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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Qatar Aluminium Manufacturing Company (Qamco) in the financial results declared that its net profit pegged at QR 5.2 million for the seven-month period ended on June 30, 2019. These results primarily represent the share of net profit in Qamco’s joint venture Qatalum. Qatalum is a successful primary aluminium producer and one of the most efficient smelters in the region. Qamco is a 50 per cent shareholder in Qatalum. Qamco’s share of EBITDA in Qatalum for the period totalled at QR375.2 million, while earnings per share stood at QR0.001. In the first quarter of the year, Qamco’s earnings per share were at QR 0.02. Qamco on Thursday pointed that the sluggish selling prices of aluminium directly affected the company’s performance and therefore, its economy. During the second quarter, Qatalum...
According to a recent report, a Sino-Saudi joint venture is planning to establish an integrated aluminium complex in Egypt. The news came after trade and industry ministry of Egypt announced it officially on Thursday, July 25. The ministry said in a statement that the joint venture is between China’s Hangzhou Jinjiang Group and Saudi Arabia's Ajlan Group. They would together set up a complex, comprising of an alumina refinery, an aluminium smelter, a caustic soda plant, and two desalination plants spreading over six million square metres. The statement, however, did not disclose the project value, location or timelines. It quoted Minister of Trade and Industry Amr Nassar that the government would facilitate land and other infrastructure requirements including natural gas, electricity,...
Analysts review that Canada’s exemption from U.S. tariffs on imports of aluminium has boosted earnings for companies such as Rio Tinto and Alcoa at the expense of U.S. consumers. Despite the lifting of tariffs on Canada in May, U.S. consumers are paying the physical market premium of around US$400 a tonne above the benchmark LME price of around US$1,810 a tonne. Analysts say the tariff component paid by non-exempt producers stand at US$192 of the premium amount. “About 70% of U.S. aluminum demand can be met without paying import duties, yet 100% is pegged to the duty payable,” said Citi analyst Oliver Nugent, adding the bank’s estimate for U.S. aluminium demand this year was 5.57 million tonnes. Aluminium producers like Alcoa and Rio Tinto with facilities in Canada are making a good...
The US dollar was flat against a basket of currencies on Wednesday, recovering from losses from downbeat US factory activity data. LME base metals closed higher across the board on Wednesday. LME aluminium climbed 0.2% and SHFE aluminium gained 0.1% and zinc inched up 0.03%. Three-month LME aluminium climbed to a high of US$1,833 per tonne on Wednesday, before it erased some gains to end 0.19% higher at US$1,824.5 per tonne. The load-up of long positions primarily accounted for the gains. It is expected to trade between US$1,800-1,840 per tonne today. As on July 24, Wednesday, LME aluminium cash (bid) price stood at US$ 1795 per tonne, LME official settlement price stands at US$ 1795.50 per tonne; 3-months bid price stands at US$ 1826 per tonne, 3-months offer price is US$ 1827 per tonne;...
After three consecutive drops this week, the A00 aluminium ingot price has recorded a rise on Thursday, July 25, by RMB 70 per tonne to stand at RMB 13,860 per tonne, found Shanghai Metals Market. Week-on-week, the price is standing higher by RMB 10 per tonne. The average prices are expected to range between RMB 13,840 per tonne and RMB 13,880 per tonne, while the spot contract to be traded at a discount price of RMB 10 per tonne to a premium of RMB 30 per tonne. The rise in A00 aluminium ingot price today could be attributed to lowered inventories of primary aluminium. According to SMM, the inventories fell unexpectedly today, despite a low consumption season grinding on. Stocks across eight major consumption areas, including SHFE warrants, have inched down by 7,000 tonnes from a week...
Aluminum Corp. of China Ltd. (Chinalco), the world’s largest aluminium group reported 40% YoY increase in profits during H1 2019 on Monday attributing its success to sweeping organizational reforms. Higher debt continues to remain a burden to the group. The company reported a profit of about RMB 2.36 billion (US$340 million) and operating income exceeded RMB 170 billion. China’s aluminium industry had a difficult 2018 due to low global aluminium prices and caps on production that affected many aluminium-makers. Yet in the first five months of this year, producer profits were up 23.4% year-on-year. Chinalco could rise above industry hurdles partially because of the reforms to its previously bloated and inefficient structure caused by unplanned expansion and capacity building. The group has...
South America’s primary aluminium production registered an increase of 7.95 per cent year-on-year in June 2019. Aluminium production increased from 88,000 tonnes to 95,000 tonnes, according to the International Aluminium Institute (IAI). Primary aluminium production in South America rose 10.47 per cent from 86,000 in May. In the first half of 2019, the total primary aluminium production dropped 15.57 per cent year-on-year to 515,000 tonnes. Production was 610,000 tonnes in the first half of 2018. South America’s full-year primary aluminium production for 2018 stood at 1.164 million tonnes, IAI data showed. Global primary aluminium production decreased slightly from 5.33 million tonnes in June 2018 to 5.24 million tonnes in June 2019. Aluminium production dropped 2.96% from May’s 2019...
The US dollar rose on Tuesday to near a five-week high the US dollar index closed at 97.689. Boris Johnson, who promised to withdraw the UK from the European Union with or without deal by the end of October, will replace Theresa May as Britain’s new prime minister. This will have a further bearing on currency movements today. LME base metals closed mixed on Tuesday and aluminium advanced 0.4%. SHFE aluminium sank 0.2%.Three-month LME aluminium hovered in a wide range on Tuesday, and finished the trading day 0.41% higher at US$1,821 per tonne. With a firmer US dollar, three months LME aluminium is expected to trade between US$1,800-1,840 per tonne today. As on July 23, Tuesday, LME aluminium cash (bid) price stood at US$ 1794.50 per tonne, LME official settlement price stands at US$ 1795...
The survey data of the International Aluminium Institute (IAI) showed that global aluminium production dropped 0.5 per cent in the first half of 2019, as Lower Western output had been largely down due to temporary outages at two important smelters – Albras in Brazil and Becancour in Canada. The bearish market sentiment in China was another key factor for the world aluminium production fall in H1 2019. In June, Chinese output fell by 3.1 per cent and by 0.4 per cent over the first six months of the year, according to the IAI. Production in the world outside China decreased by 0.6 per cent in the first half of the year. Albras in Brazil, which has an annual capacity of 450,000 tonnes, has been operating at 50 per cent since April 2018 because of tight global alumina supply on Alunorte...
NALCO has signed a Memorandum of Understanding (MoU) with NIT, Rourkela & NIT Rourkela Alumni Association (NITRAA) for the creation of a Centre of Excellence. The objective of collaboration is to develop entrepreneurs by supporting technology-driven start-up companies to improve manufacturing & service delivery competitiveness, NALCO said on Friday, July 19. The incubation centre will be located at the company’s Research and Training Centre at Gothapatna, Bhubaneswar, where NALCO is developing a world-class research facility to benefit the aluminium sector. The partnership, supported by IIT, ICT & DST, is aimed at developing an ecosystem for promoting entrepreneurship, to promote a knowledge environment by collaborating with research institutes and universities in both, core and enabling...
According to ABAL, the aluminium industry association of Brazil, Brazilian primary aluminium production declined 3.1 per cent year-on-year in May 2019. Aluminium production in Brazil totalled 50,000t in May. Month-on-month, Brazil’s primary aluminium production increased 3.31 per cent from 48,400 tonnes in April. The total primary aluminium production in the first five months of 2019 also dropped 20.1 per cent year-on-year to 245,400 tonnes, according to the association, Brazil’s full-year aluminium production for 2018 stood at 659,000 tonnes. The country’s declining aluminium output has been impacting South American total production. Regional primary aluminium output came in at 86,000 tonnes in May, down 8.51 per cent on the year. Abal comprises CBA, part of local conglomerate...
Norsk Hydro in the financial results of second quarter 2019 declared that its underlying earnings before financial items and tax stood at NOK 875 million, compared to NOK 2,713 million in the same period last year. This year-on-year fall in underlying earnings could be attributed to cyber-attack and lower aluminium and alumina prices across the globe. Underlying EBIT for bauxite and alumina, however, stood higher from NOK 364 million in Q2 2018 to NOK 415 million in Q2 2019, primarily buoyed by increased production following the lifting of the embargo on May 20. “Alunorte reached 80-85 per cent capacity utilization in June, within the targeted 75-85 per cent capacity utilization for the state-of-art press filter technology. Paragominas and Albras are also ramping up successfully. This is...
The US dollar inched up on Monday as investors tempered expectations for an aggressive Federal Reserve interest rate cut later this month. LME base metals, closed lower on Monday. Aluminium tumbled 1.8% and SHFE aluminium shed 0.6%. Three-month LME aluminium slipped 1.81% to close at US$1,813.5 per tonne on Monday. The load-up of short positions primarily accounted for the losses. LME aluminium is expected to trade between US$1,800-1,840 per tonne today. As on July 22, Monday, LME aluminium cash (bid) price stood at US$ 1807.50 per tonne, LME official settlement price stands at US$ 1808 per tonne; 3-months bid price stands at US$ 1835 per tonne, 3-months offer price is US$ 1836 per tonne; Dec 20 bid price stands at US$ 1938 per tonne, and Dec 20 offer price stands at US$ 1943 per tonne....
A00 aluminium ingot price has edged lower by 0.36 per cent today. As on Tuesday, 23 July 2019, ingot price ranged at RMB 13780-13820 per tonne; the average price stood at RMB 13800 per tonne, down by RMB 50 per tonne from its previous price of RMB 13850 per tonne on July 22. In Foshan and Wuxi, aluminium ingot price has dropped by RMB 50 per tonne each to stand at RMB 13770 per tonne and RMB 13790 per tonne. Their average price is expected to range within RMB 13750- 13790 per tonne and RMB 13780- 13800 per tonne. Aluminium price in Hangzhou is down RMB 50 per tonne at RMB 13800 per tonne as on July 23. On Tuesday, 23 July 2019, aluminium ingot prices in Chongqing, Shenyang, Tianjin, Linyi, and Gongyi stand at RMB 13790 per tonne, RMB 13760 per tonne, RMB 13790 per tonne, RMB 13810 per...
Global primary aluminium production in June decreased slightly from 5.33 million tonnes in June 2018 to 5.24 million tonnes. Aluminium production dropped 2.96% from May’s 2019 production of 5.4 million tonnes, according to the latest data showed by the International Aluminium Institute (IAI). Primary aluminium production in the first half of 2019 stood at 31.61 million tonnes, almost flat from the first half of 2018 figure. In Asia ex-China, aluminium production stood at 360,000 tonnes in June compared with 368,000 tonnes in June 2018. Production in January-June totalled 2.19 million tonnes. In the Middle East, primary aluminium production increased from 437,000 in June 2018 to 449,000 tonnes in June 2019. Europe’s primary aluminium production totalled 628,000 tonnes in June compared with...
According to Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, increased 5,000 tonnes from Thursday July 18 to stand at 1.047 million tonnes as of Monday July 22. On Thursday, July 18, the primary aluminium inventories were 1.042 million tonnes, barely changed from a week ago. The chart below indicates the current status of primary aluminium inventories across all major China markets: In Wuxi and Shanghai, primary aluminium inventories declined 2,000 tonnes and 1,000 tonnes from Thursday to stand at 318,000 tonnes and 200,000 tonnes on Monday, 22 July 2019. Inventories in Nanhai, Guangdong increased from 258,000 tonnes to 269,000 tonnes. In Gongyi and Hangzhou, the inventories dropped 1,000 tonnes and 3,000...
Aluminium Bahrain (Alba)’s Line 6 expansion project is at the final stage of construction and the Chairman of Alba’s Board of Directors Shaikh Daij Bin Salman Bin Daij Al Khalifa, visited Line 6 on Sunday 21 July 2019, to inspect the progress of the last stage of the potline. He also witnessed the handover of the remaining pots for the Safe Start-Up of Line 6. Alba’s Executive Management and Owners’ teams from Line 6 and Power Station 5 (PS 5) joined the Chairman during the visit. Commenting on this occasion, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “I would like to thank all Alba employees and contractors for the continued success on the safe start-up of Line 6. “I am confident that the Line 6 Start-Up Team will continue to take Extreme Ownership on Safety as we approach the...
The US dollar rebounded on Friday after dropping on Thursday. LME base metals closed mixed on Friday. LME aluminium declined 0.2% while SHFE aluminium sank 0.3%. Three-month LME aluminium dropped on Friday night after climbing to a more-than two-month high of US$1,866 per tonne, and closed 0.22% lower at US$1,847 per tonne. It is expected to trade between US$1,830-1,870 per tonne today. As on July 19, Friday, LME aluminium cash (bid) price stood at US$ 1832 per tonne, LME official settlement price stands at US$ 1833 per tonne; 3-months bid price stands at US$ 1855 per tonne, 3-months offer price is US$ 1856 per tonne; Dec 20 bid price stands at US$ 1957 per tonne, and Dec 20 offer price stands at US$ 1962 per tonne. The LME aluminium opening stock registered dropped yesterday to 974000...
