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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According to data released by the National Bureau of Statistics (NBS) on Monday, September 16, production of primary aluminium in China stood at 2.97 million tonnes in August, a drop of 0.3 per cent year-on-year. Production in August dropped 0.5 per cent month-on-month on outages at China Hongqiao Group and Xinfa Group. Xinfa Group in August closed an aluminium production line after an explosion at a plant in the north-western region of Xinjiang. The accident led to the shutdown of around 500,000 tonnes of annual smelting capacity. Hongqiao slashed its 2019 production guidance by up to 300,000 tonnes, or about 5 per cent after recent flood caused by a Typhoon hit its premises. According to Reuters calculations based on NBS data, production averaged around 95,800 tonnes per day in August,...
After the first annual Sustainability Report last year for 2014, Emirates Global Aluminium has published its second report on September 15, with details of EGA’s management approach and sustainability performance at its operations and projects in both the UAE and Guinea for 2018. EGA has reportedly followed the Global Reporting Initiative Standards, the international benchmark for the public disclosure of economic, and environmental and societal performance while preparing its Sustainability Report. The report also meets the reporting and disclosure requirements set by the Aluminium Stewardship Initiative Performance Standards, which define environmental, social, and governance performance standards for sustainability issues specific to the aluminium value chain. EGA was the first Middle...
Aluminium Bahrain B.S.C. (Alba), soon to be the world’s largest aluminium smelter with Line 6, announced Gulf Markets International W.L.L. (GMI) as the Platinum Sponsor for the 23rd edition of the Arab International Aluminium Conference (ARABAL) 2019. The company also announced COBEX as the Gold Sponsor of ARABAL 2019. The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “As the host of ARABAL 2019, we are delighted with the response it has received from global and regional partners as well as our peers in the industry.” “With a broad spectrum of sponsors and delegates already committed to this edition, we look forward to another successful event similar to 2014.” ARABAL 2019 will be held under the patronage of HRH Prince Khalifa bin Salman Al...
According to Shanghai Metals Market, the social inventories of primary aluminium in China have increased over the weekend as stocks across eight major consumption areas, including SHFE warrants, have grown by 6,000 tonnes from Thursday, September 12. The inventories are thus standing at 978,000 tonnes as of Monday, September 16. Week-on-week, the inventories have increased by 14,000 tonnes as stocks on last Monday, September 9, were at 992,000 tonnes. The chart below shows the current status of primary aluminium in China in more details: The primary aluminium stocks in Gongyi, Henan; Hangzhou, Zhejiang; and Chongqing have grown by 5,000 tonnes, 2,000 tonnes, and 3,000 tonnes to 86,000 tonnes, 53,000 tonnes, and 20,000 tonnes respectively. In many other cities like Nanhai, Guangdong,...
The US dollar index extended its decline on Friday, after briefly hitting a high of 99.109 on Thursday. The European Central Bank on Thursday cut its deposit interest rate by 10 basis points to a record low of minus 0.5%. LME base metals rose on Friday and aluminium advanced 1.1%. The SHFE closed from Thursday night for the Mid-Autumn Festival Holiday. LME aluminium traded lower over the last two days of the week. Three-month LME aluminium came off from highs as shorts added their positions. However, as the US dollar weakened, three-month LME aluminium rallied on Friday, gaining 1.09% to end at US$1,813 per tonne. It is expected to trade between US$1,780-1,830 per tonne today. As on September 13, Friday, LME aluminium cash (bid) price stood at US$ 1767 per tonne, LME official settlement...
According to a recent report, Aluminium Bahrain B.S.C (Alba), soon to be the world’s largest aluminium smelter with Line 6, has been certified to the ISO 27001:2013 Information Security Management System standard. The ISO 27001 is an international standard that sets out the requirements for an Information Security Management System (ISMS). To achieve this certification, a company requires demonstrating a systematic and ongoing approach to managing security risks to the company’s information systems. Speaking about receiving the certification, Alba’s Acting Chief Executive Officer Ali Al Baqali said: “As we progress to become the world’s largest aluminium smelter, we want to assure our stakeholders – shareholders, clients, and suppliers – that we are fully committed to the security of our...
London Metal Exchange is planning to allow long queues for loading out metal in warehouses. Metal industry analysts believe this will boost profits for LME warehouses by holding metal for longer, but consumers will pay higher costs for metal. Consumers have opposed the change in rules. LME introduced the current rules to prevent long queues to take aluminium out of LME-registered warehouses in Vlissingen and Detroit, which soared to two years and to 700 days respectively in 2014. The rule allowed full rent payable for 30 days, half rent for 20 days and no rent after 50 days. LME has proposed to change that to full rent till 80 days and no rent thereafter. Under such circumstance, warehouses could pay metal owners larger incentives to put metal on LME warrant instead of offering it to the...
The US dollar index receded slightly to end at 98.3. LME base metals closed mostly lower while SHFE metals grew for the most part yesterday. LME aluminium traded lower over the day. Three-month LME aluminium came off from highs as shorts added their positions and continued the trend to close lower at US$ 1809 per tonne from 1,816.5 per tonne during last closing. Three months LME aluminium is likely to be trading between US$1,780-1,820 per tonne today. As on September 12, Thursday, LME aluminium cash (bid) price stood at US$ 1773 per tonne, LME official settlement price stands at US$ 1774 per tonne; 3-months bid price stands at US$ 1808 per tonne, 3-months offer price is US$ 1809 per tonne; Dec 20 bid price stands at US$ 1883 per tonne, and Dec 20 offer price stands at US$ 1888 per tonne....
The price of A00 aluminium ingot witnessed an upward movement, except Monday, over the week. Ingot price started the week with a decline of RMB 30 per tonne from September 6 to RMB 14390 per tonne on Monday, September 9. A00 aluminium ingot price ended RMB 80 per tonne higher at RMB 14550 per tonne after Thursday’s closing. China market is closed on Friday September 13 for the Mid-Autumn Festival. As updated by Shanghai Metals Market, social inventories of primary aluminium in China continued to decline this week for a third straight week, as some regions saw greater deliveries. As of Monday September 9, SMM data showed that stocks across eight consumption areas in China, including SHFE warrants, decreased by 14,000 tonnes from Thursday September 5 to stand at 992,000 tonnes. Primary...
According to Shanghai Metals Market, the social inventories of primary aluminium have again plunged this week ended on Thursday, September 12, as some regions have seen greater deliveries. SMM data shows the stocks across eight major consumption areas, including SHFE warrants, have decreased by 34,000 tonnes from a week ago to come in at 972,000 tonnes. On Monday, September 9, the inventories were at 992,000 tonnes after declining by 14,000 tonnes from last Thursday, September 5; so, the inventories today have dropped by 20,000 tonnes from that on September 9. The chart below shows the current status of primary aluminium inventories in more details: The above chart suggests that the primary aluminium inventories in Wuxi, Jiangsu have declined by 9,000 tonnes week-on-week to stand at...
The US dollar regained losses from the previous five sessions, buoyed by an unexpected increase in US producer price for August. The dollar index gained 0.3% to end at 98.63. President Donald Trump on Wednesday tweeted that he will be delaying the increased tariffs on $250 billion in Chinese goods to October 15 from October 1 as a “gesture of good will” to China. LME base metals closed mostly lower while SHFE metals grew for the most part. LME aluminium fell 0.3% and SHFE aluminium gained 0.2%. LME aluminium continued trading higher during the day's closing yesterday. Three-month LME aluminium came off from highs overnight as shorts added their positions. It pared gains from the previous two sessions, losing 0.27% to close at US$1,816.5 per tonne. LME aluminium is likely to be trading...
According to Shanghai Metals Market, the A00 aluminium ingot price has further expanded its rise for the third day in a row by RMB 80 per tonne to RMB 14,550 per tonne, as of September 12. The average prices are expected to range between RMB 14,530 per tonne and RMB 14,570 per tonne, with spot contract to be traded at a discount price of RMB 10 per tonne to a premium price of RMB 30 per tonne. The incessant rise in A00 aluminium ingot price this week could be because of the tight supply of primary aluminium in the Chinese market due to low arrivals of stocks in inventories. Domestic production dropped, while commissioning of new or recovered capacity remained slow, resulting in limited availability in the market. The growth in ingot price today of RMB 80 per tonne has touched upon the...
The US dollar stayed in its recent tight range and the index, which tracks the greenback against a basket of other currencies, gained 0.04% to end at 98.37 yesterday. LME base metals closed mixed while SHFE settled mostly higher on Tuesday. LME aluminium gained 1.2% and SHFE aluminium grew 0.1%. LME aluminium continues trading higher after the low phase. Three-month LME aluminium moved higher to touch the highest level since July 26, at US$1,825 per tonne, before it gave up some gains and closed 1.19% higher at US$1,821.5 per tonne. It has shrugged off pressure from the Bollinger upper band, and may trade between US$1,780-1,830/mt today. As on September 10, Tuesday, LME aluminium cash (bid) price stood at US$ 1775.50 per tonne, LME official settlement price stands at US$ 1776 per tonne;...
According to Shanghai Metals Market, China’s primary aluminium production in August came in at 3.01 million tonnes after declining 3.48 per cent year-on-year and 1.96 per cent month-on-month. This year-on-year and month-on-drop in domestic production could be attributed to the accidents in some smelters in Shandong and Xinjiang, resulting in production disruption. China’s total primary aluminium production from January-August also stood lower by 1.89 per cent year-on-year to 23.57 million tonnes, found SMM survey. Commissioning of new or recovered capacity remained slow. As of the end of August, primary aluminium capacity in operation declined to 34.9 million tonnes. Suspended and idling capacity stood at 5.8 million tonnes. Average operating rates across smelters also dropped by 4.7...
A00 aluminium ingot price has edged higher by RMB 50 per tonne or 0.35 per cent to stand at RMB 14470 per tonne on Wednesday, 11 September 2019, from its previous price of RMB 14420 per tonne on September 10. The price is expected to range at RMB 14450-14490 per tonne. Spot aluminium price is likely to be traded at a discount of RMB 20 per tonne to a premium of RMB 20 per tonne. In Foshan and Wuxi, aluminium ingot price has increased by RMB 40 per tonne each to stand at RMB 14480 per tonne and RMB 14450 per tonne. Their average prices are expected to range within RMB 14460- 14500 per tonne and RMB 14440- 14460 per tonne. Aluminium price in Hangzhou is up RMB 45 per tonne to RMB 14470 per tonne. The average price is expected to range within 14460- 14480 per tonne. Chongqing aluminium price...
The US dollar weakened against sterling. The dollar index pared some losses and ended 0.08% lower at 98.33. Base metals closed mixed. SHFE aluminium lost 0.1% and LME aluminium grew 1%. Three-month LME aluminium surged during the Asian trading session on market talk that Indonesia will expedite its ban on bauxite exports. A lower US dollar again lifted LME aluminium after it slipped to around US$1,777.5 per tonne, settling it 0.95% higher at US$1,800 per tonne last night. LME aluminium is likely to trade within US$1,750-1,820 per tonne. As on September 9, Monday, LME aluminium cash (bid) price stood at US$ 1768.50per tonne, LME official settlement price stands at US$ 1769 per tonne; 3-months bid price stands at US$ 1796 per tonne, 3-months offer price is US$ 1796.50 per tonne; Dec 20 bid...
Followed by the decline in social inventories of primary aluminium by 14,000 tonnes, the average price of A00 aluminium ingot has recorded a growth of RMB 30 per tonne to RMB 14,420 per tonne on September 10, found Shanghai Metals Market. Primary aluminium stocks in Gongyi, Henan arrived limited last day which led to the decline in inventories and rise in ingot prices. The average prices are expected to range between RMB 14,400 per tonne and RMB 14,440 per tonne, with spot contract to be traded at a premium price of RMB 40 per tonne. Until the mid-August, the A00 aluminium ingot price remained sluggish, hovering below RMB 14,000 per tonne. On August 13, the ingot price recorded a sweeping growth of RMB 300 per tonne and since then had been ranging between RMB 14,250 per tonne and RMB...
Alcoa Corporation, a global leader in bauxite, alumina, and aluminium products, has reportedly announced today, on September 9, that it will implement a new operating model with effect from November 1, 2019. The company said the new model would result in a leaner, more integrated, operator-centric organisation that accelerates the company’s strategic priorities. As per the report, the restructuring of the operating model will help Alcoa reduce its overhead cost, promote operational and commercial excellence, increase connectivity between the company’s plants and leadership, ensure safety, and generate sustainable profitability. The Alcoa executive team will be narrowed down to seven direct reports to the CEO from twelve and business unit structure will be eliminated. Sales, procurement,...
