SHFE aluminium closed at RMB 24,230 per tonne, edging up 0.02 per cent. The price was capped by MA5 (24,259) but remained above MA10 (24,207) and MA30 (24,088), with the mid-term bullish structure intact. On the MACD indicator, DIF stood at 92.18 and DEA at 118.60, forming a death cross above the zero axis, with the green bars expanding to -52.85, indicating strengthening bearish momentum. Trading volume expanded to 76,000 lots, reflecting widening bull-bear divergence. The core trading range for SHFE aluminium is suggested at 24,000-24,600. LME aluminium closed at USD 3,248.5 per tonne, edging down 0.05 per cent. The price broke below MA5 (3,264.1), MA10 (3,261.37), and MA30 (3,262.88), with short-term moving averages exerting pressure, though MA60 (3,227) still provided support. On the...
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,...
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National Aluminium Company Limited, the Navratna CPSE under Ministry of Mines, has reportedly cut its aluminium ingots prices by nearly 2 per cent, after hiking them three times in a row. The prices are now ranging between INR 150,350 per tonne and RMB 153,850 per tonne, compared to INR 152,850 – 156,350 per tonne after being hiked by 2 per cent. <iframe width="550" height="300" src="https://www.youtube.com/embed/oYtvY2wWiAs" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> As considered most of the aluminium producers link their products prices to the three-month futures of aluminium on London Metal Exchange, which had been down nearly 2% so far this month, NALCO has also cut its ingot prices by almost 2 per cent....
A New Zealand firm promises its Potline technology could rescue Rio Tinto to keep Tiwai Point open, support the Government to cut carbon emissions and help Meridian's bottom line. The distressed aluminium smelter uses about 12% of New Zealand's electricity every year, pays tens of millions of dollars every year for electricity infrastructure, while it doesn't use and employs even 1, 000 Kiwis. In late October’19, its multinational owners, Rio Tinto, declared a strategic review of Tiwai. The Kiwi firm Energia Potior, who has been hired to execute the EnPot at a smelter in Germany and coming up with a smelter in Australia, states that it has a solution to everyone's problems, addressing Meridian’s power needs, the Government’s decarbonisation goals and Rio Tinto’s concerns about...
Hindalco, with effect from Saturday, January 11, has reduced the prices of its aluminium ingots, billets, and wire rods by more than 1%, marking the second consecutive price cut in a week. While the aluminium ingot price has been reduced by 1.2 per cent from INR 145,500 per tonne on January 9 to INR 143,750 per tonne on January 11, the price of the aluminium billet is cut by 1.15 per cent from INR 152,100 per tonne to INR 150,350 per tonne. The aluminium wire rod price is now standing at INR 154,350 per tonne after being cut by over 1 per cent from INR 156,100 per tonne. <iframe width="550" height="300" src="https://www.youtube.com/embed/Fna0mGbz_Tk" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> Vedanta Limited...
A00 aluminium ingot price edged lower by RMB 100 per tonne or 0.70 per cent to stand at RMB 14200 per tonne on Wednesday, 15 January 2020, from Tuesday’s price of RMB 14300 per tonne. This marked the third consecutive fall in aluminium ingot price. The price is expected to range at RMB 14180-14220 per tonne. Spot aluminium contract is likely to be traded at a discount of RMB 310 per tonne to a premium of RMB 270 per tonne. In Foshan and Wuxi, the price fell by RMB 70 per tonne and RMB 90 per tonne to stand at RMB 14210 per tonne and RMB 14150 per tonne on January 15. Their average prices are expected to range within RMB 14190-14230 per tonne and RMB 14140-14160 per tonne. Aluminium prices in Hangzhou and Chongqing came in at RMB 14160 per tonne and RMB 14240 per tonne, down RMB 90 per...
The US dollar held steady against a basket its rivals on Tuesday, while sterling was the weakest performer after tepid growth increased the likelihood that the Bank of England will cut interest rates this month. Three-month LME aluminium retreated to its lowest in more than a week at US$ 1,788.5 per tonne in European trading hours, before it recovered some ground to close the trading day 0.77 per cent weaker at US$ 1,798 per tonne. LME aluminium gave back all the gains from the previous two days, as was expected to trade between US$ 1,780 per tonne and US$ 1,810/ per tonne on January 14. LME aluminium cash (bid) price, on January 14, came in at US$ 1767 per tonne, while LME official settlement price at US$ 1767.5 per tonne. 3-months bid price rose to US$ 1796 per tonne and 3-months offer...
Altech Chemicals Limited, the company who is aiming to become one of the leading suppliers of high purity alumina, has announced its accomplishment of the drilling program at its 100% owned Kerrigan kaolin project in Western Australia. The Kerrigan project is situated at 20kms south of the central wheat belt town of Hyden, Western Australia and spreads over an area that is approximately 230km². The drilling program was composed of 27 air core holes for a total of 765 meters. All holes were drilled vertically with an average depth of 28 meters; samples were collected at one-meter intervals. Although Altech’s flagship Meckering kaolin deposit will deliver raw materials for its Johor HPA plant, Malaysia, as Kerrigan hosts a high-quality kaolin deposit. The completed drilling program is...
According to a recent report, Vedanta Limited, Jharsugda’s Special Economic Zone unit (Plant 2) has received the coveted certification of ISO 50001:2011 (Energy Management System), with effect from December 19, for energy-efficient production and supply of primary aluminium, aluminium ingots, and wire rods and billets. ISO 50001 encourages and supports organizations in all sectors to use energy more efficiently through the development of an energy management system (EnMS). On receiving the certification, Mr. CN Singh, CEO – Vedanta Ltd., Jharsuguda said, “As India’s largest producer of primary aluminium, we work diligently to ensure that our operations strive for global benchmarks in sustainability indices. The ISO 50001 certification is a testimony to the company’s vision to create and...
The US dollar held steady against a basket its rivals on Monday. LME aluminium shed 0.8% and SHFE aluminium sank 0.3%. LME aluminium closed Monday’s trading at US$ 1766.5 per tonne, down 0.31% from Friday. Three-month LME aluminium retreated to its lowest in more than a week at US$1,788.5 per tonne in European trading hours, before it recovered some ground to close the trading day 0.77% weaker at US$1,798 per tonne. LME aluminium is expected to trade between US$1,780-1,810 per tonne today. As on Monday January 13, LME aluminium cash (bid) price stands at US$ 1766 per tonne, LME official settlement price stands at US$ 1766.5 per tonne; 3-months bid price stands at US$ 1792 per tonne, 3-months offer price is US$ 1793 per tonne; Dec 20 bid price stands at US$ 1928 per tonne, and Dec 20 offer...
After a rise of 14,000 tonnes in primary aluminium inventories on Monday, January 13, the A00 aluminium ingot price has further recorded a decline of RMB 100 per tonne to RMB 14,300 per tonne, as of January 14, according to Shanghai Metals Market. The average prices are expected to range between RMB 14,280 per tonne and RMB 14,320 per tonne, with spot contract to be traded at a discount price of RMB 20-160 per tonne. Foshan, Gongyi, and Chongqing have witnessed the highest plunge of RMB 120 per tonne to stand at RMB 14,280 per tonne, RMB 14,340 per tonne, and RMB 14,100 per tonne respectively. Wuxi, Shenyang, and Linyi have seen a drop of RMB 110 per tonne and RMB 100 per tonne to RMB 14,240 per tonne, RMB 14,290 per tonne, and RMB 14,310 per tonne. In Hangzhou and Tianjin, the price has...
Alba’s Acting Chief Executive Officer (ACEO) Ali Al Baqali held his first Annual Majlis today, Monday, January 13. Today’s was the first session of the many to be held over the week for Alba’s Executive Management, Directors, Management and employees from various departments at the Alba Oasis Hall. The Annual Majlis is a platform wherein the company’s ACEO communicates with the employees and engages with the workforce whose primary interests revolve around the aluminium industry and its contribution to Bahrain. Speaking to the audience at the Annual Majlis 2020, the ACEO Ali Al Baqali said: “At a time when the only constant in life is change, we as a Company must have the right preparedness to adapt to the changes amidst market uncertainty. As we set Alba’s 2020 Expectations – Safety...
Shanghai Metals Market expects China’s primary aluminium production to be rebounded banking on new or recommenced smelting projects, while consumption to gather some pace with anticipated recovery in the automobile industry and building and construction sector. In 2020, China’s primary aluminium production is anticipated to come in at 36.64 million tonnes growing by 3.4 per cent year-on-year, while consumption at 36.19 million tonnes rising 0.3 per cent. In terms of social inventories, the level of 1 million tonnes is unlikely to be broken around the Chinese New Year holiday during January-February. Between March and May also, the stocks are less likely to record a substantial growth or decline given a traditional high consumption season and supply expansion. June onwards, the inventories...
After remaining restrained at 610,000 tonnes last week, the social inventories of primary aluminium on Monday, January 13, increased by 14,000 tonnes across eight consumption areas in China, including SHFE warrants, to stand at 624,000 tonnes, according to Shanghai Metals Market. Rise in primary aluminium inventories was last on January 2 by 18,000 tonnes to 610,000 tonnes, followed by the previous growth of 2,000 tonnes to 594,000 tonnes. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, Gongyi, Hangzhou, Tianjin, and Chongqing, the inventories have increased by 5,000 tonnes, 7,000 tonnes, and 1,000 tonnes from last Thursday, January 9, to stand at 197,000 tonnes, 56,000 tonnes, 60,000 tonnes, and 14,000 tonnes...
The US dollar eased against a basket its rivals on Friday, as investors digested the news of the US imposing fresh sanctions on Iran and weaker-than-expected US jobs data. As on Friday January 10, LME aluminium cash (bid) price continued to drop to stand at US$1770 per tonne, while LME official settlement price to US$1770.50 per tonne after inching down from US$1771 per tonne on January 9. 3-months bid price also decreased to US$ 1797.50 per tonne and 3-months offer price US$ 1798 per tonne. Dec 20 bid price clocked at US$ 1935 per tonne and Dec 20 offer price at US$ 1940 per tonne. The LME aluminium opening stock further declined to 1410675 tonnes, compared with 1425575 tonnes on January 9. Live Warrants totalled at 797175 tonnes and Cancelled Warrants 613500 tonnes. LME aluminium...
The aluminium industry has sought the government to lower the basic customs duty on critical raw materials like aluminium fluoride, making a statement that high import duties are a huge drawback as they make Indian finished goods overpriced and uncompetitive in the international markets. The Aluminium Association of India (AAI) said: "To improve the cost structure of the Indian Aluminium Industry and enhance competitiveness, it is requested to reduce the basic customs duty on the critical raw materials.” The aluminium industry has suggested to the Government of India for the forthcoming Union Budget 2020-21, that basic customs duty on raw materials like aluminium fluoride, caustic soda lye and green anode/pre-baked carbon anode needs to be slashed to 2,5% from the present 7.5%. AAI has...
Emirates Global Aluminium and PT Indonesia Asahan Aluminium (INALUM) have signed a Memorandum of Understanding (MoU) for licensing the UAE-developed EGA technology to INALUM, upgrading an existing INALUM smelter, and developing a new aluminium smelter in Indonesia. The MoU was signed by Abdulla Kalban, Managing Director of EGA, and Orias Petrus Moedak, President Director of INALUM and exchanged in the presence of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Excellency Joko Widodo, President of the Republic of Indonesia. Under the MoU, EGA and INALUM will also evaluate the potential to form a joint venture to develop a Greenfield aluminium smelter in Indonesia, contributing services related to...
“As the bushfire crisis continues across Australia, our thoughts are with all those impacted” – Alcoa. Alcoa Corporation is the world's eighth-largest producer of aluminium, has expressed their sincere admiration and gratitude to all involved in fire fighting and recovery efforts, including volunteers who are making a difference. Alcoa has also thanked its employees, who are either volunteering or fundraising. “We are proud to support the Australian Red Cross Disaster Relief Fund with a US$50,000 donation from the Alcoa Foundation. While the major fires are some distance from our Australian operations, the pain is being felt across the country. Please heed the warnings of authorities and keep yourselves and your loved ones safe.” – Alcoa. Fuelled by a lengthy and intensifying drought, an...
The US dollar increased for a third straight day to two-week highs against a basket its rivals on Thursday; investor sentiment improved on the back of easing US-Iran tensions and ahead of the signing of the phase one US-China trade deal. Three-month LME aluminium rallied to an intraday high of US$1,817 per tonne on Thursday, before it gave back much of those gains to close just 0.19 per cent higher at US$ 1,804 per tonne. It was likely to move at US$1,790-1,820 per tonne. As on Thursday, January 9, LME aluminium cash (bid) price dropped marginally from US$ 1771.50 per tonne to US$1770.50 per tonne, while LME official settlement price to US$1771 after inching down from US$1771.50 per tonne on January 8. 3-months bid price stood at US$ 1799 per tonne and 3-months offer price US$ 1799.50 per...
Africa’s primary aluminium production amounted to 133,000 tonnes in November 2019, representing a decrease of 2.92% from 137,000 tonnes in November 2018, according to the International Aluminium Institute (IAI). The output was down 3.62% from October’s production of 138,000 tonnes and 0.75% from September’s production of 134,000 tonnes. Aluminium production came in at 1.504 million tonnes in the first eleven months of 2019 as compared to 1.527 million tonnes in the first eleven months of 2018. That was down 1.51% year-on-year. <iframe width="550" height="380" src="https://www.youtube.com/embed/yxHBENVwN9k" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> Primary aluminium production in Africa stood at 1.668 million...
