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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RUSAL has announced the interim results for the six months ended 30 June 2019 and second quarter and reported a 5.2% decline in total revenue to US$4,736 million from US$4,997 million for the same period of 2018. The decline is attributed to falling LME price which fell by 17.3% to US$1,826 per tonne compared with US$2,209 per tonne for the same period in 2018. Aluminium sales volume increased by 13.2% to 1,978 thousand tonnes in H1 2019 compared to 1,748 thousand tonnes in H1 2018. However, the increase was offset by 15.6% drop in aluminium sales price to US$1,960 per tonne from US$2,322 per tonne in H1 2018. The increase in sales was driven by the partial sell out of surplus inventories of primary aluminium accumulated due to OFAC sanctions. Revenue from alumina sales decreased by 23.9%...
The US dollar edged higher on Thursday, as a lull in US-China trade turbulence, and better-than-expected data boosted risk appetite. On Thursday, China reported trade data that was better than expected despite mounting economic pressure from elevated US tariffs. LME base metals finished the trading day higher across the board and aluminium advanced 1.3%. SHFE aluminium rose 0.6%. LME aluminium regained some losses yesterday after a plunge the day before. Three-month LME aluminium advanced 1.25% to close at US$1,781 per tonne on Thursday. It is expected to trade between US$1,700-1,800 per tonne today. As on August 8, Thursday, LME aluminium cash (bid) price stood at US$ 1737per tonne, LME official settlement price stands at US$ 1737.50 per tonne; 3-months bid price stands at US$ 1768 per...
A00 aluminium ingot prices registered growth across all major markets in China on Friday, 09 August 2019. Ingot price recorded a rise of RMB50 per tonne or 0.36 per tonne from yesterday to RMB13930 per tonne. The average price is likely to range at RMB13910-13950 per tonne. Aluminium ingot price in Foshan increased RMB60 per tonne to range at RMB13910-13950 per tonne as on August 9. The average price stood at RMB13930 per tonne. Ingot prices in Wuxi and Hangzhou rose RMB 60 per tonne and RMB45 per tonne to stand at RMB 13940 per tonne and RMB 13955 per tonne respectively. Their average prices are expected to hover at RMB 13930- 13950 per tonne and RMB 13950- 13960 per tonne. Aluminium ingot prices in Chongqing, Shenyang, Tianjin, Linyi, and Gongyi came in at RMB 13930 per tonne, RMB 13895...
The US dollar inched up on Wednesday as investors turned to safe havens on growing concerns about the weak global economy after New Zealand’s central bank cut interest rates by more than expected. LME base metals closed mixed on Wednesday. LME aluminium shed 0.2% and SHFE aluminium lost 0.3%. LME aluminium plunged to the lowest in two years yesterday. With a strong US dollar, three-month LME aluminium extended its decline to a low of US$1,745.5 per tonne on Wednesday, near a 2-1/2-year low of US$1,745 per tonne plumbed on June 17. It later clawed back some losses to finish its trading day 0.17% lower at US$1,759 per tonne. LME aluminium is expected to trade between US$1,700-1,800 per tonne today. As on August 7, Wednesday, LME aluminium cash (bid) price stood at US$ 1727.50 per tonne, LME...
Shanghai Metals Market data showed that social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, increased by 1,000 tonnes from August 1 to stand at 1.041 million tonnes as of Thursday August 8. Inventories rose for a second straight week this week, as a low consumption season continued. The chart below indicates the current status of primary aluminium inventories across all major China markets: Stocks of primary aluminium in Wuxi, Jiangsu decreased 1,000 tonnes from August 1 to 304,000 tonnes on Thursday. Inventories in Shanghai and Gongyi, Henan rose 3,000 tonnes and 7,000 tonnes to stand at 202,000 tonnes and 114,000 tonnes. Primary aluminium stocks in Nanhai, Guangdong remained unchanged at 274,000 tonnes. A00 aluminium ingot price...
The US dollar rebounded from earlier lows on Tuesday, after China's central bank said that it would not use currency as a tool to deal with trade disputes. China on Monday let its currency weaken past 7 to the dollar, its lowest level since the 2008 financial crisis, which led the US to label Beijing a currency manipulator. Most LME base metals closed higher on Tuesday. LME aluminium shed 0.2% and SHFE aluminium fell 0.2%. Three-month LME aluminium dropped to a low of US$1,759.5 per tonne on Tuesday before it recovered some ground at end 0.23% lower at US$1,762 per tonne. Tuesday’s losses could be attributed to the news that Rusal has resumed its Achinsk alumina plant which suspended operations earlier this week after a fire broke out nearby. A stronger US dollar is likely to weigh on LME...
According to Shanghai Metals Market, the A00 aluminium ingot price has remained restrained on Wednesday, August 7, at RMB 13,900 per tonne, amidst muted sentiment across input costs. The average prices are expected to continue remaining the same between RMB 13,880 per tonne and RMB 13,920 per tonne. But the spot contract is expected to be traded at a higher premium price of RMB 50 per tonne. Spot aluminium has been trading at a higher premium for the past couple of days as sellers are holding firm offers on tighter availability and traders purchasing actively on a bullish outlook for the future market. However, the restraint of A00 aluminium ingot price has not touched upon all the major Chinese markets today and therefore, a few places like Foshan, Wuxi, and Hangzhou have seen a drop in...
In the digital marketing industry, all product outcomes are measurable and transparent to the viewers. Hence, after the successful launch of our latest e-magazine “Aluminium LeaderSpeak 2019” , we thought of sharing with our readers the performance statistics of the same . While our very first e-magazine is generating overwhelming responses among the industry circle, starting from bauxite miners to alumina refineries to aluminium smelters, it is creating significant buzz on the world of internet. We take pleasure in announcing that our e-magazine has achieved a total global reach of 11,939 and hits of 116,370 across 71 countries. The average time spent by a user on the magazine is 7 minutes and 41 seconds, with a direct reach of 1430. Besides, it has earmarked a notable performance on...
The US dollar slipped to near a two-week low against key rivals on Monday, while the Chinese yuan weakened below 7 versus the greenback, an 11-year low, as the US-China trade war intensified. Most LME base metals closed lower on Monday. LME aluminium lost 0.4% while SHFE aluminium rose 0.4%. Three-month LME aluminium weakened to a seven-week low of US$1,760 per tonne on Monday before it ended 0.39% lower at US$1,766 per tonne. As Rusal suspended operations at Achinsk alumina refinery after fire nearby, it is likely to provide some cost support to LME aluminium. The contract is likely to trade at US$1,760-1,800 per tonne today. As on August 5, Monday, LME aluminium cash (bid) price stood at US$ 1738.50per tonne, LME official settlement price stands at US$ 1739.50 per tonne; 3-months bid...
According to Shanghai Metals Market, the A00 aluminium ingot price has extended growth on Tuesday, August 6, by RMB 60 per tonne to stand at RMB 13,900 per tonne. With this, the price stands higher by RMB 90 per tonne on monthly basis. The average prices are expected to range between RMB 13,880 per tonne and RMB 13,920 per tonne, with spot contract to be traded at a premium price of RMB 40 per tonne. Linyi and Gongyi have seen the highest rise in ingot price today by RMB 70 per tonne to RMB 13,920 per tonne and RMB 13,775 per tonne, followed by Hangzhou, where the price has increased by RMB 65 per tonne to RMB 13,935 per tonne. Since the growth in A00 aluminium ingot price has touched upon all the major markets in China, Foshan, Chongqing, Shenyang, Wuxi, and Tianjin have also witnessed a...
The US dollar fell on Friday as slower US employment growth in July and escalated US-China trade tensions fuelled expectations that the Federal Reserve would cut interest rates again in September. LME base metals closed lower on Friday. LME aluminium shed 0.2% and SHFE aluminium edged down 0.04%. Three-month LME aluminium erased earlier gains to a six-week low of US$1,770 per tonne on Friday night before it closed 0.23% lower at US$1,773 per tonne. London aluminium longs are expected to remain cautious in the short run. We expect the LME aluminium contracts to trade lower today. As on August 2, Friday, LME aluminium cash (bid) price stood at US$ 1748.50 per tonne, LME official settlement price stands at US$ 1749 per tonne; 3-months bid price stands at US$ 1776.50 per tonne, 3-months offer...
Shanghai Metals Market forecasts that the prices of prebaked anode are unlikely to see a significant rebound in the second half of the year due to excessive capacity. Prices will continue to follow raw materials costs range-bound in the near future. Heating season environmental cuts on carbon mills may only lift the prices of prebaked anode, but after September. In July, the prebaked anode prices failed to record any growth as slow resumption and build-out of aluminium capacity aggravated a supply glut. Moreover, they followed the prices of petroleum coke, which also remained sluggish after producers resumed from maintenance. Petroleum coke is the raw material used to produce prebaked anode. The uptick in June’s prices was mainly buoyed by a price rally of raw materials including...
The US dollar held near a two-month high in the beginning of the week as investors await the latest monetary policy decision from the Federal Reserve as well as developments from US-China trade talks. The US dollar sharply rose on Wednesday, hitting a two-year high against a basket of other currencies and the index gained 0.5% to end at 98.554. The US dollar remained robust till Friday. Most LME base metals traded mixed over the week within a close range. SHFE followed similar trend. The stronger greenback took a toll on aluminium prices over the week. LME aluminium traded lower within a close range. LME aluminium started the week with US$ 1774.5 per tonne and traded mixed to reach the week’s high of US$ 1781.5 per tonne on Wednesday. Three-month LME aluminium also followed the same...
PARTER Capital Group AG has completed acquisition of Avilés and La Coruña, Spain Aluminum Plants from Alcoa; a press release from Alcoa confirms that. The acquisition includes the casthouses at both plants and the paste plant at La Coruña, which are currently in operation, and the closed smelters at both plants. According to the agreement of acquisition, PARTER Capital Group will keep the facilities’ entire workforce of about 630 employees for a minimum of two years. The group is likely to start reindustrialization projects for both sites and the group also indicated a potential restart of the plants’ smelting operations. The transaction completed in accordance with the collective dismissal agreement signed with the workers' representatives in January 2019. “PARTER Capital Group’s...
The US-based global aluminium producer Century Aluminium, on August 1, announced that its net sales for the second quarter of 2019 declined 3 per cent over the quarter to come in at $473.1 million. In Q1 2019, the company’s net sales were at $490 million. It reported a net income loss of $20.7 million or $0.23 per share, compared to a net loss of $34.6 million or $0.39 per share for the first quarter of 2019. The adjusted net loss in Q2 valued at $16.2 million or $0.17 per share, while that in Q1 was at $66.6 million or $.070 per share. According to the firm, its second quarter results had been negatively impacted by $4.5 million of exceptional items, driven by a $9.0 million lower of cost or net realizable value inventory adjustment and a $4.3 million loss on the sale of its BHH...
The A00 aluminium ingot price has dropped for the second day in a row on Friday, August 2, by RMB 40 per tonne to come in at RMB 13,830 per tonne, found Shanghai Metals Market. Improved inventory of primary aluminium on August 1, along with sluggish costs of alumina and prebaked anode could be the two primary reasons for the downfall of aluminium ingot price. Also, the spot aluminium trading was found brisk in the last two days on active transactions among traders, resulting in lowered aluminium ingot price. However, month-on-month the price is standing higher by RMB 180 per tonne. According to SMM, the average prices are expected to range between RMB 13,810 per tonne and RMB 13,850 per tonne, with spot contract to be traded at a premium price of RMB 40 per tonne. Tianjin has seen the...
The US dollar came off from highs after the US President Donald Trump threatened China with a new 10% tariff. Donald Trump tweeted on Thursday that, starting September 1, the US will impose a 10% tariff on $300 billion of Chinese goods. Base metals fell for the most part. LME aluminium dipped 1.2% and SHFE aluminium dropped 0.3%. LME aluminium cash contract plunged and closed the day’s trading at US$1757 per tonne. The fall continued during night trading. Three-month LME aluminium hovered below the daily moving average and failed to stand above the 10-day moving average, or US$1,792 per tonne, ending down 1.22% at US$1,777 per tonne overnight. The contract is seen trading at US$1,770-1,800 per tonne today. As on July 31, Wednesday, LME aluminium cash (bid) price stood at US$ 1776 per...
Rio Tinto has released H1 2019 results with 9% higher consolidated sales revenue of US$20.7 billion in comparison with H1 2018. Higher iron ore prices offset the impact of lower volumes and lower aluminium prices. The aluminium business suffered from price declines, in particular in aluminium price despite strong volumes. Underlying EBITDA for aluminium business stood at US$1,127 million in H1 2019, down 38% from US$1,831 million in H1 2018 attributed to lower aluminium price. Underlying earnings stood at US$ 315 million, down 64% from US$ 871 million in H1 2018. Gross revenue stood at US$ 5,100 million, down from US$6,148 million in H1 2018. Lower price for primary metal remained the principal driver for the declines. Gross revenue for Primary Metal stood at US$2,490 million, down from...
