LME aluminium prices softened on September 22, with the cash and three-month contracts declining from the previous trading session, while LME aluminium opening stocks also edged lower on September 23. On September 22, the LME aluminium cash bid price stood at USD 3,240 per tonne, down 0.66 per cent from USD 3,261.5 per tonne on September 21. The cash offer price was USD 3,242 per tonne , down 0.63 per cent from USD 3,262.5 per tonne. The LME aluminium 3-month bid price stood at USD 3,263.5 per tonne on September 22, compared with USD 3,272.5 per tonne on September 21, representing a decline of 0.28 per cent. The 3-month offer price fell 0.27 per cent to USD 3,264 per tonne from USD 3,273 per tonne. Explore the production, demand and consumption forecasts of bauxite and alumina in our...
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)...
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Following the cut on Saturday, July 4, Hindalco Industries Limited has increased its aluminium ingot price with effect from Wednesday, July 8. With the latest hike, the company’s ingot price has come in at INR 138,250 per tonne compared to INR 136,750 per tonne on July 4, meaning an increase of INR 1,500 per tonne or 1.1 per cent. Hindalco is selling its aluminium wire rods and billets at INR 149,350 per tonne and INR 145,350 per tonne, respectively, up by INR, 1,500 per tonne or 1.per cent from INR 147,850 per tonne and INR 143,850 per tonne, as of July 4. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on the London Metal Exchange. The three-month futures of aluminium are down by over 9 per cent so far in 2020 due to the...
Rio Tinto will start planning for the wind-down of operations and the eventual closure of New Zealand Aluminium Smelters (NZAS) following the conclusion of its strategic review which has shown the business is no longer viable given high energy costs and a challenging outlook for the Aluminum industry. Consequently, NZAS has delivered Meridian Energy notice to terminate the power contract, which will end in August 2021, when the wind-down of operations is expected to complete. The strategic review concluded that the smelter, which has made Rio Tinto an underlying loss of NZ$46million in 2019, is not economically viable due to energy costs that are some of the highest in the industry globally, coupled with a challenging short to medium term aluminium outlook. Extensive discussions with a...
National Aluminium Company Limited (NALCO) has cut its aluminium ingot and product prices with effect from Wednesday, July 8, following two consecutive hikes on June 20 and July 1. Nalco’s aluminium ingot price has been reduced by INR 2,100 per tonne or 1.5 per cent to INR 138,050-141,550 per tonne. After the last marginal hike of INR 100 per tonne on July 1, the company’s aluminium ingot price was in the range of INR 140,150 – 143,650 per tonne. Nalco’s aluminium billet price after the latest cut has come in at INR 141,750-144,150 per tonne, down by INR 1850-2100 per tonne from INR 143,600- 146,250 per tonne, as of July 1. Nalco’s aluminium wire rod price has been decreased from INR 144,750-148,000 per tonne to INR 141,550-145,900 per tonne. Indian aluminium producers generally link...
The Prime Minister’s Office of Canada has confirmed that PM Justin Trudeau will not visit Washington, with Mexico's president this week to celebrate a new North American trade deal, after Canada louden concerns over United States aluminium tariffs. On 6 th July’20, over a phone call, Trudeau told Mexican President Andres Manuel Lopez Obrador that he expects the talks with US President Donald Trump would be successful. However, the Mexican President had urged Trudeau to join him, is due to meet Trump at the White House on 8 th July’20 on his first trip outside of Mexico since taking office 19 months ago. The Prime Minister’s office stated that Justin Trudeau will be attending cabinet meetings and a sitting of parliament in Ottawa. "We wish the United States and Mexico well at Wednesday's...
Vedanta Limited has increased its aluminium ingot and aluminium billet prices with effect from July 8, following the two consecutive cuts on July 1 and July 4. The aluminium ingot price has been raised by INR 1,250 per tonne or 1 per cent to INR 136,750-149,750 per tonne. After the last cut, Vedanta’s aluminium ingot price was in the range of INR 135,500-148,500 per tonne. With the latest hike, Vedanta's aluminium billet price has come in at INR 144,750 per tonne, up by INR 1,250 per tonne or 1 per cent from INR 143,500 per tonne, as of July 4. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on the London Metal Exchange, which in the last two days recorded growth from US$ 1581.5 per tonne to US$ 1596.5 per tonne. However, the...
The US dollar inched higher against a basket of currencies on Tuesday, July 7, holding above the near two-week low hit in the previous session, as investors turned uneasy over new coronavirus flare-ups and local lockdowns in some countries. Three-month LME aluminium held onto one-month highs on Tuesday, ending flat at US$ 1,635 per tonne in choppy trading. It is likely to continue to move between US$ 1,620-1,660 per tonne today. As of Tuesday, July 7, LME aluminium cash (bid) price and LME official settlement price increased by US$ 3.5 per tonne to stand at US$ 1596.5 per tonne. 3-months bid price and 3-months offer price stood at US$ 1630 per tonne, up by US$ 4 per tonne from the previous day. Dec 21 bid price and Dec 21 offer price came in at US$ 1726 per tonne compared to US$ 1725 per...
The Ghana Integrated Aluminum Development Corporation (GIADEC) has delivered an extra mileage to the fight against COVID-19 by donating hygiene items to people of Kyebi and surrounding communities of the East Akim Municipal District in the Eastern Region. The items are quantities of veronica buckets, gallons of alcohol-based hand sanitizers, disposable hand towels, nose mask and dust bins were presented to the locals as part of efforts to mitigate the spread of the novel coronavirus in the country. Mr Michael Ansah, CEO, GIADEC, recapitulated during the event that: “GIADEC’s commitment of continuous support in the fight against the virus and urged the beneficiaries to use the hygiene items judiciously.” He added: “With the outbreak of the pandemic in Ghana, we at GIADEC believe in...
Moroccan companies are part of the continuity in Ivory Coast for the works accomplished by HM King Mohammed VI. Presently, the company “Comptoir d'Aluminium de Côte d'Ivoire”, based in Abidjan, welcomes, in its workshops, ten trainees from the Multispectral Professional Training Centre Mohammed VI in Yopougon, inaugurated in November 2017 by the Sovereign, then on an official visit to the West African nation. These internships are the diversification of the agreement that the Moroccan company has just signed with the management of the Multifunctional Centre that HM the King has kindly offered to the young people of Côte d'Ivoire. Saâd El Hamzaoui, CEO, Comptoir d'Aluminium Ivory Coast: “We have received ten (10) interns in our company for three (03) months. By welcoming these young...
Aluminium stocks at three major ports in Japan- Yokohama, Nagoya, and Osaka, extended growth by 9.5 per cent or 29,500 tonnes month-on-month at the end of May, found Marubeni Corporation. At the end of April, the stocks at these Japanese ports were 309,000 tonnes, which in the next month increased to 338,500 tonnes. Aluminium stocks (in tonnes) at the three major Japanese ports in May were as follows: So, as the above chart indicates, the aluminium stocks at Yokohama port in May 2020 increased by 6,200 tonnes or 3.86 per cent month-on-month from 160,500 tonnes in April to 166,700 tonnes. Year-on-year, the stocks at Yokohama grew by 13,700 tonnes or 8.95 per cent from 153,000 tonnes. At Nagoya port, the aluminium stocks increased by 22,800 tonnes or 17.07 per cent month-on-month from...
In spite of its small size, Belgium's economy has consistently placed among the top 20 economies of the world and remains strong. The major industries that support the economy of Belgium are Metallurgy, steel, textiles, chemicals, glass, paper, and food processing are the dominant industries. Belgium is one of the world's leading processors of cobalt, radium, copper, zinc, and lead. The western European nation’s import of aluminium alloy ingot during 2017-20 remains fluctuating, although marginally. The import volume during the phase remained at 476,731 tonnes and the revenue expended stood at $808.02 million. The import for 2020 has been forecasted at 169,663 tonnes and the expenditure might stay at $276.06 million. However, when the analysed import and expenditure of 2020 gets valued...
Three-month LME aluminium advanced 1.43% to four-week highs of US$1,635 per tonne on Monday. It is likely to move between US$1,620-1,660 per tonne today. As of Monday July 6, LME aluminium cash (bid) price stands at US$ 1593 per tonne, LME official settlement price stands at US$ 1593 per tonne; 3-months bid price stands at US$ 1626 per tonne, 3-months offer price is US$ 1626 per tonne; Dec 21 bid price stands at US$ 1725 per tonne, and Dec 21 offer price stands at US$ 1725 per tonne. The LME aluminium opening stock stood at 1624775 tonnes. Live Warrants totalled 1416300 tonnes, and Cancelled Warrants were 208475 tonnes. LME aluminium 3-months Asian Reference Price is hovering at US$ 1618.05 per tonne. SHFE Aluminium Price Trend Benchmark aluminium price for SHFE increased to stand at US$...
According to a recent report from Reuters, some Japanese aluminium buyers have agreed to pay $79 per tonne of premium to a global producer for July to September shipments. Compared to the previous quarter premium, it is down by 3.7 per cent, attributing to the lower demand due to the COVID-19 pandemic. In the April-June quarter, the premiums that Japan had agreed to pay were $82 per tonne. Japan is Asia’s largest aluminium importer. The premium it agrees to pay each quarter for primary aluminium shipments over the benchmark London Metal Exchange (LME) cash price sets the pricing tone for the region. The downfall in premiums for the September quarter marks the fourth straight quarterly decline and the lowest since the October-December quarter in 2016. While some Japanese buyers have agreed...
The Environmental Defence Society has reportedly filed Declaration Proceedings in the Environment Court today, July 6, against New Zealand Aluminium Smelters Limited concerning the storage of over 10,000 tonnes of ouvea premix at sites on Kana Street, Mataura, Southland. New Zealand Aluminium Smelter while processing aluminium produces a by-product called dross. Dross can then be subjected to an aluminium recovery and recycling process, which generates one of the outputs called ouvea premix, a potential resource for fertiliser manufacturing and steel production. “We are concerned that if the stored ouvea premix gets wet, it produces ammonia gas which is toxic to humans. It can also harm aquatic life. There are residences nearby as well as a Te Kohanga Reo child care centre,” said EDS CEO...
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 weekend. Inventories decreased 4,000 tonnes from last Thursday July 2 to 715,000 tonnes as of Monday July 6. 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 8,000 tonnes and 1,000 tonnes from Thursday to stand at 225,000 tonnes and 110,000 tonnes. Inventories in Hangzhou stood at 100,000 tonnes, down 1,000 tonnes. Inventories of aluminium in Tianjin and Chongqing remained unchanged at 57,000 tonnes and 4,000 tonnes. Stocks in Nanhai and Gongyi stood at 163,000 tonnes and 49,000 tonnes, an increase...
The US dollar was hemmed into a narrow range on Friday, while European stocks closed lower as concern over a spike in US coronavirus infections tempered the optimism arising from upbeat economic data out of the US, China and the eurozone. Three-month LME aluminium fell 0.74 per cent to end at a session-low of US$ 1,612 per tonne on Friday, July 3. It advanced 0.91 per cent on the week, marking the third straight weekly gain. It is likely to move between US$1,600-1,640 per tonne today. As of Friday, July 3, LME aluminium cash (bid) price and LME official settlement price declined from US$ 1601.50 per tonne to US$ 1581.50 per tonne. 3-months bid price and 3-months offer price stood at US$ 1614 per tonne after decreasing by US$ 7.5 per tonne from the previous day. Dec 21 bid price and Dec 21...
Hindalco Industries Ltd has reduced its aluminium products price after hiking it the price of the same products on July 1. With effect from Saturday July 4, Hindalco aluminium ingots price now stands at INR 136,750 per tonne, a decrease of 2.15% or INR 3,000 per tonne from INR 139,750 per tonne on July 1. The company is now selling its wire rods and billets at INR 147,850 per tonne and INR 143,850 per tonne with effect from Saturday, 4 July 2020, marking a growth of INR 3,000 per tonne from July 1. 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...
Vedanta cuts its aluminium products price after raising it for the second time in a row. With effect from Saturday 4 July 2020, the prices of some aluminium ingots are in the range of INR 135,500-148,500 per tonne, a decrease of 2.17% or INR 3,000 per tonne from INR 138,500-151,500 per tonne on July 1. With the latest cut, Vedanta’ billet now stands at INR 143,500 per tonne on July 4, a drop of INR 3,000 per tonne or 2.05% from INR 146,500 per tonne on July 1. 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...
The Prime Minister of Canada Justin Trudeau on 3 rd July’20 stated that he was still unsure whether he would travel to Washington D.C. next week to celebrate a new North American trade treaty. The issue of US tariffs on aluminium is holding him back is the most possible reason. Mexico's President Andres Manuel Lopez Obrador, who is due to meet U.S. President Donald Trump next week, has said he would like Trudeau to attend. Andres Manuel Lopez Obrador, President of Mexico, who is due to meet U.S. President Donald Trump next week, has said: “He would like Trudeau to attend.” Trudeau said: "We're still in discussions with the Americans about whether a trilateral summit next week makes sense. We're concerned about the proposed issue of tariffs on aluminium and steel that the Americans have...
