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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LME aluminium, which hit its weakest in seven weeks at $2,200.50 a tonne on Friday, recaptured the 100-day moving average as it traded at US$2215. The contract closed at US$2239.50 per tonne on Friday. Pressure from a stronger dollar pushed the contract down and a holiday in China drained buying interest from the market. As on June 15, LME aluminium cash (bid) price stands at US$ 2238.50per tonne, LME official settlement price stands at US$ 2239.50per tonne; 3-months bid price stands at US$ 2231 per tonne, 3-months offer price is US$ 2233 per tonne; Dec 19 bid price stands at US$ 2245 per tonne, and Dec 19 offer price stands at US$ 2250 per tonne. The LME aluminium opening stock slightly dropped to 1142600 tonnes. Live Warrants totalled at 920850 tonnes, and Cancelled Warrants were 221750...
According to an official, India will raise duties on 30 US products, including motorcycles with engine capacity over 800cc, fresh apples and almonds, in retaliation against Washington’s move to impose higher duties on Indian aluminium and steel exports. “This is the first time that India has levied retaliatory tariffs on any country,” said the official aware of the details. According to India’s decision regarding the tariffs, motorcycles with engine capacity over 800cc is going to attract 50 per cent of duty, almonds 20 per cent, walnut 20 per cent, and apples 25 per cent. These duties are expected to collect around US$238.09 million, once come into force on June 21, 2018. On Wednesday, June 13, India intimidated the World Trade Organisation (WTO) of its decision. “This notification is...
Aluminium prices advanced by 0.19 per cent to INR 154.30 per kg in futures trading today as speculators engaged in building up positions, tracking a firm trend at spot market on soaring demand. At the Multi Commodity Exchange, aluminium for delivery in June edged up by 30 paise, or 0.19 per cent to INR 154.30 per kg in business turnover of 177 lots. Likewise, the metal for delivery in July was trading higher by 15 paise, or 0.10 per cent to INR 154.20 per kg in 27 lots. Analysts said widening of positions by participants on the back of rising demand from consuming industries in the physical market mainly kept aluminium prices higher at futures trade.
Base metals fell with the rising US dollar and LME aluminium closed slightly lower at US$ 2277.50 per tonne on Thursday 14 June from US$ 2278 per tonne on Wednesday June 13. Over the night trading, LME aluminium rebounded back to around the 20-day moving average after being dragged down by its SHFE counterpart to a low of US$2,252 per tonne. Shanghai Metals Market sees it trading at US$2,240-2,270 per tonne with limited upward room given a stronger US dollar. As on June 14, LME aluminium cash (bid) price stands at US$ 2277per tonne, LME official settlement price stands at US$ 2277.50 per tonne; 3-months bid price stands at US$ 2266 per tonne, 3-months offer price is US$ 2266.50 per tonne; Dec 19 bid price stands at US$ 2275 per tonne, and Dec 19 offer price stands at US$ 2280 per tonne....
After a rise in A00 aluminium ingot price from RMB 14540 per tonne to RMB 14560 per tonne on June 14 on the face of primary aluminium inventory dip, it dwindled drastically on June 15, to RMB 14340 per tonne, Shanghai Metals Market believed. The prices are expected to range between RMB 14320 per tonne and RMB 14360 per tonne, with spot discounts still settled at RMB 20 per tonne. Since the beginning of the week, the aluminium ingot price has been incessantly witnessing ups and downs, as on June 11, the price plunged from RMB 14740 per tonne to RMB 14720 per tonne, followed by a growth to RMB 14750 per tonne on June 12. The next day on June 13, the price fell straight to RMB 14540 per tonne; while on June 14, it rose to RMB 14560 per tonne. All the major Chinese markets also saw a plunge...
The Canadian province of Quebec will offer C$100 million ($77.1 million) in loans and guarantees on loans to steel and aluminum companies hit by recent U.S. tariffs, the province’s economy minister said on Monday. Companies that transform the metals will benefit from the program after the United States recently slapped a 25 percent tariff on steel and a 10 percent tariff on aluminum imports. Economy Minister Dominique Anglade told reporters in Montreal that the program came after aluminum and steel companies received feedback from clients who are not willing to pay the tariffs. “What they’re telling us is some of their contracts were canceled,” she said, adding some had already slowed down production. Anglade said the impact of the tariffs on metals had been felt quicker than when the...
On recommencing potline four on the face of improved metal prices, Tiwai aluminium smelter, owned by Rio Tinto and the Sumitomo Group via a joint venture called New Zealand Aluminium Smelters Limited, is seeking to recruit 90 new staff. The company reports that it needs to fill 90 roles, as its production is likely to increase with the restart of potline four and the growing demand for aluminium block products. On the other hand, older employees are retiring and increasingly creating room for recruitments. Outgoing chief executive and general manager Gretta Stephens said, “While it was unusual to be recruiting for so many roles, most of the new jobs related to the restart of line four and the subsequent increased metal production in the casthouse.” Stephens also said, “The smelter has...
China’s aluminium production grew 1.5% year-on-year to 2.79 million tonnes in May, according to data released by China’s National Bureau of Statistics (NBS) on Thursday June 14. On a daily basis, China produced 90,000 tonnes of aluminium last month, from 92,300 tonnes in April, according to Reuters calculations based on the data. The world’s biggest aluminium producer churned out 13.6 million tonnes of aluminium in the first five months of 2018, up 1.4 per cent from the same period last year, the data showed. Production of 10 nonferrous metals- including copper, aluminium, lead, zinc and nickel registered 4.3 per cent growth in May, 2018. The total production stood at 4.55 million tonnes. During January- May, production of nonferrous metals came in at 22.2 million tonnes, an increase of...
Base metals fell across the board overnight with the rising of US dollar and LME aluminium closed lower at US$ 2278 per tonne from US$ 2309 per tonne. Shanghai Metals Market expects LME aluminium to edge up with a trading range at US$2,270-2,290 per tonne. As on June 13, LME aluminium cash (bid) price stands at US$ 2277.50 per tonne, LME official settlement price stands at US$ 2278 per tonne; 3-months bid price stands at US$ 2275 per tonne, 3-months offer price is US$ 2276 per tonne; Dec 19 bid price stands at US$ 2282 per tonne, and Dec 19 offer price stands at US$ 2287 per tonne. The LME aluminium opening stock slightly dropped to 1153875 tonnes. Live Warrants totalled at 937150 tonnes, and Cancelled Warrants were 216725 tonne. LME aluminium 3-months ABR price is hovering at US$ 2283...
The primary aluminium inventory in China, including SHFE warrants, continued shrinking marking a sixth consecutive week of decline on June 14, 2018. Compared to the last Thursday when inventory stood at 1.98 million tonnes after shrinking 55,000 from its previous week, today, the inventory witnessed a downfall of 53,000 tonnes to stand at 1.92 million tonnes, according to Shanghai Metals Market. Despite torrential downpours in Guangdong province during last weekend, overall inventory declined on the week due to fewer deliveries to warehouses in northwest China. Major Chinese cities like Wuxi and Jiangsu, Nanhai and Guangdong, Gongyi and Henan all witnessed a decline in their primary aluminium inventories. More details are as follows: On the face of primary aluminium inventory decline in...
Norway on Tuesday filed a complaint at the World Trade Organization (WTO) over the US President Donald Trump's aluminium and steel tariffs, Reuters reported. Minister of Foreign Affairs Ine Marie Eriksen Søreide said that 10 per cent tariff on aluminium and 25 per cent tariff on steel violate WTO rules. "In Norway’s view, the additional tariffs imposed by the US on steel and aluminium imports are a violation of the WTO rules. Today we have therefore requested dispute settlement consultations with the US in the WTO," she said in a statement. Norway’s export of aluminium to the USA declined last year. The USA imported an estimated 767 tonnes of aluminium in 2017, down from 7439 tonnes in 2016. In 2018, the export to the USA is estimated to be about 15634 tonnes, unless it is affected by the...
LME aluminium attempted to stand above the daily moving average and closed higher at US$ 2309 per tonne on June 12 from US$ 2300 per tonne. The US dollar index closed at 93.8 overnight, up 0.26%. The index rose over 0.3% at one point after the “truly historic” US-North Korea Summit. Base metals fell across the board overnight. LME aluminium fell to a low of US$2,290 per tonne overnight as its SHFE counterpart slumped with pressure from shorts. Shanghai Metals Market sees LME aluminium trading at US$2,290-2,310 per tonne today. As on June 12, LME aluminium cash (bid) price stands at US$ 2308.50 per tonne, LME official settlement price stands at US$ 2309 per tonne; 3-months bid price stands at US$ 2310 per tonne, 3-months offer price is US$ 2310.50 per tonne; Dec 19 bid price stands at US$...
After a slight rise in average A00 aluminium ingot spot price on June 12, 2018, from RMB 14720 per tonne to RMB 14750 per tonne, it dropped again to RMB 14540 per tonne on June 13, according to Shanghai Metals Market. The prices are expected to range between RMB 14520 per tonne and RMB 14560 per tonne with spot discounts to settle at RMB 20 per tonne. This downfall in aluminium ingot price could be because traders were reluctant to purchase from the spot aluminium market and took a wait-and-watch stance on the face of narrowed spot discounts against the SHFE 1806 contract. The inventory also went down as aluminium ingot stocks at warehouses became limited. Given the shrinking inventory, sellers were reluctant to let go of their cargoes and supply thus, became tight. The table below...
According to Reuters report, a unit of Beijing’s Tsinghua University would buy a Xinjiang-based aluminium smelter Tianshan Aluminium at an estimated price of US$ 3.7 billion. In a statement, Xiamen Unigroup Xue Co Ltd (000526.SZ), a Shenzhen-listed education services provider controlled by Tsinghua said, it would pay in cash and shares to acquire 100 per cent of Tianshan over an unspecified time frame. The reason behind acquiring the smelter by Tsinghua is, however, not know yet. “Right now the overall plan is still being discussed,” a Unigroup official told Reuters over the phone on condition of anonymity. The official also said that the final plan would be handed over to the board of directors once decided. State-run Tsinghua has interests in a number of companies, including a 1.5 per...
According to the latest figures showed by the Iranian Mines and Mining Industries Development and Renovation Organization, Iran produced 60, 947 tonnes of aluminium in the first two months of the current Iranian year (March 21-May. 21), an increase of 9.7 per cent from the same period last year. Iran Aluminum Company, the first producer of aluminium in the country, produced 30,033 tonnes of aluminium in the mentioned period. Hormozal Aluminum Company and Almahdi Aluminum Company produced 19,024 tonnes and 11,890 tonnes of aluminium respectively. Iran exported an estimated 135172 tonnes of aluminium in 2017. Top importers who have been buying aluminium from the country include Turkey, China, South Korea, Netherlands and India (2017 data). According to recent estimates, in the first quarter...
With the aim to accelerate revenue generation and shareholder value at the flagship project Sconi in Queensland, the metals explorer Australian Mines (ASX: AUZ) confirms its partnership deal with UK-based technology company Metalysis. The company intends to commercialise the high-purity scandium oxide through this partnership that could command higher revenue margins and serve as better final products for end-users. The company believes this agreement should add positively to the ongoing research and development programme around “a solid-state process to produce a low-cost yet superior aluminium-scandium alloy for potential use by the automotive and aerospace industries”. Originally invented by the University of Cambridge and then commercialised by Metalysis, this innovative solid-state...
The aluminium contract returned to the five and 40 days moving averages at US$ 2287.50 per tonne on June 8 after a bullish run whole week. LME aluminium attempted to stand above the daily moving average and closed higher at US$ 2300 per tonne. The contract touched a high of US$2,325 per tonne with support from longs during the European trading session. It was then dragged down by SHFE aluminium to a low of US$2,285 per tonne. It is expected to trade at US$2,290-2,320 per tonne today. As on June 11, LME aluminium cash (bid) price stands at US$ 2299 per tonne, LME official settlement price stands at US$ 2300 per tonne; 3-months bid price stands at US$ 2296 per tonne, 3-months offer price is US$ 2297.50 per tonne; Dec 19 bid price stands at US$ 2302 per tonne, and Dec 19 offer price stands...
According to Shanghai Metals Market, east China on Monday, June 11, 2018, witnessed a narrowed trading in spot aluminium market. Traders showed reluctance in purchasing primary aluminium and took a wait-and-watch stance as spot discounts against the SHFE 1806 contract shrank. In the Shanghai market, transactions were mostly heard at RMB 14710 per tonne to RMB 14720 per tonne with discounts settled at RMB 30 to RMB 20 per tonne against the SHFE 1806 contract, compared to RMB 60 to RMB 50 per tonne a week ago. The discounts against the 1807 contract hovered around RMB 110 per tonne. In Wuxi and Hangzhou, transactions were seen at RMB 14710 per tonne to RMB 14720 per tonne and RMB 14740 per tonne to RMB 14760 per tonne respectively. Sellers in east China were keen to offload cargoes and...
