SHFE aluminium closed at RMB 24,245 per tonne, edging up 0.02 per cent. The price stood above the MA10 (24,236) but was capped by the MA5 (24,386), still well above the MA30 (24,084) and MA60 (23,729.92). The medium-term bullish structure remained intact, while short-term moving average resistance was evident. On the MACD indicator, DIF stood at 102.44 and DEA at 125.85, with the high-level death cross persisting. The green bar narrowed to -46.80 (previous day -50.36), indicating slightly weakening bearish momentum. Trading volume shrank to 52,300 lots, reflecting a strong wait-and-see sentiment in the market. The suggested core trading range for SHFE aluminium is 24,000-24,600. LME aluminium closed at USD 3,266 per tonne, up 0.21 per cent. The price was slightly below the MA5 (3,275.6)...
Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, today announced a technology upgrade pilot at the company’s Al Taweelah smelter, which will further improve productivity and efficiency. The pilot upgrades to 13 DX technology reduction cells will be used to prove the performance of the new technology, called E40, before industrialisation across all 808 DX technology reduction cells at potlines 1 and 2 at Al Taweelah. If applied to all 808 reduction cells, EGA’s E40 technology has the potential to increase hot metal production from the two potlines by 67 thousand tonnes per year, while reducing net specific energy consumption and associated carbon dioxide emissions from power generation by approximately six per cent per tonne of...
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The Economic Development Department of Abu Dhabi is rolling-out a basic industries project focused on making the emirate “self-sufficient in the production of basic and consumer commodities". The project, being undertaken by the department’s Industrial Development Bureau, will look to strengthen investment in four major sectors. They are food production, medical supplies, power generation and important materials such as aluminium and others. Aluminium production is one of the core sectors of the economy that will come under focus as part of the Abu Dhabi Department of Economic Development's Basic Industries Project. Mohammed Al Shorafa, Chairman of the Department of Economic Development said: “The project is in response to government directives to support key industries and supply the...
According to the latest report from the US Geological Survey, US domestic primary aluminium production was 92,000 tonnes in April 2020. The average daily production stood at 3,060 tonnes, essentially unchanged from that in March 2020 and April 2019, but 30% more than that in April 2018. Total aluminium recovered from scrap was 246,000 tonnes in April 2020, 12% less than the amount in March 2020, 15% less than the amount in April 2019, and 20% less than that in April 2018. Of this, 128,000 tonnes of aluminium was recovered from new scrap and 118,000 tonnes was recovered from old scrap. In April, the average U.S. spot market price of primary aluminium ingot was $0.765 per pound, 12% less than that in March. Inventories of primary aluminium in LME-approved warehouses in the United States...
The US dollar was broadly lower last Friday as the euro climbed to close to a four-month high. LME and SHFE base metals traded lower for the most part on last Friday night. Three-month LME aluminium recovered during the American trading hours after it slipped to a session low of US$1,652 per tonne. It finished lower on the day at US$1,663 per tonne. LME aluminium is likely to trade at US$1,650-1,690 per tonne today. As of Friday July 17, LME aluminium cash (bid) price stands at US$ 1618 per tonne, LME official settlement price stands at US$ 1618 per tonne; 3-months bid price stands at US$ 1654.50 per tonne, 3-months offer price is US$ 1654.50 per tonne; Dec 21 bid price stands at US$ 1747.50 per tonne, and Dec 21 offer price stands at US$ 1747.50per tonne. The LME aluminium opening stock...
After declining for more than the last three months, the social inventories of primary aluminium in China have recorded a rise across eight major consumption areas, including SHFE warrants, to stand at 712,000 tonnes, as of Monday, July 20, found the Shanghai Metals Market. Last week, on July 16, the inventories stood at 708,000 tonnes after declining by 4,000 tonnes from the previous day. This means the inventories over this weekend ending on July 20 have climbed up by 4,000 tonnes. The chart below indicates the current status of primary aluminium inventories across China in more details: Shanghai has seen the highest growth in primary aluminium inventories today of 6,000 tonnes to stand at 112,000 tonnes. In Wuxi and Nanhai, the inventories have increased by 3,000 tonnes and 2,000...
The A00 aluminium ingot price has recorded a hike of RMB 110 per tonne over the weekend ending July 20 to stand at RMB 14,480 per tonne, following four consecutive declines from RMB 15,320 per tonne to RMB 14,370 per tonne during July 13-17, according to the Shanghai Metals Market. The average prices are expected to range between RMB 14,460 per tonne and RMB 14,500 per tonne, with spot contract to be traded at a premium price of RMB 240-280 per tonne. The increase in primary aluminium ingot price today could be attributed to the brisk trading over the past few days owing to the lower trend of the price. With increase in spot price, the premiums have decreased today by RMB 20 per tonne. Linyi and Gongyi have seen the highest growth in primary aluminium price. The price in Linyi is hovering...
Aluminium Bahrain B.S.C (Alba), the world’s largest aluminium smelter ex-China, has launched its first virtual Summer Safety Campaign under the theme ‘Our Safety is in Our Hands’, aiming at encouraging employees and contractors to make the right choices for their Safety and Health as the summer season is in full swing. Alba’s Chief Executive Officer Ali Al Baqali virtually inaugurated with a welcoming address live streamed to the Company’s Management as well as employees and contractors. Al Baqali said: “While COVID-19 Pandemic has changed the way we operate, keeping safe is a constant choice we -- employees and contractors – make in Alba. With the launch of our much-awaited Safety Campaign, we aim to emphasise that Safety don’t just happen, but it is the result of our collective efforts...
Vedanta’s Jharsuguda plant has launched an innovative Monsoon Preparedness Center (MPC) in its aluminium smelters and power plants. The plant is equipped with required gear and apparatus to bolster emergency planning and rescue preparedness. CN Singh, CEO – Vedanta Ltd., Jharsuguda said, “Our Monsoon Preparedness Center is the latest addition to the emergency planning and rescue preparedness measures deployed at site.” As India’s largest aluminium producer, we have put in place robust processes and global best practices in Health, Safety, Environment & Sustainability aimed at making our workspaces safe for employees and partners. While we produce top-class value-added aluminium products to cater to the country’s critical sectors and boost its self-reliance, we are also constantly...
The US dollar started the week lower on July 13, and then fell to its lowest in more than a month against a basket of rivals on Tuesday, July 14. On Wednesday, July 15, the dollar expanded its decline and stood at the lowest level in nearly five weeks. On Thursday, July 16, the currency, however rebounded as investors reacted to a mixed batch of economic data out of China and the US. The US dollar index, which measures the currency against a basket of rivals, gained 0.29 per cent to 96.250, after the four consecutive days of losses. Three-month LME aluminium jumped to a fresh four-month high of US$1,705 per tonne on Monday, while on Tuesday, eased 0.44 per cent to US$1,682.5 per tonne amidst choppy trading. On Wednesday, it closed at US$1,678.5 per tonne, and then further declined on...
National Aluminium Company has decreased its aluminium ingot and aluminium product prices with effect from Saturday, July 18, following a hike on July 10. The company has cut its aluminium ingot price by INR 2,700 per tonne or 1.88 per cent to INR 140,750-144,250 per tonne. After the last hike with effect from July 10, the company sold its aluminium ingot at INR 143,450-146,950 per tonne. Nalco’s aluminium billets price after the latest cut has come in at INR 144,200-146,850 per tonne, also down by INR 2,700 per tonne or 1.84 per cent from INR 146,900-149,550 per tonne as of July 10. The company’s aluminium wire rod price is now at INR 144,250-148,600 per tonne after the cut from INR 146,950–151,300 per tonne. Like any other major Indian aluminium producers, Nalco links its aluminium...
Hindalco Industries Limited has cut its aluminium ingot and product prices with effect Friday, July 17, following three consecutive hikes last week. The aluminium ingot price of the company has been reduced by INR 2,250 per tonne or 1.56 per cent to INR 141,250 per tonne. After the last hike on July 10, Hindalco was selling its aluminium ingot price at INR 143,500 per tonne. With the latest cut, Hindalco’s aluminium wire rod price has come down to INR 152,350 per tonne from INR 154,600 per tonne on July 10, lesser by 1.46 per cent or INR 2,250 per tonne. The company’s aluminium billet price is now hovering at INR 148,350 per tonne, down by 1.49 per cent from INR 150,600 per tonne. Like any other major Indian aluminium producers, Hindalco links its aluminium prices to the three-month...
Canada suggests the United States be patient about determining whether to reimpose aluminium tariffs. In response to the United States’ allegations that the raw aluminium exports from Canada to the US have surged ever since the tariffs were lifted in May 2019, Canadian Ambassador Kirsten Hillman said there was an increase in the production of unalloyed or raw aluminium as producers were asked to shift their production from value-added products to primary aluminium amid a drop in aluminium alloy demand due to the COVID-19 pandemic. Hillman believes the demand will rebounce as the auto industry and other manufacturing sectors will come back online. According to her, the situation will rectify itself in the coming months. “Let’s take a little time to see how this settles out and make sure...
Rio Tinto announced production results for the second quarter of 2020. Aluminium production stood at 0.8 million tonnes, 2% lower than the second quarter of 2019 (flat on the prior quarter), primarily due to pot relining at Kitimat, the decision to operate the ISAL smelter in Iceland at 85% of its capacity, and the curtailment of the fourth pot line at NZAS on 3 April 2020 due to COVID-19 impacts. “This has been partly offset by the non-managed Becancour smelter which has reached 93% capacity, following its ramp-up after a lock-out in 2019.” Aluminium production stood at 1.56 million tonnes in the first half of 2020, down 2% year-on-year. The company VAP sales also dropped significantly to 40% of primary metal sold in the first half of 2020 (first half 2019: 54%) in line with the market,...
According to the latest update, Vedanta Limited has cut its aluminium ingot and product prices with effect from today, July 17, following three consecutive hikes during July 8-10. The company’s aluminium ingot price is now ranging between INR 140,000-153,000 per tonne, down by INR 2,250 per tonne or 1.58 per cent from INR 142,250-155,250 as of July 10. After the latest price cut, Vedanta is now selling its aluminium billet at INR 148,000 per tonne, also a decrease of INR 2,250 per tonne or 1.50 per cent from INR 150,250 per tonne on July 10. With the latest cut, Vedanta’s aluminium wire rod price is hovering at INR 147,500-155,000 per tonne. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on the London Metal Exchange, which from...
A00 aluminium ingot price registered a decrease of RMB 160 per tonne from Thursday’s price of RMB 14530 per tonne. The price now stood at RMB 14370 per tonne on Friday, 17 July 2020 and is expected to move within a range of RMB 14350-14390 per tonne. In Foshan and Wuxi, the price dropped by RMB 170 per tonne and RMB 140 per tonne to stand at RMB 14300 per tonne and 14380 per tonne. Their average prices are expected to range within RMB 14280-14320 per tonne and RMB 14370-14390 per tonne. Aluminium prices in Hangzhou and Chongqing came in at RMB 14410 per tonne and 14240 per tonne, down RMB 130 per tonne and RMB 70 per tonne. Aluminium ingot prices in Shenyang, Tianjin, Linyi, and Gongyi decreased to stand at RMB 14315 per tonne, RMB 14380 per tonne, RMB 14370 per tonne, and RMB 14270 per...
The US dollar rose on Thursday, July 16, while global stocks fell, as investors reacted to a mixed batch of economic data out of China and the US. The US dollar index, which measures the currency against a basket of rivals, gained 0.29 per cent to 96.250, after four consecutive days of losses. Three-month LME aluminium fell for a third straight day on Thursday, shedding 0.6 per cent to US$1,668.5 per tonne. It is likely to move between US$ 1,650-1,690 per tonne today. As of Thursday, July 16, LME aluminium cash (bid) price and LME official settlement price sharply declined by US$ 24 per tonne from US$ 1651 per tonne on July 15 to US$ 1627 per tonne. 3-months bid price and 3-months offer price stood at US$ 1660.50 per tonne, down by US$ 25.5 per tonne from US$ 1686 per tonne on the...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, continued to trend lower, albeit at a slower pace. Inventories stood 708,000 tonnes as of Thursday July 16, down 4,000 tonnes from last Thursday July 9. The chart below shows the current status of the primary aluminium inventories across China in more details: Primary aluminium stocks in Shanghai, in Gongyi and Linyi dropped by 3,000 tonnes, 5,000 tonnes and 1,000 tonnes to stand at 106,000 tonnes, 42,000 tonnes and 6,000 tonnes on Thursday, 16 July 2020. Stocks in Wuxi, Hangzhou and Chongqing remained unchanged at 216,000 tonnes, 100,000 tonnes and 4,000 tonnes. Inventories of aluminium in Nanhai and Tianjin stood at 175,000 tonnes and 59,000...
Alcoa Corporation announced second quarter 2020. The company reported improved productivity and continued operational stability during the COVID-19 pandemic. Alcoa said all of its global operations have maintained production without interruption. Alcoa’s overall third-party aluminium shipment volume increased approximately 9 percent, primarily due to the continued progress of the Aluminerie de Bécancour Inc. (ABI) smelter in Quebec, Canada restart. Third-party alumina shipments rose approximately 2 percent, compared with first quarter 2020 shipment volume. “I am proud of our global team’s resolve in facing challenges created by the pandemic, focusing first on protecting people,” said President and Chief Executive Officer Roy Harvey. “We acted early to implement comprehensive measures to...
The US dollar declined to the lowest level in nearly five weeks. LME aluminium shed 0.24% and SHFE aluminium dropped 1.24%. Three-month LME aluminium recovered from a session low of US$1,673 per tonne, ending last night at US$1,678.5 per tonne. LME aluminium is expected to trade between US$1,660-1,700 per tonne today. As of Wednesday July 15, LME aluminium cash (bid) price stands at US$ 1651per tonne, LME official settlement price stands at US$ 1651 per tonne; 3-months bid price stands at US$ 1686 per tonne, 3-months offer price is US$ 1686 per tonne; Dec 21 bid price stands at US$ 1771.50 per tonne, and Dec 21 offer price stands at US$ 1771.50 per tonne. The LME aluminium opening stock stood at 1663800 tonnes. Live Warrants totalled 1405725 tonnes, and Cancelled Warrants were 258075...
