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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As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, were little unchanged over the weekend. Inventories stood 712,000 tonnes as of Monday July 13, unchanged 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 Wuxi and Shanghai increased by 1,000 tonnes and 2,000 tonnes from Thursday to stand at 217,000 tonnes and 111,000 tonnes. Inventories in Hangzhou and Nanhai stood at 101,000 tonnes and 175,000 tonnes, up 1,000 tonnes and 4,000 tonnes. Primary aluminium stocks in Gongyi and Linyi dropped by 7000 tonnes and 1,000 tonnes to stand at 40,000 tonnes and 6,000 tonnes. Inventories of...
The moment Tiwai Point aluminium smelter shutdown news got publicized, ideas cropped up from manufacturing of Solar Panels to attracting Elon Musk to erect a massive Tesla battery Gigafactory. On 9 th July’20, Rio Tinto announced its planning for the eventual closure of New Zealand Aluminium Smelters following a strategic review. The expected date for the closure is 2021 and it would direct loss of 1000 jobs and another 1600 jobs indirectly connected to the smelter. Dr Anna Berka, Lecturer in management, entrepreneurship and innovation at Massey University said: “New Zealand had years to plan for the closure but the Government still seemed to have been caught out, and there did not seem to be a transition plan in place for employees.” ”It’s the dependency, and the leverage, therefore,...
Stocks on Wall Street were mostly higher on Friday, while the dollar slipped on Friday, July 10, as market sentiment was supported hopes of a potential vaccine for the novel coronavirus that outweighed concerns about the surge in infections in the US and around the world. The US currency posted its largest weekly percentage loss against a basket of major currencies in a month. The three-month LME aluminium rose 2.43 per cent to end at US$ 1,689 per tonne on Friday, July 10, recovering from Thursday’s loss and posting a weekly gain of 4.78 per cent. Last week’s percentage increase was the biggest in more than two years and marked the fourth straight week of gain. Today, it is likely to move between US$1,670-1,710 per tonne. As of Friday, July 10, LME aluminium cash (bid) price and LME...
Hindalco Industries Limited has further expanded the price hike of its aluminium ingot and aluminium product for the third consecutive day, with effect from Friday, July 10. With the latest hike, Hindalco’s aluminium ingot price is now standing at INR 143,500 per tonne, up by INR 3,250 per tonne or 2.32 per cent from INR 140,250 per tonne on July 9. Hindalco’s aluminium wire rod price is at INR 154,600 per tonne, registering a rise of 2.15 per cent or INR 3,250 per tonne from INR 151,350 per tonne on the previous day. The price of the company’s aluminium billets is hovering at INR 150,600 per tonne, also up by INR 3.250 per tonne or 2.2 per cent from INR 147,350 per tonne. Like any other major Indian aluminium producers, Hindalco links its aluminium prices to the three-month futures of...
National Aluminium Company (NALCO) has increased its aluminium ingot price sharply by INR 5,400 per tonne or 3.9 per cent with effect from Friday, July 10, following the cut on Wednesday, July 8, to INR 138,050-141,550 per tonne. Hence, the company’s aluminium ingot price is now hovering at INR 143,450-146,950 per tonne. The prices of aluminium billets and aluminium wire rods have also been raised on July 10. Nalco’s aluminium billets price is now ranging between INR 146,900-149550 per tonne, up by INR 5,150-5400 per tonne or nearly 3.7 per cent from INR 141,750-144,150 per tonne, as of July 8. Nalco’s aluminium wire rods price, on the other hand, is now at INR 146950 – 151300 per tonne, also up by INR 5,400 per tonne or 3.8 per cent from INR 141,550-145,900 per tonne. Indian aluminium...
The Vedanta’s Jharsuguda plant has boosted preventive measures to safeguard its employees, families and business partners against the deadly COVID-19. The company is working in close coordination with the Jharsuguda District Administration to ensure business continuity with limited manpower and resources. CN Singh, CEO, Vedanta Ltd., Jharsuguda says, “The health and safety of our employees, families, business partners and communities are of utmost import to us. We are in strict adherence to all guidelines and protocols of the land, and will continue to use our experiences and learning from the pandemic to safeguard our people to the best of our abilities.” The company has tied up with the Kalinga Institute of Industrial Technology (KIIT), Bhubaneswar, for COVID-19 testing. All travel from...
India and the US are expected hold a meeting on 14 th July’20 to strengthen bilateral trade, with commerce and industry minister Piyush Goyal and US commerce secretary Wilbur Ross arranged to join in for discussions through a video conference, as per our sources. The limited trade deal between the two nations has been in the works for a few months now, as per our reports earlier, is dubious at this moment as both the states are fighting against COVID-19 epidemic. The bilateral trade discussion is coming up at a very vital time when India is solidifying a thorough strategy to target non-essential and sub-standards imports, explicitly from China. The India-US CEOs Forum is also expected to hold a meet on 14 th July’20 to further boost their engagement. There has been no official...
Vedanta hikes its aluminium products price for the third time in a row. With effect from Friday 10 July 2020, the prices of some aluminium ingots are in the range of INR 142,250-155,250 per tonne, an increase of 2.34% or INR 3,250 per tonne from INR 139,000-152,000 per tonne on July 9. With the latest hike, Vedanta’ billet now stands at INR 150,250 per tonne on July 10, a rise of INR 3,250 per tonne or 2.21% from INR 147,000 per tonne on July 9. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium have been declining due to slower global demand following the coronavirus outbreak. Vedanta Limited cuts its aluminium Cost of Production (CoP) in the fourth quarter of FY20 by...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, continued to trend lower over the week. Inventories decreased 7,000 tonnes from last Thursday July 2 to 712,000 tonnes as of Thursday July 9. The chart below shows the current status of the primary aluminium inventories across China in more details: Primary aluminium stocks in Wuxi and Shanghai decreased by 17,000 tonnes and 2,000 tonnes from Thursday to stand at 216,000 tonnes and 109,000 tonnes. Inventories in Hangzhou stood at 100,000 tonnes, down 1,000 tonnes. Stocks in Nanhai and Gongyi stood at 171,000 tonnes and 47,000 tonnes, an increase of 11,000 tonnes and 2,000 tonnes from last Thursday. Primary aluminium stocks in Linyi dropped by...
A00 aluminium ingot price has recorded a sharp jump by RMB 230 per tonne to stand at RMB 14,700 per tonne on Friday, July 10, according to Shanghai Metals Market. The average prices are expected to range between RMB 14,680 per tonne and RMB 14,720 per tonne, with spot contract to be traded at a premium price of RMB 100-140 per tonne. This sharp growth in A00 aluminium ingot price could be attributed to the hike in primary aluminium demand among downstream producers and the continued fall in social inventories. As of July 9, the primary aluminium inventories stood at 712,000 tonnes after expanding the week-on-week fall to 7,000 tonnes from the decline of 3,000 tonnes a week ago. In Hangzhou, the A00 aluminium ingot price has soared by RMB 285 per tonne to RMB 14,815 per tonne, followed by...
Vedanta hikes its aluminium products price for the second time in a row. With effect from Thursday 9 July 2020, the prices of some aluminium ingots are in the range of INR 139,000-152,000 per tonne, an increase of 1.65% or INR 2,250 per tonne from INR 136,750-149,750 per tonne on July 8. With the latest hike, Vedanta’ billet now stands at INR 147,000 per tonne on July 9, a rise of INR 2,250 per tonne or 1.55% from INR 144,750 per tonne on July 8. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium have been declining due to slower global demand following the coronavirus outbreak. Vedanta Limited cuts its aluminium Cost of Production (CoP) in the fourth quarter of FY20 by...
The US dollar rallied from a four-week low against a basket of rivals on Thursday. LME aluminium fell nearly 1% and SHFE aluminium advanced 0.3%. Three-month LME aluminium fell on Thursday after notching its highest since March 13 at US$1,695.5 per tonne. It ended 0.96% lower at an intraday low of US$1,649 per tonne. It is likely to move between US$1,640-1,680 per tonne today. As of Thursday July 9, LME aluminium cash (bid) price stands at US$ 1659.50 per tonne, LME official settlement price stands at US$ 1659.50 per tonne; 3-months bid price stands at US$ 1687 per tonne, 3-months offer price is US$ 1687 per tonne; Dec 21 bid price stands at US$ 1772 per tonne, and Dec 21 offer price stands at US$ 1772 per tonne. The LME aluminium opening stock stood at 1632675 tonnes. Live Warrants...
Hindalco Industries Ltd has raised its aluminium products price for the second time in a row. With effect from Thursday July 9, Hindalco aluminium ingots price now stands at INR 140,250 per tonne, an increase of 1.45% or INR 2,000 per tonne from INR 138,250 per tonne on July 8. The company is now selling its wire rods and billets at INR 151,350 per tonne and INR 147,350 per tonne with effect from Thursday, 9 July 2020, marking a growth of INR 2,000 per tonne each from July 8. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due...
Canadian Prime Minister Justin Trudeau stated that he was anxious about reports that US was considering to re-impose tariffs on Canadian aluminium. On 8 th July’20, Prime Minister Justin Trudeau said: “US companies would suffer if the Trump administration hits Canadian metal imports with tariffs that lack any justification, on Wednesday.” While speaking to the reporters, Trudeau said he looked forward to congratulating US President Donald Trump on US-Mexico-Canada Agreement (USMCA) which came into force on 1 st July’20, replacing the 26-year-old North American Free Trade Agreement (NAFTA). As we had reported Trudeau did not travel to Washington on 8 th July to attend a meeting with Trump and Mexican President Andres Manuel Lopez Obrador marking the launch of the new trade deal. Prime...
According to Shanghai Metals Market survey, China’s primary aluminium production in June totalled 3 million tonnes, up 2.42 per cent year-on-year. As of June-end, there were 36.76 million tonnes of primary aluminium capacity in operation out of the existing 41.23 million tonnes per year total capacity. Data indicates that China’s primary aluminium capacity in operation was up by 180,000 tonnes month-on-month in June. Operating rates across Chinese primary aluminium producers also stood higher by 0.3 percentage point to stand at 89 per cent on improved margins that encouraged newly-commissioned and resumed capacities to ramp-up. During the first six months of 2020 (January-June), China’s primary aluminium output amounted to 18.01 million tonnes, up 2.93 per cent year-on-year. Consumption...
Bharat Aluminium Company (BALCO), a global leader in aluminium, has been endorsing sustainable development since its inception. This has been counted as one more unyielding step in this direction; BALCO has recently launched PAHAL, a plastic bag elimination program in its township amongst its employees and business partners. The company stated: “BALCO is one of the first organizations in Chhattisgarh to introduce plastic elimination program, which was taken up in association with Chamber of Commerce, Balconagar.” Environment-friendly bags were distributed among the residents as part of the drive and township residents are encouraged to use those in place of single-use plastic bags. Speaking about the initiative, Abhijit Pati, CEO & Director – BALCO, said, “‘Pahal’ is a step towards...
Alcoa Corporation, on Wednesday, July 8, released preliminary second-quarter results of 2020, which indicated that even amidst the COVID-19 pandemic, the company’s cash balance showed positive sentiment along with increased productivity and steadily growing operations. The cash balance is estimated to cross $950 million. But the revenue is expected to drop by 8 to 9 per cent from $2381 in Q1 2020 to $2100 - $2,175 in Q2, according to the information revealed. Year-on-year, the second quarter's revenue is estimated to decline by nearly 20 per cent, attributing to lower demand for aluminium value-added products. It is to be noted here that all the information is preliminary and based upon data available as of July 8. It is subject to change and finalisation based on the quarter-end closing...
The US dollar edged lower on Wednesday, July 8, as investors weighed hopes for a quick economic recovery against concerns about resurgence in the coronavirus pandemic, particularly in the US. Three-month LME aluminium scaled the highest level in four months, topping US$ 1,670 per tonne, before it pared some gains and closed the day higher at US$ 1,665 per tonne. As of Wednesday, July 8, LME aluminium cash (bid) price and LME official settlement price jumped from US$ 1596.5 per tonne to US$ 1619 per tonne. 3-months bid price and 3-months offer price stood at US$ 1651 per tonne, significantly up by US$ 21 per tonne from US$ 1630 per tonne on the previous day. Dec 21 bid price and Dec 21 offer price came in at US$ 1743 per tonne compared to US$ 1726 per tonne. The LME aluminium opening stock...
