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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National Aluminium Company Limited , has bagged the Kalinga CSR Award-2017. The company has conferred this award in recognition to its Best CSR Activities for Sustainable Development. The award was given away during the third National Seminar on 'Corporate Social Responsibility Initiatives-2018 (Evaluating Sustainable Development)' on 9th June 2018. The award was given by Shri Prafulla Samal , Hon’ble Minister, Dept. of MSME, SSEPD and Women & Child Development, Govt of Odisha, in the presence of Dr. Tapan Kumar Chand, CMD, NALCO. On behalf of NALCO, Shri S.K. Behera , AGM (Administration & CSR) and Shri C.R. Bisoi , Sr. Manager (CSR), received the award. The seminar was organized by Institute of Quality & Environment Management Services, Institute of Public Enterprise, Hyderabad and HR...
LME aluminium had been on a higher range last week with the consolidation of the US dollar. The aluminium contract closed the week lower at US$ 2287.50 per tonne on June 8 from US$ 2331 per tonne on June 7. The contract returned to the five and 40 days moving averages and Shanghai Metals Market expects it to trade at US$2,290-2,340 per tonne today. As on June 8, LME aluminium cash (bid) price stands at US$ 2287per tonne, LME official settlement price stands at US$ 2287.50 per tonne; 3-months bid price stands at US$ 2299 per tonne, 3-months offer price is US$ 2299.50 per tonne; Dec 19 bid price stands at US$ 2297 per tonne, and Dec 19 offer price stands at US$ 2302 per tonne. The LME aluminium opening stock slightly dropped to 1175225 tonnes. Live Warrants totalled at 939325 tonnes, and...
Prime Minister Justin Trudeau stopped at Saguenay, the heart of Canada's aluminium country before heading to the G7 summit — where he repeated his pledge to try to convince Donald Trump about the mistake in imposing tariffs on Canada’s aluminium. Saguenay has a significant connection to what will be a major point of debate for G7 leaders this week because the region is home to a big part of the country's aluminium industry. The U.S. president angered his G7 allies last week by imposing punishing tariffs on aluminum and steel imports. Canada and the European Union responded with tariff threats of their own, leaving Saguenay caught in the crossfire of an escalating trade dispute between G7 partners. "We're interested in defending Canadian interests — and on top of that, it turns out I'm...
Tomago Aluminium, one of Australia’s biggest smelters near Newcastle, has notified on Friday, June 8, 2018, that it may have to curtail operations for a third time in a week due to power shortage across the national electricity market. The company said it was asked to halt each of three potlines this week - one on Tuesday and two on Thursday due to the power reserves deficit. Matt Howell, Tomago’s chief executive told Fairfax Media, how the company was worried about another curtailment of operations later in the day. He said in a separate statement, "Australia is at a crisis point with our energy system." The Australian Energy Market Operator (AEMO) has issued a level 2 alert, anticipating a lack of reserve power for later part of the day. The alert system is installed that warns the...
NALCO Chairman cum Managing Director Tapan Kumar Chand said consumption of aluminium is set to triple by 2030 in India and aluminium producers have to increase its manufacturing capabilities to meet the demand. Dr. Chand said India will have more than double of the existing aluminium consumption per person per year in the mentioned period. Addressing the customers and vendors in the Western region in Mumbai on Saturday, Dr. Kumar Chand said, ‘’Consumption of Aluminium in India will see a quantum jump by 2030 and the country has to enhance its production to meet the demand. ‘’ The Meet with customers and vendors of western region is one among a series of meets planned across the country. NALCO has registered one of its strongest performances in 2017-18. The company has registered net...
The US dollar index extended its decline overnight and closed at 93.44. LME aluminium is on a higher range this week with the consolidation of the US dollar. LME aluminium contract closed higher at US$ 2331per tonne on June 7 from US$ 2317.50 per tonne on June 6. The contract dropped close to 2% among several moving averages overnight. Shanghai Metals Market expects it to hover between the 20- and 40-day moving averages today and trade at US$2,280-US$2,310 per tonne. As on June 7, LME aluminium cash (bid) price stands at US$ 2330.50 per tonne, LME official settlement price stands at US$ 2331per tonne; 3-months bid price stands at US$ 2336 per tonne, 3-months offer price is US$ 2337 per tonne; Dec 19 bid price stands at US$ 2325 per tonne, and Dec 19 offer price stands at US$ 2330 per...
The world’s biggest aluminium producer China Hongqiao Group has signed a financing agreement with Industrial Bank Co Ltd for RMB 30 billion for the upgradation of its manufacturing facilities, Reuters reported. Industrial Bank will provide Group and its subsidiaries with services including supply-chain financing, debt instruments, industrial funds and asset-backed securitization. China Hongqiao Group is a leading aluminium product manufacturer in China. Located in Shandong Province of China, the Group produces and sells molten aluminium alloy, aluminium alloy ingots, aluminium alloy casting-rolling products and aluminium busbars. China Hongqiao announced last year that it had closed 2.68 million tonnes of smelting capacity after Shandong Government ordered it to do so in an attempt to...
As reported by Shanghai Metals Market, China's primary aluminium inventory, including SHFE warrants, shrank 55,000 tonne from last Thursday to stand at 1.98 million tonne as of Thursday June 7. The commissioning of new production capacity slowed down and fewer deliveries arrived at warehouses in south China bringing down the inventory. The drop marked a fifth consecutive week of decline. The current inventory status in the major Chinese cities is as follows: Average A00 Aluminum Ingot price stands at RMB 14800 per tonne today after two consecutive rises with the spot discount ranging from RMB 60 to 20 per tonne. According to SMM research, China's May aluminium output declined 3.2% YoY and stood at 3.07 million tonne. Output in the first five months of this year dropped 2.7% compared to...
LME aluminium is on a higher range this week with the consolidation of the US dollar. LME aluminium contract closed slightly higher at US$ 2317.50 per tonne on June 6 from US$ 2314.50 per tonne on June 5. The contract hit a high of US$2,344 per tonne overnight after touching a low of US$2,307 per tonne. It now stands above all moving averages and is likely to try to break the US$2,355 per tonne level today with a trading range of US$2,320-2,360 per tonne. As on June 6, LME aluminium cash (bid) price stands at US$ 2317 per tonne, LME official settlement price stands at US$ 2317.50 per tonne; 3-months bid price stands at US$ 2322.50 per tonne, 3-months offer price is US$ 2323 per tonne; Dec 19 bid price stands at US$ 2308 per tonne, and Dec 19 offer price stands at US$ 2313 per tonne. The...
The US Treasury Secretary Steven Mnuchin urged President Donald Trump to exempt Canada from additional 25 per cent tariffs on imported steel and 10 per cent on imported aluminium, on Tuesday, June 5, 2018, in a trade meeting at White House. This news came from senior administration officials and two sources close to the White House. According to the sources, Mnuchin made a request to Donald Trump to exempt Canada from the recently imposed additional tariffs, after returning from the G-7 finance minister’s summit in Canada. He raised the point that the United States has a US$ 2 billion steel surplus with Canada and nearly US$ 26 billion services surplus. The trade meeting on June 5 was attended by National Economic Council Larry Kudlow, Commerce Secretary Wilbur Ross, Trade Advisor Peter...
After starting the week on a high with the consolidation of the US dollar LME aluminium closed slightly lower at US$ 2314.50 per tonne on June 5 from US$ 2324.50 per tonne on June 4. LME aluminium hovered around the US$2,320 per tonne level overnight after hitting a high of US$2,340 per tonne. Shanghai Metals Market expects the contract to trade rangebound at US$2,300-2,340 per tonne today. As on June 5, LME aluminium cash (bid) price stands at US$ 2314 per tonne, LME official settlement price stands at US$ 2314.50 per tonne; 3-months bid price stands at US$ 2315 per tonne, 3-months offer price is US$ 2315.50 per tonne; Dec 19 bid price stands at US$ 2297 per tonne, and Dec 19 offer price stands at US$ 2302 per tonne. The LME aluminium opening stock slightly dropped to 1192100 tonnes....
The national aluminium associations’ leaders from Canada, the United States, Europe and Japan have called for the creation of a Global Multilateral and Governmental Forum on Aluminium Overcapacity based on a robust international monitoring system. The national aluminium associations' leaders have urged the G7 leaders to formally request the G20 to create Global Aluminium Forum and an international monitoring system. The event took place, with the active participation of the Canadian and Quebec governments, representatives of G7 governments and of the industry leading companies from Canada, USA, Europe and Japan on June 3rd and 4th in Montreal. "The creation of a global forum will help us to address illegally subsidized Chinese overcapacity, which is challenging aluminium companies across...
The average A00 aluminium ingot price surged on Wednesday, June 6, 2018, to close at RMB 14640 per tonne after a fall on the previous day from RMB 14550 per tonne to RMB 14520 per tonne, according to Shanghai Metal Market (SMM). The prices are expected to range within RMB 14620 per tonne to RMB 14660 per tonne, with spot discounts remaining same at RMB 70 per tonne to RMB 30 per tonne. Tight supply in the Chinese market due to fewer deliveries to warehouses could be a reason for the price surge. Shanghai Metal Exchange (SME) also registered a price rise from US$ 2266 per tonne to US$ 2289 per tonne on June 6. Besides, the aluminium price across the globe had been on the upswing since long. While the east saw a significant price growth of aluminium ingot from RMB 14530 per tonne to RMB...
Russian aluminium giant Rusal increased its aluminium sales by up almost threefold in May. According to news reported by Interfax news agency and published by Reuters, the company exported 197,000 tonnes of aluminium last month. Citing Russian Railways data, Interfax said aluminium exports declined 16 per cent year on year to 972,000 tonnes in the first five months of 2018. Last month, Rusal restarted the shipment soon after the United States extended the sanctions deadline further from June 5 to October 23, 2018, for companies to wind down contracts with the Russian firm under US sanctions, sources said. When the United States declared sanctions against Rusal on April 6, many of its customers intimidated not to ship aluminium until their legal and compliance teams confirmed the contracts...
Following the European Union, Mexico announced on Monday, June 4, 2018, that it would file a complaint with the World Trade Organisation (WTO) over the US additional tariffs on imported aluminium and steel. The economy ministry said in this regard, “it will initiate a dispute settlement process under the umbrella" of the WTO, and that its actions will continue to follow the state of international commercial law and will be proportional to the damage that Mexico regrettably received." The European Union and Mexico have already opened legal challenges to the United States at the WTO. Mexico, following their path, submitted a request for consultations with the US over the additional tariffs. It argued that the tariffs imposed on the grounds of national security were not relevant to the WTO...
LME aluminium started the week on a high with the consolidation of the US dollar and closed at US$ 2324.50 per tonne. The contract came off a high overnight after it rose to a high of US$2,343 per tonne as the US dollar rebounded. As its trading level expands upwards, Shanghai Metals Market expects it to continue to rise today with a trading range at US$2,300-2,340 per tonne. As on June 4, LME aluminium cash (bid) price stands at US$ 2324 per tonne, LME official settlement price stands at US$ 2324.50 per tonne; 3-months bid price stands at US$ 2319 per tonne, 3-months offer price is US$ 2321 per tonne; Dec 19 bid price stands at US$ 2285 per tonne, and Dec 19 offer price stands at US$ 2290 per tonne. Currently, LME cash price is again settling higher than the 3 months LME aluminium....
According to Shanghai Metal Market, the average A00 aluminium ingot price plunged on June 5, 2018, from RMB 14550 per tonne to RMB 14520 per tonne. The prices are expected to range within RMB 14500 per tonne to RMB 14540 per tonne, with spot discounts remaining same at RMB 70 per tonne to RMB 30 per tonne, as that of the previous day. On Monday, June 4, 2018, the average A00 aluminium ingot price had surged to RMB 14alumi550 per tonne on the back of fewer deliveries to warehouses, after a fall on the prior day, June 1, 2018, from RMB 14610 per tonne to RMB 14490 per tonne. To say the truth, aluminium ingot price, according to SMM, has been oscillating since the beginning of May and likely to continue. Almost all the major Chinese markets witnessed dwindle in aluminium ingot prices today,...
After a fall on 1st of June, 2018, from RMB 14610 per tonne to RMB 14490 per tonne, the Shanghai Metal Market observed a surge in average A00 aluminium ingot price, reaching up to RMB 14550 per tonne on June 4, 2018. This indicates that the price today, on June 4, grew higher than June 1 but stood lower than 31 st of May, 2018. The prices are expected to range within RMB 14530 per tonne to RMB 14570 per tonne, with spot discounts to settle at RMB 70 to 30 per tonne. Almost all the major Chinese markets witnessed a surge in aluminium ingot price on June 4, 2018. The East market saw a price growth from RMB 14510 per tonne to RMB 14540 per tonne, South and North witnessed a price rise from RMB 14560 per tonne to RMB 14635 per tonne and from RMB 14520 per tonne to RMB 14550 per tonne...
