000 tonnes, while on a year plunged by 58,000 tonnes to come in at 1 million tonnes on May 12, 2022. Inventories dropped as traders were motivated to sell, and shipments were smooth across several regions. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, primary aluminium inventories plunged by 16,000 tonnes week-on-week to stand at 469,000 tonnes due to active sales and slower arrivals. Inventories in Nanhai and Hangzhou decreased by 8,000 tonnes and 7,000 tonnes, respectively, to settle at 214,000 tonnes and...
LME aluminium opened at US$2,778 per tonne on Thursday and closed at US$2,786 per tonne, an increase of US$4.5 per tonne or 0.16 per cent. On May 12, LME aluminium cash bid price closed at US$2,686 per tonne, and LME aluminium official settlement price halted at US$2,688 per tonne. The former had witnessed a drop of US$50 per tonne or 1.82 per cent, while the latter had gone down by US$49 per tonne or 1.79 per cent. 3-month bid price and 3-month offer price had descended by US$48 per tonne or 1.73 per cent and US$49 per tonne or 1.76 per cent. The price for the same had closed at US$2,722 per tonne and US$2,723 per tonne. On the same day, December 23 bid price and December 23 offer price had dipped by US$47 per tonne to close at US$2,698 per tonne and US$2,703 per tonne. LME aluminium...
On 11th May 2022, Australian Prime Minister, Scott Morrison visited Hunter to acknowledge the $50 million investment for a new business and research coalition with the University of Newcastle and the University of New South Wales. Hunter is a town located in Greene County, New York, United States. They are going to discover ways around the hydrogen fuel plus storage sector, zero-emission aviation and economic solar panel industries. The trio will emphasise on producing green aluminium along with other metals. When aluminium is produced using a range of renewable energy resources, like, wind, it is known as green aluminium. Aluminium is one of the world’s most sustainable materials which can either be extracted through processing bauxite or by simply recycling aluminium scrap. A variety of...
The Tiwai Point Aluminium Smelter, owned by New Zealand Aluminium Smelters Limited (NZAS), is now focused on securing the future beyond its closing date in 2024. On Tuesday, May 10, NZAS chief executive Chris Blenkiron said in a community forum that he is seeking a pathway for the smelter to enable it to continue its operations beyond 2024, for which he intends to meet energy generators to achieve power supply for the smelter before the end of 2022. According to him, it is important to get clarity about the future to avoid ambiguity among people. He said, “My biggest impact on morale is to get a future beyond 2024 and to get clarity. A lot of people get impacted by the ambiguity, it impacts Southland in general saying ‘are we open or are we closed’... for me that’s the focus, to get rid...
LME aluminium opened at US$2,758 per tonne on Wednesday and closed at US$2,781.5 per tonne, an increase of US$11.5 per tonne or 0.42 per cent. On 11th May, the LME aluminium cash bid price finally hiked by 2.24 per cent or US$60 to stop at US$2,736 per tonne. LME official settlement price trekked higher at US$2,737 per tonne, experiencing a similar change of 2.24 per cent or US$60 per tonne. 3-month bid price stopped at US$2,770 per tonne while 3-month offer price halted at US$2,772 per tonne, with a uniform escalation of 2.1 per cent or US$57 per tonne each. On the same day, December 23 bid price and December 23 offer price settled at US$2,745 per tonne and US$2,750 per tonne, respectively, both with a 1.85 per cent or US$50 per tonne upsurge. LME aluminium opening stock continued to...
