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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Following a jump of RMB 190 per tonne, the "A00 aluminium ingot price" has recorded a marginal rise today, on May 12, found the "Shanghai Metals Market". Data shows the primary aluminium ingot price has increased by RMB 10 per tonne to stand at RMB 13,040 per tonne on May 12. The average prices are expected to range between RMB 13,020 per tonne and RMB 13,060 per tonne, with spot contract to be traded at a discount and premium price of RMB 10 per tonne to RMB 30 per tonne. Wuxi and Linyi provinces in China have seen a rise of RMB 20 per tonne in "A00 aluminium ingot price today" to stand at RMB 13,030 per tonne and RMB 13,180 per tonne, respectively. In Shenyang and Chongqing, the price has increased by RMB 15 per tonne and RMB 10 per tonne to RMB 13,035 per tonne and RMB 13,060 per...
The US dollar index, which tracks the greenback against a basket of its peers, has returned above the 100-mark. LME base metals closed mostly higher on Monday. LME aluminium gained 0.3% and SHFE aluminium rose 0.8%. Three-month LME aluminium closed 0.3% higher at US$1,496.5 per tonne. Shanghai Metals Market expects the contract to move to US$1,480-1,510 per tonne. As of Monday, May 11, "LME aluminium cash (bid) price" stands at US$ 1454.50 per tonne, LME official settlement price stands at US$ 1454.50 per tonne; 3-months bid price stands at US$ 1490.50 per tonne, 3-months offer price is US$ 1490.50 per tonne; Dec 21 bid price stands at US$ 1616 per tonne, and Dec 21 offer price stands at US$ 1616 per tonne. The LME aluminium opening stock stood at 1352525 tonnes. Live Warrants totalled...
AlCircle has added a new Sector Focus Report - “Energy Consumption in Aluminium Smelting and Changing Technologies Towards Gas Emission” to its 2020 portfolio. The report promises to provide a deep insight into energy consumption by the primary aluminium sector and various technological developments with respect to optimising power consumption as well as reducing greenhouse emissions. World primary aluminium production increased from 37.7 million tonnes in 2009 to 63.7 million tonnes in 2019. This growth in expected to continue in the coming years on higher demand. To produce one tonne of aluminium the average total energy (AC) intensity across the world stood at about 14.2 MWh while the average process energy intensity stood at 13.4 MWh. Globally, the aluminium industry emits around 450...
Denmark is one of the most prominent Scandinavian nations and an important part of the European Union since 1973. The country holds a prominent position in the world economy. Denmark is the world’s 60th largest economy in terms of Purchasing Power Parity (PPP). It has a diverse economy that is a mixture of agriculture, services, and industry. The aluminium ingot importation of Denmark remains variable during 2017-19 as the total volume of import recorded was 232,165 tonnes, whereas the revenue expended remained at $405.24 million. The projected import analysis for 2020 has shown a dip by 2.55%, as the total import might reflect 73,720 tonnes, with $109.32 million to be listed for expenditure. The trading nations for Denmark’s aluminium ingot are Austria, Croatia, Germany, Luxembourg,...
According to a recent report, the Phase I electrolytic tanks of Wenshan Aluminium’s 500,000 tonnes per year aluminium smelting and hydropower project in Yunnan province came online last Tuesday, May 5. The Phase I capacity contains 62 electrolytic tanks, which are 500KA new integrated prebaked anode aluminium electrolytic cells. The phase II electrolytic tanks are in the pipeline. The total estimated investment required for this project is more than RMB 4 billion. Wenshan Aluminium, a subsidiary of Yunnan Aluminium, also runs an alumina refinery, which in the first quarter of 2020 produced 266,000 tonnes of alumina. There are 3.43 million tonnes of aluminium smelting and hydropower capacity that is under construction or has been built in Wenshan prefecture, according to official data.
Vedanta has decreased its aluminium ingot and billet price after hiking them for the third time in a row. With effect from May 9, the prices of some ingots are in the range of INR 130,500-143,500 per tonne. This marks an decrease of INR 1000 per tonne or 0.76% from INR 131,500-144,500 per tonne on April 25. With the latest decline, Vedanta’ billet now stands at INR 138,500 per tonne, a drop of INR 1000 per tonne or 0.72% from INR 139,500 per tonne on April 21. 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 slower global demand following the coronavirus outbreak. Vedanta’s aluminium business typically accounts for one-third of the...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, continued to decline after the five-day Labour Day holiday on robust demand and fewer arrivals. Inventories stood at 1.102 million tonnes as of Monday, 11 May 2020, down 70,000 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 30,000 tonnes, 12,000 tonnes and 16,000 tonnes from May 6 to stand at 468,000 tonnes, 143,000 tonnes and 232,000 tonnes on Monday, 11 May 2020. But the stocks in Tianjin remained unchanged at 56,000 tonnes. In Gongyi, Hangzhou and Chongqing, the primary aluminium stocks...
The US dollar declined in late trading on Friday, May 8, after official data showed a record 20.5 million job loss in the world's largest economy in April. But the greenback was on track to post its largest weekly gain compared with the euro in more than a month, although that was more related to the European single currency concerning the European Central Bank’s asset purchases. On Monday morning, May 11, the US dollar index, which tracks the greenback against a basket of its peers, remained below the 100 mark, while oil prices reversed an earlier slip caused by concerns over a persistent glut. The LME was closed for the bank holiday on Friday. All LME base metals strengthened last week. As of Thursday, May 7, LME aluminium cash (bid) price and LME official settlement price stood at...
On Friday morning, May 8, Tiwai Aluminium Smelter donated some groceries and grocery vouchers to the Southland Foodbank and the Salvation Army to lay support during this test of time due to COVID19. Workers of the smelter visited the food bank on Friday to deliver the donations. According to chairman of the Southland Foodbank Peter Swain, this will indeed help the food bank as the pressure of its services mount. Swain said the food bank was helping four to six families a day, but going ahead, the demand might increase as New Zealand moved to lower alert levels. He acknowledged the generous help of the Southlanders who ensured the food bank could continue operating. He said someone even donated three cattle beef that could be processed into mince. "As long as it comes in, we can give it...
According to Shanghai Metals Market, the A00 aluminium ingot price has recorded a steep decline of RMB 130 per tonne to stand at RMB 12,840 per tonne on Friday, May 8. This marks the second consecutive decline following incessant rise, with an intermittent restraint, ranging between RMB 12,510 per tonne and RMB 12,980 per tonne. Today, the average prices are expected to range between RMB 12,820 per tonne and RMB 12,860 per tonne, with spot contract to be traded at a premium price of RMB 90-130 per tonne. Foshan has seen the highest decline of RMB 230 per tonne to RMB 12,890 per tonne, followed by Wuxi, Chongqing, and Tianjin, where the price has plunged by RMB 150 per tonne to RMB 12,830 per tonne, RMB 12,890 per tonne, and RMB 12,880 per tonne, respectively. In Hangzhou and Gongyi, the...
The US dollar fell from two-week highs on Thursday, May 7. LME base metals extended their increase for the most part. LME aluminium advanced 0.64% and SHFE aluminium shed 0.52%. Three-month LME aluminium closed the day 0.64% higher at US$1,492 per tonne. LME aluminium is still under pressure from US$1,500 per tonne in the short term. As of Thursday, May 7, LME aluminium cash (bid) price stands at US$ 1450 per tonne, LME official settlement price stands at US$ 1450 per tonne; 3-months bid price stands at US$ 1486.50 per tonne, 3-months offer price is US$ 1486.50 per tonne; Dec 21 bid price stands at US$ 1613.50 per tonne, and Dec 21 offer price stands at US$ 1613.50 per tonne. LME aluminium 3-months Asian Reference Price is hovering at US$ 1482.21 per tonne. SHFE Aluminium Price Trend...
The United States and the United Kingdom initiated formal negotiations on a free trade agreement on 5 th May’20, assuring to work quickly to obtain a deal that could prevent the worst economic impacts of COVID-19. The discussions will be conducted virtually and include over 300 US and UK officials in nearly 30 negotiating groups. US Trade Representative Rob Lighthizer and UK Trade Minister Liz Truss are leading the efforts. On 5 th May’20, they issued a joint statement: "We will undertake negotiations at an accelerated pace and have committed the resources necessary to progress at a fast pace.” "A Free Trade Agreement would contribute to the long-term health of our economies, which is vitally important as we recover from the challenges posed by COVID-19.” The first round of talks began as...
Rio Tinto and The Royal Flying Doctor Service (RFDS) has entered into a new partnership that will help out the Bundaberg region of Queensland in becoming a training ground for aeromedical professionals from across Australia. Rio Tinto has assured $1.25 million to RFDS Queensland over five years, underlining the company’s commitment to the health and wellbeing of Queenslanders and to providing resources to combat the effects of the COVID-19 pandemic. The funding will not only enhance the remote delivery of primary health care and mental health services across the state, but it will also contribute to the construction of a world-class Aeromedical Retrieval Simulation Hub in Bundaberg. The hub will use virtual and augmented reality and high-fidelity immersive training scenarios to attract...
Fitch Ratings has demoted Russian-based aluminium company United company RUSAL Plc's (Rusal) Long-Term Issuer Default Rating (IDR) to 'B+' from 'BB-'. The agency has also downgraded Rusal Capital D.A.C.'s senior unsecured notes rating to 'B+' from 'BB-'. The Outlook on Long-Term IDR remains Stable. The moment Rusal entered the COVID-19 pandemic and that in return received a global downturn with high leverage that makes it more susceptible to external shocks. Its debt burden has been high since the purchase of the NN stake in 2008 without meaningful debt reduction over the last three years. The downgrade reflected the expectation of a further delay in deleveraging with funds from operations (FFO) gross and net leverage remaining materially above our previous negative sensitivities of 3.5x...
Aluminium France has reportedly organised and joined forces to import more than 1.2 million surgical masks and FFP2 for its members to provide them with necessary sanitary protection against the COVID19, and thus, encourage the resumption of business activities in the best possible conditions. This operation was primarily carried out with the help of the Eramet Group, which made available its sourcing centre located in China to allow a better supply of surgical masks and FFP2 for the entire sector. This helped Aluminium France to get connected with two Asian suppliers capable of producing and delivering masks within a few weeks. According to the report, the first set of masks has been already dispatched and distributed on French territory. More than 160 companies benefit from this...
Aluminium ingots inventories in South China’s Guangdong province stood at 243,400 tonnes, as of April 30, down 191,400 tonnes or 44 per cent from a month earlier. Record-high shipments from warehouses and strong consumption amid low arrivals of stocks were the two primary reasons behind the dip in inventories. SMM data showed that around 282,700 tonnes of aluminium ingots were shipped from Guangdong warehouses in April, up 81.21 per cent month-on-month and 49.58 per cent year-on-year. This recorded the highest level over the past five years. Better-than-expected orders from downstream consumers and lower prices of ingots prompted the higher consumption of aluminium ingots. Meanwhile, arrivals of aluminium ingots plunged 65.06 per cent from a month ago to 91,300 tonnes in April, owing to...
Vedanta Ltd. said the company’s initiative to ensure safety and prevention measures to fight against COVID-19 have reached over 7 lakh people in Odisha. Vedanta’s Odisha operations have joined forces with the state, district and communities in the fight against pandemic. Two plants in Odisha are operational adhering to all COVID19 protocols laid down by the state and central governments. The plants are active with reduced workforce and resources. Vedanta is taking steps to prevent and mitigate the impact of COVID-19 with a focus on the safety and health of its employees and communities at large in, around and far beyond their plant areas. Mr. Rahul Sharma, CEO – Alumina Business said, “At Vedanta, our efforts are aligned to the singular vision of making our communities, the state and...
A00 aluminium ingot price registered a drop of RMB 10 per tonne or 0.08 per cent from Wednesday’s price of RMB 12980 per tonne. The price now stood at RMB 12970 per tonne and is expected to move within a range of RMB 12950-12990 per tonne. Spot aluminium contract is likely to be traded at a premium of RMB 70-110 per tonne. In Foshan and Chongqing, the price fell by RMB 40 per tonne and RMB 10 per tonne to stand at RMB 13120 per tonne and RMB 13040 per tonne. Their average prices are expected to range within RMB 13100-13140 per tonne and RMB 13020-13060 per tonne. The price in Wuxi and Hangzhou remained unchanged at RMB 12980 per tonne and RMB 13000 per tonne. Aluminium ingot prices in Shenyang, Tianjin, Linyi, and Gongyi dropped to stand at RMB 12975 per tonne, RMB 13030 per tonne, RMB...
