1. Macro perspective The US-Iran conflict entered its second week. After the escort coalition intervened, traffic through the Strait of Hormuz partially recovered, but war risk insurance rates remained elevated. Brent crude pulled back from a high of USD 101 to consolidate around USD 95, with energy cost support weakening from earlier levels but not yet fading. The US Fed delivered a 25bp rate hike at its September FOMC meeting, and the dot plot indicated one more hike may still occur this year. Chair Warsh struck a hawkish tone in his post-meeting remarks, and the US dollar index held at a 13-month high. Next week, attention turns to China's official PMI on September 30, as well as US PCE and non-farm payrolls data during the National Day holiday—with China's market closed for seven days...
According to data released by the General Administration of Customs of the People's Republic of China (GACC), China's total primary aluminium imports reached 185,500 tonnes in August 2026, down 14.65 per cent year-on-year but up 0.16 per cent month-on-month. Total imports for January-August amounted to 1.66 million tonnes, a decrease of 3.41 per cent year-on-year. The 14.65 per cent year-on-year decline in August imports, coupled with a nearly flat month-on-month performance, indicates that imports have not collapsed but rather maintained a steady inflow. In August, China's total primary aluminium exports stood at 21,900 tonnes, down 14.53 per cent year-on-year and 30.48 per cent month-on-month. Cumulative exports for January-August totalled 167,500 tonnes, up 9.26 per cent year-on-year....
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U.S. President Donald Trump's administration’s decision to lift sanctions on Oleg Deripaska’s aluminium conglomerate Rusal and its parent company En+ Group despite strong opposition raised Rusal’s shares in the exchange and pushed back the LME aluminium prices. The move sent the Russian stock index to an all-time and the Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside China, hit their highest since April on Monday, January 28 after rising 9 per cent. Aluminum prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the opening yesterday. LME aluminium fell and closed at US$ 1860 per tonne yesterday from US$ 1877.5 per tonne last week. When sanctions were announced in April 2018, benchmark aluminium price on London Metal Exchange shot...
Being a media partner of the twin-event ALUMINIUM INDIA 2019 and INCAL Conference, we hereby, would like to take the opportunity to remind you that the events will begin in a day on January 31 till February 2 in Bhubaneswar to offer a mega platform for exchanging ideas on latest technological advances in the Aluminium industry. The most important industrial regions- India, China, North America, and Europe will come together during the occasions. The renowned trade fair ALUMINIUM INDIA 2019 will connect the international aluminium industry with producers, processors, and customers from India in order to initiate investment projects and business relations. Currently, India is one of the fastest-growing aluminium markets, with significant expansions in primary and downstream capabilities,...
The US dollar changed little against a basket of currencies on Monday as traders were cautious ahead of the Federal Reserve's two-day policy meeting and trade talks between China and the US. Most LME base metals traded lower on Monday and aluminium fell 1.9%. SHFE base metals saw similar performance overnight and aluminium declined 1%. As the U.S. treasury lifted sanctions on aluminium giant Rusal and other Russian firms linked to oligarch Oleg Deripaska on January 27, LME aluminium fell and closed at US$ 1860 per tonne yesterday. LME aluminium fell past the 40-, five- and 10-day moving averages to close at US$1,868 per tonne after it jumped above the 60-day moving average to a day-high of US$1,914 tonne overnight. It is expected to weaken in a range of US$1,845-1,880 per tonne today. As...
In the background of growing social inventories of primary aluminium by around 31,000 tonnes over the weekend and low transactions in the spot market, the A00 aluminium ingot price has recorded a plunge today, January 29, by RMB 120 per tonne. According to Shanghai Metals Market, yesterday, on January 28, the price was at RMB 13,410 per tonne and today after the drop it hovers at RMB 13,290 per tonne. This takes the price again close to as low as it was in the mid of this month. The average prices today are expected to range between RMB 13,270 per tonne and RMB 13,310 per tonne, with spot discounts to settle at RMB 90 per tonne to RMB 50 per tonne. While this significant plunge has touched all the major markets in China, the A00 aluminium ingot price in the east (Wuxi and Hangzhou) has...
According to Shanghai Metals Market, spot aluminium transactions across eastern and southern markets kept muted on Monday, January 28, as most downstream consumers began their Chinese New Year break. This is the last week before the most important Chinese festival begins. The front-month aluminium contract on the Shanghai Futures Exchange weakened in morning trade. In Shanghai, spot discounts were at RMB 70 per tonne to RMB 60 per tonne, compared to RMB 80 per tonne to RMB 60 per tonne on Friday morning, January 25. Spot transactions in Shanghai, Wuxi and Hangzhou were seen at RMB 13,410 per tonne to RMB 13,430 per tonne. Trade prices were up close to RMB 20 per tonne from Friday morning. In Guangdong, spot transactions were heard at RMB 13,440 per tonne to RMB 13,450 per tonne, with...
A Navaratna CPSE under Ministry of Mines National Aluminium Company Limited (Nalco) has reportedly aimed at achieving a net profit of over INR 1,600 crore and revenue of INR 12,000 crore during the on-going fiscal 2018-19. The news came after the company’s CMD Dr. Tapan Kumar Chand said: "We have a corporate plan to increase the turnover from the existing level of Rs. 10,000 crore to Rs. 30,000 crore. This year itself, we are likely to register a gross turnover of more than Rs. 12,000 crore." He further said the company aims to register a net profit of INR 1,600 crore as it eyes to 1 million tonnes of more alumina production and 1.2 million tonnes of more aluminium production. During the financial year 2017-18, Nalco had recorded a 10-years high net profit of INR 1,342 crore, up from INR...
As the most awaited move in the aluminium market, US Treasury on Sunday lifted sanctions on aluminium major Rusal and other Russian firms linked to oligarch Oleg Deripaska. Though there was pressure from the Democrats on the administration to continue with the sanctions, finally the sanctions were lifted with the fulfilment of the conditions. Advocates for sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies to lift sanctions imposed in April to punish Russia for a number of political and diplomatic actions. Some lawmakers from both parties were also not in favour of lifting the sanctions. The U.S. Treasury Department, in its statement said that the three sanctioned companies had reduced Deripaska's direct and...
The US dollar index fell to a week-low on Friday, as traders refocused on the Federal Reserve's policy meeting next week when the US central bank is expected to keep interest rates unchanged. LME base metals traded higher on Friday. LME Aluminium climbed over 1%.SHFE base metals performed similarly and aluminium increased by some 0.4%. LME aluminium closed last week’s trading higher at US$1866.5 per tonne on Friday January 25. Following losses in the US dollar, LME aluminium shrugged off resistance at the 60-day moving average to the day’s high of US$1,919 per tonne before it lost some gains to end at US$1,905 per tonne on Friday night. It is expected to weaken in a range of US$1,880-1,905 per tonne today as the U.S. treasury lifted sanctions on aluminium giant Rusal and other Russian...
Social inventories of primary aluminium in China have further extended a growth over the weekend ended on Monday, January 28, as some downstream consumers begun Chinese New Year break resulting in lowered consumptions, Shanghai Metals Market (SMM) found. Thus, after a further rise, the inventories across eight major Chinese consumption areas, including SHFE warrants, have come in at 1.334 million tonnes, up 31,000 tonnes from Thursday, January 24, SMM data showed. In Wuxi and Jiangsu, the primary aluminium inventories have increased from 489,000 tonnes to 502,000 tonnes, up 13,000 tonnes but in Shanghai, the inventories have dropped by 1,000 tonnes from 300,000 on January 24 to 299,000 on January 28. However, in Nanhai and Guangdong, and Hangzhou and Zhejiang, the inventories have grown...
As the temperature soared above 40 degrees, it triggered power outages on Australia's strained grid on Friday. Demand for air-conditioning soared and coal-fired generators struggled to meet the surge in consumption leading to power shortage. To manage the power shortage, Australian Energy Market Operator (AEMO) cut power to Alcoa Corp's Portland aluminium smelter, the biggest power consumer in the state of Victoria for two hours on Thursday and Friday. Wholesale power rates in Victoria hit the market cap of A$14,500 ($10,298) per megawatt hour (MWh) before midday on Friday, earlier than expected, then dropped to A$300. AEMO Chief Executive Audrey Zibelman said that despite the additional power from the states of Tasmania, New South Wales and South Australia, they were short of supply and...
The US dollar strengthened against the euro after European Central Bank President Mario Draghi warned on downbeat economic growth. Base metals ended mixed. LME aluminium fell 0.55% and SHFE aluminium edged down. LME aluminium closed Thursday’s trading lower at US$ 1851 per tonne. Then the contract extended its rangebound trend overnight as it rebounded to close at US$1,885 per tonne after fell below the five-day moving average. Shanghai Metals Market expects the LME aluminium contract to trade at US$1870-1,900 per tonne today. As on January 24, LME aluminium cash (bid) price stood at US$ 1850 per tonne, LME official settlement price stands at US$ 1851per tonne; 3-months bid price stands at US$ 1870 per tonne, 3-months offer price is US$ 1871 per tonne; Dec 19 bid price stands at US$ 2005...
Following the growth of primary aluminium stocks by 39,000 tonnes to 1.303 million tonnes yesterday, the price of A00 aluminium ingot has registered a drop today, on January 25, to RMB 13,400 per tonne, Shanghai Metals Market found. This marks the primary aluminium price drop by RMB 70 per tonne after two back-to-back rises on January 23 and January 24. Today, the average prices are expected to range between RMB 13,380 per tonne and RMB 13,420 per tonne, with spot discounts to settle at RMB 80 per tonne to RMB 40 per tonne. In the east (Wuxi and Hangzhou), the ingot prices have declined today by RMB 65 per tonne and RMB 60 per tonne to stand at RMB 13,400 per tonne and RMB 13,390 per tonne respectively. In the south and north, on the other hand, the prices have plunged by RMB 20 per tonne...
Social inventories of primary aluminium across eight major consumption areas in China, including SHFE warrants, came in at 1.303 million tonnes as of Thursday January 24. The figure is up by 39,000 tonnes from Thursday January 17, Shanghai Metals Market data showed. For the same period, stocks in Nanhai, Guangdong and Gongyi, Henan increased by 23,000 tonnes and 9,000 tonnes to stand at 182,000 tonnes and 119,000 tonnes while stocks in Wuxi, Jiangsu and Shanghai reduced by 3,000 tonnes and 1,000 tonnes to stand at 489,000 tonnes and 300,000 tonnes. The below chart indicates the current status of primary aluminium inventories across China: The increase in primary aluminium inventory could be attributed to smaller purchases as most downstream plants have closed for Chinese New Year.
According to a Reuter’s report, the London Metal Exchange (LME) has announced seven new contracts to be launched on March 11. LME has not been very successful in launching new products and are mostly dependent on its core base metal contracts. LME hopes to boost trading activities in the exchange with the multiple new contracts. The new contracts are all cash-settled futures indexed against physical market price assessments and there will be no physical delivery. LME will launch two new aluminium premium contracts- one indexed against Platts’ assessment of the Midwest U.S. market and one against Fastmarkets MB’s assessment of the duty-unpaid European market, in competition with CME. Super-charged aluminium premiums played a key role in the market in 2013 due to the long load-out queues in...
The US dollar decreased against a basket of currencies as uncertainties over trade and the global economy clouded the currency's near-term outlook. The dollar index dipped to the lowest in three days at 96.04. Base metals rallied across the board and aluminium nudged up. SHFE aluminium went up 0.7%. LME aluminium closed Wednesday’s trading higher at US$ 1877.50 per tonne. LME aluminium received support from a stronger SHFE contract. During night trading, the contract gained 1.4 per cent to tip the highest in a month at US$1,917 per tonne and then it slipped by 0.7 per cent to US$1,896 a tonne by 0117 GMT. Today, the contract is expected to trade at US$1,870-1,900 per tonne. The Trump administration is expected to lift sanctions on Rusal by Friday, which could mean that aluminium that had...
A00 aluminium ingot price increased further to RMB13470 per tonne on January 24, registering a growth of RMB80 per tonne from the previous day. The average prices today are expected to range between RMB 13450 per tonne and RMB 13490 per tonne, with spot discounts to settle at RMB 70-30 per tonne. Aluminium ingot prices in the East Wuxi and Hangzhou increased by RMB 80 per tonne and RMB 60 per tonne to stand at RMB 13465 per tonne and RMB 13450 per tonne, respectively. Their average prices are expected to hover between RMB 13460 per tonne and RMB 13470 per tonne, and RMB 13440 per tonne and RMB 13460 per tonne. Ingot price in South China rose by RMB 90 per tonne to stand at RMB 13500 per tonne, price of ingot in North China increased by RMB50 per tonne to RMB 13450 per tonne. Aluminium...
Emirates Global Aluminium has achieved cost savings of AED 70 million from employee suggestions and continuous improvement projects in 2018. EGA said through its press release that approximately AED 50 million worth of savings were generated through a record 38,037 proposals submitted as a part of EGA’s Suggestion Scheme. In addition, 201 improvement projects, resulting in the remaining savings were registered through “Tamayaz”; a cross-functional, team based program. Abdulla Kalban, Managing Director and Chief Executive Officer of EGA, said: “At EGA we believe that everyone has a role to play in continuous improvement. Employees who are closest to a certain work process are often best placed to spot opportunities to improve it. Our programmes are built to enable all our people to share...
The US dollar edged down as US-China trade tension continued. The partial US government shutdown and a three-year low in US pending home sales also weighed on the greenback. Base metals fell for the most part but LME aluminium jumped 2.46%. LME aluminium closed Tuesday’s trading at US$1867.50 per tonne and fell below support at the five-, 20-, and 10-day moving averages during the Asian trading session as US-CHINA trade talk optimism waned. It rebounded to a month-high of US$1,896.5 per tonne during the European trading session and closed at US$1,893 per tonne. The contract is expected to trade at US$1,860-1,895 per tonne. As on January 22, LME aluminium cash (bid) price stood at US$ 1867 per tonne, LME official settlement price stands at US$ 1867.50 per tonne; 3-months bid price stands...
