The London Metal Exchange (LME) aluminium price graph continues to drop across the pricing and contract segments on the September 24 trading session, reporting declines over the September 23 close . The LME aluminium cash bid slumped from USD 3,239.5 per tonne to USD 3,227 per tonne, rising 0.39 per cent. The offer price moved from USD 3,240 per tonne to USD 3,228 per tonne, dropping by 0.37 per cent. Explore- Most comprehensive and forward-looking industry-focused report — Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook The LME aluminium three-month bid contracted from USD 3,258 per tonne to USD 3,252 per tonne, decreasing by 0.18 per cent. The offer price plunged from USD 3,260 per tonne to USD 3,252.5 per tonne, representing a 0.23 per cent...
The transition towards lower-carbon manufacturing is changing how companies evaluate aluminium and copper. Beyond availability and technical performance, buyers are increasingly examining the emissions embedded in the metals they purchase and whether reducing that footprint justifies a higher price. While low-carbon aluminium has developed into an established premium market, low-carbon copper remains at a developing stage, raising the loaded question: How much are buyers willing to pay for lower-carbon metal? Explore the production, demand and consumption forecasts of bauxite and alumina in our report: “ Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook ” Why aluminium is further ahead Aluminium has had more time to establish a market for...
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Poor summer trades bolstered the US dollar yesterday. Base metals ended mostly higher. LME aluminium climbed 0.8% and SHFE aluminium went up 0.3%. Improved macroeconomic sentiment buoyed most base metals yesterday. All LME aluminium contacts settled over US$ 1800 per tonne mark. Three-month LME aluminium climbed to a high of US$1,843 per tonne and ended 0.82% higher on the day at US$1,843 per tonne. The contract is likely to trade at US$1,790-1,850 per tonne. As on July 15, Monday, LME aluminium cash (bid) price stood at US$ 1809.50 per tonne, LME official settlement price stands at US$ 1810 per tonne; 3-months bid price stands at US$ 1829 per tonne, 3-months offer price is US$ 1830 per tonne; Dec 20 bid price stands at US$ 1932 per tonne, and Dec 20 offer price stands at US$ 1937 per...
According to a report on Monday, July 15, Bosnia’s Federation Government has decided that Aluminij Mostar will continue operating for the next six months and should come up with a rescue plan during that period. The problem with Aluminij’s power supplies, however, remains unresolved. On July 10, the smelter closed down its operations after being disconnected from the power grid due to huge debt of about 280 million marka to the state power utility. "The company will be able to exist in the next six months and nobody will be able to block its accounts or launch bankruptcy proceedings,” Zdenko Klepic, the head of Aluminij's supervisory board, said after a meeting between the leader of the Croatian Democratic Union of Bosnia and Herzegovina (HDZ BiH) party Dragan Covic, the Federation's...
Nalco is looking at venturing out beyond aluminium to invest in value added segments like production of high-end alloys for space vehicles and electric cars and lithium battery production; the company chairman TK Chand said this in an interview to Economic Times. The company is also planning to take up merchant mining and mineral trading to diversify its business. Nalco has set up a two new business verticals to focus on lithium-ion battery and merchant mining. The lithium vertical will look at acquiring lithium and other strategic mineral assets globally. Their JV Khanij Videsh India (Khavil) with Hindustan Copper and MECL will be a part of this vertical. They will also engage in mineral trading in this sector. He company plans to explore lithium sources in Gujarat and Rajasthan by...
According to a CNBC report, the White House plans to send the draft of United States Mexico Canada (USMCA) agreement to Congress after September 1 and it is likely to be voted by the end of the year. The White House could submit the bill to Congress as soon as this week to start the approval process. House Democrats are working towards correcting the issues with the existing agreement. Trump’s acting chief of staff Mick Mulvaney and Vice President Mike Pence’s chief of staff Marc Short are in favour of setting up a deadline for House Democrats to ratify the deal. However, U.S. Trade Representative Robert Lighthizer suggests giving more time to consider it. The White House and USTR agree the Trump administration could benefit from another month to sell the deal to members of Congress...
According to Reuters’ calculations, China’s daily average aluminium output hit record levels in June and pegged at 99,000 tonnes, up from 96,000 tonnes in May and also higher than the previous record levels of around 98,400 tonnes in December 2018. But despite an increase in daily production, the total production in the entire month of June totalled slightly lower than the previous month, according to the data from the National Bureau of Statistics. The data shows that in June, China produced 2.97 million tonnes of aluminium, down 2.98 million tonnes in May but up 1.3 per cent year-on-year. The hike in daily output followed a jump in Shanghai aluminium prices to as much as RMB 14,380 per tonne in May, resulting in positive margins for some smelters and incentivising ramp-ups. But in June,...
The US dollar fell for the third consecutive day last Friday and the dollar index fell 0.26% and ended at 96.826. Base metals closed mostly higher. LME aluminium increased 0.4% and SHFE aluminium grew 0.3%. Both LME aluminium cash and three months contract registered a decline during Friday’s trading. As the US dollar continued to weaken, three-month LME aluminium rebounded from below all moving averages to a high of US$1,829 per tonne during Friday night, before it ended 0.38% higher at US$1,828 per tonne. Three months LME aluminium is likely to trade at US$1,800-1,850 per tonne. As on July 12, Friday, LME aluminium cash (bid) price stood at US$ 1799 per tonne, LME official settlement price stands at US$ 1799.50per tonne; 3-months bid price stands at US$ 1819 per tonne, 3-months offer...
Shanghai Metals Market data showed that social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.043 million tonnes as of Monday July 15. Primary aluminium inventories increased 1,000 tonnes from 1.042 million tonnes on Thursday July 11. On July 11, primary aluminium stocks marked the first weekly increase in about four months. The chart below indicates the current status of primary aluminium inventories across all major China markets: Primary aluminium inventories in Nanhai, Guangdong and Hangzhou, Zhejiang registered a growth of 3,000 tonnes each from Thursday July 11 to stand at 246,000 tonnes and 68,000 tonnes. Stocks of primary aluminium in Wuxi, Jiangsu stood at 328,000 tonnes on Monday, 15 July 2019, down 3,000 tonnes...
The US dollar slipped to a week-low after Federal Reserve Chair Jerome Powell’s downbeat comments on the US economy bolstered expectations of an interest rate cut later this month. Base metals ended mixed. LME aluminium fell 1.57%, and aluminium fell 0.72%. Three-month LME aluminium cut gains from the previous trading day as it fell to a low of US$1,820 per tonne and ended 1.57% lower on the day at US$1,821 per tonne, with pressure from the US$1,850 per tonne level. LME aluminium is likely to trade at US$1,790-1,850 per tonne. As on July 11, Thursday, LME aluminium cash (bid) price stood at US$ 1806.50 per tonne, LME official settlement price stands at US$ 1807per tonne; 3-months bid price stands at US$ 1827 per tonne, 3-months offer price is US$ 1828 per tonne; Dec 20 bid price stands at...
Prebaked anode price in Southwest market has edged lower by 2.70 per cent today. As on Friday, July 12, prebaked anode price ranged at RMB 3500-3700 per tonne; the average price stood at RMB 3600 per tonne, down by 100 RMB from its previous price of RMB 3700 per tonne on April 4. The average prices of prebaked anode in East, Central, and Northwest China markets remain unchanged at RMB 3137.5 per tonne, RMB 3197.5 per tonne, and RMB 3650 per tonne respectively. The average spot alumina price has recorded a drop of RMB24 per tonne to stand at RMB 2607 per tonne on Friday, 12 July 2019. The price was RMB 2631 per tonne on Wednesday, 10 July. All the major markets in China also registered a decline today. Alumina price in East China stands at RMB 2620 per tonne, down RMB 20 per tonne from its...
Vedanta Ltd has raised prices of aluminium ingots today registering a rise for two consecutive days in a row. Vedanta has increased the price of P1020/ EC Grade Ingot with 99.7% purity to INR 143000 per tonne effective from today, July 11 from INR 141250 per tonne on July 9. Last increase took place on July 9 from INR 139750 per tonne on July 5. The company has raised the rates of its products by more than 2.3% in last two increases. LME aluminium prices continued to stay lower through the June quarter leading to a drop in prices of aluminium products of Indian aluminium producers. Three months LME aluminium hovered around US$ 1800 per tonne throughout June. Vedanta’s prices stood 6% lower in the second quarter of FY2019. The company generally links prices of products to the three-month...
Vedanta Limited, at its 54th annual general meeting in Mumbai on July 11, announced that it would invest INR 55,000 crore across its business to increase production by about 50 per cent. The company also said that it would fund this investment from its internal cash flows. Addressing shareholders at the meeting, Vedanta’s chairman Navin Agarwal said, "Looking ahead, we are excited by the prospects in our businesses which include: ramp-up in zinc, lead and especially silver production from Hindustan Zinc and the benefit of a full year’s production from our Gamsberg Zinc mine in South Africa; increased production from our oil and gas business as the first phase of our projects comes on stream and continued structural changes to our cost structure in the aluminium business while increasing...
The US dollar fell 0.47%, to a three-day low of 97.03. Base metals closed mostly higher. LME aluminium advanced 1.62% and SHFE aluminium grew 1.05%. The news of closure of Aluminij Mostar smelter buoyed LME aluminium. As the US dollar weakened, three-month LME aluminium advanced 1.62% to finish at US$1,850 per tonne overnight, after climbing above all the moving averages to highs around US$1,852.5 per tonne. The three month contract is likely to hover around US$1,800-1,860 per tonne today. As on July 10, Wednesday, LME aluminium cash (bid) price stood at US$ 1811 per tonne, LME official settlement price stands at US$ 1811.50 per tonne; 3-months bid price stands at US$ 1830 per tonne, 3-months offer price is US$ 1832 per tonne; Dec 20 bid price stands at US$ 1933 per tonne, and Dec 20...
After recording a continued decline over the months, the social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, have gained 14,000 tonnes from a week ago to stand at 1.042 million tonnes, as of Thursday, July 11, found Shanghai Metals Market. The major markets that have witnessed the increase in aluminium inventories are Nanhai, Guangdong; Gongyi, Henan; Hangzhou, Zhejiang; Linyi, Shandong; and Tianjin. The inventories there have grown by 12,000 tonnes, 5,000 tonnes, 2,000 tonnes, and 1,000 tonnes respectively. Other markets like Wuxi, Jiangsu and Shanghai have witnessed a dip in inventories by 4,000 tonnes. The below chart indicates the current status of primary aluminium inventories in more details: Amidst the rise in primary aluminium...
Bosnia’s only operating aluminium smelter and one of the country’s biggest exporters Aluminij Mostar finally closed down its operations on Wednesday midnight after it was disconnected from the power grid. The smelter was under a huge debt of 380 million Bosnian marka (US$218 million) because of higher electricity and alumina costs. The smelter owed 280 million marka to the state power utility, EPHZHB, which stopped supplying power at a discounted price since June, agreed with the government last December. Since then, the smelter has been buying day-ahead electricity, which is more volatile than long-term power contracts. The shutdown on Wednesday followed a failed attempt to find a strategic investor for the company. London-listed miner and commodity trader Glencore backed out from a...
Ulrich Schridde, a well-known metal industry expert joins Skyadvisory as Associate Partner. Schridde would strengthen Skyadvisory as strategist in the metal industry with immediate effect. “We are enthusiastic to welcome such a renowned metal expert like Ulrich in our team. His competence and experience are pivotal for creating significant value to our clients in the metal area,” says Dr. Carsten B. Henkel, Chairman & CEO of Skyadvisory. Ulrich Schridde has more than 37 years of experience in the metals industry. Since October 2015 he has served at Aludium as Director of Metal Management and was responsible for metal procurement and metal strategy. He also worked with Rusal as Director of Sales and was responsible for the European Business. He ventured into the aluminium and metal sector...
The US dollar continued to climb against its major rivals yesterday. Base metals ended mixed. LME aluminium climbed 0.89% and SHFE aluminium went flat. LME aluminium traded flat yesterday. Three-month LME aluminium registered slight gain during the day but outperformed most other base metals as it climbed to a high of US$1,820 per tonne last night and closed 0.89% higher on the day at US$1,820.5 per tonne. However, pressure above will cap its upside room and keep it between US$1,780-1,830 per tonne today. As on July 9, Tuesday, LME aluminium cash (bid) price stood at US$ 1782.50 per tonne, LME official settlement price stands at US$ 1783 per tonne; 3-months bid price stands at US$ 1802 per tonne, 3-months offer price is US$ 1803 per tonne; Dec 20 bid price stands at US$ 1908 per tonne,...
The US dollar held on to gains from last Friday, hovering at a three-week high, as investors continued to reappraise the Federal Reserve interest rate outlook in the wake of last week's nonfarm payrolls report. Base metals traded mixed. LME aluminium closed flat and SHFE aluminium gained 0.11%. While aluminium cash contract gained over the day, three months aluminium fell yesterday driven by dropping confidence in longs. Over the night, three-month LME aluminium fell to a low of US$1,796 per tonne after it unsuccessfully tested pressure from US$1,810 per tonne. It ended flat overnight at US$1,804.5 per tonne, and may hover between US$1,780-1,850 per tonne with limited upward momentum today. As on July 8, Monday, LME aluminium cash (bid) price stood at US$ 1782.50 per tonne, LME official...
Emirates Global Aluminium (EGA) has won two gold awards at the 2019 Ideas Arabia competition for employees’ suggestions. The Ideas Arabia competition encourages employee engagement in continuous improvement of a company through suggestion schemes, and rewards creative and original ideas. EGA winning entry included a safety suggestion developed by EGA employees Leyson Ecuacion, Reynaldo Subong, Gereliv Magale, Jayaprakash Rajagopaland and Rolando Milloria. The suggestion eliminated a potential fire risk through equipment modifications. Another winning idea was suggested by Ravindrakumar Shinde, Rajesh Chenolil, Melchor Gella, Satish Rajput and Balakrishnan K.P. for designing and building a robotic cleaning machine for pipes, eliminating the need for removal before cleaning. Both these...
