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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Vedanta has raised its aluminium ingot price by INRINR 1250 per tonne or 0.97% after cutting them two times in a row. The price is increased to INR 130,500-143,500 per tonne, with effect from May 19. The aluminium ingot price was in the range of INR 129,250-142,250 per tonne on May 17. With the latest hike, the company is selling its billet at INR 138,500 per tonne, an increase of INR 1250 per tonne from INR 137,250 per tonne on May 17. 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 20% so far in 2020 due to slower global demand following the coronavirus outbreak. Vedanta’s aluminium business typically accounts for one-third of the company’s...
S.A.V. S.p.A. Società Alluminio Veneto has joined Aluminium Stewardship Initiative (ASI) as a new Production & Transformation member. This brings the total number of ASI Members to 120. S.A.V. S.p.A. is specialized in the manufacture of aluminium alloys by promoting and developing environmental, social and economic sustainability and encouraging the circular economy of aluminium. The company operates two manufacturing sites in northern Italy. “S.A.V. S.p.A. operates in an extremely competitive market in one of the socio-economic contexts where environmental and social regulations are among the most restrictive in the world. S.A.V. S.p.A. has always aimed to become a forefront organization also in the field of sustainability, promoting industrial development policies based on the...
Vedanta has cut its aluminium ingot price for the second time in a row. With effect from May 17, the prices of some ingots are in the range of INR 129,250-142,250 per tonne. This marks a decrease of INR 1250 per tonne or 0.96% from INR 130,500-143,500 per tonne on May 9. With the latest cut, Vedanta’ billet now stands at INR 137,250 per tonne, a drop of INR 1250 per tonne or 0.9% from INR 138,500 per tonne on May 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 20% so far in 2020 due to slower global demand following the coronavirus outbreak. Vedanta’s aluminium business typically accounts for one-third of the company’s consolidated sales....
A00 aluminium ingot price recorded a big jump on Tuesday, 19 May 2020. The price registered an increase of RMB 350 per tonne or 2.66 per cent from Monday’s price of RMB 13150 per tonne. The price now stood at RMB 13500 per tonne today and is expected to move within a range of RMB 13480-13520 per tonne. Spot aluminium contract is likely to be traded at a premium of RMB 199.98 239.98 per tonne. In Foshan and Wuxi, the price rose by RMB 380 per tonne and RMB 335 per tonne to stand at RMB 13540 per tonne and 13525 per tonne. Their average prices are expected to range within RMB 13520-13560 per tonne and RMB 13510-13540 per tonne. Aluminium prices in Hangzhou and Chongqing came in at RMB 13535 per tonne and 13520 per tonne, up RMB 345 per tonne and RMB 340 per tonne. Aluminium ingot prices in...
Bharat Aluminium Company (BALCO), a global pioneer in the aluminium & power sector recently introduced an automated and highly sophisticated Centralised Security Operations Centre (CSOC) to further strengthen the security of its people and operations. This technological augmentation of the security function is in line with BALCO’s relentless efforts towards intensifying workforce safety and asset integrity. The company is swiftly establishing state-of-the-art technology across all functions and security automation is a steady step in this direction. As one of the first manufacturing organizations in India to incorporate state-of-the-art technology in its communication methodology, BALCO believes in being a pilot of innovation. In the wake of COVID-19, smart technology innovations...
Yunnan Aluminium’s 500,000 tonnes per year smelting and hydropower project in China’s new smelting hub of Wenshan has officially started its operation, said the local government on Monday, May 19. The launch ceremony of the project, held on Friday, May 15, was attended by Yunnan province vice governor Dong Hua, according to a statement on the Wenshan prefecture website. The project uses hydropower for the energy-intensive smelting process. Wenshan in southern Yunnan near the Vietnam border is set to become a major aluminium smelting hub. Key aluminium producers like China Hongqiao Group have moved their capacity in Wenshan to take advantage of cleaner hydropower available there. In early May, the Phase I electrolytic tanks of the project came online. The Phase I capacity contained 62...
The US dollar index, which tracks the greenback against a basket of its peers, dropped below the 100 mark and suffered the biggest one-day loss in six weeks on the jump in oil prices and gains in stocks. Three-month LME aluminium advanced 2.74 per cent to a one-week peak of US$ 1,500 per tonne on Monday. It is expected to move between US$ 1,480 per tonne and US$ 1,520 per tonne today. After recording downfall each day last week, LME aluminium cash (bid) price and LME official settlement price began this week, on Monday, May 18, with a rise of US$ 9 per tonne from May 15 to stand at US$ 1441.50 per tonne. 3-months bid price and 3-months offer price also increased by US$ 9 per tonne from US$ 1467 per tonne on May 15 to US$ 1476 per tonne on May 18. Dec 21 bid price and Dec 21 offer price...
Adel, the Netherlands-based aluminium maker stated on 18 th May’20 that it has tied up for this year and next year to sell 180,000 tonnes of the metal to commodity trader Glencore. London-listed Glencore is a major player in the aluminium market outside China. Earlier in April’20, Glencore made a deal with Rusal for $16.3 billion. “Aldel has embarked on a ten-year plan to become one of Europe’s leading low cost and energy-efficient producers of aluminium,” Aldel said in a statement. The privately-owned company currently produces around 80,000 tonnes and is focusing to boost that number up significantly over the next 12 months.
Hindalco Industries Ltd has cut prices of its aluminium ingots, billets and wire rods after raising the prices of the same products by 3%, which came after five consecutive price cuts. With effect from May 16, the price for Hindalco aluminium ingots now stands at INR 129,500 per tonne, a decrease of 3.72% or INR 5,000 per tonne from INR 134,500 per tonne on April 17. Hindalco is now selling its wire rods at INR 140, 600 per tonne, a drop of 3.43% or INR 5,000 per tonne from INR 145,600 per tonne. The price of billets has reduced by 3.53% from April 17 to stand at INR 136,600 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 so far in 2020 due to...
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 1.007 million tonnes as of Monday May 18, down 51,000 tonnes from last Thursday May 14. 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 22,000 tonnes, 4,000 tonnes and 17,000 tonnes from May 14 to stand at 420,000 tonnes, 135,000 tonnes and 207,000 tonnes on Monday, 18 May 2020. But the inventories in Hangzhou, Tianjin and Linyi remained unchanged at 111,000 tonnes, 57,000 tonnes and 8,000 tonnes today. Stocks of primary aluminium in Gongyi and Chongqing stood at...
According to Shanghai Metals Market, the A00 aluminium ingot price has extended its rise for the third consecutive day by RMB 130 per tonne to RMB 13,150 per tonne, as of Monday, May 18. The average prices are expected to range between RMB 13,130 per tonne and RMB 13,170 per tonne, with spot contract to be traded at a future price of RMB 130-170 per tonne. The continued drop in social inventories of primary aluminium ingots to as low as 1.007 million tonnes, as of May 18, owing to the imbalance between supply to warehouses and consumptions could be attributed to the hike in A00 aluminium ingot price. In Tianjin, the primary aluminium ingot price has seen the highest growth today of RMB 180 per tonne to stand at RMB 13,020 per tonne, followed by the rise of RMB 170 per tonne in Wuxi to RMB...
The US dollar was little changed against a basket of rivals on Monday morning day, holding onto gains from last week. LME aluminium dropped 1.1% and SHFE aluminium stayed flat. Three-month LME aluminium slid 1.08% to end at its lowest since April 8 at US$1,460 per tonne on Friday. Shanghai Metals Market expects the contract to move at US$1,450-1,490 per tonne today. As of Friday May 15, LME aluminium cash (bid) price stands at US$ 1432.50 per tonne, LME official settlement price stands at US$ 1432.50 per tonne; 3-months bid price stands at US$ 1467 per tonne, 3-months offer price is US$ 1467 per tonne; Dec 21 bid price stands at US$ 1596 per tonne, and Dec 21 offer price stands at US$ 1596 per tonne. The LME aluminium opening stock stood at 1419675 tonnes. Live Warrants totalled at...
On 16 th May’20, Mrs Nirmala Sitharaman, Finance Minister of India announced major reforms in the mining of minerals through a seamless composite exploration-cum-production regime. Mrs Sitharaman announced that 500 blocks of minerals will be auctioned through an open and transparent process. She further said: “A joint auction of bauxite and coal blocks would also be done to enhance the aluminium industry's competitiveness. This will help the aluminium industry reduce electricity costs.” The Minister added: “The distinction between captive and non-captive mines will be removed to allow the transfer of mining leases and sale of surplus unused minerals, leading to better efficiency and production.” The Finance Minister of India also stated that the Ministry of Mines is in the process to...
Iran's production of aluminium stood at 30,030 tonnes during the first month of the current Iranian year (March 20-April 19).That was up 46% compared with the same period last year, according to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO). Iran’s flagship aluminium producer Iran Aluminum Company (IRALCO) contributed 16,148 tonnes of the total output. The output records a 6% growth year-on-year. Hormozal Aluminum Company produced 6,809 tonnes, which was a 159% rise on the year. Almahdi Aluminum Company’s production came in at 5,440 tonnes, up 118% year-on-year. Iran Alumina Company produced 1,633 tonnes. Iran has an estimated aluminium nameplate capacity of 457,000 tonnes per year. The country now aims at increasing its annual aluminium output...
New Zealand Aluminium Smelters (NZAS) said: “The Electricity Authority’s proposal to reform its transmission pricing methodology might be too little and coming too late.” Stew Hamilton, General Manager, said: “The NZAS executive team had argued for years the firm was paying too much for improvements to the electrical grid.” The cost was affecting the capability of Tiwai Point smelter to make money. In 2019 the company already posted a $46 million loss. In February’19, the Electricity Authority announced a proposed change that might open the way for Tiwai Point to apply to pay less to Transpower in transmission charges that might cost it between $60 million and $70 million a year. Mr Hamilton stated that the company was engaged in the consultation process. However, a result could come too...
The US dollar index, which tracks the greenback against a basket of its peers, returned above the 100-mark on Monday, May 11. On Tuesday, the dollar fell but managed to erase earlier losses on Wednesday to trade largely flat against a basket of currencies. On Thursday, May 14, the US-dollar hit a three-week high. Three-month LME aluminium closed 0.3 per cent higher on Monday, May 11, at US$1,496.5 per tonne, but slipped on Tuesday by 1.14 per cent to US$ 1,479.5 per tonne. Extending the decline further, it closed down 0.24% at US$1,476 per tonne on May 14. On Friday, May 15, it remained flat after slipping from an intraday high of US$1,482 per tonne to a new five-week low of US$ 1,467.5 per tonne. LME aluminium cash (bid) price and LME official settlement price showed a downtrend this...
According to a recent report, Alcoa Corporation has appointed Ms. Nicole Coutu as President of Alcoa Canada. The key job role of Ms. Coutu in Alcoa Canada will be the principal liaison for government and institutional relations for the company, on behalf of the Deschambault, Bécancour and Baie-Comeau smelters, as well as the Canadian head office in Montreal. Alongside her new job role, Ms. Coutu will continue in her current role as Director of Operations at the Aluminerie de Bécancour (ABI) and will also act as Chair of the Board of Directors of the Aluminum Association of Canada. Ms. Coutu said, "I am honoured to be offered this additional responsibility and it is with great enthusiasm that I will work with our stakeholders, government representatives and various associations, to discuss...
The Indian state-owned coal mining company “Coal India Ltd” has been mandated by the Government of India to replace at least 100 million tonnes of imports with domestically-produced coal in the ongoing fiscal. An official spoke-person of CIL said: “Coal India has a mandate of replacing at least 100 million tonnes of imported coal with domestic non-coking coal in the financial year 2020-21. In its bid to substitute imports with domestic coal, CIL is connecting with non-regulated sectors like aluminium and few others for domestic coal. It has also removed many extra costs and reduced the reserve price to zero.” The development comes at a time when the country, on the one hand, has an abundance of domestic coal, while on the other hand there is a sink in demand for the dry fuel. India has...
