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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AMA's Structural & Mechanical Division (AMA-SMD) has supplied potshell for Alba’s line-6 aluminium smelter project. The group has delivered the first potshell for expansion project on February 12. Image Source: Trade Arabia AMA Group was awarded the contract to manufacture 427 pot shells (each weighing 44 tonnes) for Alba’s Line 6 Expansion Project. The group had received the contract from International Bechtel Company (Bechtel), the engineering, procurement, and construction management (EPCM) contractor for the project. In addition, AMA Group and Alucor (UAE) have delivered cathode ring busbars (each weighing 47 tonnes) on February 14. The AMA-Alucor joint venture company is manufacturing 24 cathode ring busbars for the project. Haresh Patel, the general manager of AMA-SMD said: “We are...
Aluminium Bahrain B.S.C (Alba) announced the appointment of Dr. Abdulla Habib Ahmed as the Acting Chief Operations Officer (COO) with immediate effect, following the meeting of the Company’s Board of Directors on Thursday February 08, 2018. Dr. Abdulla joined Alba in 1995 as a Trainee Engineer. During the last 22 years, he has held various supervisory and management roles in Alba -- Superintendent Reduction Line (2002); R&D Manager (2009); Reduction Lines Manager (2011); Customers Technical Support Manager (2013); Director of Reduction Lines and Services (2015) and Director of Reduction Line 6 Start-up (2017). Commenting on Dr. Abdulla’s appointment, Alba’s Chief Executive Officer, Tim Murray, said: “At Alba, we believe that the key to our success is to develop and promote our people from...
Benchmark aluminium price on London Metal Exchange surged significantly after the U.S. Commerce Department recommended implementation of a quota on aluminium imports from specific countries- a 7.7 per cent tariff on aluminium shipped from all countries, or a 23.6 per cent tariff on imports from five specific countries and territories, including China and Hong Kong. The uncertainty created drove prices up to US$2,266 per tonne on Monday, February 19. Reuters identified support and resistance as the 38.2 per cent and 61.8 per cent retracements respectively, on the downtrend from US$2,290-US$2,112.50 per tonne. A break below US$2,181 per tonne mark may cause LME aluminium to fall back at US$2,155 per tonne, while a break above the resistance may cause further gain, but within a limited...
In response to the latest U.S. Commerce Department recommendations to raise tariffs on Chinese steel and aluminium imports, China’s Ministry of Commerce published a statement calling the reports “baseless” and “totally inconsistent with the facts.” Wang Hejun, chief of the trade remedy and investigation bureau at China’s Ministry of Commerce said the country has the right to retaliate if such tariffs are imposed. Mr Hejun urged the Trump Administration to show restraint and comply with “multilateral trade regulations” in his statement published Saturday. On Friday, Feb 16, U.S. Commerce Department recommended implementing a quota on each country’s steel imports, a tariff of at least 24% on steel imports from all countries, or a tariff of at least 53% on imports from 12 countries,...
Benchmark aluminium price on London Metal Exchange closed 2 per cent higher at US$2,189.50 per tonne on Friday, February 16, as spreads tightened and price competition grew among market participants. Aluminium spreads have widened to a US$10 premium for cash over benchmark aluminium as the major contract is nearing expiry. This likely to trigger deliveries, Reuters analysed. Based on current price trend it can be said that further rise in LME aluminium is likely though within a narrow range. As on February 16, LME official cash buyer aluminium price (Bid Price) stands at US$2,189 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,189.50 per tonne, 3M Bid Price is US$2,180 per tonne, 3M Offer Price is US$2,180.59 per tonne, Dec19 Bid Price is US$2,233 per tonne, and...
Norsk Hydro reports positive Fourth quarter 2017 results driven by higher realized all-in metal and alumina prices that was slightly offset by higher raw material and fixed costs. Hydro's underlying EBIT increased from NOK 2,446 million in Q3 2017 to NOK 3,555 million in Q4 2017, mostly driven by higher realized alumina and aluminium prices. For the full year 2017 Hydro's underlying EBIT increased to NOK 11,215 million from NOK 6,425 million for 2016, again driven by higher all-in metal price and alumina sales price. "2017 marks the start of new chapter in Hydro's history. With the Sapa acquisition, Hydro is now the world's leading integrated aluminium company, with 35,000 employees in 40 countries serving 30,000 customers globally. I am pleased with the strong, full-year and quarterly...
The issue of powering Century Aluminum’s Mount Holly aluminium smelter still remains unresolved. At least, that is what one can make out from the ongoing talks between the owner and the state power provider Santee Cooper. The deal signed between the two entities on December 31st last year remains largely unworked till now. Source: Century Aluminum Power issues have been disrupting operations at Mount Holly aluminium smelter for long. Following a dispute over the current agreement, Century Aluminum downed half of the smelter’s capacity; it resulted in a job loss of around 300 plant workers. However, both Century and Santee Cooper hope that the dispute will end soon before the agreement expires on December 31st 2018. Under the current agreement, Century is obligated to buy one quarter of...
LME aluminium is finally showing some signs of recovery. The light metal contract closed at US$2,164 per tonne on Thursday, February 15, up from US$2,138 per tonne on Wednesday. However, the dramatic rise in LME aluminium stocks is likely to create a downward pressure on the price rise. The Exchange’s stock report on Tuesday, February 13, showed a cumulative built up of 265,475 tonnes of the metal, of which 166,225 tonnes only “arrived” in a single-day record arrival on Monday. Over the last five days, LME aluminium stocks have ballooned by almost a quarter of million tonnes. Industry expert and Reuters columnist Andy Home says, “They are, however, a timely reminder that there is still a lot of aluminium “out there” beyond the statistical reach of the world’s exchanges.” “We may not get...
Since the Chinese Exchange closes on the spring festival holidays from February 15, to February 21, 2018, there is no latest price update for China today. As on February 14, aluminium Ingot prices remain unchanged at RMB 14,010 per tonne. In the individual markets, average A00 ingot prices register a drop except the in South China market where it remains flat. The prices fluctuations in the individual markets can be seen in the following table: On the cost front, average spot alumina prices remain flat for some time. Bauxite and prebaked anode prices too registered no change yesterday but expected to go down in the short term due to lower electricity prices. Aluminum Alloy (A356) and Aluminum Alloy (A380) prices are on a slightly downward movement in last one month. Aluminum Alloys...
Benchmark aluminium price on London Metal Exchange edged higher on Thursday, February 14, even though LME aluminium stocks rose nearly 30 per cent over the last the trading days. In the largest single aluminium delivery into LME-listed warehouses since March 19, 2014, 166,225 tonnes of aluminium were delivered into the exchange yesterday. The light metal contract closed at US$2,138 per tonne yesterday, up 0.68 per cent from US$2,123.50 per tonne on Tuesday, February 13. Current benchmark LME aluminium price remains close to the resistance at US$2,315 per tonne. If it fails to break beyond, it may retrace to the support at US$2,072 per tonne. As on February 14, LME official cash buyer aluminium price (Bid Price) stands at US$2,137.50 per tonne, cash seller & settlement aluminium price...
Aluminium stocks on the London Metal Exchange have increased nearly 30% over the last three trading days, with market participants taking advantage of tightness in the February/March nearby spread. 166,225 tonnes were delivered onto the exchange today, the largest single delivery of aluminium into LME-listed warehouses since March 19, 2014. “There is backwardation [in the February/March-2018 spread] and someone took advantage of it – when there is a backwardation people tend to deliver onto the exchange,” a trader said. “The deliveries are linked to the February/March spread backwardation. If the spreads are tight then it does not make sense to keep hold of the metal,” a floor trader added. Traders told Metal Bulletin that the deliveries are expected to help swing the nearby spreads back...
As updated by Shanghai Metals Market, China’s aluminium inventory after Chinese New Year Holiday may continue to go up to 2.1 million tonnes from the present volume of 1.8 million tonnes. Sluggish trading and weak consumption ahead of the week-long holiday has accumulated the stocks, and it is a seasonal increase. Growing inventory has contributed to the decline in SHFE aluminium prices since the beginning of 2018. After an occasional increase yesterday, A00 aluminium Ingot prices remain unchanged at RMB 14,010 per tonne today. The prices are expected to move within a range of RMB 13,990-14,030. Spot discount will range within RMB 240-200 per tonne today. In the individual markets, average primary aluminium ingot prices register a drop except in South China market where it remains flat....
Benchmark aluminium price on London Metal Exchange slipped US$6 per tonne lower on Tuesday, February 13, as LME aluminium inventory grew significantly to 1.28 million tonnes. The light metal contract closed at US$2,123.50 per tonne yesterday, down from US$2,129.50 per tonne on Monday, February 12. Shanghai Metals Market forecasts that LME aluminium will trade at US$2,120-2,155 per tonne on Wednesday, February 14 with persisting pressure at the five-day and 10-day moving averages. As on February 13, LME official cash buyer aluminium price (Bid Price) stands at US$2,122.50 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,123.50 per tonne, 3M Bid Price is US$2,133 per tonne, 3M Offer Price is US$2,133.50 per tonne, Dec1 Bid Price is US$2,183 per tonne, and Dec1 Offer...
According to the data from Shanghai Metals Market, China’s social inventory of primary aluminium hit a record high of 1.81 million tonnes on Monday February 12, due to sluggish trading ahead of the Chinese New Year holiday next week. This is up from 1.78 million tonnes recorded on Thursday February 8. Inventory details in the major cities in China are as follows: On the face of growing inventory and low consumption, most of the commodities and raw materials remain flat pricewise. The increase in LME aluminium inventory and the indication of growing Chinese export orders have lifted the domestic A00 ingot prices today. After the fall yesterday, average aluminium Ingot prices gained substantially to stand at RMB 14,010 per tonne. The prices are expected to move within a range of RMB...
Benchmark aluminium price on London Metal Exchange dropped 0.58 per cent as inventory rose due to surging Chinese export. The light metal contract closed at US$2,129.50 per tonne on Monday, February 12, down from US$2,142 per tonne last Friday, February 9. Shanghai Metals Market forecasts that LME aluminium will continue to trade low in the short term. The price will move in the range of US$2,120-2,155 per tonne on Tuesday, February 13. As on February 12, LME official cash buyer aluminium price (Bid Price) stands at US$2,129 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,129.50 per tonne, 3M Bid Price is US$2,129.50 per tonne, 3M Offer Price is US$2,130 per tonne, Dec1 Bid Price is US$2,178 per tonne, and Dec1 Offer Price is US$2,183 per tonne. LME aluminium...
Kamran Nabizade, Director General of the Azerbaijan Industrial Corporation, announced on February 7, that the country intended to restart aluminium plant to reduce its reliance on imports. He said: “The goal is to organize the manufacture of primary and final aluminium products. This will make it possible to increase competitiveness of the aluminium production sphere and export potential.” According to trend news agency, Kamran Nabizade would intend to restore Ganja Alumina Plant. “This is necessary for the development of alunite mining in Azerbaijan’s Dashkesan district. The plant will produce alumina and other products from the alunite ore. To do this, the plant needs to be reorganized in accordance with modern technological requirements,” he said. He added: “In particular, it is...
Sluggish trading ahead of the Chinese New Year holiday next week is keeping the Chinese market inactive. There is no such significant movement in the prices of commodities and the raw materials other than the primary ingots that is continuously falling with occasional signs of upward movements. After the fall on last week’s closing, as seen by Shanghai Metals Market, average aluminium Ingot prices dropped further to RMB 100 per tonne today to stand at RMB 13,870 per tonne. The prices are expected to move within a range of RMB 13,850-13,890. Spot discount will range within RMB 220-180 per tonne today. Average A00 ingot prices saw the biggest drop in South China market at RMB 165 per tonne. Post holidays, however, prices would still fall as aluminium supply would ramp up, even if at a...
National Aluminium Company Limited (Nalco) has published its financial results for & upto third quarter ended December 2017. The company has registered a record net profit of INR 722 crore, from INR 144 crore in the corresponding quarter of previous fiscal. The company has been able to break the highest-ever net profit figures in a quarter during the last ten years. Net sales in the third quarter were INR 2,360 crore. For the 9 months ended December 2017, net profit increased 171% to INR 1,085 crore, against the corresponding figure of INR 400 crore for the previous fiscal. Net sales stood at INR 6,538 crore as compared to INR 5,071 crore in the corresponding period of the last financial year. Nalso has produced 54.40 lakh tonnes of bauxite during the first nine months of the current...
