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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The US dollar recorded its best week since early November on the back of a series of strong US economic data that reduced the likelihood of a near-term cut in interest rates. The dollar index, which tracks the greenback against a basket of other currencies, rose 0.3% on the day and finished at 97.68 last Friday. LME base metals and the SHFE complex increased for the most part. LME aluminium gained 0.06% and SHFE aluminium gained 0.39%. Three-month LME aluminium pulled back after rising to a high of US$1,805 per tonne, and closed slightly higher on the day at US$1,801 per tonne. As on December 20, Friday, LME aluminium cash (bid) price stood at US$ 1770 per tonne, LME official settlement price stands at US$ 1770.50 per tonne; 3-months bid price stands at US$ 1801 per tonne, 3-months offer...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, stood at 597,000 tonnes as of Monday December 23, down by 7,000 tonnes from last Thursday December 19. The current status of primary aluminium inventories across China is given in the chart below: A00 aluminium ingot price registered a drop of RMB 10 per tonne on Monday, 23 December 2019, after rising for four consecutive days. The price stood at RMB 14440 per tonne. The price is expected to move within a range of RMB 14420-14460 per tonne. Spot aluminium price is likely to be traded at a premium of RMB 130-170 per tonne. Source: Shanghai Metals Market Aluminium ingot price in Foshan and Wuxi dropped by RMB 20 per tonne and RMB 15 per tonne to...
According to a company report, management at Aluminij Mostar, Bosnia's sole aluminium smelter has resigned after a potential investor submitted an inadequate buying offer for the smelter. The debt-ridden smelter was shut down in July because of high electricity and alumina prices. A failure to find a strategic partner for the company, after miner and commodity trader Glencore and other investors backed out of a takeover deal led to the closure. Aluminij’s debt amounted to 380-million Bosnian marka (US$216.5-million), and the financial and tax police were investigating its operations. In September, a consortium of Israeli and Chinese companies offered to invest in the smelter in exchange of subsidised electricity prices and government aid in delayed debt payment. The government refused to...
Liaocheng in the west of Shandong province, China, has reportedly begun to implement level I response to heavy smog from today onwards, December 20, except for those graded as A-level on environmental status, to strengthen production cuts. This was implemented after the city issued a red alert, the highest in Beijing’s three tier warning system, on late Thursday. Weather forecasts showed heavy smog could strike the city in the week ahead. However, the implementation of level I response to heavy smog is unlikely to affect primary aluminium producers in the city, such as Xinfa Group’s plants and Liaocheng Xinyuan Group’s facilities. They meet A-level grade given their standards on techniques, pollution treatment and emissions. Xinfa’s alumina refinery, with the capacity of 3 million tonnes...
The US dollar was roughly flat on Thursday as the market awaited the release of US gross domestic product data on Friday. The dollar index, which tracks the greenback against a basket of other currencies, rose 0.01% and finished at 97.39. LME base metals mostly increased and the SHFE complex rose across the board. LME aluminium gained 1.01% and SHFE aluminium grew 0.35%. Three months LME aluminium got support from flat US dollar and its bullish SHFE counterpart and closed higher at US$ 1788 per tonne. As on December 19, Thursday, LME aluminium cash (bid) price stood at US$ 1765 per tonne, LME official settlement price stands at US$ 1765.50 per tonne; 3-months bid price stands at US$ 1786 per tonne, 3-months offer price is US$ 1788 per tonne; Dec 20 bid price stands at US$ 1845 per tonne,...
According to Shanghai Metals Market, the A00 aluminium ingot price has decided to end the week with another rise, though marginal, while all the input costs have remained restrained. Marking the fourth straight day of growth, the ingot price today has increased by RMB 10 per tonne to RMB 14,450 per tonne, on Friday, December 20. The average prices are expected to range between RMB 14,430 per tonne and RMB 14,470 per tonne, with spot contract to be traded at a premium price of RMB 140-180 per tonne. The continued rise in the A00 aluminium ingot price could be attributed to the tight supply of primary aluminium in the market amidst decent consumption of the metal. Also, the production is on a lower trend because of the output cut at many smelters during the ongoing Winter Heating Season....
According to Shanghai Metals Market, the social inventories of primary aluminium in China continued to drop this week, with Guangdong contributing to more than half to the trend. Stocks across eight major consumption areas, including SHFE warrants, came in at 604,000 tonnes, as on Thursday, December 19, after declining by 44,000 tonnes. On the last Thursday, December 12, the inventories had amounted to 648,000 tonnes after decreasing by 57,000 tonnes week-on-week. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, the inventories have declined by 14,000 tonnes over the week to come in at 193,000 tonnes, while that in Shanghai and Nanhai by 2,000 tonnes and 24,000 tonnes to stand at 119,000 tonnes and 131,000 tonnes. In many...
Iran's production of aluminium stood at 171,334 tonnes during the first eight months of the current Iranian year (March 21-November 21). That was down 26 per cent compared with the same period last year, according to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO). Iran’s flagship aluminium producer Iran Aluminum Company (IRALCO) contributed 118,153 tonnes of the total output. Hormozal Aluminum Company produced 25,283 tonnes, which was a 63 per cent drop on the year. Almahdi Aluminum Company’s production came in at 23,250 tonnes, down 48 per cent year-on-year. Iran Alumina Company produced 4,648 tonnes. Iran has an estimated aluminium nameplate capacity of 457,000 tonnes per year. The country now aims at increasing its annual aluminium output to...
Aluminium Bahrain (Alba), the world’s largest aluminium smelter ex-China, has signed Regain as the technology partner for its Spent Pot Lining (SPL) Treatment Plant. In September, Alba announced the establishment of the first-of-its-kind SPL Treatment Plant in the GCC and Bahrain. The company will start operations at its new plant by the first quarter of 2021. The plant will have the capacity to treat 30,000 to 35,000 tonnes of SPL a year. Alba’s Chairman of the Board of Directors Shaikh Daij said: “Alba Spent Pot Lining Treatment Plant is about ‘pioneering the future’. As Bahrain’s leading industrial company, we aim to be fully aligned with Bahrain’s Economic Vision 2030 and are committed to advancing sustainable initiatives that will benefit Bahrain and our Company. We also believe in...
The US dollar continued to rise Wednesday, moving close to a one-week high, as improving economic data reduced the likelihood of a Federal Reserve interest rate cut in 2020. LME base metals and the SHFE complex traded mixed yesterday. LME aluminium gained 1.02% and SHFE aluminium grew 0.85%. Three months LME aluminium managed to get pulled by the SHFE counterpart and closed higher on Wednesday at US$ 1777 per tonne. LME aluminium is getting back to contango after a brief period of backwardation. As on December 18, Wednesday, LME aluminium cash (bid) price stood at US$ 1756 per tonne, LME official settlement price stands at US$ 1758 per tonne; 3-months bid price stands at US$ 1776 per tonne, 3-months offer price is US$ 1777 per tonne; Dec 20 bid price stands at US$ 1833 per tonne, and Dec...
A00 aluminium ingot price climbed by RMB 80 per tonne or 0.56 per cent to stand at RMB 14440 per tonne on Thursday, 19 December 2019, from Wednesday’s price of RMB 14360 per tonne. This marks the third consecutive rise in aluminium ingot price. The price is expected to range at RMB 14420-14460 per tonne. Spot aluminium contract is likely to be traded at a premium of RMB 140-180 per tonne. Source: Shanghai Metals Market In Foshan and Wuxi, the price rose by RMB 90 per tonne and RMB 60 per tonne to stand at RMB 14440 per tonne each on December 19. Their average prices are expected to range within RMB 14420-14460 per tonne and RMB 14430-14450 per tonne. Aluminium prices in Hangzhou and Chongqing stood at RMB 14450 per tonne and RMB 14440 per tonne, up RMB 65 per tonne and RMB 90 per tonne....
According to a recent report from Shanghai Metals Market, Shandong Weiqiao Pioneering, on Wednesday, December 18, began the construction of 2 million tonnes per year aluminium smelting and hydropower project in Southwest China’s Yunnan province. Ground-breaking ceremony of the integrated project was held in tandem with the opening of the Yunnan Green Aluminium Industrial Park. The primary goal behind Weiqiao's investment in building green industrial park is to take advantage of the province’s clean hydropower resources. “Weiqiao aims to build the Green Aluminium Industrial Park into a low-carbon and environmental-friendly model project in China, as well as a world-class high-end aluminium industry base,” said Zhang Bo, Chairman of Shandong Weiqiao Pioneering at the opening ceremony.
The year 2019 can be called an aftermath of trade wars, restrictive tariffs, sanctions, capacity cuts and price volatility that impacted the aluminium value chain the year earlier. 2019 has experienced a steady drop in alumina and aluminium prices worsened by weak market fundamentals and falling demand for the metal, globally and in China. Slowdown in global economy resulted in a downturn in the global automotive sector and saturated growth in the construction and aerospace segment further putting pressure on the demand. Industry players and market participants have already lowered demand projection for the full year 2019 and for 2020. Here is a quick look at how the primary aluminium industry moved in 2019 and what is expected in near future. Production & Consumption Global primary...
23rd ARABAL Conference and Exhibition held from 19 – 21 November under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa and organised by Aluminium Bahrain (ALBA), successfully concluded in Bahrain with over 500 conference delegates and more than 750 exhibition attendees. The event was officially inaugurated by the Deputy Prime Minister, His Excellency Shaikh Khalid bin Abdulla Al Khalifa on behalf of His Royal Highness the Prime Minister. The event also organized workshops, site visits and networking events. "This Conference is the most prominent event for the aluminium industry in the Middle East bringing together industry experts and thought leaders from across the world, which underlines Bahrain’s leading position in hosting events of such calibre," His...
The US dollar rose on Tuesday, lifted by a decline in the pound after British Prime Minister Boris Johnson put a no-deal exit from the European Union back on the table. The dollar index recovered 0.2% and ended at 97.23. LME base metals traded mixed while the SHFE complex mostly fell. LME aluminium lost 0.68% and SHFE aluminium rose 0.57%. Three-month LME aluminium failed to move higher with its SHFE counterpart, closing down 0.68% at US$1,764 per tonne. Trading range is seen between US$1,760-1,780 per tonne. As on December 17, Tuesday, LME aluminium cash (bid) price stood at US$ 1753 per tonne, LME official settlement price stands at US$ 1754 per tonne; 3-months bid price stands at US$ 1766.50 per tonne, 3-months offer price is US$ 1767 per tonne; Dec 20 bid price stands at US$ 1823 per...
The A00 aluminium ingot price in China has recorded a sweeping growth today, on December 18, of RMB 240 per tonne to stand at RMB 14,360 per tonne, found Shanghai Metals Market. This is the second highest growth this year after the increase of RMB 300 per tonne on August 12, from RMB 13,950 per tonne to RMB 14,250 per tonne and the second consecutive rise after three days of decline during December 11-16 from RMB 14,130 per tonne to RMB 13,970 per tonne. The average prices are expected to range between RMB 14,340 per tonne and RMB 14,380 per tonne, with spot contract to be traded at a premium price of RMB 130-170 per tonne. Gongyi has seen the highest growth today in A00 aluminium ingot price of RMB 270 per tonne to RMB 14,345 per tonne, followed by Tianjin, where the price has increased...
Abdulla Jassem Kalban and Abdulnasser Ibrahim Saif Bin Kalban is reportedly becoming Emirates Global Aluminium's new Managing Director and Chief Executive Officer, with effect from January 2020. Such was the announcement made by the Board of EGA on Wednesday, December 18. Abdulla Jassem Kalban, as Managing Director, will be responsible for the achievement of strategic objectives and will remain a Board Member of EGA, while Abdulnasser Ibrahim Saif Bin Kalban, as Chief Executive Officer, will be responsible to look after EGA’s ongoing operations and business and will report to the Managing Director. Abdulla Kalban said: “My new responsibilities allow me to focus fully on EGA’s long-term direction, to further strengthen our position as a global aluminium industry leader. Abdulnasser is a...
Like every other year, 2019 has also witnessed some increase and decrease in aluminium upstream as well as downstream trades across the globe, in tandem with the rise and fall in production, demand, consumption. For instance, while the imports of bauxite by China during January-October rose 18.4 per cent year-on-year, the country’s exports of unwrought aluminium and aluminium products fell 0.3 per cent over the year. On the other hand, aluminium scrap imports to India increased by 22 per cent this year between April and October, as a result of China’s curbs on the metal scrap from the US. The international trades are also affected by several other factors such as changes in policies or new trading strategies implemented by one country on the other. In this article, we have listed some of...
