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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On 15 th May’20, the European Commission is introducing a new system to monitor the imports into the EU of certain aluminium products. The objective is to permit rapid analysis of import trends, ahead of official Eurostat statistics. The new monitoring system that has been commencing from 15 th May’20, replaces the previous surveillance system introduced for steel in 2016 in the context of the crisis in the EU steel sector and for aluminium in April 2018, when the US introduced import restrictions on steel and aluminium. It will respond better to the needs of the industrial sectors concerned and is completely transparent. The new system is based on import statistics available two weeks after the actual imports, thus considerably earlier than the official Eurostat data. It offers a better...
All India Manufacturers Organisation, ( AIMO ), India’s Apex Trade body focused on the MSME sector on 14th May’20 applauded the announcements made by the Finance Minister of India and welcomed the new packages that were offered to the MSME sector. AIMO also emphasized that apart from Money, MSME’s also need Men and Material to re-open, to survive and to grow. According to Mr.K.E.Raghunathan, Former-President of AIMO: “This Government has proven that they are a Government that listens to the needs of the MSMEs. We have been at the heart of understanding and representing the requirements of the MSME’s in the lockdown period. We at AIMO agree and support with the Honourable PM’s vision of a Self-Reliant Domestic Indian Economy. For the first time in Indian History, the Government has pushed...
According to the data shown by the National Bureau of Statistics, China’s aluminium production increased in April by 1.5 per cent over the year to stand at 2.97 million tonnes. The daily basis output in the said month hit a 10-month high as a rapid increase in primary aluminium prices after a coronavirus-driven collapse kept smelters’ operating rates high. As per Reuters’ calculations, China’s daily basis aluminium output in April came in at 99,000 tonnes per day, highest since June 2019 and up from around 95,800 tonnes in the previous month. Aluminium prices in China, which collapsed in February and March in the wake of the COVID-19 outbreak, rebounded strong in April, gaining 9 per cent since August 2017, after smelters cut supply and consumption at processing plants recovered. This...
A00 aluminium ingot price registered an increase of RMB 230 per tonne or 1.80 per cent from Thursday’s price of RMB 12790 per tonne. The price now stood at RMB 13020 per tonne on Friday, 15 May 2020 and is expected to move within a range of RMB 13000-13040 per tonne. Spot aluminium contract is likely to be traded at a discount of RMB 30 to a premium of 10 per tonne. In Foshan and Wuxi, the price rose by RMB 240 per tonne and RMB 220 per tonne to stand at RMB 13030 per tonne and 13020 per tonne. Their average prices are expected to range within RMB 13010-13050 per tonne and RMB 13000-13040 per tonne. Aluminium prices in Hangzhou and Chongqing came in at RMB 13060 per tonne and 13040 per tonne, up RMB 240 per tonne and RMB 230 per tonne. Aluminium ingot prices in Shenyang, Tianjin, Linyi,...
Trimet Aluminium SE’s aluminium smelter in Hamburg settles a new baking furnace for the production of carbon anodes, aiming to ensure greater energy efficiency. The new brick-lined ring chamber furnace with 48 chambers superseded an eight-year-old furnace, ensuring greater energy efficiency. An ultra-modern firing system also contributes to this, with a gas burner that makes more efficient use of energy while concurrently producing less emission. Furthermore, the furnace integrates optimized materials: the bricks used for the furnace walls are easier to heat so that considerably less energy is required. Trimet has invested around twelve million euros in the new system. Dr Andreas Lützerath, member of the Executive Board of Trimet Aluminium SE said: “With the new baking furnace, we will...
The US dollar hit a three-week high on Thursday before giving back much of those gains, as investors continued to digest Federal Reserve Chairman Jerome Powell’s dismissal of speculation over US interest rates entering negative territory and his glum forecast for the economy. Three-month LME aluminium remained range-bound on Thursday, slipping from an intraday high of US$1,482 per tonne to a new five-week low of US$ 1,467.5 per tonne before rebounding to close flat at US$ 1,476 per tonne. Lingering concerns over the economic fallout from the COVID-19 and fears of a re-ignition of the US-China trade conflicts hamper upside potential in LME aluminium, which is expected to move to US$ 1,460-1,500 per tonne today. As of Thursday, May 14, LME aluminium cash (bid) price and LME official...
Aluminum Corp of China Ltd, Chalco, declared on 14th May’20 that its Chairman Lu Dongliang had resigned from his position. The previous President of the company Ao Hong has been put in temporary charge. Lu Dongliang has informed the board of Chalco, the listed arm of state-owned aluminium firm Chinalco that he was stepping down as Chairman and Director due to a work re-allocation, according to company filings to the Hong Kong stock exchange, which said the resignation was effective immediately. A spokesperson of the group said: “Lu, 46, has also left his position as vice president of Chinalco.” Though it was not immediately clear what would be Lu’s next career move. He has been the explorer of Chalco’s Boffa bauxite project in Guinea. His rise was rapid through the ranks at the company,...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, continued to trend lower this week. Inventories stood at 1.058 million tonnes as of Thursday, 14 May 2020, down 114,000 tonnes from Wednesday May 6. 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 56,000 tonnes, 16,000 tonnes and 24,000 tonnes from May 6 to stand at 442,000 tonnes, 139,000 tonnes and 224,000 tonnes on Monday, 14 May 2020. But the stocks in Tianjin increased by 1,000 tonnes to 57,000 tonnes. In Gongyi and Hangzhou, the primary aluminium stocks stood at 64,000 tonnes and 111,000 tonnes, a decrease of 11,000...
According to World Bank: “Climate-smart principles must steer the global search for the minerals and metals required by the green energy boom to make sure the process remains sustainable.” As per the new study, the global monetary body concluded that sourcing of non-metals, metals, and others for renewables in enough volumes – 3 billion tonnes – to keep global heating within 2°C by 2050 would carry emissions equal to only 6% of the footprint of fossil fuels. The World Bank has advised climate activists, green energy developers, and miners to work together to embed sustainability into the entire mineral supply chain, ensuring shortages do not prevent green energy from being deployed at the speed the Paris Agreement requires. The World Bank has spent years ransacking into the influence of...
The US dollar erased earlier losses to trade largely flat against a basket of currencies on Wednesday. LME aluminium sank 0.2% and SHFE aluminium firmed 0.3%. Three-month LME aluminium hit an intraday high of US$1,486 per tonne before easing to close down 0.24% at US$1,476 per tonne. LME aluminium is expected to move at US$1,460-1,500 per tonne today. As of Wednesday May 13, LME aluminium cash (bid) price stands at US$ 1439 per tonne, LME official settlement price stands at US$ 1439 per tonne; 3-months bid price stands at US$ 1476.50 per tonne, 3-months offer price is US$ 1476.50 per tonne; Dec 21 bid price stands at US$ 1604.50 per tonne, and Dec 21 offer price stands at US$ 1604.50 per tonne. LME aluminium 3-months Asian Reference Price is hovering at US$ 1478.84 per tonne. SHFE...
Satendra Singh, Joint Secretary, Govt. of India-Ministry of Mines on 12 th May’20 chaired a review meeting through Video Conferencing with officials of Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC) and National Aluminium Company Limited (NALCO) to discuss the ongoing research and development projects. Mr Singh directed both the institutions to co-operate each other to serve the demand of aluminium industry with the support of research and development. NALCO is the largest aluminium producer of the country and JNARDDC is the institute that provides state-of-the-art technology with their research to NALCO. A discussion was held on different ongoing and other project ideas in the pipeline with NALCO. Singh also reviewed the pilot projects which can be...
Rio Tinto is keeping a close watch on merger and acquisition (M&A) opportunities to diversify its portfolio in a bid to overcome market uncertainties caused by the COVID-19. The news came after Rio Tinto chief executive Jean-Sébastien Jacques said in a statement at a virtual presentation at Bank of America that expanding portfolio is now Rio's strategy to adapt to the post COVID-19 business environment. “We are keeping a watching brief on M&A. Right now, the market is finding it difficult to value companies and the Covid-19 recovery pathway is not clear. Rio Tinto will only transact if an opportunity creates value,” said Jean-Sébastien. According to him, the market recovery pattern from COVID-19 impact appears uncertain, while the market volatilities seem to continue for the next decade....
According to Shanghai Metals Market, the A00 aluminium ingot price has recorded a sharp fall of RMB 270 per tonne to RMB 12,770 per tonne on Wednesday, May 13. This marks the highest decline in A00 aluminium ingot price since April 2020. On April 2 and April 21, the primary aluminium ingot price had fallen by RMB 220 per tonne to come in at RMB 11,300 per tonne and by RMB 240 per tonne to RMB 12,260 per tonne, respectively. The average prices today are expected to range between RMB 12,750 per tonne and RMB 12,790 per tonne, with spot contract to be traded at a discount of premium price of RMB 10-30 per tonne. Gongyi has seen the highest decline today among all other major provinces in China. The A00 aluminium ingot price there has declined by RMB 320 per tonne to RMB 12,820 per tonne,...
The "US Department of Justice" is proposing a federal court to order Aditya Birla Hindalco-owned American company Novelis to divest its entire stakes in aluminium major Aleris due to the competitive concern with such an acquisition. Novelis with its headquartering in Atlanta produces flat-rolled aluminium products in three segments: automotive, beverage can and speciality products. Its revenues were approximately USD 12.3 billion for the fiscal year ending 31 st March’19. Novelis is a fully-owned subsidiary of Hindalco Industries Limited, an Indian company with its headquarter in Mumbai. Aleris was a Delaware corporation headquartered in Cleveland, Ohio, before its acquisition by Novelis. Aleris produces flat-rolled aluminium products to the automotive, aerospace, building and...
The US dollar fell on Tuesday as the US Federal Reserve started its long-anticipated program to buy corporate bonds and the exchange traded funds that track them, but declines were kept in check by growing fears of a second wave of infections. Three-month LME aluminium slipped on Tuesday, erasing 1.14 per cent to close at US$ 1,479.5 per tonne. It needs tangible signs of a revival in demand to stage a rally. LME aluminium is likely to move to US$ 1,470-1,500 per tonne today. As of Tuesday, May 12, both LME aluminium cash (bid) price and LME official settlement price declined from US$ 1454.5 per tonne to US$ 1443 per tonne. 3-months bid price and 3-months offer price also decreased from US$ 1490.5 per tonne to US$ 1482 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1608...
Aluminium Bahrain B.S.C (Alba), the world’s largest aluminium smelter outside China, has reportedly bagged International Safety Award with Merit – 2020 from British Safety Council. The award acknowledges Alba’s commitment to good health and safety management during 2019. Alba is one of the 250 global companies that has been awarded a Merit in the 2020 International Safety Awards. The International Safety Award recognises organisations from all around the world, which have demonstrated their commitments towards preventing workplace injuries and work-related ill-health. Commenting on the recognition received, Alba’s Chief Executive Officer Ali Al Baqali said: “Alba Safety culture is a reflection of the individual and collective efforts of our employees as well as contractors. We are pleased...
Hydro has been selected as a finalist in several categories for the 2020 "S&P Global Platts Metals Awards". The awrard is hosted by S&P Global Platts, the leading provider of information, benchmark prices and analytics for the energy and commodities markets. “This is a great recognition of the work that’s being done across the company, both on a team level and individually. It’s encouraging to see that our efforts within sustainability and the systematic work to promote "Hydro CIRCAL" is being acknowledged by industry peers,” said Inger Sethov, EVP Communications and Public Affairs. The awards program recognizes exemplary accomplishments in 15 categories. The winners will be announced on June 30. Full short list of nominations: • Hilde Merete Aasheim – CEO of the year • Pål Kildemo –...
"National Aluminium Co Ltd" has cut the prices of its aluminium ingots for the sixth time in a row. With effect from Saturday, May 9, the prices of ingots came in at INR 132,550-136,050 per tonne, down nearly 1.92% or INR 2,600 per tonne from INR 135,150 per tonne-INR 138,650 per tonne on May 1. With the latest cut, the price of aluminium billets now stands at INR 136,000 – 138,650 per tonne, down from INR 138,850 per tonne-INR 141,250 per tonne on May 1. The "Indian aluminium producers" generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The contract is down more than 19% so far in 2020 due to slower global demand following the "coronavirus outbreak". "Aluminium products" and alumina account for nearly two-thirds of NALCO's gross...
