LME aluminium prices softened across key contracts on September 23 compared with the previous session, while opening stocks remained broadly stable. The sharpest movement was recorded in cancelled warrants, which declined by more than 20 per cent. The LME aluminium cash bid price stood at USD 3,239.5 per tonne on September 23, down from USD 3,240 per tonne on September 22, a decline of 0.02 per cent. The cash offer price fell to USD 3,240 per tonne from USD 3,242 per tonne, down 0.06 per cent. For the three-month contract, the bid price declined to USD 3,258 per tonne from USD 3,263.5 per tonne, marking a 0.17 per cent decrease. The offer price fell to USD 3,260 per tonne from USD 3,264 per tonne, down 0.12 per cent. The December 2027 aluminium bid price stood at USD 3,180 per tonne,...
Oklahoma Primary Aluminum has released a new economic impact study for its proposed USD 4 billion primary aluminium facility at the Tulsa Port of Inola, projecting a cumulative USD 49 billion contribution to the state’s economy through 2060. The study, prepared by Regional Economic Models Inc, describes the project as a “generational economic anchor” for northeastern Oklahoma, with thousands of jobs, higher household income and significant annual additions to state and national GDP. It was published as the developers face a local construction moratorium, a planned referendum and ongoing environmental and legal reviews. Scale and economic impact The joint venture between Emirates Global Aluminium and Century Aluminum says the 750,000-metric-tonne-per-year smelter would: Generate...
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As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, stood at 1.16 million tonnes as of Monday February 17, an increase of 69,000 tonnes Thursday February 13. The chart below shows the current status of the primary aluminium inventories across China in more details: Primary aluminium stocks in Wuxi and Nanhai, Gongyi increased by 30,000 tonnes 10,000 tonnes from February 13 to stand at 415,000 tonnes and 244,000 tonnes on Monday, 17 February 2020. But the stocks in Shanghai and Chongqing remained unchanged at 108,000 tonnes and 11,000 tonnes. Inventories in Gongyi, and Hangzhou came in at 193,000 tonnes and 123,000 tonnes, an increase of 29,000 tonnes, and 2,000 tonnes from February 13. But the...
After the second straight quarterly loss in the quarter ended December 31, 2019, National Aluminium Company (NALCO) is anticipated to see higher profits in the time to come, according to market analysts. Improved coal supplies and sober costs of critical inputs such as caustic soda, coal tar pitch, and calcine petroleum coke is believed to bolster the potential future hike of the company’s profits. Besides, expected strengthening in alumina prices would also contribute to the rebound, said analysts. “The company had to battle business headwinds in the form of softening international alumina prices and acute coal crunch in the domestic market. This led to spike in costs of metal production that reflected in the company’s earnings, pushing Nalco to rare back-to-back quarterly losses”,...
Aluminum Bahrain B.S.C. (Alba) Chief Executive Officer Ali Al Baqali said: “Starting 2020 strong with winning five major international Safety Awards from the National Safety Council is one of our best achievements to date.” Alba scooped the 2020 Safety Leadership Award, 2020 Occupational Excellence Achievement Award, 2020 Significant Improvement Award, Perfect Record Award and Milestone Award from the National Safety Council (NSC) – USA. All these awards will be presented to Alba at the 2020 National Safety Council Congress and Expo Indianapolis USA in October 2020. The five NSC Awards recognize Alba in various areas of Safety: Safety Leadership Award for achieving a ‘perfect record’ of zero fatalities over the last six consecutive years; Significant Improvement Award for reducing the...
Concerns about the extent of the coronavirus (COVID-19) in China supported the US dollar and the safe-haven yen. The US dollar index, which measures the currency against a basket of rivals, rose to its strongest since October. LME base metals fell across the board last Friday night. LME aluminium lost 1.9%. Three-month LME aluminium was down 1.19% to end at US$1,720 per tonne. The decline was capped on the back of falling inventories of aluminium stocks. The contract is likely to trade between US$1,720-1,760 per tonne. As on Friday February 14, LME aluminium cash (bid) price stands at US$ 1704 per tonne, LME official settlement price stands at US$ 1704.5 per tonne; 3-months bid price stands at US$ 1733 per tonne, 3-months offer price is US$ 1734 per tonne; Dec 21 bid price stands at US$...
The A00 aluminium ingot price has recorded further downfall of RMB 40 per tonne, marking the fourth consecutive day of decline, found Shanghai Metals Market on Monday, February 17. The price has thus, come in at RMB 13,550 per tonne. The average prices are expected to range between RMB 13,530 per tonne and RMB 13,570 per tonne, with spot contract to be traded at a discount price of RMB 40-0 per tonne. The back-to-back fall in ingot price could be attributed to the slower consumption in comparison with the stocks arrived. Delay in production resumption after the Chinese New Year Holiday due to the outbreak of epidemic Coronavirus has primarily slowed the transaction process in the Chinese market. A maximum number of Chinese cities, as of today, have seen the ingot price fall of RMB 20 per...
Hindalco Industries Ltd has raised the prices of aluminium ingots, billets, and wire rods by nearly 1.5%. With effect from February 13, the aluminium ingot price now stands at INR 139,250 per tonne, an increase of 1.46% from INR 137,250 per tonne on February 5. Hindalco has increased the prices of wire rods and billets by 1.35% and 1.39% from February 5. The prices for Hindalco products now stand at INR 149,850 per tonne and INR 145,850 per tonne, from INR 147,850 per tonne and INR 143,850 per tonne. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down more than 5% so far in 2020, with a 6% fall in prices since late January alone. Aluminium operations of the...
The US dollar on Monday, February 10, rose to a four-month peak against the euro, but eased off on the subsequent day. However, on February 12 and 13, it again increased, as investors expressed confidence that the novel coronavirus outbreak would be contained soon. Three-month LME aluminium dropped and finished the Monday session at US$ 1,707 per tonne. On Tuesday, it rallied 1.87 per cent to end at US$ 1,739 per tonne. On Thursday, it advanced to a two-week high before it finished the trading day 1.15 per cent higher at US$ 1,755 per tonne. LME aluminium cash (bid) price throughout the week during February 10-14 showed a growing trend, ranging between US$ 1,675.5 per tonne and US$ 1704 per tonne. Only on Thursday, February 13, the price recorded a steep decline from US$ 1,706.5 per tonne...
On Thursday, February 13, the Aluminum Association announced about the joining of Tom Dobbins as the group’s new president & CEO from March 16. Tom already spent 13 years as the head of the American Composites Manufacturers Association (ACMA), the largest trade association in the world that represents composites manufacturers and their suppliers. Accepting the new role Tom Dobbins said, “I’m thrilled to be taking on this new role during an incredibly important time for the U.S. aluminum industry.” He also said, “The Aluminum Association has a proud legacy as one of the leading voices for the materials manufacturing sector in Washington and beyond. I look forward to taking on a leadership role as the team continues to execute on the recently developed Aluminum Agenda – from policy advocacy...
A00 aluminium ingot price dropped by RMB 20 per tonne or 0.15 per cent on Friday, 14 February 2020. The price now stood at RMB 13590 per tonne and is expected to move within a range of RMB 13570-13610 per tonne. Spot aluminium contract is likely to be traded at a discount of RMB 60-20 per tonne. In Foshan and Wuxi, the price fell by RMB 40 per tonne and RMB 30 per tonne to stand at RMB 13620 per tonne and RMB 13580 per tonne. Their average prices are expected to range within RMB 13600-13640 per tonne and RMB 13570-13590 per tonne. Aluminium prices in Hangzhou and Chongqing came in at RMB 13580 per tonne and RMB 13610 per tonne, down RMB 30 per tonne and RMB 40 per tonne. Their average prices are expected to range within RMB 13570-13590 per tonne and RMB 13590-13630 per tonne. Aluminium...
Aluminium Bahrain B.S.C. (Alba) published its Full-Year and Fourth Quarter 2019 Results during a meeting of the Company’s Board of Directors on Thursday 13 th February’20. Also, Alba’s Board of Directors approved the appointment of Mr Ali Al Baqali as the Chief Executive Officer with immediate effect. Commenting on Alba’s 2019 financial performance, the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “It is encouraging to see that Alba has closed 2019 strong despite a challenging year for the industry. 2019 was a great year as we have recorded many firsts in Alba’s history: breakthrough record in Safety, Production and Sales’ volume thanks to our people. With Mr Al Baqali as the realm of Alba in this next chapter of growth, our Company is better...
The US dollar continued to rise on Thursday as investors expressed confidence that the novel coronavirus outbreak will be contained soon. Three-month LME aluminium advanced to a two-week high before it finished the trading day 1.15 per cent higher at US$ 1,755 per tonne. Falling inventories across LME-listed warehouses supported the prices. Today, LME aluminium is seen hovering at US$ 1,720-1,760 per tonne, with the most-liquid SHFE contract at RMB 13,600-13,800 per tonne. As on Thursday, February 13, LME aluminium cash (bid) price declined straight from US$ 1706.5 per tonne to US$ 1701.00 per tonne, while LME official settlement price from US$ 1707 per tonne to US$ 1701.50 per tonne. 3-months bid price came in at US$ 1727.00 per tonne and 3-months offer price at US$ 1727.50 per tonne....
According to Shanghai Metals Market, the social inventories of primary aluminium in China have jumped today, on February 13, for the second consecutive week after the Chinese New Year Holiday. SMM data shows, the inventories across the eight major consumption areas, including SHFE warrants, are standing at 1.09 million tonnes after increasing by about 148,000 tonnes over the week. Higher arrival of shipments by rail and subdued demand amid the ongoing coronavirus outbreak are the two major reasons for the significant rise of primary aluminium inventories today. The chart below shows the current status of primary aluminium inventories across China in more details: As the chart above indicates, the primary aluminium inventories in Wuxi have come in at 385,000 tonnes after rising by 43,000...
Qatar Aluminium Manufacturing Company (Qamco), a 50 per cent shareholder in Qatar Aluminium Limited, has announced the results of its thirteen-month financial period ended on December 31, 2019, reporting a net profit of QR 80 million. The company's EBITDA stood at QR 704 million, revenue amounted to QR 2.7 billion, while earnings per share (EPS) came in at QR 0.014. According to Qamco, its financial performance in 2019 was largely driven by external macroeconomic factors like trade conflicts, overcapacities, and slow global GDP growth that directly affected the aluminium prices. The company’s average selling prices fell by 12 per cent during 2019, primarily due to the decline in global aluminium prices. This led to a decrease in net earnings by about QR 365 million when compared with the...
The US dollar rose to its highest against the euro in more two-years on Wednesday. LME aluminium eased 0.32% last night. Benchmark aluminium price on London Metal Exchange closed higher at US$ 1707 per tonne on Wednesday, up 1.04% from Tuesday's close of US$ 1689.5 per tonne. As on Wednesday February 12, LME aluminium cash (bid) price stands at US$ 1706.5 per tonne, LME official settlement price stands at US$ 1707 per tonne; 3-months bid price stands at US$ 1731 per tonne, 3-months offer price is US$ 1733 per tonne; Dec 21 bid price stands at US$ 1860 per tonne, and Dec 21 offer price stands at US$ 1865 per tonne. The LME aluminium opening stock decreased to 1232200 tonnes. Live Warrants totalled 834150 tonnes, and Cancelled Warrants were 398050 tonnes. LME aluminium 3-months Asian...
Rio Tinto made public that it might have to shut down its aluminium smelter in Iceland (ISAL) if the country’s state-controlled energy supplier does not deliver a cheaper deal. The warning again indicates the tough market aluminium producers around the world are facing, as the demand fades and prices drop. Aluminium is usually referred to as solid electricity because of the large amounts of power required to transform its key ingredient, alumina, into refined metal. Approximately a third of smelter’s costs are power. Alf Barrios, Head of Rio Tinto’s Aluminium business, said: “the company had worked intensively to improve the performance of the ISAL smelter but it was still unprofitable and could not complete in challenging market conditions due to its high power costs.” Mr. Barrios added,...
The US dollar eased off four-month highs against a basket of its rivals on Tuesday. LME base metals closed higher across the board overnight. LME aluminium jumped 1.9% and SHFE aluminium advanced about 0.7%. Three-month LME aluminium rallied 1.87% on Tuesday to end at US$1,739 per tonne. The contract is likely to move at US$1, 700-1,760 per tonne today. As on Tuesday February 11, LME aluminium cash (bid) price stands at US$ 1689 per tonne, LME official settlement price stands at US$ 1689.5 per tonne; 3-months bid price stands at US$ 1716.5 per tonne, 3-months offer price is US$ 1717 per tonne; Dec 21 bid price stands at US$ 1848 per tonne, and Dec 21 offer price stands at US$ 1853 per tonne. The LME aluminium opening stock increased to 1239800 tonnes. Live Warrants totalled 844400 tonnes,...
Alcoa Corporation, a global leader in bauxite, alumina, and aluminium, has been recognized as the top aluminium industry performer in The Sustainability Yearbook 2020, a complete guide that provides in-depth analysis on environmental, social and governance criteria (ESG). The Sustainability Yearbook, published by S&P Global, uses the SAM Corporate Sustainability Assessment, which also briefs other ESG-related assessments, including the Dow Jones Sustainability Indices (DJSI). In 2019, Alcoa was named the Aluminum Industry Leader in the DJSI. Alcoa President and Chief Executive Officer Roy Harvey said: "Our strong reputation as a sustainable and responsible operator in the mining and metals industry is a key differentiator in our future success and aligns with our strategic priority to...
National Aluminium Company Limited (Nalco) published its financial results for the third quarter ended December 31, 2019. The company posted net loss of INR 33.90 crore in Q3FY20, from net profit of INR 302.35 crore in Q3FY19. Nalco’s net sales stood at INR 2088.35 crore in Q3FY20, a drop of 23.2 per cent from INR 2,718.88 crore in the corresponding quarter last year. Revenue from aluminium business dropped 20.92 per cent year-on-year to INR1,336.16 crore. The company’s a pre-tax loss was INR 53.16 crore in Q3 FY20, from pre-tax profit of INR 470.64 crore in Q3 FY19. Total expenses came in at INR 2054.01 crore in the third quarter. That was down 6.9 per cent from INR 2205.92 crore last year.
