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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A report from Shanghai Metals Market said that Shandong Weiqiao Aluminium and Electricity, a subsidiary of China Hongqiao Group, would move 2.03 million tonnes of capacity from Binzhou of east China’s Shandong province to south China’s Yunnan. The news was confirmed from an official notice on Weiqiao’s capacity swap by Shandong’s department of industry and information technology on Thursday, November 28. A number of Chinese aluminium producers, including Aluminum Corp of China and Henan Shenhuo, have been focusing on Yunnan, because of the easy access to cleaner hydropower for the energy-intensive smelting process, for which Chinese aluminium producers use coal powered electricity. An earlier news report said China Hongqiao Group was planning to set up a “green aluminium” industrial park...
The US dollar edged down but held in its recent range on Thursday against a basket of other currencies as investors monitored friction between the US and China over the Hong Kong protests. LME base metals closed lower on Thursday and aluminium shed 0.8%. The SHFE complex performed similarly overnight. A higher aluminium LME inventory and anticipation of capacity expansion in china checked LME aluminium’s upward momentum. LME Three-month LME aluminium fell 0.76% to US$1,758.5 per tonne on Thursday, and is expected to hover between US$1,755-1,770 per tonne today. As on November 28, Thursday, LME aluminium cash (bid) price stood at US$ 1764.50 per tonne, LME official settlement price stands at US$ 1765 per tonne; 3-months bid price stands at US$ 1756 per tonne, 3-months offer price is US$...
A00 aluminium ingot price stood RMB30 per tonne or 0.21 per cent higher on Friday, 29 November 2019. Aluminium price increased to RMB13990 per tonne, from its previous price of RMB13960 per tonne on November 28. The price is expected to move within a range of RMB 13970-14010 per tonne. Spot aluminium price is likely to be traded at a premium of RMB 60-100 per tonne. Source: Shanghai Metals Market In Foshan and Chongqing, aluminium ingot prices were up by RMB 30 per tonne each to stand at RMB 13940 per tonne and RMB 13980 per tonne. Their average price is likely to range within RMB 13920-13960 per tonne and RMB 13960-14000 per tonne. The prices in Wuxi and Hangzhou stood at RMB 13990 per tonne and RMB 14035 per tonne, up RMB 35 per tonne each. Their average price is expected to range...
After two consecutive cuts, Vedanta Limited reportedly increased the prices of aluminium ingots by more than 1 per cent, with effect from Thursday, November 28. Thus, the ingots price now range between INR 142,500 per tonne and 155,500 per tonne. Companies generally link prices of their products to the London Metal Exchange’s three-month aluminium futures, which are up nearly 4 per cent in the current quarter. In August and September, aluminium prices on the LME were down. The aluminium vertical contributed around one-third to Vedanta’s consolidated sales in the September quarter . The net sales of Vedanta were INR 21,739 crore, after dropping by 3 per cent from INR 22,432 crore in the same period last year. Vedanta is present in the aluminium segment through its 51 per cent stake in...
Press Metal Aluminium in its third-quarter financial report, ended on September 30, 2019, announced that its revenue stood at 2.12 billion RGT, after falling by 11 per cent year on year. In Q3 2018, the company’s revenue had totalled at 2.37 billion RGT. In the report, the company also revealed that in the first nine months of 2019 (January-September), it generated total revenue of 6.42 billion RGT, down 7.4 per cent from 6.93 billion RGT in Q3 2018. The net profit also dropped by 25.2 per cent year on year from 162.5 billion RGT to 121.5 billion RGT. The total net profit during January-September recorded a decrease too by 28.3 per cent year on year. From 473.6 billion RGT in the first nine months of 2018, the net profit during the same period of 2019 came in at 339.5 billion RGT. Basic...
According to a Platts report Rio Tinto Aluminium issued a force majeure declaration on aluminium shipments out of Canada, caused by a weeklong strike which was affecting shipments via Canadian National Railways. The strike, which began on November 19 is likely to come to an end as a tentative agreement was signed between CN and the Teamsters union to end the strike amicably. “this work stoppage is impacting all railcars traveling on … CN’s main lines in Canada,” according to a Rio Tinto Aluminum customer letter, signed by Dany Cloutier, manager, remelt ingot sales, Sales & Marketing – North America, and obtained by S&P Global Platts. “This event, which is beyond our reasonable control, if prolonged, may cause significant operational difficulties at our Canadian facilities, and is...
The US dollar rose on Wednesday against a basket of other currencies, as traders monitored stronger-than-forecast economic data and fresh developments in the US-China trade war. LME base metals closed mixed on Wednesday. Aluminium rose 0.7%. The SHFE complex also saw mixed performance overnight. Aluminium nudged up 0.1%. Three-month LME aluminium advanced 0.68% to end at US$1,772 per tonne on Wednesday, buoyed by positive economic data. It is expected to trade rangebound between US$1,755-1,770 per tonne today. As on November 27, Wednesday, LME aluminium cash (bid) price stood at US$ 1770 per tonne, LME official settlement price stands at US$ 1770.50 per tonne; 3-months bid price stands at US$ 1760 per tonne, 3-months offer price is US$ 1761per tonne; Dec 20 bid price stands at US$ 1822...
According to Shanghai Metals Market, the inventories of primary aluminium have increased the pace of decline this week and recorded a drop of 44,000 tonnes across eight major Chinese consumption areas, including SHFE warrants, to stand at 755,000 tonnes, as of November 28. On last Thursday, on November 21, the inventories had decreased by 35,000 tonnes week-on-week to stand at 799,000 tonnes, while on Monday, November 25, the inventories were at 781,000 tonnes after declining by 18,000 tonnes from Thursday. Weaker arrival of stocks due to production cut at many smelters during the winter heating season could be a reason for the decline in inventories. Given below is the chart that indicates the current status of primary aluminium inventories across China in more details: As the above...
According to the preliminary estimates from Aluminum Association, aluminium demand in the United States and Canada (shipments by domestic producers plus imports) totalled an estimated 9.6 million tonnes from January to September 2019, a slight decrease over YTD 2018. Demand for semi-fabricated (mill) products in the United States and Canada totalled 7 million tonnes though September 2019, up 1.3 per cent YoY. Demand for semis stood at an estimated 737,541 tonnes in September, off 1.9 per cent over September 2018. Shipments of aluminium sheet and plate stood at 427,284 tonnes in September, up 3.3 per cent YoY. Extruded product shipments declined 6.8 per cent YoY to 206,385 tonnes. Estimated shipments of aluminium ingot for castings, exports and other uses stood at 253,105 tonnes in...
The US dollar held around one-week highs on Tuesday against a basket of other currencies, as investors digested mixed economic data and the latest development on US-China trade. LME base metals closed higher on Tuesday. Aluminium climbed 1%. The SHFE complex saw mixed performance overnight. Aluminium inched up 0.07%. LME aluminium lost some gains over the day but picked up during night trading. Three-month LME aluminium rose 1.03% to end at its highest in more than a week at US$1,760 per tonne on Tuesday. LME aluminium stocks declined 550 tonne on the day, the first decrease in several days. LME aluminium is expected to move sideways between US$1,740-1,760 per tonne today. As on November 26, Tuesday, LME aluminium cash (bid) price stood at US$ 1749.50 per tonne, LME official settlement...
A00 aluminium ingot price has edged lower by RMB 40 per tonne or 0.29 per cent to stand at RMB 13950 per tonne on Wednesday, 27 November 2019, from its previous price of RMB 13990 per tonne on November 26. This marks the second consecutive drop in aluminium price. The price is expected to range at RMB 13930-13970 per tonne. Spot aluminium price is likely to trade at a premium of RMB 60-100 per tonne. Source: Shanghai Metals Market Gongyi has witnessed the highest drop in aluminium ingot price today. Gongyi price stands at RMB 13900 per tonne, down by RMB 55 per tonne. The average price is likely to move within a range of RMB 13890-13910 per tonne. In Foshan and Wuxi, aluminium ingot price has declined by RMB 30 per tonne and RMB 35 per tonne to stand at RMB 13900 per tonne and RMB 13945...
Emirates Global Aluminium (EGA), the largest aluminium producer in the Middle East is supporting the downstream consumers of its metal to engage with the Aluminium Stewardship Initiative. The Aluminium Stewardship Initiative is a global, non-profit standards setting and certification organisation for the aluminium supply chain, which aims to maximise the contribution of aluminium to a sustainable society. Participating in the Aluminium Stewardship Initiative enables aluminium sector companies to benchmark and improve their sustainability performance. EGA hosted a training session conducted by the Aluminium Stewardship Initiative on how to participate in the program. Eight UAE downstream aluminium companies that make aluminium parts for the local and international automotive to...
On 22nd November, Vedanta Ltd., Jharsuguda bagged Gold Award at the Odisha State Safety Conclave (OSSC) 2019 held at Bhubaneshwar for performance year 2018 in recognition of the excellent safety practices of its 2400MW TPP. Mr. GG Pal, Director – Metal, and Mr. Krutisundar Mohapatra, Head Safety – Power Plants, received the award on behalf of the company from Chief Guest Shri Pradeep Kumar Jena, IAS – Principal Secretary to Govt. Rural Development, Special Relief Commissioner & Managing Director OSDMA Govt of Odisha, in presence Shri Niranjan Sahu, IAS – Labour Commissioner & Director of Factories & Boilers, Govt. Of Odisha and Shri Deepak Mohanty, IFS – Director of Mines, Steel & Mines Department, Govt. Of Odisha. Speaking on the occasion Mr. GG Pal, Director – Metal, said, “This award...
The US dollar steadied at one-week highs on Monday against a basket of other currencies amid positive news flow on the Sino-US trade front over the weekend. LME base metals closed mixed on Monday. Aluminium inched up 0.1%. The SHFE complex drifted lower overnight and aluminium shed 0.6%. LME aluminium regained losses on the first day of the week. Three-month LME aluminium slipped to a session-low of US$1,733 per tonne on Monday, however, it recovered to close 0.11% higher at US$1,742 per tonne overnight. Three months LME aluminium price is at a considerably lower level than the cash price indicating backwardation. It is expected to hover in a range between US$1,730 and 1,745 per tonne today. As on November 25, Monday, LME aluminium cash (bid) price stood at US$ 1752 per tonne, LME...
China’s production of primary aluminium might grow much faster than consumption in 2020, said SMM senior aluminium analyst Liang Xuan at 2019 China Nonferrous Metals Industry Annual Meeting. Xuan also pointed that this could put pressure on aluminium prices in turn in the coming year. Output of primary aluminium in China is expected to increase 2.5 per cent to 36.44 million tonnes in 2020, after shrinking 1.51 per cent this year, Liang told delegates at the meeting; while consumption is likely to grow, but a slower pace of 0.3 per cent to 36.19 million tonnes from a decline of 1.48 per cent in 2019. With 1.99 million tonnes coming online in the first 10 months of the year, there was 40.69 million tonnes on an annualised basis of primary aluminium capacity built in China as of the end of...
Africa’s primary aluminium production totalled 138,000 tonnes in October 2019, a decrease of 3.5% from 143,000 tonnes in October 2018, according to the latest data showed by the International Aluminium Institute (IAI) on Wednesday, November 20. The output was up 2.99% from 134,000 tonnes in September, but down 0.72% from 139,000 tonnes in August. Aluminium production in the first ten months of 2019 was down 1.37% year-on-year. Africa produced 1.371 million tonnes of aluminium in January-October as compared to 1.390 million tonnes in January-October 2018. Primary aluminium production in Africa stood at 1.668 million tonnes in 2018, slightly down from 1.679 million tonnes in 2017, IAI data showed. Global primary aluminium production stood at 5.392 million tonnes in October, with a...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, extended their declines over the weekend and stood at 781,000 tonnes as of Monday November 25. That was down by 18,000 tonnes from 799,000 tonnes on Thursday November 21. The chart below shows the current status of the primary aluminium inventories across China in more details: Primary aluminium stocks in Shanghai and Nanhai, Guangdong were down by 1,000 tonnes and 9,000 tonnes from Thursday November 21 to 137,000 tonnes and 234,000 tonnes on November 25. Stocks in Gongyi, Henan and Hangzhou, Zhejiang stood at 37,000 tonnes and 51,000 tonnes on Monday, down 5,000 tonnes and 3,000 tonnes from 42,000 tonnes and 54,000 tonnes. Primary aluminium...
With the inauguration of Line 6 Expansion Project on Sunday 24 November 2019, Bahrain-based Aluminium Bahrain B.S.C. (Alba) has become the largest aluminium smelter in ex-China world. The potline was inaugurated by King Hamad Bin Isa Al Khalifa the King of the Kingdom of Bahrain. Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Deputy Supreme Commander were also present during the occasion. Potline 6 will increase Alba’s annual production by 540,000 tonnes bringing the total production capacity to 1.54 million tpy making it the world’s largest aluminium smelter ex-China. On this milestone, Alba’s Chairman of the Board of Directors Shaikh Daij bin Salman bin Daij Al Khalifa stated: “With Line 6 fully on stream, we look forward to continue working with...
