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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Aluminium Bahrain B.S.C (Alba), the world’s largest aluminium smelter ex-China, announced that the company has been running its operations at full capacity despite COVID-19. The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa made the announcement during the second quarterly Board of Directors’ meeting held virtually on Wednesday 10 June 2020. Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “As COVID-19 unfolds, we had to adapt quickly -- finding our balance in the new normal. Our production facilities continue at full run rate while new Safety measures were adapted across the plant to ensure that our workforce is safe at all times. I also congratulate everyone, employees and contractors, on topping more than 22 million working-hours without Lost Time...
The British metal baron Sanjeev Gupta’s GFC Alliance made public on 11 th June’20 that it will slash costs and reduce human resources owing to a steep slide in demand that might stretch to 18-20 months. The GFG Alliance, a conglomerate with wide-ranging operations including aluminium , infrastructure and steel, stated its business had been strike hard by the COVID-19 epidemic. GFG said: “With 35,000 workers, needed to adjust to the new market environment so it would aim to cut costs by 30%, including an unspecified number of job cuts.” The demand from aluminium and other metal consuming sectors in précised region has dipped heavily. The impact is likely to hold on for month after month, resulting in an aforesaid difficult market. GFG said it's aluminium and steel businesses were sticking...
Hindalco Industries Ltd’s aluminium products price continued to trend higher. This marked the fourth consecutive hike in the price of the same products. With effect from June 11, Hindalco aluminium ingots price now stands at INR 140,750 per tonne, marking an increase of 2.55% or INR 3,500 per tonne from INR 137,250 per tonne on June 9. The company is now selling its wire rods and billets at INR 151,850 per tonne and INR 147,850 per tonne with effect from Thursday, 11 June 2020. The prices of the products are up by 2.36% or INR 3,500 per tonne and 2.42% or INR 3,500 per tonne from June 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 are down more than 10% so far in...
Prebaked anode price in Southwest China market has edged lower by RMB 150 per tonne. As on Friday, 12 June 2020, prebaked anode price has ranged at RMB 2750-3090 per tonne; the average price stand at RMB 2920 per tonne, after remaining flat at RMB 3070 per tonne since May 6. The prebaked anode price in Northwest China has recorded a drop of RMB 150 per tonne to RMB 3150 per tonne on June12, The price is likely to move within a range of RMB 3050- 3250 per tonne. The average prices of prebaked anode in East and Central markets remain unchanged at RMB 2670 per tonne and RMB 2730 per tonne respectively. A00 aluminium ingot price has registered a drop of RMB 60 per tonne or 0.43 per cent from Thursday’s price of RMB 13860 per tonne. The price now stand at RMB 13800 per tonne on Friday, 12 June...
The US dollar gained on Thursday, June 11 as US stocks plunged amid reduced expectations that the global economy would recover swiftly from the coronavirus pandemic, following Wednesday’s economic outlook from the Federal Reserve. The three-month LME aluminium declined, closing the day 2.03 per cent lower at US$ 1,594 per tonne. On Thursday, June 11, both LME aluminium cash (bid) price and LME official settlement price declined sharply by US$ 31.5 per tonne to stand at US$ 1582 per tonne. 3-months bid price and 3-months offer price decreased by US$ 32.5 per tonne to come in at US$ 1605.5 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1705 per tonne, down by US$ 30 per tonne from US$ 1735 per tonne. The LME aluminium opening stock decreased from 1541125 tonnes on June 10...
The COVID-19 pandemic has slowed down the restart of the Bécancour Smelter. However, 90% is complete now and more than 200 people have been hired since January’20. Nicole Coutu, General Manager, who also became CEO of Alcoa Canada, admitted that the markets are very difficult. On 11 th June’20, while inaugurating the industrial incubator in Bécancour, Nicole said: "It was already difficult at the end of 2019 and the automotive, aviation and construction markets are greatly affected by the pandemic.” While the restart of the ABI must be completed by the end of the summer, Coutu confirmed that hiring summer students is no longer part of the company's plans. In regards to the management of coronavirus, all measures have been put in place and only one case has been reported at the factory so...
The primary aluminium ingot inventories in China have continued to trend down today, on June 11, found Shanghai Metals Market. The stocks across eight major consumption areas, including SHFE warrants, have decreased by 60,000 tonnes over the week to stand as low as 787,000 tonnes, following a decline of 46,000 tonnes to 847,000 tonnes last Thursday, June 4. The chart below indicates the current status of primary aluminium inventories across China in more details: The primary aluminium inventories in Wuxi have seen the highest fall today of 41,000 tonnes to 285,000 tonnes, while the stocks in Nanhai have plunged by 17,000 tonnes to stand at 161,000 tonnes. In Gongyi, the inventories have decreased by 3,000 tonnes to 42,000 tonnes and in Hangzhou by 2,000 tonnes to 104,000 tonnes. In...
According to a recent report, Vedanta has further increased its aluminium ingot and billet prices with effect from Thursday, June 11, marking the third consecutive growth. While the rate of price hike has increased from the earlier time to 2.77 per cent or INR 3,750 per tonne, the aluminium ingot price of Vedanta is now ranging between INR 139,250 per tonne and INR 152,250 per tonne, compared to INR 135,500-148,500 per tonne on June 6. In the latest hike, Vedanta’s aluminium billet price has also increased by INR 3,750 per tonne or 2.61 per cent to stand at INR 147,250 per tonne. Earlier, after the price growth on June 6, Vedanta’s aluminium billet price was standing at INR 143,500 per tonne. Vedanta’s price hike today follows its aluminium Cost of Production cut report yesterday, on June...
The US dollar extended losses on Wednesday, falling to a fresh three-month low against a basket of major currencies after the Federal Reserve made no policy changes, as expected. Three-month LME aluminium recovered its declines from March as it climbed on a softened US dollar, hitting a session high of US$ 1,640 per tonne and ending higher on the day at US$ 1,627 per tonne. It is expected to trade between US$1,600 per tonne and US$ 1,650 per tonne today. As of Wednesday, June 10, LME aluminium cash (bid) price and LME official settlement price jumped to US$ 1613.50 per tonne, an increase by US$ 48 per tonne. 3-months bid price and 3-months offer price also climbed from US$ 1592.50 per tonne to US$ 1638 per tonne. Dec 21 bid price and Dec 21 offer price came in at US$ 1735 per tonne, up by...
Press Metal Aluminium Holding Bhd’s low-cost structure, good track record under the present management, and scarcity premium for aluminium are likely to support its share price. The company’s operating cash flows also look healthy as reflected in the financial results of Q1 CY2020 March 31, said Affin Hwang Investment Bank Bhd. The group generated a positive operating CF of RM348 million in Q1 compared to RM206 million previously. Affin Hwang said in a report today, "Although the demand for its value-added products was negatively affected by the slowdown in global aluminium demand, the group managed to mitigate the impact by shifting to produce more primary ingots." The investment bank also noted that Press Metal assured of having enough operating CF to sustain its operations. Press...
BNP Paribas, Citigroup Global Markets and HSBC acted as joint global coordinators, joint book-runners and joint lead managers on the 144A/Reg S US$2.5bn triple series notes offering by PT Indonesia Asahan Aluminium, one of the largest issuances from an Indonesian corporate in recent years. The funding from the triple tranche notes, including US$1bn 4.750% due 2025, US$1bn 5.450% due 2030 and US$500m 5.800% due 2050, will support the Indonesian state-own mining holding company to refinance its older bonds and fund various infrastructure projects. The transaction was led by Linklaters’ capital markets partner Amit Singh, with support from managing associate Catherine Lee, and Widyawan & Partners’ banking partner Adrian Pranata, supported by managing associate Randy Irawan. Linklaters...
The leading global aluminium producer, Rusal has declared that it initiated testing operations for a pilot industrial electrolytic cell with inert anodes, which has an improved design and a record low carbon footprint. The new pilot model will replace the inert anode electrolytic cell already being tested by RUSAL as the next step in the development of innovative carbon-free aluminium cell technology. The new generation of inert anode electrolytic cell has several fundamentally new technical solutions that can improve the purity of aluminium produced, reduce the carbon footprint to a record low level of 2 tons of CO2 per tonne of aluminium produced and reduce operating costs during the production process. The pilot experimental pot cell will have a capacity of approximately 1 tonne of...
Even amidst the sluggish aluminium demand and low prices caused by the COVID-19 pandemic, Vedanta Limited has been able to trim its aluminium Cost of Production (CoP) in the fourth quarter of FY20 by 20 per cent year-on-year to $1451 per tonne, according to a recent report. In the full financial year 2020, Vedanta’s aluminium Cost of Production was down by 14 per cent year-on-year to $ 1690 per tonne. Reducing aluminium production costs further indicates a positive sign for Vedanta amid a slide in the prices of white metal on the London Metal Exchange. The global consultancy CRU projects further downfall in aluminium prices, attributing to the estimated hike in global inventories by 5 million tonnes to 16 million tonnes, much of it in the non-LME registered warehouses by the end of the...
National Aluminium Company Limited (NALCO) increased its aluminium prices with effect from Saturday, June 6. With the latest hike, NALCO's prices of aluminium ingots came in at INR 136,750-140,250 per tonne, up INR 4,200 or 3 per cent from INR 132,550-136,050 per tonne on May 9. The prices of aluminium billets also grew by 3 per cent from INR 136,000 – 138,650 per tonne on May 9 to INR 140,450-142,850 per tonne on June 6. The aluminium wire rods prices, as of Saturday, June 6, stood at INR 141,250-145,050 per tonne. 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 nearly 14% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium...
The Trump Administration three years ago announced the 232 investigations into the national security implications of imported aluminium products. The US domestic aluminium industry was cheered up. It was presumed that finally, action would be taken on the largest threat to the domestic aluminium industry i.e. China. However, that is not what happened. On 22 nd June’17, the Administration held a Public Hearing on Section 232 Investigation of Aluminum Imports on National Security. At that hearing, nearly 50 aluminium industry professionals described how the single biggest threat to our industry was the unfettered overproduction and excessive build-up incapacity of the Chinese aluminium industry. The industry was told that a global tariff would rebuild domestic production of primary...
The US dollar continued to trade lower against all of the European currencies on Tuesday ahead of the Federal Reserve’s monetary policy announcement. Three-month LME aluminium recovered after declined, but it failed to end higher on the day as it lost 0.12 per cent on the day at US$ 1,603 per tonne. Open interest increased 1,810 lots to 862,000 lots as shorts loaded up their positions. On Tuesday, June 9, LME aluminium cash (bid) price and LME official settlement price decreased from US$ 1569.50 per tonne on June 8 to US$ 1565.50 per tonne. 3-months bid price and 3-months offer price also declined from US$ 1596 per tonne to US$ 1592.50 per tonne. Dec 21 bid price and Dec 21 offer price came in at US$ 1695 per tonne, down by US$ 5 per tonne from US$ 1700 per tonne. The LME aluminium...
Aluminerie Alouette's Chairman of the owners' committee Darren Colwell has announced that Mr Michel Huot is appointed as the Acting President and CEO, hereinafter the exit of Patrice L’Huillier. Since 2018 he has led the aluminium company. The Quebec-Canada based aluminium smelter stated that the change has been addressed post discussion with Mr L’Huillier. The owners of the business have thanked him for his work accomplishment during his tenure. Colwell said: “We are pleased to welcome Michel to our team and are confident that he will be able to support Aluminerie Alouette during this period. The organisation will benefit from his wide experience. Mr Huot will facilitate the implementation of a strategy aimed at pursuing modernisation and long-term sustainability of the company.” The new...
Hindalco Industries has raised the prices of its aluminium products for the third time in a row. With effect from June 9, Hindalco aluminium ingots price came in at INR 137,250 per tonne. This records an increase of 1.1% or INR 1,500 per tonne from INR 135,750 per tonne on June 6. The company is now selling its wire rods and billets at INR 148,350 per tonne and INR 144,350 per tonne with effect from Tuesday, 09 June 2020. The prices registered an increase of 1% or INR 1,500 per tonne and 1.05% or INR 1,500 per tonne from June 6. 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 nearly 14% so far in 2020 due to slower global demand following the coronavirus...
