Mexico-US trade talks, including discussions on aluminum tariffs , have been delayed, with the fourth round of negotiations now expected to take place in October. The delay comes as both countries manage busy diplomatic schedules. Luis Rosendo Gutierrez, Mexico’s deputy economy minister for foreign trade, said the delay stemmed from scheduling conflicts, including Chinese President Xi Jinping’s planned visit to the United States and the upcoming G20 summit. Although the formal talks have been postponed, technical discussions between Mexico and the US Trade Representative’s Office (USTR) are continuing on a “daily” basis, Gutierrez said. Explore the production, demand and consumption forecasts of bauxite and alumina in our report: " Global Bauxite & Alumina Market Forecast to 2036:...
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...
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Reuter reports that CME Group’s physical delivery of aluminium has gained momentum since September after expansion into Europe and Asia. It was driven by growing liquidity in Asian market “We are starting to see actually more and more materials coming into our warehouses,” Young-Jin Chang, CME’s Global Head of Metals told Reuters on Friday. He added that they were expecting more stocks of aluminium in Asian locations. Aluminum stocks at CME Group’s Asian warehouses in Malaysia and Singapore stood at 13,500 tonnes as of Oct. 10, which accounts for more than 70% of its total 19,221 tonne inventory. Ports at three European countries in Spain, Belgium and The Netherlands had no inventory on Thursday. CME has been building up its storage network through the U.S., Europe and Asia. As Young-Jin...
Brazil’s exports of petcoke have been surging over the last three years. According to recent estimates, exports of petcoke stood at 428356 tonnes in 2018, up 4.59% from 409548 tonnes in 2017 and 149.08% from 171972 tonnes in 2016. The total value of petcoke exports in 2016, 2017, and 2018 was USD 98 million, USD 528 million, and USD 558 million, respectively. {newsStudioGallery} Petcoke or petroleum coke, a by-product of the oil refining process, is a significant fuel for the power generation and aluminium smelting industries. The leading destinations for petcoke exports in 2018 were the United Arab Emirates (94770 tonnes), South Africa (75136 tonnes), Canada (67796 tonnes), and the USA (60444 tonnes) among others. Exports to the United Arab Emirates came in at 94770 tonnes in 2018....
The US dollar dropped to a more than two-week low on Thursday against its rivals on optimism over the ongoing US-China trade talks. LME base metals closed higher on Thursday. LME aluminium gained 0.4% and SHFE base metals also drifted mostly higher overnight. Aluminium edged down 0.1%. Three-month LME aluminium recovered from earlier losses to close Thursday trading 0.37% higher at US$1,750 per tonne, as the British pound strengthened against the greenback. Upside potential in LME aluminium, however, will be limited because of the rising LME aluminium inventories. The contract is expected to move between US$1,730-1,760 per tonne today. As on October 10, Thursday, LME aluminium cash (bid) price stood at US$ 1737.50per tonne, LME official settlement price stands at US$ 1738 per tonne;...
According to Shanghai Metals Market, the A00 aluminium ingot price has further declined in China by RMB 30 per tonne to stand at RMB 13,970 per tonne, as of October 11. This marks the second consecutive drop this week, bringing the A00 aluminium ingot price lower by RMB 500 per tonne from a month before. Muted purchase amidst increasing stocks is one of the primary reasons for the decline in aluminium ingot price. After the increase in inventories by 75,000 tonnes on Tuesday, October 8, the stocks further rose on October 10 by 8,000 tonnes to come in at 977,000 tonnes. The average prices of aluminium ingot today are expected to range between RMB 13,950 per tonne and RMB 13,990 per tonne, with spot contract to be traded at a premium price of RMB 40 per tonne. Shenyang, Tianjin, Linyi and...
Liberty Aluminium Dunkerque has become a Production & Transformation member of the Aluminium Stewardship Initiative (ASI). This brings the total number of members working toward a responsible aluminium value chain to 101. The Aluminium Dunkerque plant, located in Northern France, is the largest primary aluminium smelter in Europe, specialising in the manufacture of aluminium slabs and ingots with over 99% purity. Liberty’s aluminium products are used for value added applications in the transport, automotive, aerospace, packaging, building and construction industries. “We are very proud to announce our membership to ASI. We strongly believe that joining ASI will help in promoting the low-carbon footprint of the aluminium produced at Liberty Aluminium Dunkerque,”Guillaume de Goÿs, Managing...
Shanghai Metals Market found the social inventories of primary aluminium extended its rise across eight major consumption areas, including SHFE warrants, by 8,000 tonnes from Tuesday, October 8, to come in at 977,000 tonnes on Thursday, October 10. According to SMM, increase in cargo arrivals is the primary reason behind the continued growth in primary aluminium stocks. On October 8, the stocks increased by 75,000 tonnes over the National Day Holiday to stand at 969,000 tonnes. Just before the week-long holiday, the inventories on September 30 were at 894,000 tonnes after declining by about 45,000 tonnes from 939,000 tonnes on Thursday, September 26. The chart below shows the current status of inventories across China in more details: The inventories in Wuxi, Jiangsu; and Nanhai,...
Shanghai Aluminium prices are outperforming the LME aluminium prices as the falling domestic supply is boosting prices, while weak demand in the rest of the world is putting pressure on the prices. This equation is likely to continue in the medium term. Benchmark LME aluminium price hit its lowest since January 2017 at US$ 1697 per tonne in the beginning of October, a drop of 12% since March when the trade dispute between the United States and China escalated. Prices on the Shanghai Futures Exchange are currently around RMB 14,000 per tonne or US$ 1965 per tonne after a week-long National Day holiday. “Normally the disconnect would not last as China would export less,” said Citi analyst Tracy Liao. That means abundant supply in the domestic market which will put pressure on the prices....
The International Committee for Study of Bauxite, Alumina & Aluminium (ICSOBA) organized the 37th International Conference and Exhibition in Krasnoyarsk, Russia from 16 to 20 September 2019 in cooperation with 25th “Aluminium of Siberia” Conference within XI International Congress & Exhibition “Non-Ferrous Metals and Minerals” (NFM). The host sponsor of the event was RUSAL. Other ICSOBA sponsors that contributed to the realization of the event are: Hatch (gold), Nalco Water, Outotec, Solvay (all silver) and GEA (bronze). During the Conference, 50 different companies staged an exhibition of latest technologies, equipment and other devices for the bauxite, alumina and aluminium industry. The joint ICSOBA & NFM event attracted 546 delegates from 177 different enterprises and 34 countries and...
The US dollar was flat against a basket of other currencies on Wednesday as investors digested a summary of the Federal Reserve’s meeting last month. LME base metals closed mixed on Wednesday. Aluminium dipped 0.03%. The SHFE complex also saw mixed performance overnight. Aluminium declined 0.4%. Three-month LME aluminium clawed back earlier losses to close a little weaker at US$1,743.5 per tonne on Wednesday. It remained under the 20- and 40-day moving averages. A robust US dollar and previous gains in LME aluminium inventories will keep the contract in a range of US$1,730-1,760 per tonne today. As on October 9, Wednesday, LME aluminium cash (bid) price stood at US$ 1728.50 per tonne, LME official settlement price stands at US$ 1729 per tonne; 3-months bid price stands at US$ 1738 per...
According to a CRU analyst, Paul Williams, Head of Aluminium, aluminium market is moving into surplus as demand continues to weaken around the world. The LME 3-month price now stands at US$1744 per tonne after recent increase. Prices have been affected by bad industrial data and an inflow of stocks onto the LME. About 100,000 tonne of stocks have been added to LME warehouses in the last 10 days. The increase in stock is driven by backwardation and weak demand in the market. Most of the stocks were destined to Johor, Singapore and Gwangyang. Falling primary aluminium demand is the main concern affecting the sector while semi-finished demands are stronger. Primary aluminium demand will fall globally in 2019 after 2009. The combination of the severe plunge in demand in the automotive sector,...
The US dollar strengthened against a basket of other currencies on Tuesday as investors monitored the latest news around US-China trade talks and digested comments from the top Federal Reserve official. LME base closed lower on Tuesday and aluminium fell 0.4%. The SHFE complex also traded mostly lower overnight. Aluminium inched up. Three-month LME aluminium on Tuesday climbed to a high of US$1,760 per tonne, the highest in nearly two weeks, before it gave back all those gains to finish the trading day 0.4% lower at US$1,744 per tonne, below the 20-day moving average. Rising LME inventories pressured aluminium prices. The contract is expected to move between US$1,730-1,760 per tonne today. As on October 8, Tuesday, LME aluminium cash (bid) price stood at US$ 1731.50 per tonne, LME...
Aluminium Bahrain B.S.C. (Alba), on course to become the world’s largest aluminium smelter, is proud to announce the launch of its Master Training Plan for its employees. Led by the Acting Chief Executive Officer Ali Al Baqali, this initiative aims to create a customised training plan that will meet the needs of every job and employee in the Company. Held on 06 October 2019, the Acting Chief Executive Officer said during the launch of this initiative: “We are not only in the business to make money but also in the people’s business and Alba future lies in investing in its people. The Master Training Plan - in line with the Kingdom of Bahrain’s Economic Vision 2030 - is one-of-a-kind opportunity for our employees, both management and non-management as it is tailored to bring us closer to...
As shown by data from Shanghai Metals Market, social inventories of primary aluminium in China expanded over the week after the National Day holiday. As trading was closed because of the holidays and cargoes arrived in the warehouses, it led to an increase in stocks stemming several weeks of declines. Trading has started today and the inventory is likely to fall this week. SMM data showed that stocks across eight consumption areas in China, including SHFE warrants, increased by 75,000 tonne from September 30 to 969,000 tonne as of Tuesday October 8. The inventory status is shown in the below table: Shanghai Metals market also reported that 6063 aluminium billet stocks across five major consumption areas in China increased by 35,400 tonne from September 30 to stand at 135,200 tonne as of...
The US dollar inched higher against a basket of currencies on Monday, stemming the decline from a more than two-year high hit last week, as investors took a cautious approach ahead of the US Federal Reserve Meeting Minutes and trade talks between Washington and Beijing this week. LME base metals were mixed on Monday's close. Aluminium rose 1.5%. Three-month LME aluminium recovered from earlier losses to end at a more than one-week high of US$1,751 per tonne on Monday. It gained 1.45% on the day, recovering losses from last week when it touched the lowest since January 2017. Data showed that LME aluminium inventories declined 2,300 tonnes on Monday to 964,225 tonnes, after consecutive days of gains. High inventories and a lack of developments on fundamentals will keep LME aluminium under...
Benchmark aluminium price on London Metal Exchange dropped 0.27 per cent to US$ 1701.50 per tonne on Friday, October 4, from US$ 1697 per tonne on October 3. As on October 4, Friday, LME aluminium cash (bid) price stood at US$ 1701 per tonne, LME official settlement price stands at US$ 1701.50 per tonne; 3-months bid price stands at US$ 1714.50 per tonne, 3-months offer price is US$ 1715.50 per tonne; Dec 20 bid price stands at US$ 1795 per tonne, and Dec 20 offer price stands at US$ 1800 per tonne. The LME aluminium opening stock increased to 966525 tonnes. Live Warrants totalled at 782925 tonnes, and Cancelled Warrants were 183600 tonnes. LME aluminium 3-months Asian Reference Price is hovering at US$ 1719.56 per tonne. SHFE Aluminium Price Trend Shanghai Futures Exchange (SHFE) is...
LME aluminium prices climbed off recent lows on Thursday, boosted by a weaker dollar, as trading was thin due to China’s National Day week long holiday. Three months LME aluminium prices rose 0.4% to $1,711.50 a tonne, from $1,704.85 on Wednesday which was the weakest since early 2017. US dollar index came under further selling pressure after hitting fresh 2019 highs near 99.70 on Tuesday. The dollar extended the move lower to sub-99.00 levels. The ISM Non-manufacturing PMI dropped to the lowest level since August 2016 at 52.6, adding to fears of a US recession. As on October 3, Thursday, LME aluminium cash (bid) price stood at US$ 1696.50 per tonne, LME official settlement price stands at US$ 1697 per tonne; 3-months bid price stands at US$ 1710 per tonne, 3-months offer price is US$...
Maaden Aluminium Co. (MAC), an affiliate of Saudi Arabian Mining Company (Maaden), has announced the signing of an agreement with Radian Oil and Gas Services Co. to provide environmental solutions, process aluminium by-products from aluminium smelting, and extract raw aluminium for manufacturing purposes. Ali Al-Qahtani, Chairman of Maaden Aluminium said, “The project is part of Maaden’s strategy to maximize benefit from raw mineral resources, energy consumption rationalization, production cost cuts and expansion of Maaden’s activities in boosting the local content.” Both parties agreed to process 30,000-40,000 tonnes per year of aluminium by-products and extract raw materials for reuse in manufacturing processes.The deal is the first of its kind in Saudi Arabia aimed at promoting...
Metal Exchange Corporation (MEC) has promoted Rick Merluzzi to Chief Executive Officer of MEC. Mike Lefton, former MEC Chairman and CEO, will assume the title of Executive Chairman. Merluzzi oversees all MEC businesses, including Metal Exchange Trading, Pennex Aluminum Company, Continental Aluminum and Electro Cycle, Inc. Merluzzi joined MEC 15 years ago as President of MEC subsidiary Pennex Aluminum Company, and has served as President and Chief Operating Officer of MEC for the past five years. “Metal Exchange has an incredible track record of success over its 45-year history. I am humbled and honoured to work for this family-owned, people-focused organization, which has a long-term commitment to our industry,” said Rick Merluzzi, newly appointed Chief Executive Officer. “We have grown...
