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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Vedanta has increased the prices of aluminium ingots by about 2% with effect from Tuesday, January 7. The price for Vedanta aluminium now stands at INR 145,000-158,000 per tonne. The company generally links prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are up nearly 6% in the December quarter and Vedanta hiked prices of its products by over 4% in the same period. The aluminium business accounted for a third of Vedanta's consolidated sales in the September quarter. Vedanta’s net sales stood at INR 21,739 crore, down from INR 22,432 crore in the same period last year. The company, which has a stake in Bharat Aluminium Co Ltd and smelters at Jharsuguda in Odisha, commands a 40% share in India's primary aluminium...
The US dollar index, which measures the greenback against a basket its rivals, rose on Wednesday, as investors grew more optimistic that Iran’s attack on US forces in Iraq was unlikely to escalate into a full-blown regional conflict. Three-month LME aluminium extended its decline on Wednesday, shedding 0.96 per cent to end at US$1,800.5 per tonne. The build-up of short positions primarily accounted for the loss. LME aluminium is expected to trade at US$1,780-1,820 per tonne today. As on January 8, Wednesday, LME aluminium cash (bid) price after dipping from US$ 1793.50 per tonne stood at US$ 1771.50 per tonne, while LME official settlement price at US$1771.50 after inching down from US$1794 per tonne. 3-months bid price stood at US$ 1805 per tonne and 3-months offer price US$ 1806 per...
On Wednesday, January 8, the Jordan Chemicals Company, fully owned by the Jordan Phosphate Mines Company (JPMC), and Alufluoride Limited of India signed an agreement to set up an aluminium fluoride factory in Jordan. As per the deal signed, the first phase of the project includes building the factory, worth $25 million, in Al Shidiyeh region in Maan, and also the modernisation of the JMC’s aluminium fluoride plant in Aqaba for producing aluminium fluoride at the same cost. The JPMC will reportedly supply 20,000 tonnes of fluosilic acid annually to the new factory. Fluosilic acid is a secondary product of phosphate extraction in the Shidiyeh mines. Commenting on the agreement, JPMC Chairman Muhammad Thneibat said it was important as part of the company’s efforts to move towards conversion...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 610,000 tonnes as of Thursday, 09 January 2020, barely changed from a week ago. The current status of primary aluminium inventories across China is given in the chart below: A00 aluminium ingot price extended growth by RMB 10 per tonne to stand at RMB 14470 per tonne on Thursday, 09 January 2020. The price is expected to move within a range of RMB 14450-14490 per tonne. Spot aluminium price is likely to be traded at a premium of RMB 50-90 per tonne. Aluminium ingot price in Wuxi and Hangzhou increased by RMB 15 per tonne and RMB 35 per tonne to stand at RMB 14455 per tonne and RMB 14475 per tonne. The prices are likely to range at RMB...
Primary aluminium production in China stood at 35.43 million tonnes in 2019, a drop of 1.84% year-on-year, showed Shanghai Metals Market survey. The consumption declined by 1.4% YoY to stand at 36.11 million tonnes. Inventories stood at 686,000 tonnes. In December, primary aluminium output totalled 3.04 million tonnes, with a year-on-year increase of 1.47%, according to an SMM. Aluminium capacity in operation is likely to increase to 36.4 million tonnes on an annualised basis this month, as new projects including Zhongfu’s in Guangyuan of Sichuan, Shenhuo’s in Yunnan, Yunnan Aluminium’s in Heqing county and East Hope’s in Guyang of Inner Mongolia will ramp up. China’s primary aluminium production is expected to rise by 3.07% year-on-year to stand at 3.06 million tonnes by the end of this...
ICRA announced that the signs of recovery for aluminium prices are been seen in the last three months, as trade tensions in international markets have softened to an area leading to an improvement in sentiment. Accordingly, aluminium prices at the spot market have inclined by 4% in the last three months. Jayanta Roy, Senior Vice-President and Group Head, Corporate Sector Ratings, ICRA said “The prevailing global supply-demand scenario in both aluminium and copper has been conducive to a price recovery, given the deficits of these metals in the physical market. But weak macroeconomic sentiments arising out of the trade tensions weighed on prices thus far.” The unpredictable nature of macro-economy, as well as feeble sentiments due to the trade war, have driven to a sharp slowdown in global...
Hindalco Industries Ltd has increased the prices of aluminium ingots, billets, and wire rods by more than 2%, after cutting them by more than 1% in the previous week. With effect from January 7, the aluminium ingot price now stands at INR 147,250 per tonne, up an increase of 2.43% from INR 143,750 per tonne on January 4. The company has raised the prices of wire rods and billets by 2.27% and 2.33% from January 4. The prices for Hindalco products now stand at INR 157,850 per tonne and INR 153,850 per tonne, from INR 154,350 per tonne and INR 150,350 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 up nearly 6% in the December quarter and Hindalco hiked...
Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter ex-China, has announced that its aluminium production in 2019 exceeded 1.36 million tonnes, marking a new milestone. Compared with 1,011,101 tonnes of production in 2018, Alba’s output in 2019 increased by 35 per cent over the year and stood at 1,365,005 tonnes. Besides this record production, Alba also achieved Zero Fatality and Zero Lost Time Injuries (LTIs) operations in 2019, said the company itself at a small gathering held at Alba Oasis on Tuesday, January 7, 2020. The gathering was attended by Alba Executive Management, Directors, Managers and employees from various departments. While commenting on setting a new milestone, Alba’s Chairman of the Board of Directors Shaikh Daij bin Salman bin Daij Al Khalifa said:...
The US dollar index, which measures the greenback against a basket its rivals, rallied on Tuesday. LME aluminium closed lower on Tuesday and SHFE aluminium dipped 0.07%. LME aluminium closed Tuesday’s trading at US$ 1794 per tonne, up 0.22% from Monday. Three-month LME aluminium pulled back on Tuesday, closing down 0.76% at US$1,818 per tonne. It is expected to trade between US$1,800-1,840 per tonne today. As on January 7, Tuesday, LME aluminium cash (bid) price stands at US$ 1793.50 per tonne, LME official settlement price stands at US$ 1794 per tonne; 3-months bid price stands at US$ 1826 per tonne, 3-months offer price is US$ 1826.5 per tonne; Dec 20 bid price stands at US$ 1960 per tonne, and Dec 20 offer price stands at US$ 1965 per tonne. The LME aluminium opening stock decreased to...
After three consecutive declines ranging between RMB 14,560 per tonne and RMB 14,450 per tonne on January 3, 6, and 7, the average A00 aluminium ingot price has recorded a marginal rise of RMB 10 today, on January 8, to stand at 14,460 per tonne. The average prices are expected to range between RMB 14,440 per tonne and RMB 14,480 per tonne, with spot contract to be traded at a premium price of RMB80-120 per tonne. Except Hangzhou, where the aluminium ingot price has increased by RMB 10 per tonne to RMB 14,440 per tonne, other major cities in China have witnessed shrink in the price today, found SMM. While in Foshan and Chongqing, the price has declined by RMB 50 per tonne, in Linyi and Gongyi, the price has dwindled by RMB 20 per tonne and RMB 15 per tonne to RMB 14,460 per tonnes and RMB...
The House of Democrats in the USA on 10 th December’19 announced their support on an amended version of the USMCA, an agreement that was signed on November’18 by all three countries – USA, Mexico, and Canada. The amended agreement which involves changes made to labour and environmental standards and enforcement thereof was swiftly signed by Mexico, but it must now pass through US Congress and Canada’s Parliament for approval. The US Aluminium Association rapidly endorsed the new USMCA but stated that “strong import monitoring and trade enforcement are vital to effective USMCA implementation.” The major concern is the tremendous increase in Chinese aluminium sheet and plate exports to Mexico, which is standing up at 94% YTD October’19 in comparison to the same period in 2018, and risen...
According to Shanghai Metals Market, Shandong Weiqiao Group, the top aluminium producer in China has cut its prebaked anode benchmark purchasing price for January. The price is reduced by RMB 70 per tonne from December, marking the seventh straight month of cut. SMM data shows the prebaked anode purchasing price for January is RMB 2,600 per tonne in cash. The price in December was RMB 2,670 per tonne, after declining by RMB 130 per tonne from RMB 2,800 per tonne in November. In September and October, Weiqiao’s prebaked anode benchmark purchasing price was RMB 2,925 per tonne and RMB 2,900 per tonne, respectively. However, despite the cut in Weiqiao’s benchmark purchasing price, the average prebaked anode price in east China has remained unchanged today, on January 7, from RMB 2,780 per...
The National Aluminium Co. Ltd. raises the price of its aluminium ingots third time in a row. The Government of India owned aluminium producer has hiked the prices of its ingots by 2% approximately, and the cost now stands at INR 152,850 – 156,350 per tonne. As considered most of the aluminium producer’s link prices of their products to the three-month futures of aluminium on London Metal Exchange, this was up by nearly 6% in December quarter. At the same period, NALCO has raised the prices of its products by over 3%. Alumina and aluminium products account for nearly two-thirds of NALCO’s gross top line; chemical sales take care of the rest of its revenue. The company produces aluminium wire rods, aluminium billets, chequered sheets and rolled coil.
That time of the year has again come when AlCircle launches its Aluminium Industry Recap report to give an opportunity to its readers to look back at the key developments in the year gone by. Presenting the same opportunity, the Aluminium Industry Recap 2019 edition has compiled all the new innovations, projects, mergers and acquisitions, investments, and policy changes that shaped or disrupted the global aluminium industry value chain over the year 2019. The primary aim of the report is to touch upon the major developments of the year vertical wise, which influenced each other driving growth or counter growth. And most importantly, the developments are not only interpreted chronologically but also analytically so that the readers can easily conclude the movement of the entire aluminium...
The US dollar index, which measures the greenback against a basket its rivals, fell on Monday, after rising for three consecutive trading days. LME aluminium added 0.7% and SHFE aluminium advanced about 0.1%. Three-month LME aluminium climbed to its highest since July 22 at US$1,835 per tonne on Monday, before it ended the trading day 0.71% stronger at US$1,832 per tonne. It is likely to trade at US$1,800-1,840 per tonne today. As on January 6, Monday, LME aluminium cash (bid) price stands at US$ 1790 per tonne, LME official settlement price stands at US$ 1791 per tonne; 3-months bid price stands at US$ 1820 per tonne, 3-months offer price is US$ 1822 per tonne; Dec 20 bid price stands at US$ 1955 per tonne, and Dec 20 offer price stands at US$ 1960 per tonne. The LME aluminium opening...
A00 aluminium ingot price edged lower by RMB 90 per tonne or 0.62 per cent to stand at RMB 14450 per tonne on Tuesday, 07 January 2020, from Monday’s price of RMB 14540 per tonne. This marked the third consecutive fall in aluminium ingot price. The price is expected to range at RMB 14430-14470 per tonne. Spot aluminium contract is likely to be traded at a premium of RMB 80-120 per tonne. Source: Shanghai Metals Market In Foshan and Wuxi, the price fell by RMB 130 per tonne and RMB 80 per tonne to stand at RMB 14520 per tonne and RMB 14440 per tonne on January 7. Their average prices are expected to range within RMB 14500-14540 per tonne and RMB 14430-14450 per tonne. Aluminium prices in Hangzhou and Chongqing came in at RMB 14430 per tonne and RMB 14460 per tonne, down RMB 90 per tonne...
After raising prices two times in a row, Hindalco Industries Limited reduced the prices of aluminium ingots, billets, and wire rods by 1 per cent, with effect from Saturday, January 4. From INR 145,250 per tonne, as of December 25, Hindalco decreased the aluminium ingot price by 1.03 per cent to INR 143,750 per tonne, while that of the aluminium billets and wire rods, the company reduced the prices by 0.98 per cent and 0.96 per cent respectively. Therefore, the prices are now at INR 150,350 per tonne and INR 154,350 per tonne, compared to INR 151,850 per tonne and INR 155,850 per tonne in the previous week. The three-month futures of aluminium rose nearly 6 per cent on the London Metal Exchange in the December quarter, and Hindalco raised prices of its aluminium products by 4 per cent in...
In a recent interview with Orissa POST, Chhavi Nath Singh, CEO of Vedanta Limited, Jharsugda, called attention to Odisha’s mining potentials while speaking about the company’s role and vision for the state in 2020. He said the industries must strive for self-reliance in sectors where the states have natural advantages. For instance, in the case of aluminium, Odisha boasts of having high-quality raw materials like bauxite and coal. If these opportunities are not encashed, the state will remain a deficit economy. By this he meant, Odisha, which houses India’s major primary aluminium producers, should utilise the capacities to cater to more than the current 40 per cent of the national demand, instead of importing in abundance. He even noted that Odisha has stable governance and civic life,...
