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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North America’s primary aluminium production stood 4.72 per cent higher year-on-year to 333,000 tonnes in April 2020. On a month on month basis, the output declined by 2.62 per cent from March production of 342,000 tonnes. In the first four months of 2020, the production stood 4.27 per cent higher than the same period last year. The output amounted to 1.319 million tonnes, from 1.265 million tonnes in the first four months of 2019, according to the latest data showed by the International Aluminium Institute (IAI). In 2019, the output stood at 3.809 million tonnes, an increase of 0.93 per cent from 3.774 million tonnes in 2018. Primary aluminium production in South America decreased by 12.35 per cent year-on-year and 21.98 per cent month-on-month to 71,000 tonnes in April. The output of...
According to Crisil analysis, the COVID-19 induced lockdown has had a little impact on Vedanta’s operations. An increase in exports during the lockdown, supported by the company’s low-cost position in key businesses, has offset the sluggish domestic demand, showed Crisil. However, disruptions in supply chain and decrease in sales volume that Vedanta has faced on account of the prolonged global pandemic shall be monitored, added Crisil. According to the report, Vedanta is expected to adopt cash preservation measures by reducing capital expenditure (CAPEX) and limiting dividend payout in the financial year 2021 to address liquidity concerns. The company has also reportedly availed moratorium on its term debt obligation as per RBI guidelines after approval from respective banks to preserve...
According to a recent survey, commodity investors are rushing to make profit from a surplus supply of aluminium. They are buying the metal to store and sell it for future delivery when millions of tonnes of lightweight metal are being produced across the world. As smelters are continuing to produce aluminium, despite the sluggish demand from carmakers and other industrial consumers, their stocks are increasing, resulting in price fall. This is allowing commodity traders, hedge funds, and banks to make so-called financing trades, whereby they buy the metal at low cost, store it in warehouses, and sell it in the futures market. “One of the best risk-free trades in the world at the moment is to get some aluminium and stick it in a warehouse,” said Eoin Dinsmore of CRU, a consultancy. “It’s...
Hindalco Industries Ltd has cut prices of its aluminium ingots, billets and wire rods by 2% after hiking them for the third time in a row. With effect from June 1, the price for Hindalco aluminium ingots now stands at INR 133,000 per tonne, a decrease of 2.03% or INR 2,750 per tonne from INR 135,750 per tonne on May 30. With the latest cut, Hindalco wire rods and billets price has declined by 1.87% or INR 2,750 per tonne and 1.93% or INR 2,750 per tonne from May 30 to stand at INR 144,100 per tonne and INR 140,100 per tonne. 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...
A00 aluminium ingot price dropped by RMB 80 per tonne or 0.59 per cent from Monday’s price of RMB 13480 per tonne, after three days of increase. The price now stood at RMB 13400 per tonne today and is expected to move within a range of RMB 13380-13420 per tonne. Spot aluminium contract is likely to be traded at a premium of RMB 90-130 per tonne. In Foshan and Wuxi, the price reduced by RMB 120 per tonne and RMB 65 per tonne to stand at RMB 13430 per tonne and 13405 per tonne. Their average prices are expected to range within RMB 13410-13450 per tonne and RMB 13400-13410 per tonne. Aluminium prices in Hangzhou and Chongqing came in at RMB 13420 per tonne and 13430 per tonne, down RMB 70 per tonne and RMB 90 per tonne. Aluminium ingot prices in Shenyang, Tianjin, Linyi, and Gongyi decreased...
The US dollar fell against a basket of rivals for a fifth straight trading day on Monday 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. Three-month LME aluminium pulled back from two-month highs on Monday, easing 0.58 per cent to US$ 1,538 per tonne. As of Monday, June 1, LME aluminium cash (bid) price and LME official settlement price stood at US$ 1511.50 per tonne after declining by US$ 3.5 per tonne from the previous day. But 3-months bid price and 3-months offer price increased by US$ 3.5 per tonne to hover at US$ 1540 per tonne. Dec 21 bid price and Dec 21 offer price grew as well by US$ 6.5 per tonne to come in at US$ 1654 per tonne. The LME aluminium opening stock stood at 1496050...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, continued to decline over the weekend. Inventories stood at 878,000 tonnes as of Monday June 1, down 15,000 tonnes from Thursday May 28. The chart below shows the current status of the primary aluminium inventories across China in more details: Primary aluminium stocks in Wuxi, Shanghai, and Nanhai decreased by 5,000 tonnes, 3,000 tonnes and 6,000 tonnes from May 28 to stand at 349,000 tonnes, 120,000 tonnes and 174,000 tonnes on Monday, June 1. The inventories in Henan and Tianjin remained unchanged at 51,000 tonnes and 58,000 tonnes. The inventories of primary aluminium in Hangzhou and Chongqing stood at 107,000 tonnes and 10,000 tonnes today,...
According to Reuters report, traders and analysts estimate a significant rise in China’s aluminium imports to hit the highest level in a decade, as an arbitrage opportunity created by demand recovery after coronavirus outbreak has made the aluminium import cheaper than sourcing the metal from domestic smelters. China, the world’s top aluminium producer, usually has a little need to import primary aluminium. The country’s imports in 2019 totalled just over 75,000 tonnes versus output of 35 million tonnes. But this year in May alone, China’s aluminium imports are set to top 100,000 tonnes, as demand for aluminium in the rest of the world has collapsed, while metal consumption in China has recovered from the COVID-19 pandemic. The draw is that Shanghai aluminium prices above RMB 13,000...
Hindalco Industries Ltd has raised prices of its aluminium ingots, billets and wire rods by more than 1%. This marked the third consecutive hike in price of the same products. With effect from May 30, the price for Hindalco aluminium ingots now stands at INR 135,750 per tonne, an increase of 1.5% or INR 2,000 per tonne from INR 133,750 per tonne on May 22. 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, 30 May 2020, up 1.38% or INR 2,000 per tonne and 1.42% or INR 2,000 per tonne from May 22. 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 17% so far in 2020 due to...
PT Vale Indonesia is dedicated to completing the divestment of the company's shares by June’20 as this has missed the original target. Bernardus Irmanto, CFO, Vale Indonesia explained: “The joint management with partners, namely Vale Canada Limited and Sumitomo Metal Mining Co. Ltd. stated that they had reached an agreement with PT Indonesia Asahan Aluminum (Persero) to extend the signing date of the definitive agreement until the end of June 2020. This discussion was delayed another because of the Covid-19 pandemic which impeded the discussion process between the two parties.” On 31 st May’20 Irmanto said: "All parties remain committed to signing a definitive agreement, however, the current pandemic has presented challenges that have caused delays.” This extension gives the parties more...
The US dollar extended its slide against a basket of rivals on Friday. LME aluminium climbed 0.6% and SHFE aluminium gained 0.5%. Three-month LME aluminium hit a new two month-peak of US$1,549 per tonne, before ending the day 0.59% higher at US$1,547 per tonne. Shanghai Metals Market expects the contract to hover between US$1,530-1,550 per tonne today. As of Friday May 29, LME aluminium cash (bid) price stands at US$ 1515 per tonne, LME official settlement price stands at US$ 1515 per tonne; 3-months bid price stands at US$ 1536.50 per tonne, 3-months offer price is US$ 1536.50 per tonne; Dec 21 bid price stands at US$ 1647.50 per tonne, and Dec 21 offer price stands at US$ 1647.50 per tonne. The LME aluminium opening stock stood at 1500900 tonnes. Live Warrants totalled 1282050 tonnes,...
Following a drop of 0.4 per cent at the end of March, Aluminium stocks at three major Japanese ports rose 12,000 tonnes or 4 per cent by April end, trading house Marubeni Corp reported on Friday, May 29. In March 2020, the stocks were 297,100 tonnes, which in the next month increased to 309,000 tonnes. Marubeni collects stock related data from the ports of Yokohama, Nagoya and Osaka. Aluminium stocks (in tonnes) at the three major ports in April were as follows: So, as the above chart indicates, the aluminium stocks at Yokohama port in April 2020 increased by 4,000 tonnes or 2.56 per cent month-on-month to stand at 160,500 tonnes. Year-on-year, the stocks grew by 9,600 tonnes or 6.36 per cent from 150,900 tonnes in April 2019. At Nagoya port, the aluminium stocks in April increased by...
Slovenian Aluminium producer Talum generated EUR 327 million in net revenue and almost EUR 680,000 in net profit in 2019. General Manager Marko Drobnič has told: “More than EUR 290 million came from aluminium product sales with 87% of the sales made in foreign markets.” As an ultra-modern company, Talum is one of the world's most efficient producers of electrolytic aluminium and aluminium alloys. The aluminium manufacturer also projected 2020 will be a turbulent year ahead as the industry is facing hardest hit due to the COVID-19 epidemic. With more than 60 years of hard work in Kidričevo is reflected in enviable facts. The company is among the 15 largest exporters in Slovenia and producing more than 84,000 tonnes of aluminium per year and boasting more than 10,000 employees from the...
The US dollar started the week on May 25 with a hike against a basket of rivals. On Tuesday, the dollar slipped as risk sentiment returned to the market amid a reopening world economy and subdued demand for the safe-haven currency. On Wednesday and Thursday, it plunged further to a two-month trough against a basket of currencies. On Monday, May 25, the London Metal Exchange was closed for spring bank holiday. On Tuesday, the three-month LME aluminium climbed and found steady support from US$ 1,520 per tonne ending the day 1.2 per cent higher at US$ 1,521.5 per tonne. On Wednesday, it advanced to US$1,534 per tonne and hit a two-month peak of US$1,541 per tonne on Thursday, May 28. This week during May 25-29, both LME aluminium cash (bid) price and LME official settlement price edged...
On 28 th May’20, the aluminium producer, Alcoa announced that it is considering to lay-off 534 workers San Ciprian aluminium plant in the Spanish region of Galicia. However, a final decision is yet to be made. The high energy costs and low aluminium prices led to persistent losses and left the plant unable to compete internationally, the company said Workers representatives will meet with Alcoa's management for three weeks of talks to discuss what challenges the plant faces and the options available. "No decision will be taken until this consultation period has finished," Alcoa said. Union representative Jose Antonio Zan blasted the company's actions as "shameful" and attacked the government for failing to support the highly energy-intensive industry. He also said: "We have been asking...
Taranjit Singh Sandhu, India’s ambassador to the US stated that India and the US could strike a “smaller” trade deal in the coming weeks. This was conveyed by him while acknowledging that the unprecedented challenges posed by the COVID-19 pandemic have been a "bit of a setback" in moving ahead as the governments are focused on tackling the health crisis. Addressing the virtual West Coast Summit of US-India Strategic Partnership Forum (USISPF), Sandhu said that: “India's supply of antimalarial drug hydroxychloroquine (HCQ) to the US has given the two countries enough confidence and have played an important foundation.” Sandhu said: “The top leadership has also been talking about it and I feel that perhaps in the coming few weeks, we should be able to strike the smaller trade deal.” “I...
Hydro announced the company has donated BRL 5 million more to support the construction and maintenance of field hospitals in the Brazilian state for Covid-19 treatment. The hospitals will have 240 new beds to combat the pandemic in the region. Hydro has signed an agreement with the government of the state of Pará to make a second donation. The donation of BRL 5 million adds to BRL 5 million already donated by the company. This will help in the fight against the coronavirus in the municipalities where the company operates. "In addition to initiatives to protect our employees and contractors, we are joining the efforts to prevent and combat the virus, planning our actions through dialogue with local authorities and communities, supporting the main needs at this time," said John Thuestad,...
Rain Carbon Inc. has joined Aluminium Stewardship Initiative as a General Supporter member. This brings the total number of ASI members to 121. “Rain Carbon Inc. (RCI) is pleased to join ASI in the General Supporter category. As a company whose business model is based on transforming byproducts from other industries into valuable industrial and consumer products, we strongly support the mission of ASI and its role to promote the sustainable production and use of aluminum. RCI is a major raw materials supplier to this industry and we hope to use ASI and its members experience to strengthen and grow our own sustainability initiatives,” said Les Edwards, Vice President Production Control and Technical Services. Rain Carbon Inc. (RCI) is a global leader and innovator in the production of raw...
