The most-traded SHFE aluminium 2610 contract closed at RMB 24,260 per tonne, up RMB 125 from yesterday's settlement price, a gain of 0.52 per cent. It opened at RMB 24,250 per tonne and fluctuated within a range of RMB 24,215-24,305 per tonne. Prices traded above the MA5 (24,165.00), MA30 (24,081.00), and MA60 (23,639.83), but below the MA10 (24,304.50). The short-term rebound structure continued, the consolidation pattern remained unchanged, and the MA10 formed key resistance pressure. The MACD DIF (120.8149) was below the DEA (145.2690), and the MACD green bar stood at -48.9082. Bullish momentum remained weak. The suggested core trading range for SHFE aluminium is RMB 23,800-24,650 per tonne. The LME aluminium 3M contract closed at USD 3,249 per tonne, down 0.82 per cent. It opened at...
London Metal Exchange (LME) aluminium prices rebounded on September 16, with cash and forward contracts moving higher from the previous session. Warehouse stocks edged down, while the Asian reference price and alumina Platts price also increased. The LME aluminium cash bid and offer price rose 1.53 per cent. The cash bid rose to USD 3,309.50 per tonne from USD 3,260 per tonne , while the cash offer rose to USD 3,310 per tonne from USD 3,260 per tonne. The three-month aluminium bid price climbed 1.64 per cent to USD 3,288 per tonne from USD 3,235 per tonne. The offer price also rose 1.64 per cent to USD 3,289 per tonne from USD 3,236 per tonne. The Dec-27 bid and offer prices both rose 1.55 per cent from the previous session, with the bid increasing to USD 3,202 per tonne from USD 3,153...
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After recording a downfall since December 30, 2022, the A00 aluminium ingot has hiked by RMB 160 per tonne to halt at RMB 17,860 per tonne, from RMB 17,700 per tonne recorded last week. As per the SMM data, the average price for Monday, January 9, ranged between RMB 17,840 per tonne and RMB 17,880 per tonne, with the spot contract price expected to be traded at a discount price of RMB 80 to RMB 40 per tonne. The A00 aluminium ingot price has shown growth in all the major provinces. In Linyi, the price has grown the highest by RMB 200 per tonne to RMB 17,960 per tonne, followed by Gongyi and Tianjin, where the prices have ascended by RMB 180 per tonne to peg at RMB 17,730 per tonne and RMB 17,960 per tonne. The price in Hangzhou has shown a growth of RMB 170 per tonne to reside at RMB...
National Aluminium Company Limited (NALCO) has slashed its aluminium ingot and aluminium products prices, with effect from January 6, in line with the plunge in LME aluminium benchmark price by US$95 per tonne through the last week. NALCO has sharply cut its aluminium ingot price by INR 9,400 per tonne from INR 225,250-228,750 per tonne to INR 215,850-219,350 per tonne. NALCO’s aluminium wire rod price has also been reduced by INR 9,400 per tonne, with effect from January 6, from INR 229,750-234,100 per tonne on January 1 to INR 220,350-224,700 per tonne. Aluminium billets price is no exception but seen a cut by the same amount to range between INR 220,300-222,950 per tonne, compared to INR 229,700-232,350 per tonne on January 1. NALCO links its aluminium ingot and aluminium products...
The Indonesia-based company engaged in bauxite mining and alumina production, PT Cita Mineral Investindo Tbk (CITA), will be involved in two businesses in Bulungan, North Kalimantan, one of which manages an aluminium smelting facility and the other a power plant. However, PT Kalimantan Aluminium Industry (KAI) and PT Kaltara Power Indonesia are both third parties (KPI). On December 23, 2022, Yusak Lumba Pardede, the Director of CITA, said, "The transaction value of both companies' shares acquisition clocked to IDR 674.18 billion. The acquisition took place on December 20, 2022. The investment in KAI and KPI is intended to realise our plan to increase the value of minerals." CITA has acquired 330,624 unit shares out of KAI's total paid-up capital of 925,748. CITA IDR 330.62 billion, or...
Aluminium Bahrain B.S.C. (Alba), the first aluminium smelter in the Middle East, which opened its doors in 1971, announced on January 3, 2023, that it had achieved a new historic production record of 1,600,111 tonnes in 2022, an increase of 38,889 tonnes from 1,561,222 tonnes in 2021 (+2.5% Year-on-Year). The Portland Aluminium Smelter, operated by Alcoa, with an annual capacity of 35,000 metric tonnes, commenced production on December 22. As soon as the reboot was completed, Portland Aluminium started producing close to 95 per cent of its actual capacity of 358,000 metric tonnes. Currently, Alcoa has a combined total of about 186,000 metric tonnes. According to the sources, Rusal, one of the biggest producers of low-carbon aluminium, announced that they are attempting to boost their...
Vedanta Limited has increased its aluminium ingot and alumium products prices, with effect from Thursday, January 6, following a slash last day. On January 6, Vedanta’s aluminium ingot price has seen a rise of INR 1,250 per tonne to peg at INR 217,500-248,000 per tonne. On January 5, the price stood at INR 216,250-246,750, down by INR 7,500 per tonne from INR 223,750-254,250 per tonne on January 4 . Vedanta’s aluminium wire rod price has also experienced a rise of INR 1,750 per tonne on January 6 to clock at INR 225,000-232,500 per tonne, compared to INR 223,750-231,250 on January 5 after being reduced by INR7,500 per tonne. The company’s aluminium billet price has come in at INR 226,500 per tonne as of January 6 versus INR 225,250 per tonne on January 5. That reflects an increase of INR...
According to the Shanghai Metals Market, China's primary aluminium inventories massively increased by 83,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. On Thursday, January 5, the inventories totalled 576,000 tonnes, which in comparison with the month's first Tuesday, January 3, escalated by 15,000 tonnes. However, the inventories in China recorded 200,000 tonnes plunge from the same period last year. The social aluminium inventories in China have begun storing the ingots on a seasonal basis. Once the seasonal cycle breaks, there will be a sudden fall. All industry-related transactions are at a momentary halt due to the upcoming Chinese New Year. The supply stock was high in January only because smelters had augmented their production rate in...
The domestic social inventory of aluminium billets continued to rise this week and, as of January 5, the inventory had settled at 79,700 tonnes, up 18,800 tonnes from the previous week. As conversion margins increased in Foshan and the price differential between east and south China reverted to normal, more cargoes started to enter the area, increasing the local inventory. The output of aluminium extruders on the other hand substantially decreased due to inadequate orders, so even though it is predicted that the cutbacks in aluminium billet production will increase in January, the supply of this metal will still be ample. As a result, it is anticipated that aluminium billet inventories in both east and south China will increase. The figure below provides further information on the current...
The Shanghai Metals Market reported on Thursday, January 5, that Guizhou Power Grid issued a new notice, stating the power load across the province continued to run at a high level due to the steep rise in heating demand for low temperatures. Therefore, the power shortage extended even after two rounds of restrictions on power consumption at aluminium smelters. The third round of energy rationing targeting the aluminium smelters is implemented to meet the peak demand in winter. The new round of power rationing has so far ordered five aluminium producers, namely Guizhou Huaren New Material Co., Ltd., Zunyi Aluminium Co., Ltd., Guizhou Liupanshui Shuangyuan Aluminum Industry Co., Ltd., Guizhou Xingren Denggao New Material Co., Ltd. and Anshun Aluminium Co., Ltd., to cut their power...
LME aluminium opened at US$2,257.5 per tonne on Thursday, with its high and low at US$2,267 per tonne and US$2,255.5 per tonne, respectively, before closing at US$2,256 per tonne, flat from the previous trading day. On Thursday, January 5, both LME aluminium cash bid price and LME aluminium official settlement price gained US$19 per tonne or 0.84 per cent and US$20 per tonne or 0.88 per cent to stand at US$2,268 per tonne and US$2,270 per tonne. 3-month bid price and 3-month offer price surged by US$17 per tonne or 0.74 per cent to halt at US$2,303 per tonne and US$2,304 per tonne. December 24 bid price and December 24 offer price were hiked by US$16 per tonne or 0.64 per cent to peg at US$2,493 per tonne and US$2,498 per tonne. LME aluminium opening stock came in at 436500 tonnes. Live...
The world’s leading exporter of thermal coal, PT Adaro Energy Indonesia Tbk, plans to begin constructing the aluminium smelter in North Kalimantan this year and anticipates accomplishing it within two years or maximum, by 2025. Febriati Nadira, the Head of Corporate Communication at Adaro Energy, said, "Adaro hopes to realize the investment soon and start construction of the aluminium smelter at the end of this year. It is anticipated that the construction process will last 24 months.” ADRO, through its subsidiary, PT Adaro Minerals Indonesia Tbk, is developing an aluminium smelter through its subsidiary PT Adaro Indo Aluminum. The aluminium smelter will be constructed in the industrial area of PT Kalimantan Industrial Park Indonesia (KIPI), North Kalimantan. The total investment value...
Hindalco Industries Limited has continued to trim its aluminium ingot and aluminium product prices in line with the downtrend price on the London Metal Exchange. On Thursday, January 5, Hindalco slashed its aluminium ingot price by INR 7,500 per tonne or 3.36 per cent to INR 215,500 per tonne from INR 223,000 per tonne recorded a day before. Hindalco Industries also reduced its aluminium wire rod price by INR 7,500 per tonne or 3.20 per cent from INR 234,100 per tonne the previous day to INR 226,600 per tonne on January 5. Aluminium billets price was no exception and experienced a cut by the same amount to INR 229,600 per tonne. Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which sloped down by...
On Thursday, January 5, China’s A00 aluminium ingot price decreased by RMB 290 per tonne to settle at RMB 17,730 per tonne, with the average price ranging between RMB 17,710 per tonne and RMB 17,750 per tonne. The spot contract price is expected to be traded at a discount price of RMB 80 to RMB 40 per tonne. On the same day, in Gongyi and Shenyang, the prices have descended by RMB 320 per tonne and RMB 300 per tonne to halt at RMB 17,560 per tonne and RMB 17,780 per tonne. The prices in Foshan and Wuxi have dropped by RMB 290 per tonne to reside at RMB 17,710 per tonne. In Hangzhou and Tianjin, the prices witnessed the same downfall to peg at RMB 17,740 per tonne and RMB 17,780 per tonne. As per the SMM data, the prices in Chongqing and Linyi have slumped by RMB 285 per tonne and RMB 270...
LME aluminium opened at US$2,272 per tonne on Wednesday, with its high and low at US$2,277 per tonne and US$2,265 per tonne respectively before closing at US$2,267 per tonne, a drop of US$6 per tonne or 0.22 per cent. On January 4, Wednesday, LME aluminium cash bid price went down by US$88 per tonne or 3.76 per cent, closing at US$2,249 per tonne and the LME aluminium official settlement price dropped by US$87.50 per tonne or 3.74 per cent to rest at US$2,250 per tonne. The 3-month bid price and the 3-month offer price experienced a slump of US$82 per tonne or 3.46 per cent to close at US$2,286 per tonne and US$2,287 per tonne, respectively. December 24 bid price and December 24 offer price stood at US$2,477 per tonne and US$2,482 per tonne on Wednesday. LME aluminium opening stock dived...
Vedanta Limited has reduced its aluminium ingot and aluminium products prices with effect from Wednesday, January 4. The company’s aluminium ingot price has seen a cut of INR 1,750 per tonne, reaching INR 223,750-254,250 per tonne versus INR 225,500-256,000 per tonne on January 3. Vedanta’s aluminium wire rod price has also been trimmed by INR 1,750 per tonne on January 4 from INR 233,000-240,500 per tonne to INR 231,250- 238,750 per tonne. The company’s aluminium billets price is no exception but also experienced a cut of INR 1,750 per tonne to come in at INR 232,750 per tonne, compared with INR 234,500 per tonne on the earlier day. Vedanta links its aluminium ingot and aluminium products prices with the three-month futures of aluminium on the London Metal Exchange, which slipped by...
LME aluminium opened at US$2,318 per tonne on Tuesday, with its high and low at US$2,318.5 per tonne and US$2,309 per tonne, respectively, before closing at US$2,311 per tonne, a drop of US$7 per tonne or 0.3 per cent. On Tuesday, December 3, both LME aluminium cash bid price and LME aluminium official settlement price dipped by US$23 per tonne or 0.97 per cent to close at US$2,337 per tonne and US$2,337.50 per tonne. 3-month bid price and 3-month offer price dropped by US$23 per tonne or 0.96 per cent to score at US$2,368 per tonne and US$2,369 per tonne. LME aluminium opening stock came in at 447250 tonnes. Live warrants and Cancelled warrants scored at 201350 tonnes and 245900 tonnes. LME aluminium 3-month Asian Reference Price climbed down by US$24.75 per tonne to reside at...
On Tuesday, January 3, Vedanta Limited announced its aluminium production recorded a drop of 2 per cent over a quarter to stand at 566,000 tonnes in the third quarter of the current financial year. In Q2 FY2023, Vedanta’s aluminium output was 584,000 tonnes, reflecting a 2 per cent rise sequentially. During Q3 FY2022, Vedanta’s aluminium output was 579,000 tonnes, meaning the company’s metal production edged lower Y-o-Y in Q3 FY23. Vedanta’s alumina production at the Lanjigarh refinery decreased 6 per cent year-on-year and 2 per cent quarter-on-quarter reaching at 443,000 tonnes in Q3. Vedanta said that in a filing to BSE, explaining maintenance activities in calciners was the reason for the downfall. But the production of other metals like zinc and iron ore registered a growth on the...
A00 aluminium ingot price has nosedived by RMB 300 per tonne, resting at RMB 18,020 per tonne, as the Shanghai Metals Market recorded on Wednesday, January 4. The average prices are expected to range between RMB 18,000 per tonne and RMB 18,040 per tonne, with spot contracts trading at discount prices of RMB 60 per tonne and RMB 20 per tonne. The provinces in China all have witnessed plunging prices today, with the aluminium price dropping the highest in Wuxi and Chongqing by RMB 310 per tonne, officially closing at RMB 18,000 per tonne and RMB 18,070 per tonne, respectively. The prices of aluminium in Foshan, Hangzhou and Linyi have all shed a massive RMB 300 per tonne, halting at RMB 18,000 per tonne, RMB 18,030 per tonne and RMB 18,020 per tonne. In Tianjin, the aluminium price fell by...
On January 03, 2023, the first aluminium smelter in the Middle East, Aluminium Bahrain B.S.C. (Alba), which started its journey in 1971, announced that it had set a new historic production record of 1,600,111 tonnes in 2022, a rise of 38,889 tonnes versus 1,561,222 tonnes in 2021 (+2.5% Year-on-Year). Ali Al Baqali, the Chief Executive Officer of Alba, commented on the achievement of this milestone, "This all-time production record translates our motto' opportunities don't happen, we create them by doing the best we can with what we have'. We also look forward to setting new highs in the future driven by our in-house production creep." "I take the opportunity to express my gratitude to the Management team, our employees and contractors' personnel for making our 2022 objectives a reality...
