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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According to the Shanghai Metals Market, social inventories of primary aluminium built up 68,000 tonnes over the New Year’s holiday across eight major consumption areas, including SHFE warrants, to reach 561,000 tonnes as of Tuesday, January 3, 2023. On a week-on-week calculation, the inventories recorded a surge of 77,000 tonnes from 484,000 tonnes but 241,000 tonnes lower than in the same period last year. The growth in inventories during the New Year’s holiday could be attributed to the increased arrivals of stocks across all the major markets, except Tianjin. Wuxi contributed the highest to the weekend rise, followed by Gongyi. To know more about the current status of primary aluminium inventories, refer to the chart below: Wuxi recorded a surge of 31,000 tonnes over the holiday to...
On 22 December, news came floating that Alcoa’s Portland Aluminium smelter has resumed production with an annual capacity of 35,000 metric tonnes. The production had been reduced up until now in the Victoria-based Australian aluminium smelter. As soon as the reboot was successful, Portland Aluminium began producing almost 95 per cent of its actual capacity of 358,000 metric tonnes. Around 186,000 metric tonnes of Alcoa’s consolidated capacity is now in the pipeline. The Acting Operations Manager of Portland Aluminium, Mark Crespan, claimed that the prompt optimisation of the 40th and final most pot for the Line 2 East project could be attributed to the intense effort spent by a huge team of expert individuals, all backed by a broad cluster of Australian and international enthusiasts. Mark...
A week after the last update, National Aluminium Company Limited (NALCO) slightly increased its aluminium ingot and aluminium products prices on January 1, 2023. The company’s aluminium ingot price welcomed the New Year, reaching INR 225,250-228,750 per tonne, up by INR 1,000 per tonne from INR 224,250-227,750 per tonne on December 24. NALCO aluminium wire rod price also saw an increase of INR 1,000 per tonne to stand at INR 229,750-234,100 per tonne as of January 1 versus INR 228,750-233100 per tonne a week ago. Aluminium billets price was no exception but grew by the same amount to hover around INR 229,700-232,350 per tonne, compared to INR 228,700-231,350 per tonne as of December 24. NALCO increased its aluminium ingot and aluminium products prices in response to the rise in the LME...
The year 2022 has been highly active for the global aluminium industry, and the sector also experienced some significant developments in the year's final month. Indonesia finally announced the long-awaited ban on bauxite export, which will take effect in June 2023. Exports of other unprocessed minerals, such as copper, are prohibited under Indonesia's current mining law. The European Union has sealed the world’s first carbon tariff agreement, and in its initial stage, it has included aluminium imports among the other commodities. The President of Indonesia, Joko Widodo, announced on December 20, 2022, that the nation would ban bauxite exports, the primary ore source of aluminium, starting from June 2023 to boost the domestic processing of the material. Indonesia ranks among the world's...
On Tuesday, January 3, A00 aluminium ingot price in China has declined by RMB 360 per tonne to settle at RMB 18,320 per tonne, with the average prices expected to range between RMB 18,300 per tonne and RMB 18,340 per tonne. The spot contract price is expected to be traded at a discount price of RMB 50 to RMB 10 per tonne. As per the data, the prices in Foshan and Hangzhou have fallen by RMB 380 per tonne to reside at RMB 18,300 per tonne and RMB 18,330 per tonne. On the same day, both Wuxi and Tianjin witnessed a drop of RMB 350 per tonne to peg at RMB 18,310 per tonne and RMB 18,360 per tonne. In Linyi and Gongyi, the prices slumped by RMB 330 per tonne to score at RMB 18,320 per tonne and RMB 18,150 per tonne. The A00 aluminium ingot price in Chongqing and Shenyang settled at RMB 18,380...
Today, on January 3, the benchmark aluminium price for SHFE has plunged by US$14 per tonne or 0.52 per cent to halt at US$2,678 per tonne. The most-traded SHFE 2302 aluminium contract opened at RMB 18,720 per tonne at last Friday’s day session, with its high and low at RMB 18,770 per tonne and RMB 18,700 per tonne before closing at RMB 18,725 per tonne, up RMB 20 per tonne or 0.11 per cent. The most-traded SHFE 2302 aluminium closed down 0.03 per cent or RMB 5 per tonne at RMB 18,700 per tonne, with open interest down 12,913 lots to 136,749 lots. LME aluminium price LME aluminium opened at US$2,376.50 per tonne last Friday, with its high and low at US$2,389 per tonne and US$2,375 per tonne, respectively, before closing at US$2,388.50 per tonne, an increase of US$12.5 per tonne or 0.53 per...
According to our source in China, it has been reported on December 30, 2022, Rusal, a significant low-carbon aluminium producer, is trying to increase its low-carbon aluminium exports to China in light of the two countries cordial relations and the growing demand for the metal from Chinese electric vehicles manufacturers. Per the 2021 data from the International Aluminium Institute (IAI), primary aluminium is one of the most carbon-intensive segments of the metals business, and the automobile industry uses a lot of aluminium sheets, producing an average of 16.6 tonnes of carbon dioxide per tonne of metal. In order to reduce carbon emissions, more and more low-carbon aluminium is produced utilizing hydropower or recycled materials. The Russian aluminium producer contributes significantly...
In November 2022, primary aluminium production in North America stood at 308,000 tonnes, reflecting a drop of 5,000 tonnes or 1.60 per cent M-o-M following an increase in the previous month, found the International Aluminium Institute. In October 2022, the output grew by 12,000 tonnes or 4 per cent sequentially from 301,000 tonnes to 313,000 tonnes. However, on a year-on-year calculation, North America’s primary aluminium production stood the same. In the eleven months of 2022, primary aluminium production in North America totalled 3.422 million tonnes, down by 3.82 per cent from 3.558 million tonnes during the corresponding period of the last year. In South America, primary aluminium production during November 2022 also dropped month-on-month by 3,000 tonnes or 2.5 per cent, reaching...
On Friday, December 30, both LME aluminium cash bid price and LME aluminium official settlement price closed the week with a dip of US$11 per tonne or 0.46 per cent to close at US$2,360 per tonne and US$2,360.50 per tonne. As per the SMM data, 3-month bid price and 3-month offer price also slipped by US$7 per tonne or 0.29 per cent to reside at US$2,391 per tonne and US$2,392 per tonne. December 23 bid price and December 23 offer price closed at US$2,470 per tonne and US$2,475 per tonne after recording a slip of US$10 per tonne or 0.40 per cent. LME aluminium opening stock closed at 450300 tonnes. Live warrants and Cancelled warrants halted at 201350 tonnes and 248950 tonnes. LME aluminium 3-month Asian Reference Price, on the other hand, hiked by US$27.48 per tonne or 1.15 per cent to...
According to the Shanghai Metals Market, China's primary aluminium inventories increased by 18,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, December 29, the inventories totalled 493,000 tonnes, which in comparison with the month's last Monday, November 26, escalated by 9,000 tonnes. As of now, the inventories in December dropped by 23,000 tonnes from the end of November and recorded 306,000 tonnes plunge from the same period last year. The aluminium ingot output surges amalgamated with low downstream intake in the off-season are reasons affecting the social inventory so that they remain periodically stored in warehouses. Anyhow, the production cuts in Yunnan and Guizhou are also primary concerns that should be addressed...
The global primary aluminium industry is moving towards a more sustainable and greener environment. To begin with, EU signed the world's first carbon tariff agreement. According to the sources, the carbon border adjustment mechanism (CBAM) will protect the European industry against importing less costly, more polluting goods. Apart from this, Denis Manturov, the Russian Federation's Minister of Industry and Trade, declared that because of the EU and US sanctions, Russia will divert its metal exports from Western countries to alternative markets. In a renewed deal, the world's largest producer of aluminium, Rusal, committed to providing primary aluminium and scrap aluminium to the En+ Group subsidiary KraMZ. Alcoa Intalco Works, the aluminium smelting plant in Ferndale, was closed for more...
This year, Vedanta Aluminium celebrated Christmas in a new fashion, organising an innovative safety sensitisation campaign at its plant and township. Keeping the objective in mind while also the Christmas vibe, they named the campaign ‘Safety Santa’. The company’s personnel dressed as Santa Claus and visited the plants' sites and employees’ homes to spread the safety protocols at work and home in an engaging manner. Amid spreading the festive spirit, Vedanta Aluminium educated its community about safety measures through sessions like safety standdowns, fire-fighting training, adherence to personal protective equipment (PPEs), and the do’s and don’ts of electrical & household safety. “At Vedanta Aluminium, the safety and wellbeing of our community, employees, and business partners is of...
As of Thursday, December 29, China’s aluminium billet inventories were 60,900 tonnes, recording a growth of 5,100 tonnes from the week before. The overall supply of billets remained plentiful. While the inventory in east China may increase considerably due to stocking demand and comparatively more significant conversion margins, the inventory in south China is anticipated to increase gradually. The figure below provides further information on the current state of aluminium billet inventories in China: To begin with, the inventory in Wuxi and Huzhou surged by 4,400 tonnes and 3,000 tonnes to a total of 15,200 tonnes and 15,000 tonnes, whereas stocks in other locations only saw minor adjustments. On the other hand, in Foshan, the inventory had dropped by 1,500 tonnes to peg at 25,400 tonnes...
Investing in Norwegian aluminium smelters will enable Hydro to take the lead in climate-efficient aluminium solutions through continued industrial development and green transition initiatives. This will extend the lifespan of the aluminium smelters and will convert the products to low-carbon aluminium for a growing market. Ola Sæter, the Head of Primary Production at Hydro, said, "We are upgrading the plants, investing in the development of the plants, and implementing new technology such as recycling, carbon capture and green hydrogen to become the world's first supplier of zero-carbon aluminium. We recently agreed with Mercedes Benz for technology collaboration and to supply our aluminium products to support their investment in making lighter, more climate-friendly electric cars." In...
On Friday, December 30, China's A00 aluminium ingot price climbed up by RMB 30 per tonne to halt at RMB 18,680 per tonne, with the average prices standing between RMB 18,660 per tonne and RMB 18,700 per tonne. The spot contract price is expected to be traded at a discount price of RMB 50 to RMB 10 per tonne. On the same day, the prices in Gongyi and Tianjin have dipped by RMB 30 per tonne to settle at RMB 18,480 per tonne and RMB 18,710 per tonne. As per the SMM data, in Chongqing, the price shrunk by RMB 20 per tonne to halt at RMB 18,680 per tonne. Foshan and Wuxi's prices settled at RMB 18,680 per tonne and RMB 18,660 per tonne after recording a dip of RMB 10 per tonne. In Hangzhou, Shenyang and Linyi, the price recorded the same drop to peg at RMB 18,710 per tonne, RMB 18,650 per...
LME aluminium opened at US$2,376 per tonne on Thursday, with its high and low at US$2,417 per tonne and US$2,372 per tonne, respectively, before closing at US$2,411.5 per tonne, an increase of US$36.5 per tonne or 1.54 per cent. On December 29, Thursday LME aluminium cash bid price jumped up by US$29 per tonne or 1.24 per cent, closing precisely at US$2,371 per tonne, and the LME aluminium official settlement price inched up by US$28.50 per tonne or 1.22 per cent halting at US$2,371.50 per tonne. The 3-month bid price soared by US$22 per tonne or 0.92 per cent to halt at US$2,398 per tonne, and the 3-month offer price climbed up by US$21 per tonne or 0.88 per cent to rest at US$2,399 per tonne. December 23 bid price and December 23 offer price both spiked by US$22 per tonne or 0.89 per...
The Minister of Industry and Trade of the Russian Federation, Denis Manturov, stated that due to sanctions put in place by the EU and US, Russia would reroute its metal exports from Western nations to alternate markets. The minister identified China, Turkey, Southeast Asia, Russia-led Eurasian Economic Union members, and CIS countries as priority areas for diversifying metal supplies. Manturov predicts that trade flows will concentrate on Latin American, African, and Middle Eastern markets. Manturov said during a meeting with Mikhail Mishustin, the Russian Prime Minister, that "our firms, with the assistance of trade missions, are already reorienting exports, and that the government will take steps to support logistics.” Russia being a significant metal producer and exporter, so according...
A New York private equity group, a union, the state government, and the Bonneville Power Administration (BPA) has been working to reopen Alcoa Intalco Works, the aluminium smelting facility in Ferndale and rehire 700 of its former employees, for more than a year. However, the effort to restart the facility was doomed due to the high cost of electricity. In April 2020, Alcoa announced its Ferndale smelter's suspension in Washington due to declining demand and falling metal prices. To reduce the revival plant's carbon footprint and support Gov. Jay Inslee's campaign to tackle climate change, the state was asked to contribute $10 million to the project. But they were unable to reach an agreement. The main obstacle was the inability of the BPA and the New York City-based private equity firm...
