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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In a renewed contract, the Russian aluminium giant Rusal agreed to continue the supply of primary aluminium and aluminium scrap to the En+ Group subsidiary KraMZ. Rusal, one of the world's leading aluminium producers, announced that it will supply about 77,220 tonnes of the material until December 31, 2023, for an annual transaction amount of approximately $179.2 million. The world's leading low-carbon aluminium producer, Rusal requirement of more than 90 per cent of the electricity for aluminium production gets clean and renewable hydroelectric power, which enables the company to produce low-carbon footprint products. Rusal's main products are primary aluminium and aluminium-based alloys, alumina, foil, and packaging. The Company has its resource base and carries out the entire...
Vedanta Limited trimmed its aluminium ingot and aluminium products prices by INR 1,250 per tonne on Tuesday, December 27, following a raise of INR 3,000 per tonne on December 22. That brought the company’s aluminium ingot price to INR 224,250-255,250 per tonne versus INR 225,500-256,500 per tonne on December 22. Vedanta’s aluminium wire rod price is currently hovering around INR 231,750-239,250 per tonne, compared to INR 233,000-240,500 per tonne in the previous week. With the latest cut, aluminium billet price has come in at INR 233,250 per tonne in comparison with INR 234,500 per tonne on December 22. Vedanta links its aluminium ingot and aluminium products prices with the three-month futures of aluminium on the London Metal Exchange, which slipped by US$20 per tonne from US$2,362 per...
LME aluminium opened at US$2,408 per tonne on Wednesday, with its high and low at US$2,433 per tonne and US$2,371 per tonne, respectively, before closing at US$2,375 per tonne, a drop of US$20.5 per tonne or 0.86 per cent. On Wednesday, December 28, both LME aluminium cash bid price and LME aluminium official settlement price inched up by US$0.5 per tonne or 0.21 per cent and US$1 per tonne or 0.04 per cent to stand at US$2,342 per tonne and US$2,343 per tonne. 3-month bid price and 3-month offer price climbed up by US$5 per tonne or 0.21 per cent to rest at US$2,376 per tonne and US$2,378 per tonne. December 23 bid price and December 23 offer price grew by US$1 per tonne or 0.04 per cent to settle at US$2,458 per tonne and US$2,463 per tonne. LME aluminium opening stock pegged at 461725...
A00 aluminium ingot price has plummeted by RMB 260 per tonne, resting at RMB 18,710 per tonne, as the Shanghai Metals Market recorded on Thursday, December 29. The average prices are expected to range between RMB 18,690 per tonne and RMB 18,730 per tonne, with spot contracts trading at a discount price of RMB 40 per tonne. The provinces in China have recorded falling prices today, with the aluminium price decreasing the most in places like Foshan, Hangzhou, Chongqing, Shenyang and Linyi by RMB 260 per tonne. The price in Foshan stands at RMB 18,690 per tonne, in Hangzhou at RMB 18,720 per tonne, in Chongqing at RMB 18,700 per tonne, while in Shenyang and Linyi, the aluminium prices have closed at RMB 18,660 per tonne. The price of aluminium in Wuxi has lost RMB 210 per tonne, halting at...
China’s prebaked anode exports in November 2022 stood at 134,500 tonnes, reflecting a decline of 35.42 per cent month-on-month and 42.55 per cent year-on-year, found China customs data. The exports were valued at $157 million, with a unit price declining to $1,167.57 per tonne. China’s total exports of prebaked anode from January to November 2022 amounted to 1.84 million tonnes, an increase of 192,400 tonnes or 11.71 per cent Y-o-Y. Among the export destinations, Malaysia was the largest, with an import volume of 74,000 tonnes, far exceeding the actual local demand in Malaysia. It is expected that Malaysia’s import volume will shrink slightly in December. The exports to Russia were 5,600 tonnes. According to prebaked anode companies, China’s export decline is mainly due to weaker demand...
The renowned Indian aluminium producer Bharat Aluminium Company Limited (BALCO), a subsidiary of Vedanta Aluminium, has been awarded the "Gold Award" by Arogya World in the category of "Healthy Workplaces Awards - 2022." Arogya World is a global health non-profit organization working to prevent non-communicable diseases (NCDs)—diabetes, heart disease, cancer and chronic lung diseases—through health education and lifestyle change. The honour is proof of BALCO's top-notch staff health and wellbeing procedures, which are firmly ingrained in a culture of care. BALCO is instrumental in making healthcare accessible through its 75-bed super speciality BALCO Hospital in Balconagar, Korba. The hospital has a 24X7 emergency service, an Out Patient Department, an In-Patient Department, an Intensive...
The Gladstone power plant enjoying subsidies has been a recurring cause of concern for the federal government’s coal price cap compensation talks with Queensland. According to sources, the central Queensland power plant proprietors, Rio Tinto and its partners, are about to accept US$450 million to suffice the temporary price cap of US$125 per tonne. The low price cap was strategically introduced to combat the rising power prices. The federal government and Queensland will divide in half the compensation amount to be paid under the agreement, which was signed during the national cabinet earlier in December. Aligned with the ongoing negotiations, the Queensland government has claimed that US$450 million would stay “in the ballpark”. The Gladstone power plant is one of the two generators...
On December 28, 2022, four industry experts involved in the pricing discussions informed that some Japanese aluminium buyers agreed to pay global producers a premium of $86 per tonne over the benchmark price for January-March shipments, down 13% from the current quarter. The amount is less than the $99 per tonne paid in the quarter between October and December. The premium is at its lowest level since the quarter from October to December 2020, marking the fifth consecutive quarterly reduction. The premiums set the benchmark for the region for primary metal shipments that Japan, Asia's largest importer of light metal, agrees to pay over the London Metal Exchange (LME) cash price each quarter. Our source from the Japanese trading house said, "We have done the deals at $86 a tonne with two...
According to the Shanghai Metals Market, A00 aluminium ingot price has slumped by RMB 90 per tonne to stand at RMB 18,970 per tonne on Tuesday, December 28. That followed a stupendous growth of RMB 300 per tonne on the previous day. The average prices today are expected to range between RMB 18,950 per tonne and RMB 18,990 per tonne, with a spot contract to be traded at a discount price of RMB 20 per tonne and a premium price of RMB 20 per tonne. In Gongyi and Foshan, A00 aluminium ingot price has shrunk by RMB 160 per tonne and RMB 140 per tonne, respectively, to stand at RMB 18,700 per tonne and RMB 18,950 per tonne, followed by the downfall of RMB 130 per tonne in Wuxi to RMB 18,880 per tonne. In Hangzhou and Chongqing, the primary aluminium ingot price has dwindled by RMB 110 per tonne...
Today, on December 28, the SHFE benchmark aluminium price has ascended by US$9 per tonne or 0.33 per cent to reside at US$2,726 per tonne. Overnight, the most-traded SHFE 2302 aluminium contract opened at RMB 19,060 per tonne, with its low and high at RMB 18,980 per tonne and RMB 19,015 per tonne before closing at RMB 19,015 per tonne, up RMB 110 per tonne or 0.58 per cent. The most-traded SHFE 2302 aluminium closed up 2.91 per cent or RMB 540 per tonne at RMB 19,105 per tonne, with open interest up 24,250 lots to 168,550 lots. LME aluminium price The LME was closed on Monday, December 26 due to the Christmas holiday. The following day, December 27 it was kept shut to honour Boxing Day. However, on December 23, Friday, LME aluminium cash bid price slumped by US$19.50 per tonne or 0.82 per...
Emirates Global Aluminium (EGA), the world's largest 'premium aluminium' producer, has opened sustainable corporate bank accounts with Citi and Standard Chartered Bank. EGA is the first in the region to choose the accounts that ensure cash balances are used to finance or refinance sustainability progress across the economy. For money needed for daily and other short-term activities, EGA uses interest- bearing accounts. To support financing for environmental and social projects like renewable energy, energy efficiency, sustainable transportation, green buildings, and enhancing access to affordable basic infrastructure and essential services, Citi's sustainable deposit solution aims to assist corporate finance and treasury departments in investing extra cash in deposit accounts. "The...
According to the Shanghai Metals Market, social inventories of primary aluminium grew across China’s eight major consumption areas, including SHFE warrants, to total 484,000 tonnes. Over the weekend ended Monday, December 26, primary aluminium inventories accumulated 9,000 tonnes. Compared to last Monday, December 19, inventories this week edged 2,000 tonnes higher than 482,000 tonnes. However, the figure stands 32,000 tonnes lower than at the end of November 2022 and 356,000 tonnes than the same period last year. To know the current status of primary aluminium inventories across China in more details, refer to the chart below: This week, Wuxi contributed the highest to the growth in inventories by adding 14,000 tonnes from Thursday to total 103,000 tonnes, found SMM. In Gongyi, primary...
According to China customs data, the country imported 105,900 tonnes of unwrought aluminium alloy in November 2022, which was 11.4 per cent less year-on-year but 6.1 per cent more month-on-month. Imports in the first 11 months of 2022 totalled 1.19 million tonnes, up by 15.6 per cent on a yearly basis. Coming to exports, China’s unwrought aluminium alloy export volume in November stood at 18,900 tonnes, recording a hike of 57.5 per cent from the previous year and 3.5 per cent a month ago. The total exports from January to November amounted to 204,700 tonnes, a year-on-year rise of 44.3 per cent. In November, Pakistan emerged as the fifth largest supplier of unwrought aluminium alloy to China, replacing the Russian Federation. The top four suppliers were Malaysia, Thailand, South Korea,...
Today, on December 27, the SHFE benchmark aluminium price has hiked by US$51 per tonne or 1.91 per cent to reside at US$2,717 per tonne. The most-traded SHFE 2301 aluminium closed up 0.46 per cent or RMB 85 per tonne at RMB 18,715 per tonne, with open interest down 18,232 lots to 76,410 lots. Overnight, the most-traded SHFE 2301 aluminium contract opened at RMB 18,695 per tonne, with its low and high at RMB 18,655 per tonne and RMB 18,820 per tonne before closing at RMB 18,770 per tonne, up RMB 55 per tonne or 0.29 per cent. LME aluminium price On Monday, December 26, LME was closed due to the Christmas holiday. However, on Friday, December 23, both LME aluminium cash bid price and LME aluminium official settlement price recorded a drop of US$19.50 per or 0.82 per cent and US$20 per tonne...
A00 aluminium ingot price has surged by RMB 300 per tonne, resting at RMB 19,060 per tonne, as the Shanghai Metals Market recorded on Tuesday, December 27. The average prices are expected to range between RMB 19,040 per tonne and RMB 19,080 per tonne, with spot contracts trading at premium prices of RMB 100 per tonne and RMB 60 per tonne. The provinces in China have experienced the pleasure of escalating prices, with the aluminium price rising the highest in Foshan by RMB 310 per tonne, closing at RMB 19,090 per tonne, followed by RMB 300 per tonne spike in Hangzhou to clock at RMB 19,090 per tonne as well. In Chongqing, the price of aluminium has levitated by RMB 290 per tonne to halt at RMB 19,070 per tonne. Wuxi and Shenyang have witnessed increasing prices today, closing at RMB 19,010...
The professed carbon border adjustment mechanism (CBAM) will safeguard the European industry from importing less expensive, more polluting goods by impersonating the domestic carbon pricing in the European Union. However, it will start with aluminium imports, among others like iron and steel, cement, fertilisers and electricity, and hydrogen. It was reached the day after the G7 industrialised nations announced that they would establish an "international climate club" to promote a sustainable industry. Pascal Canfin, the Chairman of the European Parliament's environment committee, said, "For the first time, we will ensure fair treatment for our enterprises, which pay a carbon price in Europe, and their foreign competitors, who do not." “This is a major step that will allow us to do more...
On Monday, December 26, A00 aluminium ingot price in China slipped by RMB 40 per tonne to stand at RMB 18,760 per tonne, with the average prices standing between RMB 18,740 per tonne and RMB 18,780 per tonne. The spot contract price is expected to be traded at a premium price of RMB 120 to RMB 160 per tonne. The prices in Hangzhou and Linyi have climbed up by RMB 20 per tonne to stand at RMB 18,850 per tonne and RMB 18,790 per tonne. On the other hand, in Foshan and Gongyi, the prices have slipped by RMB 50 per tonne and RMB 40 per tonne to peg at RMB 18,780 per tonne and RMB 18,620 per tonne. On the same day in Chongqing and Tianjin, the A00 aluminium ingot price has declined by RMB 30 per tonne and RMB 20 per tonne to settle at RMB 18,780 per tonne. In Wuxi, the price went down by RMB...
National Aluminium Company Limited (NALCO) has slightly elevated its aluminium ingot and aluminium products prices by INR 1,400 per tonne, with effect from Saturday, December 24, following two back-to-back cuts on December 15 and 21. The raise on December 24 has brought NALCO’s aluminium ingot price to INR 224,250-227,750 per tonne versus INR 222,850- 226350 per tonne on December 21. NALCO’s aluminium wire rod price is currently hovering around 228,750-233100 per tonne, with effect from December 24, seeing a rise from INR 227,350- 231,700 per tonne on December 21. Aluminium billets price has come in at INR 228,700-231,350 per tonne, compared to INR 227,300-229,950 per tonne a couple of days ago. NALCO has increased its aluminium ingot and aluminium products prices in response to the...
