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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Liberty House Chairman Sanjeev Gupta is reportedly considering buying the Portland aluminium smelter in Victoria, in an attempt to save the Australian facility from likely closure. The fate of one of Alcoa’s worst-performing smelters has been under a cloud for months, as the high cost of electricity threatened its future viability. In October, the company had announced its plans to sell up to $1 billion assets as well as closures of facilities around the world, in a bid to boost its bottom line and cut greenhouse gas emissions. Gupta’s Liberty House Group has been in preliminary discussions with Alcoa and other stakeholders, including the Victorian government, over the last few weeks about the purchase of the plant, as part of a global expansion in the aluminium sector. The Liberty House...
The US dollar extended decline and hit the lowest in nearly five months as a lack of detail about the preliminary US-China trade deal appeared to fuel the market doubts. The dollar index, which tracks the greenback against a basket of other currencies, slipped 0.16% and ended at 97.04. LME base metals mostly increased while the SHFE complex traded mixed. LME aluminium gained 0.65%. SHFE aluminium lost 0.11%. Three-month LME aluminium regained losses from the early session, hitting a high of US$1,784 per tonne and finished 0.65% higher on the day at US$1,776 per tonne, with investors cutting their short position. LME aluminium is seen trading at US$1,750-1,800 per tonne today. As on December 16, Monday, LME aluminium cash (bid) price stood at US$ 1762.50 per tonne, LME official settlement...
A00 aluminium ingot price edged higher by RMB 150 per tonne or 1.07 per cent to stand at RMB 14120 per tonne on Tuesday, 17 December 2019, from Monday’s price of RMB 13970 per tonne on December 16. The price is expected to range at RMB 14100-14140 per tonne. Spot aluminium contract is likely to be traded at a premium of RMB 80-120 per tonne. Source: Shanghai Metals Maket In Foshan and Wuxi, aluminium ingot price climbed by RMB 120 per tonne and RMB 130 per tonne to stand at RMB 14120 per tonne and RMB 14140 per tonne. Their average prices are expected to range within RMB 14100-14140 per tonne and RMB 14130-14150 per tonne. Hangzhou price came in at RMB 14150 per tonne and is expected to range at RMB 14140-14160 per tonne. Aluminium ingot prices in Shenyang, Tianjin, Linyi and Gongyi stood...
According to the National Bureau of Statistics, China’s primary aluminium production declined 3.2 per cent from a year ago to 2.9 million tonnes in November, marking the fifth straight month of year-on-year declines. The total production of aluminium in the first 11 months of 2019 totalled at 32.13 million tonnes, down 0.6 per cent from the same period last year. In October 2019, China’s primary aluminium production was 2.88 million tonnes after declining by 1.8 per cent from a year ago and 0.7 per cent from a month. This represents the fact that the world’s top aluminium maker’s production in November saw a marginal growth of 0.69 per cent month-on-month. Output until October was up by 0.7 per cent year-on-year. NBS data also showed China’s production of 10 nonferrous metals, including...
Aluminium Association of Canada announced through a press release that Canadian aluminium industry will work with the governments of Canada and the United States to implement the benefits offered by Canada-United States-Mexico Agreement (CUSMA).They also considered the new trade agreement as an important step towards a sustainable future for their world-class aluminium industry. “CUSMA will help strengthen Canada’s relationship with its main trading partner, the United States,” said Jean Simard, President and CEO of the Aluminium Association of Canada. “The agreement will bring significant benefits to the Canadian economy as a whole and to our industry.” Canada is a key aluminium supplier in the global sector with 90% of its aluminium production shipped outside. Canada reiterated its...
Rio Tinto has reportedly expanded the ASI Performance Standard and Chain of Custody Standard Certifications to its Amrun and Weipa bauxite mines, Yarwun alumina refinery, and the Bell Bay and NZAS aluminium smelters in Australia and New Zealand. So, the company is now committed to offering more responsibly produced aluminium, using predominantly hydro-powered electricity. To strengthen the company’s offering of aluminium throughout the global supply chain, the certification is extended to Canadian casthouses as well. The ASI Performance Standard defines environmental, social and governance principles and criteria, with the aim to address sustainability issues in the aluminium value chain. In 2018, Rio Tinto had become the first aluminium producer to offer ASI certified aluminium through a...
The US dollar edged lower against a basket of currencies last Friday on news of a preliminary China-US trade deal and an election victory for Britain’s Brexit-backing Conservative Party. LME base metals and the SHFE complex closed mostly lower. LME aluminium fell 0.4% and SHFE aluminium dropped 0.07%. Three-month LME aluminium trimmed gains after climbing to a high of US$1,782 per tonne, ending down 0.4% on the day at US$1,764.5 per tonne, amid volatile macroeconomic development. The contract is likely to trade between US$1,740-1,800 per tonne. As on December 13, Friday, LME aluminium cash (bid) price stood at US$ 1762.50 per tonne, LME official settlement price stands at US$ 1763.50 per tonne; 3-months bid price stands at US$ 1774 per tonne, 3-months offer price is US$ 1774.50 per tonne;...
The social inventories of primary aluminium in China continued to fall over the weekend, found Shanghai Metals Market. Steady consumption in Guangdong and lower arrival of stocks there contributed to more than half of the decline. According to the data showed, eight consumption areas in China, including SHFE warrants, decreased by 37,000 tonnes from Thursday, December 12, to 611,000 tonnes, as of Monday, December 16. Week-on-week, the inventories are down by 61,000 tonnes, as on last Monday, December 9, the inventories were at 672,000 tonnes. In Wuxi, the inventories over the week have declined by 8,000 tonnes to stand at 198,000 tonnes, while that in Shanghai, Nanhai, and Gongyi have inched down by 11,000 tonnes, 32,000 tonnes and 5,000 tonnes to stand at 116,000 tonnes, 136,000 tonnes...
Leaders from the domestic aluminium industry met with policymakers in Washington including Commerce Secretary Wilbur Ross, White House Director of Trade and Manufacturing Policy Peter Navarro and members of Congress to discuss some trade issues. They also discussed U.S-Mexico-Canada Agreement (USMCA) and applauded the administration and the Congress for moving the agreement forward. “The aluminium industry in the United States relies on free, open and fair trade within North America, which has supported three consecutive years of historically high demand for aluminium within the region,” said Lauren Wilk, vice president for policy and international trade at the Aluminum Association. “However, we also emphasized the need for effective trade monitoring and enforcement, including the...
Norsk Hydro on December 12, 2019, signed a USD 1,600 million revolving multi-currency credit facility with margin linked to reduction target for greenhouse gas emissions. The revolving credit facility will be available for general corporate purposes. The facility carries a five-year tenor with two one-year extension options. This will replace Hydro’s undrawn USD 1,700 million revolving credit facility signed in 2013. “This is a confirmation of the strong relationship between Hydro and our core banks, and the process and terms concluded, reflect trust built over many years. This is a good example of the close link between profitability and sustainability, and I am pleased that the bank syndicate is supporting our new climate roadmap to cut emissions by 30% by 2030," said Executive Vice...
The US dollar dropped to its lowest in more than five months against its rivals, reversing gains from Thursday’s rally, as risk appetite returned on reports that China and the US are close to the signing of a “phase one” trade deal. LME base metals drifted higher on Thursday. Aluminium advanced 0.7%. SHFE aluminium dipped 0.1%. Three-month LME aluminium crept up to its highest in nearly two weeks at US$1,779.5 per tonne on Thursday, before it finished the trading day 0.68% stronger at US$1,771.5 per tonne. The unwinding of short positions primarily accounted for the gains. As on December 12, Thursday, LME aluminium cash (bid) price stood at US$ 1754.50 per tonne, LME official settlement price stands at US$ 1755 per tonne; 3-months bid price stands at US$ 1765 per tonne, 3-months offer...
Hindalco Industries Limited has reportedly reduced the prices of aluminium ingots, billets and wire rods for the second time this week. With effect from Wednesday, the prices are cut by more than 1 per cent. While the ingot price is reduced from INR143,250 per tonne, as on last Friday, December 6, to INR 141,500 per tonne, the prices of billets and wire rods are down from INR 149850 per tonne to 148100 per tonne and from INR 153850 per tonne to INR 152100 per tonne, respectively. Hindalco generally links its products’ prices with those of the metal in international markets. The three-month futures of aluminium are up nearly 3 per cent on the London Metal Exchange so far in the current quarter. In August and September, the aluminium prices had recorded a fall on LME. The aluminium...
A00 aluminium ingot price ended the week lower at RMB 14010 per tonne on Friday, 13 December 2019, representing a drop of RMB 70 per tonne or 0.50 per cent from Thursday’s price of RMB 14080 per tonne. The price is expected to range at RMB 13990-14030 per tonne. Spot aluminium contract is likely to be traded at a discount of RMB 20 per tonne to a premium of RMB 20 per tonne. Source: Shanghai Metals Market Chongqing witnessed the highest drop in aluminium ingot price today. Chongqing price came in at RMB 14000 per tonne, down by RMB 110 per tonne. The average price is likely to move within a range of RMB 13980-14020 per tonne. In Foshan and Wuxi, aluminium ingot price declined by RMB 70 per tonne and RMB 50 per tonne to stand at RMB 14000 per tonne and RMB 14010 per tonne. Their average...
The European aluminium industry is well-equipped to support the European Green Deal announced by the EU on November 11. European Aluminium, the ambassador of the industry said in a press release that the aluminium industry has already designed a bold strategy that can cut CO2 emissions in primary aluminium smelting by up to 70% by 2050 and save an extra 1500 million tonnes of CO2 emissions through increased recycling. The industry even plans to save an extra 1500 million tonnes of CO2 emissions through recycling. “The European aluminium industry wants to drive the deep transformative policies and practices that are needed to realise the carbon-neutral and circular economy in Europe. The industry is already delivering on its aim to realise the industry’s greenhouse gas reduction potential...
The US dollar fell to its lowest in more than four months against its rivals on Wednesday, after the Federal Reserve held interest rates steady and indicated it will likely not raise rates in 2020. LME base metals trended higher on Wednesday. Aluminium rose 0.4% and SHFE aluminium gained 0.1%. LME aluminium cash and three months contract registered gain on weak dollar yesterday. Three-month LME aluminium recovered from earlier losses to end 0.37% firmer at US$1,759.5 per tonne on Wednesday night. It is expected to move between US$1,740-1,780 per tonne today. As on December 11, Wednesday, LME aluminium cash (bid) price stood at US$ 1751 per tonne, LME official settlement price stands at US$ 1751.50 per tonne; 3-months bid price stands at US$ 1757.50 per tonne, 3-months offer price is US$...
LME data shows that Warehousing firm ISTIM UK held 35% of aluminium stocks in its LME registered warehouse in Malaysia by the end of November. Reuter reported aluminium stocks in ISTIM’s Port Klang and Johor warehouses increased 213,275 tonnes to 476,846 tonnes in November. Total aluminium stocks in LME warehouses stood at 1.27 million tonnes at the end of November. The business model of ISTIM covers queues to take metal out of warehouses and earning rent from storage. LME reformed its storage rules in 2014, when metal delivery queue at Detroit soared to two-year highs. According to industry sources, the metal in ISTIM warehouse in Malaysia will have come in under deals where the warehouse shares the rent for storing metal with the firm that put it into the warehouse. It was reported in...
When the whole wide world is sparing no effort to have a digital presence, then what are you waiting for? Just in case you wonder what digital presence is, then it simply refers to how your business appears online and what people find about you when they search for your business or company over the internet. Besides being one of the most cost-effective ways of marketing and ability to reach the global community, having a digital presence can also help your business enhance credibility and strengthen brand. AlCircle, with its vision of creating a virtual aluminium ecosystem, is committed to help companies in the aluminium value chain grow their businesses in the ever-changing digital landscape. To help you grow your business intelligence & assist in establishing a digital footprint, the...
GFG Alliance celebrated the 90th anniversary of its Lochaber hydro-electric plant and aluminium smelter. Past and present employees of the UK’s only aluminium factory gathered in Fort William to celebrate the milestone occasion. The facility produces up to 50,000 tonnes of aluminium annually, powered by renewable energy from fresh water running off the slopes of Scotland’s highest mountain. Sanjeev Gupta, Executive Chairman of the GFG Alliance, said: “The Lochaber complex was an engineering triumph, requiring 2,000 men to drive tunnels through the solid rock of the Ben Nevis range. That Highland ‘can do’ spirit has endured for generations as Lochaber has kept lights ablaze and provided high quality metal for use across British industry. “I’m very proud that the GFG Alliance is not only...
