Primary Aluminium Industry News & Market Updates

28 SEPT 20263MINS

Aluminium rises to $3.63 as Gulf supply disruptions tighten global market

Aluminium prices gained 0.43 per cent as reduced Gulf production and low exchange inventories supported the market, while Chinese output and capacity restarts could limit further gains. Aluminium prices settled 0.43 per cent higher at INR 348.65 (USD 3.63) as tight physical supply conditions supported the market. Disruptions linked to the US-Iran tensions have affected aluminium availability from the Gulf region, with Gulf Cooperation Council (GCC) production falling 44 per cent year-on-year in July. Low exchange inventories have added to supply concerns. London Metal Exchange (LME) stocks remained near a 36-year low, while inventories on the Shanghai Futures Exchange (SHFE) declined 4.7 per cent from the previous week. However, expectations of improving supply have limited the market’s...

US bond fluctuations pressure nonferrous metals valuations pre-holiday continued destocking supports short-term aluminium price consolidation

28 SEPT 20267MINS

Primary AL

US bond fluctuations pressure nonferrous metals valuations pre-holiday continued destocking supports short-term aluminium price consolidation

The most-traded SHFE aluminium contract did not trade during the night session of September 24 and the daytime session of September 25. On September 24, the daytime session opened at RMB 24,230 per tonne, reached a high of RMB 24,265 per tonne and a low of RMB 24,175 per tonne, and closed at RMB 24,200 per tonne, down RMB 30 per tonne or 0.12 per cent from the previous close. Futures consolidated at highs before pulling back, with prices falling below the 5-day moving average while remaining above the 20/40/60-period moving averages. Medium and long-term moving averages maintained an upward pattern. Trading volume during the session was 98,900 lots, and open interest stood at 281,000 lots, down 8,300 lots, driven mainly by bulls closing positions. On the technical front, a death cross...

28 SEPT 20262MINS

Primary AL

LME aluminium cash bid rises to $3,253/t as Asian reference price gains 0.55% on September 25

LME aluminium prices moved higher across cash and forward contracts on September 25, while the Asian Reference Price and alumina Platts price also increased. Opening stocks remained unchanged, while cancelled warrants rose sharply. The LME aluminium cash bid price rose 0.80 per cent to USD 3,253 per tonne on September 25 from USD 3,227 per tonne on September 24 . The cash offer price showed a similar trend. It also increased 0.80 per cent to USD 3,254 per tonne from USD 3,228 per tonne. Explore the production, demand and consumption forecasts of bauxite and alumina in our report: " Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook " The three-month aluminium bid price rose 0.40 per cent to USD 3,265 per tonne from USD 3,252 per tonne, while the...

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13 APR 20171MINS

Yancoal wins approval to buy Rio Tinto’s Hunter Valley coal mine

Chinese-controlled Yancoal has won the approval of Australia's Foreign Investment Review Board (FIRB) to purchase Rio Tinto's Hunter Valley coal mine involving a $US2.45 billion ($3.2 billion) investment  in New South Wales. Yancoal said the FIRB approval was “a critical milestone”. The deal is expected to be completed in the third quarter of 2017. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/rio-tinto-hunter-valey-coal.jpg" alt="news" width="517" height="250" /> Yancoal said that FIRB had no objections buying Coal & Allied Industries, the Rio Tinto subsidiary which owns majority shares in the Hunter Valley, Mount Thorley and Warkworth coal mines. Yancoal...

13 APR 20172MINS

Further downside in LME aluminium is likely, Shanghai aluminium inches up

LME aluminium is swinging in a tight range. The lightmetal which has been showing sideways movement of late closed unchanged at US$1,907 per tonne on Wednesday, April 12. Reuters' analysis says LME aluminium may edge up to US$1,930 per tonne, as it has pierced a resistance at $1,914. However, the bearish divergence on the daily Relative Strength Index (RSI) suggests that the contract could head further south-ward. As per Shanghai Metals Market (SMM) forecast, LME aluminium is likely to move at US$1,891-1,922/mt on Thursday, April 13. The volatility in LME aluminium price is in normal inverse correlation with the US dollar index showing steady uptrend since last week Monday. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;"...

13 APR 20171MINS

CME Group plans to close CME Europe, CME Clearing Europe by year-end

CME Group has announced that it intends to close its London-based derivatives exchange and clearing house, CME Europe and CME Clearing Europe, by year-end 2017. During the coming months, CME Group will work closely with all market participants and regulators to ensure a smooth transition and an orderly wind down of business operations, including the provision of CME Group market alternatives for actively traded products on CME Europe. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/CME-Europe.jpg" alt="News" width="517" height="290" /> “While Europe continues to be a critically important and expanding market for CME Group, with average volumes of more than 2.6 million...

12 APR 20172MINS

Vedanta Resources completes Vedanta - Cairn merger

Vedanta Limited and Cairn India Limited have announced that the merger of Cairn India with Vedanta has become effective from today, April 12 2017. Based on CY 2016 reported EBITDA of diversified natural resources companies globally, Vedanta is ranked #6 among the global diversified natural resources companies and the only one with majority of its sales to the Indian market. This merger consolidates Vedanta’s position as one of the world's largest diversified natural resources companies, with world-class, low-cost assets in Metals & Mining and Oil & Gas. The merged company will have a larger pro forma market cap of $15.6 billion and higher free float of 49.9% and one of the strongest balance sheets. <img style="vertical-align: middle; display: block;...

12 APR 20172MINS

MCX aluminium to see range-bound trading at INR 122-130

The aluminium futures contract traded on India's Multi Commodity Exchange (MCX) lost ground after scaling a high of INR 125.7 on Monday April 10. The increase was basically a bounce back from last week's decline when the contract tested support at INR 124 on Friday, April 8. MCX aluminium is facing a strong resistance around INR 128 per kilogram and is projected to hover around INR 124 in the near-term. This is 3.1 per cent down from last Tuesday's trading price when MCX aluminium touched a high of INR 128 per kg. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/aluminum_ingots_550.jpg" alt="News" width="517" height="226" /> Market analysis suggests the broader range of INR...

12 APR 20173MINS

Vedanta Resources reports record aluminium production for FY 2017

Vedanta Resources releases production report for the Fourth Quarter and Full Year ended 31 March 2017 and registers record annual production for the aluminium segment. Commenting on the results, the present Chief Executive Officer, Tom Albanese said: "In line with our strategic priority to ramp up production at our Zinc, Aluminium, Power and Iron Ore businesses, I am happy to say that we have achieved strong results on this front during the year." <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/jharsuguda-smelter_33785.jpg" alt="News" width="517" height="226" /> Vedanta reports a record aluminium production of...

12 APR 20172MINS

LME aluminium declines further, SHFE aluminium feels the pressure

The slide in LME aluminium price continues. The lightmetal which closed at US$1,929 per tonne on Monday, April 10, dipped by 1.11 per cent to close at US$1,907.50 per tonne after night trading on Tuesday, April 11. The price fall is in line with Reuters' analysis which said that LME aluminium may slide to US$1,914 per tonne on Tuesday, as it is evident from its wave pattern and Fibonacci projection. According to Shanghai Metals Market (SMM) forecast, LME aluminium will escalate during Asian trading hours moving in the range of US$1,913-1,950 per tonne on Wednesday, April 12. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/LMEApril12.png" alt="News" width="517" height="274" /> As...

11 APR 20173MINS

Giant aluminium smelter puts its hand up for new coal-fired power

The giant Tomago aluminium smelter has put itself forward as a foundation customer for any low emissions coal-fired electricity generator to be built in the Hunter Valley as it warns continued power supply instability and rising prices threatens its future. With the plant accounting for 12 per cent of NSW’s electricity consumption, a commitment from Tomago would help underwrite any new power plant. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/018574132e9114699873f19db1d363e1.jpg" alt="news" width="448" height="252" /> Federal Energy Minister Josh Frydenberg and Resources Minister Matt Canavan have both floated ultra-supercritical coal-fired power stations as potential...

11 APR 20173MINS

Nalco readies INR 25,000-crore investment for expansion

National Aluminium Company (Nalco), a central government-owned entity, is set to join the club of million-tonne producers in the segment by 2020. It has readied about INR 25,000 crore of investment to expand its aluminium, alumina and power capacities. In the country, Hindalco and Vedanta have metal capacities of over one million tonnes (mt) a year. Nalco’s smelter at Angul can now produce up to 0.46 mt annually. “A fifth pot line with capacity to produce 0.6 mt will be added to the existing four. The cost of the project is INR 12,000 crore. Normally, such work would take 3.5-4 years to complete; we are trying to complete it within three years,” said a top official.  <img style="vertical-align: middle; display: block;...

11 APR 20173MINS

LME aluminium flattens at US$1,929/t, while SHFE aluminium inches higher

LME aluminium price remained unchanged as it closed at US$1,929 per tonne after night trading on Monday, April 10. The light metal, despite indications of a potential reversal, is taking time to gather momentum. Shanghai Metal Market (SMM) says LME aluminium will regain its lost ground and move at US$1,910-1,950 per tonne range on Tuesday, April 11. As on April 10, LME official cash buyer price of aluminium stands at US$1928.50 per tonne, cash seller & settlement price is US$1,929 per tonne, 3M buyer price is US$1,940 per tonne, 3M seller price is US$1,940.50 per tonne, Dec1 buyer price is US$1,977 per tonne, and Dec1 seller price is US$1982 per tonne. The current LME official Opening Stock of aluminium is estimated at 1802800 tonnes, total Live Warrants is 1007875 tonnes,...

11 APR 20172MINS

South32 and GE sign three year digital transformation partnership

A global mining and metals company South32 announced yesterday 10 April, that the company signed a three-year strategic partnership agreement with GE, the world's Digital Industrial Company, in Sydney. The partnership will help in the development of South32’s technology roadmap and activation of the Company’s digital transformation. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/2373668-1-eng-GB_jeff-immelt-ceo-ge-l-graham-kerr-ceo-south32-r-860x560.jpg" alt="news" width="517" height="226" /> Graham Kerr, CEO of South32, commented: “Bringing the world of operational technology and information technology together to monitor equipment and systems remotely and predict...

10 APR 20172MINS

ICRA projects demand for base metals to remain positive in India

Rating agency ICRA projected that the long- term demand for base metal would continue to be positive in India. The government’s investment on infrastructure projects for the smart city plan would drive the demand for base metals such as aluminium, copper and zinc. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/primary-aluminium-wbms-metal-news-global-metal-sector-global_77201.jpg" alt="news" width="517" height="226" /> According to the report of ICRA, "In the long-term, demand of base metals in India remain positive, driven by investments in infrastructure projects for the power transmission and distribution sector, urban housing and smart city programmes of the government."...

10 APR 20172MINS

Turkey’s aluminium imports peak at 1.05 MT in 2016 driven by downstream demand

Turkish aluminium industry is characterized by the presence of a large number of international and regional manufacturers of downstream aluminium products and a single producer of primary aluminium- Eti Aluminium. The only integrated producer of primary aluminium in the country, Eti's production volume (annual capacity: 82,000 tonnes) falls considerably short of the demand that is there in the domestic market. Hence, key consumer sectors namely construction material manufacturers, automotive OEMs, and packaging companies have to rely majorly on imports of primary (non-alloyed) aluminium and alloyed aluminium ingots as raw materials for their production units. {newsStudioGallery} Turkey’s aluminium import in last three years peaked in 2016, when the total volume...

10 APR 20173MINS

LME aluminium heads south as dollar index rises; reversal on the cards

LME aluminium ended the last week in a drop falling 1.38 per cent from its previous close of US$1,956 per tonne on Thursday, April 6 to US$1,929.50 per tonne on Friday, April 7. The US dollar index which was hit slightly by Syria strike effect rose late Friday extending its weekly gains. The rising greenback put downward pressure on the base metals. This week, LME aluminium price is expected to stage a reversal and hover at highs in the range of US$1,950-1,980 per tonne, analyses Shanghai Metals Market (SMM). Reuters says LME aluminium is biased to approach a resistance at $1,970 per tonne, as suggested by its wave pattern and a Fibonacci projection analysis. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;"...

08 APR 20174MINS

Top April aluminium events to look out for

Winter is over and the spring has slowly started putting colours in nature’s landscape. Positive trends in the global aluminium market, news of alumina and aluminium capacity cut in China and a stable US dollar have made April the perfect time to attend some of the major global events.  Here are a few significant events worth attending to leverage on the positive market trends and form business relationships: <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/galm-europe-3.jpg" alt="News" width="517" height="226" /> 1. 121st Metalcasting Congress  Date: 25th –27th April, 2017 ...

07 APR 20172MINS

Yunnan Aluminium’s 2016 full-year net profit jumps 276% YoY

One of China's major aluminium producing companies Yunnan Aluminium Co Ltd., posted a net profit of 111 million yuan for the full year ended March 31, 2017. The profit rose 276.03 per cent from the previous year despite the fact that the primary producer had agreed on cutting production in a China Nonferrous Metals Industry Association (CNIA) meeting held last year in June. Yunnan Aluminium's earnings per share for the financial year stood at 0.05 yuan. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/yunnan.jpg" alt="News" width="517" height="290" /> As per the company's official disclosure, profit from aluminium ingot increased by 110.57 per cent from the corresponding period...

07 APR 20172MINS

India expected to start auction of commercial coal mines shortly

The government of India may start the process of commercial coal mine auction once it receives public feedback on the discussion paper floated by the coal ministry.  These mines will not be restricted to any particular end use of the coal. The private miners will be able to manage production, pricing and marketing strategy of the allotted mines independently. <img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/coal%20mine%202.jpg" alt="News" width="517" height="226" /> “We have recently put out a draft on commercial mining of coal on the website and invited public comments. Once we receive public comments (we will auction these coal blocks for commercial mining). We have also...

07 APR 20172MINS

LME aluminium marginally down on risk-averse trading but soon to pick up

LME aluminium price declined in tandem with other base metals during night trading on Thursday, April 6. The contract dropped 0.30 per cent from its earlier close of US$1,962 per tonne on Wednesday to stand at US$1,956 per tonne on Thursday. The decline in the light metal price reflects a limited diversion from the US dollar index which was pushed down by the risk-averse market sentiment after the US launched cruise-missile attack on Syria. However, experts believe that the attack is going to have a feeble effect on the base metals. As per Shanghai Metals Market projections, LME aluminium will keep fluctuating between US$1,940-1,975 per tonne on Friday, April 7. As on April 6, LME official cash buyer price of aluminium stands at US$1,955.50 per tonne, cash seller &...

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