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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All 60 electrolysis cells are now in operation at the Karmøy technology pilot, where Hydro aims to industrialize the world's most climate and energy efficient aluminium electrolysis technology. "Our aim is to be the global leader in technology and innovation in our industry, and the Karmøy pilot helps advance that ambition and ensures that the Norwegian technology cluster remains the global leader in sustainable aluminium production" says Hydro president and CEO Svein Richard Brandtzæg. The technology that is being tested at Karmøy will have the lowest CO2 footprint and will use 15% less energy during production compared to the world average in aluminium production. The technology consists of 48 cells with 12.3 kWh/Kg HAL4e technology and 12 cells with 11.5-11.8 kWh/kg HAL4e Ultra...
LME aluminium dropped from the previous closing of US$ 2172 per tonne and closed at US$ 2152 per tonne yesterday June 27. The US dollar index was up 0.4% at 94.66 on Tuesday. Most base metals rebounded overnight. LME aluminium surged over 2% recovering all the losses this week and rebounded to between the five- and 10-day moving averages overnight. Aluminium still faces strong pressure as the US dollar stays strong. Shanghai Metals Market expects LME aluminium to trade at US$2,170-2,195 per tonne today. As on June 26, LME aluminium cash (bid) price stands at US$ 2151 per tonne, LME official settlement price stands at US$ 2152 per tonne; 3-months bid price stands at US$ 2142 per tonne, 3-months offer price is US$ 2143 per tonne; Dec 19 bid price stands at US$ 2160 per tonne, and Dec 19...
LME aluminium rebounded with the dipping of US dollar and closed Monday’s trading at US$ 2172 per tonne. LME aluminium was dragged down by its SHFE counterpart to close at a low of US$2,149.5 per tonne last night. It is expected to recover some losses and move close to the five-day moving average during the day. Shanghai Metals Market sees the trading range at $2,140-2,165 per tonne. As on June 25, LME aluminium cash (bid) price stands at US$ 2171 per tonne, LME official settlement price stands at US$ 2172 per tonne; 3-months bid price stands at US$ 2165 per tonne, 3-months offer price is US$ 2167 per tonne; Dec 19 bid price stands at US$ 2183 per tonne, and Dec 19 offer price stands at US$ 2188 per tonne. The LME aluminium opening stock slightly dropped to 123700 tonnes. Live Warrants...
The primary aluminium inventory in China, including SHFE warrants, saw a slower decline over the weekend as environment probe deterred downstream consumption. As of June 25, 2018, primary aluminium inventories across eight major consumption areas in China shrank 15,000 tonnes to stand at 1.87 million tonnes, compared to 1.88 million tonnes on last Thursday, June 21, 2018, Shanghai Metals Market observed. This indicates a drop of 32,000 tonnes recorded on last Tuesday, June 19, 2018, when the inventory was at 1.89 million tonnes. While in Wuxi and Jiangsu, the inventory dropped from 795,000 tonnes, as of June 21, to 789,000 tonnes on June 25; in Shanghai, the inventory remained unchanged and hovered at 433,000 tonnes. Other major Chinese cities like Nanhai and Guangdong and Linyi and...
The US dollar index dipped and closed at 94.52 last Friday. LME aluminium rebounded to a high of US$2,188.5 per tonne last Friday night after closing the day’s trading at US$ 2166 per tonne as the US dollar dipped. It closed at highs at US$2,176.5 per tonne during night trading with open interests declining 188 lots to 670,000 lots. Shanghai Metals Market sees it trading rangebound around the five-day moving average at US$2,170-2,190 per tonne today. As on June 22, LME aluminium cash (bid) price stands at US$ 2165.50 per tonne, LME official settlement price stands at US$ 2166 per tonne; 3-months bid price stands at US$ 2171 per tonne, 3-months offer price is US$ 2172 per tonne; Dec 19 bid price stands at US$ 2193 per tonne, and Dec 19 offer price stands at US$ 2198 per tonne. The LME...
The Government of the Russian Federation announced on Tuesday, June 19, that it requested to join consultations between the European Union and the United States at the World Trade Organisation over the US imported metal tariffs. The request was submitted in an official letter, dated June 15, 2018. The letter revealed that Moscow wanted to be included in the proceedings as a third party since the measures at issue are applied to the Russian aluminium and steel exports as well. A statement in the letter reads, “The application by the United States of the challenged measures has significant detrimental effect on Russia's trade interests." Should the Russian Federation receives third-party status, it will have the right to send representatives to attend the talks, listen, and present own...
According to the data showed by the International Aluminium Institute (IAI), global primary aluminium production increased in May against April. Total primary aluminium production came in at 5.44 million tonnes in May 2018 as compared to 5.3 million tonnes in April 2018. The global primary aluminium production on a daily basis decreased to 175,500 tonnes. World primary aluminium production stood at 26.43 million tonnes in the first five months of 2018, down 1 per cent year-on-year from 26.6 million tonnes in the first five months of 2017. In China, the primary aluminium production increased 2.8 per cent month-on-month to 3 million tonnes in May. China churned out 14.88 million tonnes of primary aluminium in the first five months of 2018, down 2.7 per cent year-on year from 15.29 million...
LME aluminium rebounded to a high of US$2,193 per tonne from a session-low of US$2,162.5 per tonne overnight. Benchmark aluminium price on London Metal Exchange dropped to close at US$2167 per tonne on Thursday, June 21. SMM sees pressure at the five-day moving average and support at the US$2,160 per tonne level. The metal is likely to trade rangebound at US$2,165-2,196 per tonne today. As on June 21, LME aluminium cash (bid) price stands at US$ 2166 per tonne, LME official settlement price stands at US$ 2167 per tonne; 3-months bid price stands at US$ 2165 per tonne, 3-months offer price is US$ 2166 per tonne; Dec 19 bid price stands at US$ 2190 per tonne, and Dec 19 offer price stands at US$ 2195 per tonne. The LME aluminium opening stock slightly dropped to 1131100 tonnes. Live...
After showing a restraint yesterday, on June 21, at RMB 14120 per tonne, the average A00 aluminium ingot price saw a marginal growth today, June 22, to RMB 14130 per tonne, according to Shanghai Metals Market. The prices are expected to range between RMB 14110 per tonne and RMB 14150 per tonne, with spot discount to settle at RMB 50 per tonne to RMB 10 per tonne. However, not all major markets in China witnessed a rise in the A00 aluminium ingot price today. While in east and south, the prices plunged from RMB 14105 per tonne to RMB 14095 per tonne and from RMB 14235 per tonne to RMB 14230 per tonne respectively, in the north, the price registered a growth by RMB 10 per tonne to stand at RMB 14150 per tonne. The table below shows the movements of primary aluminium prices across the major...
India today, on June 21, 2018, notified that it would impose retaliatory tariffs against 30 US products from August 4, 2018. The products are worth of US$240 million to counter Trump administration’s move to unilaterally hike duties on Indian aluminium and steel exports. Although the Indian retaliatory tariffs could have come into effect immediately, the country seems to be given some more time to the US keeping in mind the upcoming negotiations for a trade package with the US. Assistant US trade representative (USTR) Mark Linscott is likely to visit India last week of this month to begin the negotiations. Last week on June 13, India had intimidated the World Trade Organisation (WTO) to impose duties on 30 US products , including motorcycles with engine capacity over 800cc (including...
China’s inventory of primary aluminium, including SHFE warrants, declined slower this week with a slight growth of warehouses supplies, according to Shanghai Metals Market. On Thursday, June 21, 2018, inventories of primary aluminium across eight major consumption areas in China shrank 40,000 tonnes to stand at 1.88 million tonnes, compared to a drop of 53,000 tonnes recorded on previous Thursday, June 14, to stand at 1.92 million tonnes. However, downstream aluminium trading decreased due to lower aluminium prices. In Wuxi and Jiangsu, the aluminium inventory hovered at 795,000 tonnes on 21 st of June, whereas on last Thursday, June 14, the inventory stood 801,000 tonnes. In Shanghai, the inventory rallied at 433, 000 tonnes, compared to 439,000 tonnes on last Thursday, Nanhai and...
LME aluminium tumbled to the weakest since April after data showed world primary aluminium production increased to 5.441 million tonnes in May. The metal failed to receive support at US$2,177 per tonne last night and touched a low of US$2,165 per tonne, Shanghai Metals Market reports. LME aluminium price remained unchanged at US$ 2179 per tonne on Wednesday, June 20. It is likely to trade at US$2,160-2,185 per tonne today. SMM expects it to face pressure from a potential trade conflict as the European Union plans to impose a 25% tariff on €2.8 billion worth of US products. As on June 20, LME aluminium cash (bid) price stands at US$ 2178 per tonne, LME official settlement price stands at US$ 2179 per tonne; 3-months bid price stands at US$ 2176 per tonne, 3-months offer price is US$...
Russia said on Tuesday it would impose import duties on U.S. road-building machinery, a measure likely to help Russian oligarch Oleg Deripaska, who was hit by U.S. sanctions and controls Russia’s biggest maker of road-building equipment. In the latest move in the war of sanctions between Russia and the United States, Russia plans to impose import tariffs on certain goods from the United States in response to duties imposed by Washington on steel and aluminum imports. The tariffs will target goods that have domestic equivalents in Russia, Economy Minister Maxim Oreshkin said. “There is road-building machinery and a number of other items that Russia imports,” Oreshkin said when asked to specify the list of goods that Moscow plans to levy tariffs on. The move follows a request from Russian...
LME aluminium fell further and closed at US$ 2179 per tonne yesterday from US$2220.50 per tonne on Monday. Then the contract broke the US$2,200 per tonne level overnight as the US dollar index registered a fresh high in 11 months. Without support from fundamentals and with the growth in the US dollar and trade tensions, Shanghai Metals Market sees further downward room for LME aluminium. It is likely to trade at US$2,160-2,195 per tonne today. As on June 19, LME aluminium cash (bid) price stands at US$ 2178.50 per tonne, LME official settlement price stands at US$ 2179 per tonne; 3-months bid price stands at US$ 2178 per tonne, 3-months offer price is US$ 2179 per tonne; Dec 19 bid price stands at US$ 2203 per tonne, and Dec 19 offer price stands at US$ 2208 per tonne. The LME aluminium...
According to Shanghai Metals Market, aluminium fluoride prices in China are likely to remain stable in the near term as a large number of producers would jointly support prices. On June 14, 2018, many major fluorochemical enterprises in Hengshan and Hunan province gathered and agreed to collaborate to support prices. On the face of oversupplied market and thin profit margins, producers mutually agreed to stop aluminium fluoride prices from breaking the RMB 9000 per tonne level. On Friday, June 15, the traded prices of aluminium fluoride declined as most of the transactions were done at RMB 8500 per tonne to RMB 9000 per tonne. A few transactions were even seen at RMB 8000 per tonne. In the longer term, the aluminium fluoride prices will likely continue to fall in the China market as major...
Alcoa, a global leader in bauxite, alumina and aluminum products, announced today that it will make a $62.4 million payment under an electricity supply agreement for its smelter in Wenatchee, Washington, and will permanently close one of four potlines at the fully curtailed facility. In connection with the planned payment on June 19, 2018, and the closure of the one potline, the Company will record an estimated charge of $73 million (pre- and after-tax), or $0.39 per share, in the second quarter of 2018. The payment to the Chelan Public Utility District (Chelan PUD) was triggered by a recent decision of Alcoa management to not restart the Wenatchee smelter within the term provided in the amended electricity supply agreement. Under the agreement, which expires on October 31, 2028, Alcoa...
As the US dollar came off from highs, LME aluminium rebounded to a high of US$2,228.5 per tonne on Monday after it fell to a low of US$2,193.5 per tonne. Finally the contract closed the day at US$2220.50 per tonne. Shanghai Metals Market expects LME aluminium to trade range bound at lows today with a trading range of US$2,200-2,240 per tonne. As on June 18, LME aluminium cash (bid) price stands at US$ 2220per tonne, LME official settlement price stands at US$ 2220.50per tonne; 3-months bid price stands at US$ 2215 per tonne, 3-months offer price is US$ 2215.50 per tonne; Dec 19 bid price stands at US$ 2238 per tonne, and Dec 19 offer price stands at US$ 2243 per tonne. The LME aluminium opening stock slightly dropped to 1139575 tonnes. Live Warrants totalled at 907750 tonnes, and...
Vimetco and Conef, which owns Romanian aluminium producer Alro, plan to proceed with the public offering of shares in the company. Vimetco and Conef are controlled by Russian investor Vitaliy Machitski. The company together with its subsidiaries consists of upstream and downstream divisions, from the mining and refining of raw materials to the production and sale of primary and processed aluminium products. Alro’s sales and EBITDA stood at RON 2.7 billion (approximately US$ 679 million) and RON 566 million (approximately US$ 140 million) respectively in 2017. Marian Nastase, Chairman of Alro, commented: "This is exciting news for Alro. Alro has become a key player in the global aluminium market, with strong heritage, scale and international presence. We have a strong management team, that...
