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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The US dollar fell to a two-month trough against a basket of currencies on Thursday. LME aluminium gained 0.6% and SHFE aluminium rose 0.4%. Three-month LME aluminium hit a two-month peak of US$1,541 per tonne. It ended up 0.56% at US$1,538 per tonne. Shanghai Metals Market expects the contract to move between US$1,520-1,560 per tonne today. As of Thursday May 28, LME aluminium cash (bid) price stands at US$ 1500.50 per tonne, LME official settlement price stands at US$ 1500.50 per tonne; 3-months bid price stands at US$ 1524 per tonne, 3-months offer price is US$ 1524 per tonne; Dec 21 bid price stands at US$ 1635 per tonne, and Dec 21 offer price stands at US$ 1635 per tonne. The LME aluminium opening stock stood at 1493075 tonnes. Live Warrants totalled 1269625 tonnes, and Cancelled...
Australia has set in motion three anti-dumping investigations into Chinese export and it includes aluminium, as per records from the Australian Anti-Dumping Commission, adding weight to Beijing’s claims that Canberra has played a lead role in abating up trade tensions between the two nations. The Chinese government has maintained its investigation was thorough and reasonable, with Commerce Minister Zhong Shan pointing out early this week that Australia had launched 100 anti-dumping cases against China since diplomatic relations began in the 1970s, including three in 2020. Australian Trade Minister Simon Birmingham said: “Trade remedy investigations were not about keeping a tally or doing things in a tit-for-tat way”. The Australian Dumping Commission in February’20 kicked-off its first...
China's social inventories of primary aluminium ingots have expanded their decline today, on May 28, by 7,000 tonnes from the previous week, found Shanghai Metals Market. Last week, on May 21, the inventories plunged by 79,000 tonnes, whereas this week they fell by 86,000 tonnes across eight major Chinese consumption areas, including SHFE warrants, to stand at 893,000 tonnes. This continuous fall in primary aluminium inventories could be attributed to the lower supplies to warehouses in comparison with consumption. The chart below indicates the current status of primary aluminium inventories across China in more details: Wuxi, among all the major Chinese cities, has seen the highest decline of 48,000 tonnes to stand at 354,000 tonnes on May 28, followed by the decline of 21,000 tonnes in...
Chinese aluminium industry’s prosperity index declined to the lowest in April 2020 since the first report launched in November 2015, according to the latest report released by China Nonferrous Metals Industry Association. Decreasing by 1.2 points, the prosperity index of China’s aluminium industry came in at 17.8 points in April, shows the report. Despite the anticipated growth in China’s primary aluminium demand in the coming months along with the estimated recovery in economic activity, the index is likely to remain low for some time to come. This could be primarily due to the uncertainty of the lasting impact of COVID-19 pandemic on the downstream aluminium demand. The COVID-19 outbreak already affected the fixed asset investment in the aluminium smelting industry, leading to a fall by...
The hardest-hit industrial metals by the COVID-19 epidemic are Aluminium. The London Metal Exchange (LME) reflected the price slammed a four-year low of $1,455 per tonne in April’20 and is brawling to recover, as the last trading marked at $1,525. Inventory has spewed, with 663,475 tonnes of metal placed on LME warrant since the middle of March’20, raising headline exchange stocks to a three-year high of 1,493,775 tonnes. COVID-19 has squeezed both demand and price with a unified producer supply response requirement. The strapped global market dynamics look even worse in North America, where the physical premium has imploded since March’20. So severe has been the collapse that aluminium could be facing its own WTI oil moment with the premium turning negative. In actuality, contrary the...
Vedanta has increased aluminium ingot and billets price on Thursday after cutting the price of same product by more than 1.5% on Wednesday, May 27. With effect from Thursday May 28, the prices of some aluminium ingots are in the range of INR 133,000-146,000 per tonne, marking an increase of INR 1250 per tonne or 0.95% from INR 131,750-144,750 per tonne on May 27. With the latest hike, Vedanta’ billet now stands at INR 141,000 per tonne, an increase of INR 1250 per tonne or 0.89% from INR 139,750 per tonne on May 27. 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 slower global demand following the coronavirus outbreak....
Hydro announced that the company’s part-owned primary aluminium plant Albras has resumed production line in Brazil after a power outage earlier this year. The facility was operating a 25% reduced capacity after a fire in an electrical transformer in March. “The plant’s three other lines were unaffected and there were no injuries. The production line is expected to be operating at normal capacity during 2020,”Hydro said. Albras has a production capacity of 460,000 tonnes per annum. Hydro owns 51% of the shares in this joint venture. The other shareholder is NAAC - Nippon Amazon Aluminum Co. Ltd., formed by a consortium of Japanese companies, trading companies, consumers and manufacturers of aluminium products. The plant produces high purity aluminium and foundry alloys.
The US dollar edged lower against a basket of currencies on Wednesday. LME aluminium closed higher and SHFE aluminium rose 0.9%. Three-month LME aluminium advanced to US$1,534 per tonne. It closed up 0.5% at US$1,529.5 per tonne. Shanghai Metals Market expects the contract to move between US$1,500-1,540 per tonne today. As of Wednesday May 27, LME aluminium cash (bid) price stands at US$ 1504per tonne, LME official settlement price stands at US$ 1504 per tonne; 3-months bid price stands at US$ 1527.50 per tonne, 3-months offer price is US$ 1527.50 per tonne; Dec 21 bid price stands at US$ 1638.50 per tonne, and Dec 21 offer price stands at US$ 1638.50 per tonne. The LME aluminium opening stock stood at 1493775 tonnes. Live Warrants totalled 1269625 tonnes, and Cancelled Warrants were...
After raising aluminium prices for the three times in a row, Vedanta has reduced both aluminium ingots and billets prices as of Wednesday, May 27. After the cut, Vedanta’s aluminium ingot prices are ranging between INR 131,750 per tonne and INR 144,750 per tonne, down by INR 2,250 per tonne or 1.68 per cent from INR 134,000-147,000 per tonne on May 22. Vedanta’s aluminium ingots prices on May 22 were up by INR 2,000 per tonne or 1.5 per cent from INR 132,000-145,000 per tonne on May 20. With the latest cut, Vedanta’s aluminium billets prices have lowered to INR 139,750 per tonne compared to INR 142,000 per tonne on May 22. This means the billets prices have also been reduced by INR 2,250 per tonne. On May 22, Vedanta’s aluminium billets prices had increased by INR 2,000 per tonne from INR...
ALVANCE Aluminium Group, GFG Alliance’s global aluminium division, has announced today, on May 27, that it has appointed Guillaume de Goÿs as new Chief Operating Officer. The primary responsibility of Mr Goÿs will be to drive the group’s expansion and synergies across its upstream and downstream activities. Guillaume de Goÿs is one of the notable figures in the French Aluminium Sector, with experience in Aluminium Dunkerque as Managing Director. He also served Carbone Savoie, Rio Tinto Alcan, and Michelin with senior roles in countries like Cameroon, Poland, the US, and Thailand. Commenting on the appointment, GFG Alliance’s Chief Operating Officer Arnaud de Weert said: “I am delighted to announce the appointment of Guillaume de Goÿs as ALVANCE’s new COO. Guillaume’s experience, forged...
Multiple industries including automobile, aviation and construction have been catastrophically affected, accordingly diminishing the demand for aluminium that is hugely used in these industries. Press Metal Aluminium Holdings Bhd will be focusing on its upstream investments and expansion of its smelting operation as building blocks for its future amid the current tumultuous economic environment created by the Covid-19 epidemic and US-China trade dispute. In its recently published 2019 Annual Report, Press Metal acknowledged the challenges that the company would face this year due to the epidemic that continues to hit hard the market today. Press Metal said: “Our upstream investments and smelting operation expansion are the building blocks towards our future growth. We are confident that...
According to a recent report, the Commerce Department of the United States has asked for public inputs to streamline the exclusion process for tariffs and quotas on aluminium and steel imposed by the Trump administration in 2018. The department’s Bureau of Industry and Security has opened commentary today and will accept input on the process through July 10. This follows the Aluminum Association’s call for urgent reforms to the Commerce Department’s aluminum Section 232 tariff exclusion system. The Association had pointed out that the system was forcing US aluminium companies into conflict with customers and suppliers, adding layers of bureaucratic burden and providing a price advantage to foreign aluminum manufacturers. Commerce Secretary Wilbur Ross said, “The Department of Commerce is...
According to Shanghai Metals Market, the A00 aluminium ingot price has declined by RMB 10 per tonne to stand at RMB 13,350 per tonne, as of Wednesday, May 27, after two consecutive rises from RMB 13,150 per tonne to RMB 13,360 per tonne. The average prices are expected to range between RMB 13,330 per tonne and RMB 13,370 per tonne, with spot contract to be traded at a premium price of RMB 70-110 per tonne. Foshan has seen the highest fall today of RMB 30 per tonne to RMB 13,520 per tonne, followed by the growth of RMB 20 per tonne in Shenyang to RMB 13,295 per tonne. In Chongqing and Linyi, the A00 aluminium ingot price has dipped by RMB 10 per tonne to RMB 13,380 per tonne and RMB 13,360 per tonne, respectively. However, since the downfall in A00 aluminium ingot price has not touched...
The US dollar slipped on Tuesday as risk sentiment returned to the market amid a reopening world economy and this subdued demand for the safe-haven currency. 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. Bullish prospects for demand may keep prices between US$ 1,500 per tonne and US$ 1,540 per tonne today. As of Tuesday, May 26, LME aluminium cash (bid) price and LME official settlement price stood at US$ 1486 per tonne, up by US$ 13 per tonne from US$ 1473 per tonne on Friday, May 22. 3-months bid price and 3-months offer price increased from US$ 1498.50 per tonne to US$ 1513 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1629.50 per tonne compared to US$ 1616 per tonne...
The US dollar edged higher against a basket of rivals on Monday, while oil prices eased on concerns over rising tensions between the US and China over Beijing’s plans to impose security laws on Hong Kong and the possibility of sanctions from Washington. The London Metal Exchange was closed on Monday for spring bank holiday. On Friday, May 22, LME aluminium cash (bid) price and LME official settlement price stood at US$ 1473 per tonne after declining from US$ 1487 per tonne on May 21. SHFE Aluminium Price Trend Benchmark aluminium price for SHFE expanded its growth from US$ 1839 per tonne on Monday, May 25, to US$ 1,854 per tonne on Tuesday, May 26. The most-liquid SHFE July contract halted its increase at RMB 12,890 per tonne and trimmed some gains to close the day at RMB 12,840 per...
The Aluminium Association of India (AAI) seeks the Central Electricity Regulatory Commission (CERC) to at once look into the distorted market of Renewable Energy Certificates (REC) which, according to it, is stemming an artificial demand and price surge in the power exchange. AAI vice-chairman Rahul Sharma said: “The association feels that it is apparent that the prices of Solar RECs in the last one year have shot up by more than 125% from INR 1000/MWhr to INR 2250/MWhr, putting an additional burden of INR 1.25/kwh of RE energy compliance for all consumers.” “This huge burden on the consumers is due to non-revision of REC prices since 2017 by the regulator, despite a steep fall in RE generation costs.” In a recent representation to the CERC, the AAI said, "There is an acute shortage of...
An executive from a closed smelting unit of state-run Aluminum Corporation of China Limited, popularly known as Chalco, has demanded bauxite-rich Shanxi to become a major aluminium production hub. China is by far the world’s biggest producer and consumer of bauxite, the main ore source of aluminium. Gao Bingwei, director of the innovation studio at Chalco unit Shanxi Huasheng and a delegate at the National People’s Congress (NPC) in Beijing, pointed out that the Northern Province houses 1.5 billion tonnes of bauxite reserves, the highest within China. However, Shanxi only has aluminium smelting capacity of 1.21 million tonnes per year, accounting for 3 per cent of China’s total aluminium capacity, despite being the second-biggest alumina producing region, said Gao, according to the...
According to Shanghai Metals Market, social inventories of primary aluminium ingots have expanded decline over the weekend ending May 25, owing to stable demand and limited arrivals of stocks to warehouses. SMM data found that the inventories of primary aluminium have decreased by 55,000 tonnes across eight major consumption areas in China, including SHFE warrant, to stand at 924,000 tonnes, as of Monday, May 25. On last Thursday, May 21, the primary aluminium inventories were at 979,000 tonnes after declining by 79,000 tonnes. This represents the fact that the decline in primary aluminium inventories over the weekend slowed by 24,000 tonnes. The chart below indicates the current status of primary aluminium inventories across China in more details: Wuxi has seen the highest fall in...
