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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According to the data released by Shanghai Metals Market, China’s primary aluminium production in May grew nearly 1 per cent over the year to 3.07 million tonnes. Compared to the previous month, the output stood higher by 3.72 per cent. In April 2020, China’s primary aluminium production was 2.96 million tonnes. As of May-end, there were 36.58 million tonnes among 41.23 million tonnes per year of existing primary aluminium capacity in operation, up 700,000 tonnes from a month ago. Operating rates across the smelters increased as well by 0.2 percentage point to 88.7 per cent as new and resumed capacities in Xinjiang, Inner Mongolia, and Sichuan ramped up. During the first five months of 2020, China’s primary aluminium output totalled 15.01 million tonnes, an increase of more than 3 per...
Emirates Global Aluminium launched a Vital Industry COVID-19 Task Force with members including Bee’ah, DP World and Masdar to share best practices on the management of the global pandemic. The Task Force was launched via video conference with all participating executives. The founding members are EGA Executive Vice President of EHSSQ and Business Transformation, Salman Abdulla; Bee’ah CEO of Consultancy, Research and Innovation (CRI), Mohamed Al Hosani; DP World Group HSE Vice President, Jason Pratt; and Masdar Senior Manager of Investment Lifecycle Management, Sahil Thapa. The Task Force will discuss efforts to prevent the spread of the virus, protect industrial workers and support communities across the nation. EGA founding member, Salman Abdulla, said: “At EGA, we are doing everything...
Alcoa Corporation initiated the worker's lay-off diligently at its Smelter in Ferndale, Washington post they received an offer of assistance from the state governor. This is also a nod to end the production of the plant. On 4 th June’20, Alcoa began to pass out pink slips on to many of the plant’s 700-strong workforce, giving the first five dozen by 5 th June’20. The layoffs are anticipated to pursue this week, reaching up to 400 workers over the coming two weeks. Eventually, the company is assumed to retain around 30 people in August’20, and gradually take it to 50% that number over the following year. The Governor of Washington Jay Inslee wrote an open letter to Roy Harvey, CEO of Alcoa for volunteering to support broker deal between the organization and potentially engrossed parties...
Hindalco Industries Ltd has continued to increase the price of its aluminium ingots, billets and wire rods by 2%. This marked the second consecutive hike in the price of the same products. With effect from June 6, Hindalco aluminium ingots price now stands at INR 135,750 per tonne, marking an increase of 1.88% or INR 2,500 per tonne from INR 133,250 per tonne on June 4. The company is now selling its wire rods and billets at INR 146,850 per tonne and INR 142,850 per tonne with effect from Saturday, 06 June 2020. The prices of the products are up by 1.73% or INR 2,500 per tonne and 1.78% or INR 2,500 per tonne from June 4. 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...
The US dollar slipped on Monday. LME and SHFE base metals closed higher across the board last night. LME aluminium added 0.82% and SHFE aluminium gained 1.54%. Three-month LME aluminium traded robustly and broke up US$1,600 per tonne overnight. It ended 0.82% higher on the day at US$1,605 per tonne. As of Monday June 8, LME aluminium cash (bid) price stands at US$ 1569.50 per tonne, LME official settlement price stands at US$ 1569.50 per tonne; 3-months bid price stands at US$ 1596 per tonne, 3-months offer price is US$ 1596 per tonne; Dec 21 bid price stands at US$ 1700 per tonne, and Dec 21 offer price stands at US$ 1700 per tonne. The LME aluminium opening stock stood at 1525650 tonnes. Live Warrants totalled 1314575 tonnes, and Cancelled Warrants were 211075 tonnes. LME aluminium...
The incessant downfall in Chinese primary aluminium stocks has resulted in further significant growth in A00 aluminium ingot price by RMB 150 per tonne to stand at RMB 13,850 per tonne, as of Tuesday, June 9, found Shanghai Metals Market. The average prices are expected to range between RMB 13,830 per tonne and RMB 13,870 per tonne, with spot contract to be traded at a discount price of RMB 60 per tonne to RMB 20 per tonne. The dip in spot contract could be attributed to the two consecutive significant rises in A00 aluminium ingot spot price resulting in slower purchasing sentiment and stock the metal for the future. Today, the aluminium ingot price in Shenyang has seen the highest growth of RMB 180 per tonne to come in at RMB 13,805 per tonne, followed by an increase of RMB 155 per tonne...
Carbon Trust an expert partner for businesses, governments and organisations around the world supporting them in realising ambitious plans for a sustainable, low carbon future stated on 8 th June’20 that: “Common standards and clear labelling should be agreed for so-called green aluminium so industrial users can identify low-carbon material amid competing claims by producers.” The aluminium downstream consumers such as the auto and packaging industries are intensifying and aiming to lower their carbon footprints and buy material produced with low carbon dioxide emissions. However, they are facing a range of “green” aluminium products from producers such as Rusal, Norsk Hydro and Rio Tinto. Hugh Jones, MD of UK-based non-profit organisation Carbon Trust has proposed new labelling system...
Iran's production of aluminium stood at 60,677 tonnes during the first two months of the current Iranian year (March 20-May19), from 41,367 tonnes in the same period last year. That was up 47% year-on-year, according to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO). Aluminium ingot output came in at 30,647 tonnes in the second Iranian month (April 20-May 19) as compared to 20,862 tonnes in the same month last year. Iran has an estimated aluminium nameplate capacity of 457,000 tonnes per year. The country now aims at increasing its annual aluminium output to more than 800,000 tonnes by March 2022 and to 1.5 million tonnes by 2025.
Japan is likely to continue to see a sluggish primary aluminium demand between July and September, owing to slow aluminium products manufacturing recovery from the COVID-19 pandemic and increased imports from overseas. Discussions over the Japan aluminium premium for the September quarter started recently, with an offer made by a global producer of $85 per tonne over the LME cash price. For the current quarter, the premium is $82 per tonne, settled after extended talks over the anticipation of Japanese weak aluminium demand for the slowdown in the global and indigenous manufacturing sectors. The initial offers for the June quarter were around $100 per tonne. Major Japanese aluminium users had to lower their product output since April, attributing to the production cut at many domestic...
Echoing the lowering trend as of Thursday, June 4, the social inventories of primary aluminium again declined by 46,000 tonnes over the weekend ending Monday, June 8, across eight major Chinese consumption areas, including SHFE warrants, to stand at 801,000 tonnes, found Shanghai Metals Market. But compared to the last Monday, June 1, when the primary aluminium inventories dropped by 15,000 tonnes, the inventories over this weekend recorded a higher plunge. The chart below indicates the current status of primary aluminium inventories across China in more details: Over the weekend, the primary aluminium inventories in Wuxi and Nanhai declined by 30,000 tonnes and 17,000 tonnes to stand at 296,000 tonnes and 119,000 tonnes, found SMM. In Chongqing, the stocks dropped 2,000 tonnes to come in...
A00 aluminium ingot price registered an increase of RMB 220 per tonne or 1.63 per cent from Friday’s price of RMB 13480 per tonne. The price now stood at RMB 13700 per tonne on Monday, 08 June 2020 and is expected to move within a range of RMB 13680-13720 per tonne. Spot aluminium contract is likely to be traded at a premium of 40-80 per tonne. In Foshan and Wuxi, the price rose by RMB 240 per tonne and RMB 210 per tonne to stand at RMB 13710 per tonne and 13670 per tonne. Their average prices are expected to range within RMB 13690-13730 per tonne and RMB 13660-13680 per tonne. Aluminium prices in Hangzhou and Chongqing came in at RMB 13700 per tonne and 13710 per tonne, up RMB 210 per tonne and RMB 240 per tonne. Aluminium ingot prices in Shenyang, Tianjin, Linyi, and Gongyi increased to...
The US dollar rose slightly last Friday after data showed the US labour market unexpectedly improved in May, but the currency ended the week lower, for a third consecutive week. Uncertainties about the economic outlook and the possibilities of a second wave of the coronavirus infections capped the greenback’s gains. Three-month LME aluminium traded robustly with the support from longs, rising with the five- and 10- day moving averages during the Asian trading hours and ending at US$ 1592 per tonne on Friday, up 1.76 per cent on the day. On Friday, June 5, both LME aluminium cash (bid) price and LME official settlement price increased from US$ 1535 per tonne on June 4 to US$ 1553.50 per tonne. 3-months bid price and 3-months offer price, however, declined from US$ 1560.5 per tonne to US$...
New Zealand has claimed to be one of the nations who are COVID-19 free, whereas the whole world is in turmoil. The airlines had already started to fly again; schools are going to open by next week only. Tim Shadbolt, Mayor of Invercargill said: “But we should never be complacent. The battle to restore our economy has only just begun. So far our farms, the smelter and the SIT are keeping us afloat.” “However, one of our biggest earners of overseas funds, the tourist sector, has only just begun to face reality.” “The council aims to operate as an energised, fun and innovative team so it’s my duty to be positive even though New Zealand’s small businesses must feel as though they’ve been run over by a ten-ton tank.” He also said: “Despite the glitz and glamour of jets and the film industry, I...
Vedanta has raised its aluminium ingot and billets price by 2% on Saturday. This marks the second consecutive hike in price of same products. With effect from Saturday, 06 June 2020, the prices of some aluminium ingots are in the range of INR 135,500-148,500 per tonne, marking an increase of INR 2500 per tonne or 1.8% from INR 133,000-146,000 per tonne on May 28. With the latest hike, Vedanta’ billet now stands at INR 143,500 per tonne, an increase of INR 2500 per tonne or 1.77% from INR 141,000 per tonne on May 28. 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 16% so far in 2020 due to slower global demand following the coronavirus outbreak....
Vedanta Limited announced its audited consolidated results for the fourth quarter (Q4) and full year ended 31 March 2020 (FY2020). Revenue stood at ₹ 19,513 crore in FY2020, lower by 8% sequentially. This was due to lower commodity prices further impacted by COVID-19, lower volume at Aluminium business and lower power sales at TSPL, past exploration cost recovery at Oil & Gas business in Q3 FY2020 partially offset by higher sales volume at Zinc & Iron Ore business and rupee depreciation. For FY2020, revenue was at ₹ 83,545 crore, lower by 8% y-o-y. Mr Sunil Duggal, Chief Executive Officer, Vedanta said: “The Covid pandemic has hit the world and us in the last quarter of the year. We have taken a pro-active approach to keep our assets and people safe while ensuring optimum operations...
The Indian state-owned National Aluminium Company Limited (NALCO), celebrated World Environment Day on 5 th June’20. As a responsible CSR activity, NALCO’s commitment to environmental care and management has been its hallmark since its inception. To mark it as a great day, mass plantation drives were undertaken at the company’s units and offices. At Bhubaneswar, Sridhar Patra, CMD, NALCO, formally launched the plantation drive by planting a sapling in the NALCO residential colony. Directors of the company, representatives of various Unions and Associations also participated in the plantation drive adhering to social distancing norms and adequate precautionary measures because of the COVID 19 pandemic. The CMD recapitulated about Nalco’s continuous attempt towards nurturing nature and...
The US dollar on Monday, June 1, fell against a basket of rivals for a fifth straight trading day as risk sentiment improved on optimism that the worst of the economic downturn caused by the global spread of the coronavirus may be in the past. On June 2, easing further, the dollar index, which gauges the greenback against a basket of major currencies, fell for the sixth straight day and tumbled the lowest since March 13 at 97.4335. On June 3, the dollar index decreased further for the seventh straight day at 97.1882. On June 4, it came in at 96.5774, the lowest since March 12. Three-month LME aluminium pulled back from two-month highs on Monday, easing 0.58 per cent to US$ 1,538 per tonne, while on Tuesday, June 2, it ended at a 10-week peak of US$1,559 per tonne, up 1.37% on the day. On...
According to a recent report, Rusal, a leading global aluminium producer, will invest approximately $190 million in modernising the production of electrodes at its Sayanogorsk Aluminium Smelter (SAZ) between 2020 and 2023. This modernization programme is expected to help Rusal reduce the smelter’s environmental impact, besides bringing in a positive economic effect. Three anode-baking furnaces at SAZ will be reconstructed in line with the best eco-friendly technologies using equipment supplied by a German company Riedhammer GmbH. On the completion of this project, the quality of the anodes is expected to be significantly improved. The anode baking area will be equipped with new digital systems that will enable the transmission of the information on operations of three furnaces to a...
