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 Shanghai Metals Market , the social inventories of primary aluminium in China have recorded a second weekly rise today, on August 1, in the past four weeks. Data shows the stocks across eight major consumption areas in China, including SHFE warrants, have come in at 1.04 million tonnes after growing by 5,000 tonnes from a week ago and 11,000 tonnes from Monday, July 29. On July 25, the inventories were at 1.035 million tonnes and on July 29 at 1.029 million tonnes. However, the growth today in primary aluminium inventories could not touch upon all the major Chinese markets. Hence, inventories in Wuxi, Jiangsu; Hangzhou, Zhejiang; Linyi, Shandong; and Shanghai plunged by 9,000 tonnes, 3,000 tonnes, and 1,000 tonnes, respectively. Other markets like Nanhai, Guangdong; Gongyi,...
The latest customs data shows that China’s exports of prebaked anode in the first half of 2019 has grown marginally by 1 per cent to come in at 622,000 tonnes, compared with 615,780 tonnes in the same period last year. In June 2019, the export volume was at 131,000 tonnes, up 52.5 per cent from 62,225 tonnes in May 2019 but down 0.2 per cent from 131,262 tonnes in the corresponding period of 2018. {newsStudioGallery} The data further shows that Malaysia was the leading export destination of China’s prebaked anode in the first half of 2019. As per the data, China shipped 222,000 tonnes, a decrease of about 1 per cent from 224,220 tonnes in the same period last year. Canada was the second largest destination where China exported 9.5 per cent of more prebaked anode in H1 2019, amounting...
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. LME base metals closed mixed on Wednesday. LME aluminium lost close to 0.3% and SHFE base aluminium slipped 0.2%. The stronger greenback took a toll on aluminium prices on Wednesday during the day’s trading and overnight. During the day, LME cash contract closed lower at US$ 1781.50 per tonne and three months aluminium closed at US$ 1806.50 per tonne. Three-month LME aluminium erased earlier gains overnight to close 0.25% lower at US$1,799 per tonne on Wednesday. As on July 31, Wednesday, LME aluminium cash (bid) price stood at US$ 1776 per tonne, LME official settlement price stands at US$ 1776.50 per tonne; 3-months bid price stands at US$...
According to Shanghai Metals Market, Shandong Weiqiao Group, one of the top aluminium producers in China, again reduced its purchasing prices for prebaked anode for August. The benchmark purchasing prices for prebaked anode came in at RMB 2,995 per tonne in cash, a decrease of RMB 50 per tonne from RMB 3,045 per tonne for July. Weiqiao had raised prices for the first time this year by RMB100 per tonne for June. The prices of prebaked anode remain unchanged across major China markets today. Prebaked anode prices in East and Central markets are hovering at RMB 3137.50 per tonne and RMB 3197.50 per tonne as of July 31. Their average prices are expected to range within RMB 3045-3230 per tonne and RMB 3095-3300 per tonne. The prebaked anode prices in Southwest and Northwest remained the same...
Malaysia-based aluminium company Press Metal Aluminium Holdings Berhad has reportedly signed a power purchase agreement with Syarikat SESCO Berhad, a unit of Sarawak Energy Berhad, on July 31, 2019, in a bid to secure more power for capacity expansion. According to the agreement, Syarikat SESCO Berhad will provide long-term access of up to approximately 500MW of electricity to Press Metals for 15 years. Press Metal revealed in a statement that the first drawdown of 300MW would expectedly commence by October 2020, while the remaining 200MW to be made available on a reasonable endeavour basis by SESCO. This additional access to power will enable the Malaysian aluminium company to build a third aluminium smelter in Samalaju Industrial Park, Sarawak, leading to the increase in the company’s...
The federal government in Canada has spent close to $200 million to subsidize steel and aluminium companies under a fund scheme designed to spur cutting-edge innovation. Ottawa has invested US$194.9 million into a number of steel and aluminium producers and manufacturers through the Strategic Innovation Fund (SIF), created by PM Justin Trudeau in 2017. Ottawa has promised to spend about $2 billion in support to steel and aluminium sector — US$250 million of which will come from the SIF — as a way to compensate damages incurred by companies as a result of retaliatory tariffs against the U.S. in July 2018, which have been dropped now. Many policy experts however, have criticised the development calling it a misuse of funds. They But have argued that sound innovation spending should not...
According to a recent report, Vedanta Limited aims to export more than half of its aluminium production to international markets, as the imports of the metal to India is continually increasing. According to the company’s annual report for FY2019, only 30 per cent of the company’s sales were in the domestic market, while imports comprised 58 per cent of India’s consumption during that period. India’s aluminium imports in FY2019 peaked at 2.3 million tonnes, resulting in a forex outgo of $5.5 billion or one per cent of total imports by value. “Over the last few years we have observed a surge of aluminium scrap imports," said Ajay Kapur, chief executive officer (aluminium and power) of Vedanta Ltd. He also said, "We, as an industry, are working with the Indian government seeking support to...
The Aluminum Association, in cooperation with the Aluminium Association of Canada, reported primary aluminium production in North America (U.S. and Canada) was at an annual rate of 3,991,956 tonnes during June 2019, down 13,354 tpy (-0.3%) from the May 2019 rate of 4,005,310 tonnes. Actual production in North America in June 2019 stood at 328,106 tonnes. YTD production rate from Jan-Jun 2019 stood at an annual rate of 4,006,400 tonnes, up 6.7% from 3,756,300 tonnes in YTD 20018. {newsStudioGallery} The production rate in the U.S. was off 1.4 per cent, while the Canadian rate rose slightly month on month. Compared to a year ago, the North American annual rate was 8.4 per cent above the June 2018 rate of 3,683,641 tonnes. The U.S. produced 93,042 tonnes of primary aluminium in June 2019, up...
The US dollar traded rangebound on Tuesday as investors awaited the latest interest rate decision from the Federal Reserve and the index inched up 0.01% to 98.066. LME base metals closed lower across the board on Tuesday. LME aluminium declined 0.6% and SHFE aluminium traded lower overnight. Three-month LME aluminium reversed earlier gains to finish its trading day 0.61% lower at US$1,803.5 per tonne. The load-up of short positions primarily accounted for the decline. LME aluminium underperformed its SHFE counterpart recently, and is expected to trade between US$1,790-1,840 per tonne today. As on July 30, Tuesday, LME aluminium cash (bid) price stood at US$ 1781 per tonne, LME official settlement price stands at US$ 1781.50 per tonne; 3-months bid price stands at US$ 1806 per tonne,...
Alcoa has achieved three Aluminium Stewardship Initiative Certifications to the ASI Performance Standard, for the Juruti bauxite mining and Alumar alumina refining operations in Brazil, and for the San Ciprián aluminium smelting operations in Spain. Alcoa is the first US-based company to achieve ASI Certification. Alcoa President and Chief Executive Officer Roy Harvey said: “We are honoured that ASI has certified these three locations and recognized our sustainable approach, which drives how we operate our facilities, manufacture our products, and interact with our communities.” “We consistently work to produce bauxite, alumina and aluminium in a responsible manner, and achieving ASI Certification is an important differentiator for our Company as a recognized leader in sustainability.”...
The US dollar held near a two-month high on Monday as investors await the latest monetary policy decision from the Federal Reserve as well as developments from US-China trade talks. Most LME base metals closed higher on Monday. LME aluminium advanced 0.4%, while SHFE aluminium gained 0.5%. LME aluminium settled lower during Monday’s closing but regained some losses at night. Three-month LME aluminium recovered from earlier losses to close 0.44% higher at US$1,814.5 per tonne on Monday night. It is expected to trade at US$1,790-1,830 per tonne today. As on July 29, Monday, LME aluminium cash (bid) price stood at US$ 1774 per tonne, LME official settlement price stands at US$ 1774.50 per tonne; 3-months bid price stands at US$ 1798 per tonne, 3-months offer price is US$ 1799 per tonne; Dec...
The US dollar climbed to two-month highs on Friday after data showed that the world’s largest economy slowed less than expected in the second quarter. The US dollar index rose 0.22% to 97.996. LME base metals closed lower on Friday. LME aluminium tumbled 1.1% and SHFE aluminium lost 0.2%. Three-month LME aluminium dropped to a three-week low of US$1,794 per tonne on Friday before it recovered some ground to end 1.09% lower at US$1,806.5 per tonne. It is expected to trade between US$1,780-1,840 per tonne today. As on July 26, Friday, LME aluminium cash (bid) price stood at US$ 1776 per tonne, LME official settlement price stands at US$ 1778 per tonne; 3-months bid price stands at US$ 1803.50 per tonne, 3-months offer price is US$ 1804.50 per tonne; Dec 20 bid price stands at US$ 1908 per...
Alba announced its financial results for the second quarter and first half of 2019. The company’s top-line and bottom-line were primarily impacted by 21% year-on-year drop in LME price and partially offset by higher sales’ volume. Alba reported a total comprehensive loss of BD3.3 million (US$8.8 million) in Q2, down by 112% YoY. Gross profit stood at BD15.4 million (US$40.9 million), a drop of 55% YoY. With regards to total sales/revenues, Alba reported BD245.0 million (US$651.8 million) in Q2 2019, up by 0.4% YoY. Earnings per share (EPS) were fils (2) versus fils 21 in Q2 2018. Total comprehensive loss stood at BD19.1 million in H1 2019. Gross profit came in at BD16.2 million (US$43.2 million), down by 78% YoY. Total sales/revenues reached BD448.6 million (US$1,193 million), down by 4%...
According to Shanghai Metals Market, the social inventories of primary aluminium in China have extended drop over the weekend by 6,000 tonnes, across eight major consumption areas, including SHFE warrants. The inventories are thus, hovering at 1.029 million tonnes, as of July 29. Arrivals of fewer cargoes at social inventories could be attributed to the further decline in stocks. From Thursday, July 25, the inventories in Wuxi, Jiangsu, and Shanghai have recorded a drop by 7,000 tonnes and 1,000 tonnes to stand at 307,000 tonnes and 199,000 tonnes, respectively. The inventories in Hangzhou, Zhejiang have registered a decline too, by 3,000 tonnes to 62,000 tonnes, learned Shanghai Metals Market. The chart below indicates the current status of primary aluminium inventories across China in...
Vedanta Group has announced a reshuffle at the CEO level of its three major companies Balco, Vedanta Aluminium Orissa and Talwandi Sabo Power Limited (TSPL), according to a report in Dainik Bhaskar. Vedanta Group CEO Srinivasan Venkatakrishnan and CEO (Aluminium and Power) Ajay Kapoor have made the announcement on Thursday, July 25. Abhijit Pati will replace Vikas Sharma as the new CEO of Balco. Vikas Sharma will take over as CEO of TSPL Punjab. CN Singh, the current CEO of TSPL, has been made interim CEO of Vedanta Aluminium Jharsuguda Orissa. Vikas Sharma is expected to lead 1980 MW Super Critical Power Plant in TSPL. The plant has 3 units of 660 MW. Under his leadership, the cost was reduced and cash flows improved in Balco operations. Abhijit Pati has 30 years of experience in...
Aluminum associations from the United States, Europe, Japan and Canada came together and published a joint statement ahead of a summit of the G7 group of rich nations in Biarritz, France on Aug. 24-26. The aluminium groups urged the G7 leaders to curb state subsidies that they regard as distorting global trade and fuelling overcapacity. In the statement, aluminium association leaders expressed their deep concern about the unfairly subsidized overcapacity and other market-distorting behaviour that undermines the sustainable growth of the aluminium industry. The statement cited the OECD report “Measuring distortions in international markets: The aluminium value chain,” released in earlier 2019, which blamed non-market forces for increasing global aluminium capacity irresponsibly. The OECD...
RUSAL, a leading global aluminium producer, announced its operating results for the second quarter of 2019. The company reported aluminium production of 938,000 tonnes in Q2, up 1 per cent quarter-on-quarter. Siberian smelters accounted for 93 per cent of total aluminium output. In the first half of 2019, aluminium production stood at 1.86 million tonnes, compared with 1.87 million tonnes. This records a drop of 0.2 per cent year-on-year. Aluminium sales amounted to 1 million tonnes in Q2 2019, an increase of 20.8 per cent from 896,000 tonnes in Q1 2019. This was due to the partial sell down of surplus inventories of primary aluminium that were accumulated by the end of 2018 as a result of OFAC Sanctions, RUSAL said. In the first half of 2019, aluminium sales totalled 1.97 million tonnes,...
The US dollar strengthened on Thursday, with the index against a basket of other currencies hitting the highest since the end of May after a batch of generally positive US economic data. The US dollar index inched up 0.09% to 97.785. LME base metals closed mixed on Thursday. LME aluminium gained 0.1%, and SHFE aluminium advanced 0.5%. Three-month LME aluminium fluctuated between US$1,818-1,832 per tonne on Thursday, and ended 0.11% higher at US$1,826.5 per tonne. It is expected to trade between US$1,805-1,855 per tonne today. As on July 25, Thursday, LME aluminium cash (bid) price stood at US$ 1795 per tonne, LME official settlement price stands at US$ 1795.50 per tonne; 3-months bid price stands at US$ 1823 per tonne, 3-months offer price is US$ 1825 per tonne; Dec 20 bid price stands at...
