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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Africa’s primary aluminium production dropped marginally by 0.41% during the first seven-month period of 2019. Production stood at 961,000 tonnes as compared to 965,000 tonnes in the first seven-month period of 2018, data showed by the International Aluminium Institute (IAI). Primary aluminium production came in at 138,000 tonnes in July 2019, a decrease of 4.17per cent from July 2018 production of 144,000 tonnes. But production increased by 2.22 per cent from June’s production of 135,000 tonnes. Africa’s primary aluminium production for 2018 stood at 1.668 million tonnes, IAI data showed. Global production in the first seven months of 2019 stood at 37.073 million tonnes, almost flat from 37.235 million tonnes in the first seven months of 2018. In July, primary aluminium production...
TRIMET Aluminium SE has become a new Production & Transformation member of the Aluminium Stewardship Initiative (ASI). This brings the total number of members working toward a responsible aluminium value chain to 98. “TRIMET is pleased to join the Aluminium Stewardship Initiative (ASI). As an independent family-owned company with a long-term outlook, we intend to contribute to the future development of ASI standards, because we are convinced that ASI sets the internationally recognized industrial benchmark for responsibly-sourced aluminium,” said Philipp Schlüter, CEO, TRIMET Aluminium SE. TRIMET develops, manufactures, casts, and markets lightweight aluminium metal products. The company operates in seven locations in Germany and France. TRIMET supplies the aluminium sector’s entire...
The US dollar continued to rise to a more than two-year high of 99.13 on expectations of an upcoming interest rate cut by the Federal Reserve. LME base metals mostly dipped while SHFE metals closed higher for the most part. LME aluminium lost 0.46% and SHFE aluminium grew 0.11%. Three-month LME aluminium hovered within a wide range and fell below all moving averages to a low of US$1,742.5 per tonne as the US dollar strengthened. It pared some losses and finished at US$1,749 per tonne, down 0.46% on the day. LME aluminium is likely to trade at US$1,740-1,780 per tonne today. As on September 2, Monday, LME aluminium cash (bid) price stood at US$ 1716 per tonne, LME official settlement price stands at US$ 1716.50 per tonne; 3-months bid price stands at US$ 1745 per tonne, 3-months offer...
Prebaked anode price in Southwest China market has edged lower by RMB 35 per tonne. As on Tuesday, 03 September 2019, prebaked anode price ranged at RMB 3380-3650 per tonne; the average price stood at RMB 3515 per tonne, down from its previous price of RMB 3550 per tonne. The average prices of prebaked anode in East, Central, and Northwest China markets remain unchanged at RMB 3112.50 per tonne, RMB 3172.50 per tonne, and RMB 3600 per tonne respectively. The average prices for A00 Aluminium Ingot for all major Chinese markets have registered an increase on September 3. A00 aluminium ingot price is up by RMB 80 per tonne from its earlier price to RMB14390 per tonne today. The average price is expected to move within a range of RMB14370-14410 per tonne. Spot aluminium price is likely to be...
According to the Reuters report, Rio Tinto Plc has started an arbitration process with Sanjeev Gupta’s GFG Alliance as the latter has not made final payments for the purchase of the Dunkerque aluminium smelter in France. The news came after Rio Tinto confirmed this on Monday, September 2. In a statement it said, “Rio Tinto confirms it has triggered an arbitration process in relation to the sale of the Dunkerque aluminium smelter, France, to Liberty House.” In December 2018, Rio Tinto completed the sale of its Dunkerque aluminium smelter in northern France to Liberty House, the part of the GFG Alliance, at $500 million. Rio Tinto also said, “The arbitration relates to non-payment of customary post-closure adjustments, including working capital, which was agreed by both parties in the sale...
Shanghai Metals Market data showed that social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, stood at 1.016 million tonnes as of Monday September 2, down by 17,000 tonnes from Thursday August 29. Primary aluminium inventories continued to decline over the weekend, with all major warehouses, except for that in Gongyi of Henan, saw losses. The chart below indicates the current status of primary aluminium inventories across all major China markets: Primary aluminium stocks in Wuxi, Jiangsu and Shanghai dropped 5,000 tonnes and 1,000 tonnes from Thursday August 29 to 304,000 tonnes and 193,000 tonnes as of Monday, September 2. Inventories in Nanhai, Guangdong stood at 282,000 tonnes, down 5,000 tonnes from Thursday. Inventories in Gongyi,...
The US dollar index rose last Friday to the highest since May 2017. The offshore Chinese yuan headed toward its biggest monthly decline in 25 years as the two countries prepared for the implementation of new tariffs on Sunday. LME base metals closed mixed while SHFE metals ended mostly lower. LME aluminium gained 0.17% and SHFE aluminium slipped 0.11%. Three-month LME aluminium regained losses after a higher US dollar drove it below all moving averages to a low of US$1,736.5 per tonne during Friday night. It closed higher for the second consecutive trading day, at US$1,757 per tonne, up 0.17% on the day. LME aluminium is likely to trade between US$1,740-1,780 per tonne today. As on August 30, Friday, LME aluminium cash (bid) price stood at US$ 1712 per tonne, LME official settlement price...
Shanghai Metals Market reveals that Shandong Weiqiao Group, one of the top aluminium producers in China, has reduced the benchmark purchasing price of prebaked anode for the third month in a row. For September 2019, the company has lowered the benchmark purchasing price by RMB 70 per tonne to RMB 2,925 per tonne in cash. For August, Shandong Weiqiao had reduced the prebaked anode price by RMB 50 per tonne from July and that had brought the price to RMB 2,995 per tonne in cash. But despite the cut in Weiqiao’s prebaked anode benchmark purchasing price, the average buying price in China has not registered any change. It is still continuing to remain restraint at RMB 3,112.50 per tonne, as of September 2, since the drop on August 1, from RMB 3,137.50 per tonne to RMB 3,112.50 per tonne. The...
A00 aluminium ingot price in China fluctuated throughout the week. Ingot price started the week with a decline of RMB 60 per tonne to RMB 14250 per tonne on Monday.A00 aluminium ingot price continued higher in the next two days at RMB 14270 per tonne and RMB 14340 per tonne. Shanghai Metals Market reported spot aluminium traded briskly across east and south China in the morning of Thursday August 29, as downstream consumers stepped up purchases after prices fell. Aluminium price stood at RMB 14260 per tonne, down RMB 80 per tonne from Wednesday. The price ended the week higher at RMB 14290 per tonne. Social inventories of primary aluminium in China dropped this week, as stocks in most areas declined. Primary aluminium inventories decreased 20,000 tonnes from Thursday August 22 to stand at...
Alcoa Corporation and the United Steelworkers are at the final stage of agreement on a new 4-year labour agreement for approximately 1,700 active employees at five U.S. Alcoa locations. A long running negotiation process between the Company and the United Steelworkers is finally coming to a solution as the union members are going to schedule a vote on the proposed contract. On May 15, Alcoa updated that both the parties agreed to honour the existing contract, which was set to expire at midnight on that day itself. The decision was taken in order to continue further negotiations for a new contract without stopping the work. The agreement will cover employees represented by the union at Warrick Operations in Indiana, Massena Operations in New York, Gum Springs in Arkansas, Wenatchee Works...
According to the Reuters report, a global aluminium producer has offered Japanese buyers a premium of $110 per tonne for primary metal shipments during October-December quarter. This premium is higher by 2 per cent than that in the current quarter. The news came after five sources directly involved in quarterly pricing said on Friday, August 30. Japan imports a considerable amount of primary aluminium from Asia and the premiums it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region. For July-September quarter, Japanese buyers had agreed to pay a premium of $108 per tonne, up 3 per cent from the previous quarter. Negotiations on the latest quarterly pricing between Japanese buyers and global producers, including Rio Tinto and South32...
The US dollar index edged up in the beginning of the week after the US and China sought to ease trade war tensions and started with at 98.38. The dollar remained strong over the week. LME base metals traded mostly weaker during the week. SHFE aluminium traded strong due to positive fundamentals. London Metal Exchange remained closed on August 26, Monday for Summer Bank Holiday. LME aluminium started the week with US$ 1744 per tonne and continued trading downward to reach US$1712.5 per tonne. After the bank holiday on Monday at LME, the three-month LME aluminium gave up all the gains accumulated overnight on Friday and slid to a low of US$1,758.5 per tonne on Tuesday. The contract ended the week at US$1741.50 per tonne after Friday’s closing. As on August 30, Friday, LME aluminium cash...
According to a recent report, the United States Environmental Protection Agency is seeking public opinion on the clean-up of an old aluminium smelting site in Benton Harbor. “Benton Harbor is becoming a boom town again and the more contributing parties we can get together to clean up toxic land they can make available to the community it’s incredible,” said Benton Harbor resident Mr. Michael Hoyh. As per the report, the EPA proposed settlement of more than half a million dollar for cleanup of the aluminium smelting site., The settlement requires settling parties Louis Padnos Iron & Metal Company, Toyota Motor Engineering & Manufacturing North America Inc., and Service Aluminium Corporation to pay $585,570.40 to the Hazardous Substance Superfund for the recovery of the EPA’s past response...
The US dollar was modestly higher as news that Washington and Beijing were discussing negotiations in September eased anxieties about the ongoing trade war. LME base metals closed mixed while SHFE metals ended mostly lower. LME aluminium gained 0.29% and aluminium fell 0.25%. LME continued its downward trend during Thursday’s trading. Three-month LME aluminium rebounded at night after it slumped to a fresh low of US$1,734 per tonne as the prospect of recovery at some aluminium smelters in China in mid-September dragged on the most-liquid SHFE October contract. LME aluminium finished at US$1,754 per tonne, gaining 0.29% after seven consecutive trading days of declines. The contract is likely to trade within US$1,740-1,760 per tonne today. As on August 29, Thursday, LME aluminium cash (bid)...
Chalco, formally known as Aluminium Corporation of China Limited, said its primary aluminium production in the first half of 2019 came in at 1.89 million tonnes, down 8 per cent from 2.06 million tonnes in the same period last year, according to Reuters report. Decline in aluminium prices and rise in operating costs had hit the Chinese smelters and thus their production, as per the report. As Chalco said, lower aluminium prices and higher operating costs also weighed on its net profit, which fell 14 per cent year-on-year to RMB 705.8 million during January-June. Chalco’s aluminium output level stood just ahead of Russian rival Rusal which produced 1.87 million tonnes during January-June 2019, but below China Hongqiao Group whose production clocked at 2.86 million tonnes during the said...
The US dollar was modestly higher against the yen on Wednesday. The dollar index rose 0.21% to 98.21. LME base metals closed mixed and SHFE metals ended mostly higher. LME aluminium fell 0.62% and SHFE aluminium increased 0.24%. LME aluminium plunged during yesterday’s trading. Three-month LME aluminium fell for the seventh straight session as shorts added their positions and the US dollar gained. It finished the trading day 0.62% lower at US$1,749 per tonne last night, with open interest up 5,204 lots to 756,000 lots. It is likely to be trading around US$1,745 per tonne today. As on August 28, Wednesday, LME aluminium cash (bid) price stood at US$ 1723.50 per tonne, LME official settlement price stands at US$ 1724 per tonne; 3-months bid price stands at US$ 1758 per tonne, 3-months offer...
Social inventories of primary aluminium in China have recorded a week-on-week decline today, August 29, after rising for four consecutive weeks. According to Shanghai Metals Market, the inventories across the eight major Chinese consumption areas, including SHFE warrants, have fallen by 30,000 tonnes from a week ago to stand at 1.033 million tonnes. On last Thursday, August 22, the inventories were at 1.063 million tonnes, marking a rise for the fourth straight week. The major reason for the decline in inventories today is the lowered arrivals of stocks in most regions. Since, the primary aluminium stocks arrivals have lowered in most of the regions, the inventories have registered a drop in almost all the major markets. For instance, the inventories in Wuxi, Jiangsu; Shanghai; Nanhai,...
Aluminium Bahrain (Alba), on course to become the world’s largest aluminium smelter with Line 6, announced a historic milestone as its smelter completed 10 million working-hours without any Lost Time Injury (LTI) on 27 August 2019 for the first time in the history of its operations since 1971. A ceremony was held on 28 August 2019 to mark the occasion. It was attended by the Acting Chief Executive Officer Ali Al Baqali, Alba Executive Management team, employees and contractors across the plant. Alba’s Chairman of the Board of Directors Shaikh Daij Bin Salman Bin Daij Al Khalifa stated: “Achieving 10 million working-hours without any Lost Time Injury (LTI) in the smelting industry is a rare feat, especially as we progress with the full ramp-up of Potline 6. Alba could not have achieved...
