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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MYTILINEOS S.A. Metallurgy Business Unit has become a Production & Transformation member of Aluminium Stewardship Initiative (ASI). This brings the total number of ASI members to 104. ASI is a global, multi-stakeholder, non-profit standards setting and certification organisation that aims to recognise and foster the responsible production, sourcing and stewardship of aluminium. “Sustainable Development is a top priority for MYTILINEOS and it’s expressed through responsible production of bauxite, alumina and aluminium as well as an ongoing self-improvement and incessant learning process aimed at increasing our positive impact on the greater society. For us, joining the ASI represents a creative challenge and a solid commitment, fully aligned with the vision of the European Union, to move...
According to a recent report, the aluminium capacity in the first phase of production at South Aluminium Company (SALCO) is likely to reach 300,000 tonnes. SALCO is located in the city of Lemerd in the southern tip of the Fars province and near the Persian Gulf. The smelter, creating 1200 direct jobs, plans to produce 1 million tonnes of aluminium annually once reached full capacity, said the report. The required investment for the first phase of the project was more than $1 billion, which was financed by five Iranian banks and also contributed by China Non-ferrous Metal Industry's Foreign Engineering and Construction Co. (NFC). Besides, IMIDRO, Iran’s largest holding in mining and metals sector, and Ghadir Investment Company have funded the project. Iran has been lagging in the...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, extended their declines over the weekend and stood at 850,000 tonnes as of Monday November 11. That was down by 3,000 tonnes from 853,000 tonnes on Thursday, November 7 . The chart below indicates the current status of primary aluminium inventories across China in more details: Primary aluminium stocks in Wuxi, Jiangsu rose by 2,000 tonnes from Thursday November 7 to 233,000 tonnes as of Monday November 11. Inventories in Shanghai and Nanhai, Guangdong were down by 1,000 tonnes and 7,000 tonnes to 144,000 tonnes and 272,000 tonnes. Stocks in Gongyi, Henan and Hangzhou, Zhejiang stood at 62,000 tonnes and 56,000 tonnes, up 4,000 tonnes and 1,000...
The US dollar rallied to a three-week high on Friday. The dollar index, which tracks the greenback against a basket of other currencies, gained 0.23% and ended at 98.37. LME base metals and the SHFE complex mostly declined. LME aluminium lost 0.17% and SHFE aluminium dropped 0.25%. LME aluminium closed last week at US$ 1827.5 per tonne, the highest in the week. Trade uncertainties drove aluminium prices to pull back, with three-month LME aluminium ending down at US$1,807.5 per tonne. LME aluminium is likely to trade at US$1,790-1,805 per tonne today. As on November 8, Friday, LME aluminium cash (bid) price stood at US$ 1827 per tonne, LME official settlement price stands at US$ 1827.50 per tonne; 3-months bid price stands at US$ 1818 per tonne, 3-months offer price is US$ 1820 per tonne;...
After China, GCC (Gulf Corporation Council) or the Gulf countries are substantially growing in primary aluminium production. In 2017, the total primary aluminium production volume in the Gulf region was 5.14 million tonnes, which in 2018 grew by 5 per cent to 5.4 million tonnes. According to the Gulf Aluminium Council (GAC) estimation, the output is likely to increase further to 5.7 million tonnes by 2019. The growing demand for aluminium across the world is the primary driving force for this growth in the Gulf aluminium market, according to GAC. Besides, the constant efforts of the GCC countries to make a shift towards the non-oil sector, especially the aluminium industry, is another important factor. The top five aluminium producers that have primarily contributed to the transition of...
The US dollar climbed on Thursday on the back of expectations that the United States and China were inching closer to a trade deal. The dollar index, which tracks the greenback against a basket of other currencies, ended up 0.2% on the day at 98.15. LME base metals and the SHFE complex mostly traded higher. LME aluminium gained 0.42% and SHFE aluminium rose 0.42%. Benchmark aluminium price on London Metal Exchange stayed flat and closed at US$1817.50 per tonne on Thursday, November 8. Three-month LME aluminium stayed above US$1,800 per tonne overnight with support from trade optimism. LME aluminium is likely to trade at US$1,700-1,810 per tonne today. As on November 7, Thursday, LME aluminium cash (bid) price stood at US$ 1817 per tonne, LME official settlement price stands at US$ 1817.50...
RUSAL, a leading global aluminium producer, announced its results for the third quarter and nine months ended 30 September 2019. The company reported revenue of USD7,222 million in the nine months ended 30 September of 2019, down 8.8% from USD7,915 million for the same period of 2018, which was partially offset by a 9.8% increase in primary aluminium sales volume. Revenue from sales of primary aluminium and alloys decreased by 7.6%, to USD5,946 million in the nine months, as compared to USD6,438 million last year. Revenue from alumina sales decreased by 30.2% year-on-year to USD502 million. This was due to a decrease in the sales volumes by 14.8% together with a decrease in the average sales price by 17.8%. Revenue from sales of foil and other aluminium products increased by 15.7% YoY to...
The A00 aluminium ingot price has recorded a significant rise today, on November 8, by RMB 120 per tonne to stand at RMB 14,230 per tonne, found Shanghai Metals Market. Compared with the price during the same period last month, the ingot price today is standing higher by RMB 180 per tonne, learned SMM. The average prices, as of today, are expected to range between RMB 14,210 per tonne and RMB 14,250 per tonne, with spot contract to be traded at a premium price of RMB 40 per tonne. Arrivals of limited stocks, resulting in incessant declines in social inventories of primary aluminium, could be attributed to the rise of A00 aluminium ingot price. In Foshan, the ingot price has increased by RMB 100 per tonne to RMB 14,120 per tonne, while that in Wuxi, Chongqing, Shenyang, Tianjin, and...
Qatar Aluminium Manufacturing Company (QAMCO), a 50% shareholder in Qatar Aluminium Limited (Qatalum), a joint venture operating an aluminium smelter in Qatar, announced that it had appointed Khalid Mohammed Laram as the Chief Executive Officer (CEO) of Qatalum with effect from November 5, 2019. Khalid Laram brings 33 years of experience to the job; his expertise covers the full spectrum from front-end engineering design to start-ups, including the operation of complex facilities. He started his career with Qatar Petroleum in May 1985. “QAMCO would like to thank Mr. Tom Petter Johansen, for serving Qatalum as its CEO from January 2019 till date. QAMCO would also like to take this opportunity to wish Mr. Khalid Laram, the best of success in his new position,” the company said. During his...
The US dollar went flat on Wednesday with the market in consolidation mode, as investors sought more clarity about ongoing US-China trade negotiations. The dollar index, which tracks the greenback against a basket of other currencies, ended flat on the day at 97.95. LME base metals and the SHFE complex mostly extended their decline. LME aluminium fell 0.25% and SHFE aluminium declined 0.04%. LME aluminium traded higher over the day but lost gains overnight. Three-month LME aluminium lacked continuous upward momentum, ending lower on the day at US$1,803 per tonne. Three months LME aluminium is likely to trade at US$1,790-1,810 per tonne today. As on November 6, Wednesday, LME aluminium cash (bid) price stood at US$ 1817 per tonne, LME official settlement price stands at US$ 1817.50per...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, stood at 853,000 tonnes as of Thursday November 7, down by 17,000 tonnes from a week ago on limited arrivals. The current status of primary aluminium inventories across China is given in the chart below: A00 aluminium ingot price increased by RMB 10 per tonne to stand at RMB 14110 per tonne on Thursday, 07 November 2019, after a drop of RMB 30 per tonne yesterday. The price is expected to move within a range of RMB 14090-14130 per tonne. Spot aluminium price is likely to be traded at a discount of RMB 20 to a premium of RMB 20 per tonne. Source: Shanghai Metals Market Aluminium ingot price in Foshan was up by RMB 20 per tonne to stand at RMB 14020...
As per the plan, Southlanders have reportedly launched a petition as part of the fight for saving the Tiwai Aluminium Smelter and getting a fair operating environment. According to the report, the Southland Chamber of Commerce launched the online petition at 4 pm on Wednesday and already received 736 signatures. Chamber chief executive Sheree Carey said the petition was one of the ways to make the government aware of the frustration and anger of the Southlanders about uncompetitive power costs of nearly $200 million charged over the smelter in the last 10 years, resulting in weighing down the smelter. The Tiwai Aluminium Smelter was a producer of the highest purity and lowest carbon aluminium in the world, accounting for 6.5 per cent of Southland’s GDP and export revenue of around $1...
Andy Home, a Senior Metals Columnist at Thomson Reuters, said at the SMM London Metal Exchange Week 2019 that China’s aluminium production would likely grow significantly in 2020, indicating a potential jump in exports in anticipation of relatively moderate growth in domestic demand. SMM research found Sichuan Guangyuan Zhongfu was planning to start a new capacity of 250,000 tonnes per year this month, while Yunnan Shenhuo would put its 150,000 tonnes per year capacity into operation. The output from Mengtai which was commissioned in the second half of October was available in the markets, while it was heard that Xinfa would resume part of its capacity in November. Home further said that considering the expectations of greater supply, the downside in aluminium prices would be expectedly...
Century Aluminum, a leading primary aluminium producer with facilities in the United States and Iceland has reported results for Third Quarter 2019 Financial Results. The company reported aluminium shipments of 198,543 tonnes, a 2% drop quarter-on-quarter due to lower than expected production at Hawesville. Net sales stood at US$438.0 million, a 7% drop QoQ primarily due to lower LME prices. Net loss stood at US$20.7 million and adjusted net loss stood at US$37.4 million. The company reported Adjusted EBITDA of US$(12.2) million primarily due to low LME prices and lagged high alumina prices. Third quarter results were positively impacted by $16.7 million of exceptional items driven by lower cost and other adjustments. Century's cash position at quarter end was $22.5 million. “We have seen...
Aluminium Bahrain (Alba), in line with its philosophy of developing and training its employees, has teamed up with Bahrain Training Institute (BTI), one of the leading educational institutes, for customised-training programmes. A signing ceremony between Alba’s Acting Chief Executive Officer Ali Al Baqali and BTI’s Director General Dr. Samah Al-Ajjawi was held on 22 October 2019. The BTI programmes, focussed on Mechanical and Electrical/Electronic Engineering discipline, have been custom-made to suit the company’s requirements. The programmes will further improve national employees’ technical knowledge and skills. Alba signed an agreement with BTI to develop Bahraini employees through Extended Diploma and Higher National programmes. Alba’s Acting CEO Ali Al Baqali said: “As we prepare...
The US dollar rose on Tuesday, lifted by optimism that a US-China trade deal may be near. The dollar index, which tracks the greenback against a basket of other currencies, gained 0.4% and ended at 97.95. LME base metals and the SHFE complex mostly fell. LME aluminium dropped 0.14% and SHFE aluminium lost 0.11%. LME aluminium closed Tuesday’s trading at US$ 1813.50 per tonne, up 1.48% from Monday. Three-month LME aluminium moderated after sharp increases during the previous sessions, ending at US$1,807.5 per tonne. LME aluminium is likely to trade at US$1790-1810 per tonne. As on November 5, Tuesday, LME aluminium cash (bid) price stood at US$ 1813 per tonne, LME official settlement price stands at US$ 1813.50 per tonne; 3-months bid price stands at US$ 1810.50 per tonne, 3-months offer...
After the three consecutive rises, the A00 aluminium ingot price has inched down today, on November 6, by RMB 30 per tonne to RMB 14,100 per tonne, marking the first decline this month, found Shanghai Metals Market. The SMM data shows that average prices are expected to range between RMB 14,080 per tonne and RMB 14,120 per tonne, with spot contract to be traded a premium price of RMB 40-80 per tonne. As the decline in A00 aluminium ingot price has touched upon almost all the major markets, except Linyi, the price in Hangzhou, Chongqing, and Gongyi has dropped by RMB 25 per tonne to RMB 14,095 per tonne, RMB 14,065 per tonne, and RMB 13,965 per tonne, respectively. In Wuxi, Foshan, Shenyang, and Tianjin, the price has dwindled by RMB 20 per tonne and RMB 10 per tonne to hover at RMB 14,100...
Vedanta Ltd has hiked the prices of aluminium ingots by nearly 2% with effect from Saturday, trade sources told Cogencis. The company has hiked the prices of its products the second time in a week, and they are now at their highest level in six weeks. Vedanta has currently priced its ingots in the range of 141,250-154,250 rupees. Companies generally link the prices of their products to the three-month futures of aluminium on the London Metal Exchange, which are up nearly 4% so far in the current quarter, in line with the positive developments on the trade front between the US and China. Prices of aluminium fell in August and September. The aluminium vertical contributed around a third to Vedanta's consolidated sales in the June quarter. However, the operating loss for the segment widened...
