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...
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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<p>According to a Reuters report, physical aluminium premiums have stabilized in Europe and the United States mostly driven by tight market due to attractive financing deals and strong demand. However, premiums in Japan are still vulnerable and may plunge further due to supply glut in Asia.<br /><br />Aluminium premiums that is payable by consumers over the LME price has been declining in all three regions throughout 2016 and came down to almost one third. As more and more metal were released from the LME warehouses after the new regulations were implemented to cut queues to get delivery of metal, premiums started failing around the world. <br /><br />European premiums were quoted in a wide range at $105-$135 a tonne for duty-paid metal in Rotterdam, with the upper end of the range...
<p>India’s ministry of commerce and Industry has ruled out imposing minimum import price (MIP) on aluminium and is of the view that the World Trade Organization’s (WTO) non-compliant measure will tarnish the country’s image globally.<br /><br />This comes in the backdrop of the National Democratic Alliance government courting criticism over its protectionist measures for the domestic steel industry. On 4 August, the government extended MIP on 66 types of steel products ranging from $341-752 per tonne for two months till 4 October.<br /><br />“The ministry of mines had earlier this month sought an opinion from the commerce ministry regarding MIP on aluminium imports, but the latter has clearly said no to such a move as it is WTO non-compliant and its imposition will...
<p>Reuters Russia Investment Summit in Moscow drew a number of prominent figures from the most important industries in Russia and the globe. During the summit, Rusal, the aluminium major and a major player in Russian economy forecasted that aluminium prices would stabilise within a range of $1,600-1,700 per tonne next year provided China works on its capacity control measure and global aluminium inventory falls and there is a check on Chinese aluminium semis exports.<br /><br />While announcing the results for the 2nd Quarter and 1st Half ended 30 June 2016, RUSAL estimated that the global aluminium market will show a deficit of around 1 million tonnes in 2016 as a result of strong aluminium demand growth, increase in the global aluminium supply and falling.<br /><br />Due to...
<p>Shares in state-controlled Hong Kong-listed Xingfa Aluminium have halted trading ahead of a takeover announcement, coinciding with a halt in trading for shares in China’s largest aluminium company.<br /><br />Xingfa, almost a third of whose shares are owned by state-run investment firm Guangdong Guangxin Holdings, announced a trading halt at 8:53am (HKT) today. It followed that up with a statement to the Hong Kong Stock Exchange that the halt was made pending an announcement pursuant to the Hong Kong Code on Takeovers and Mergers.<br /><br />Hong Kong-listed Aluminum Corporation of China (Chalco) also announced a halt at 8:53am today, without giving reason. Neither company has confirmed a takeover offer is in the works.<br /><br /><br /><br />Trading volume for Xingfa has risen...
<p>According to data sourced from three major ports in Japan, aluminium stocks in the country slid 0.6 per cent month-on-month to stand at 304,200 tonnes at the end of August 2016, Marubeni Corp reported on Friday.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Japan%20stocks.jpg" alt="News" width="371" height="110" /><br /><br />Marubeni is a major Japanese integrated trading and investment business conglomerate that handles products and provides services in a broad range of industries. For commodities, Marubeni collects data from Yokohama, Nagoya and Osaka Ports.<br /><br /><br /><br />In July, Japanese aluminium stocks at country’s three major ports were down at 300,000 tonnes from...
<p>Aluminium prices were up by 0.20 per cent to INR105.50 per kg in futures trade today as traders built up fresh positions after uptick in demand from consuming industries in the spot market.</p> <p></p> <p>At the Multi Commodity Exchange, aluminium for delivery in September was trading higher by 20 paise, or 0.19 per cent to INR105.50 per kg in a business turnover of 124 lots.</p>
<p>A Chinese industry group has denied that the country's aluminium producers could be involved in exporting extrusion products via Mexico to circumvent U.S. duties, in the latest sign of bubbling trade tensions between the two nations.<br /><br />A report by the Wall Street Journal last week cited U.S aluminium executives contending that some $2 billion worth of Chinese metal products had been stockpiled in Mexico as part of a scheme to re-export to the United States, which imposes heavy duties on Chinese products.<br /><br />The newspaper said a total of 1 million tonnes of aluminium products were previously spotted by a pilot commissioned by a U.S. aluminium executive to fly over a factory in Mexico.<br /><br /><br /><br />The China Non-ferrous Metals Fabrication Industrial Association...
<p>The Director General (Safeguards) India has decided in favour of holding a Public Hearing before any decision is taken regarding imposition of safeguard duty on unwrought aluminium imports from overseas markets to protect domestic manufacturers. Accordingly, the Revenue department will hold the meeting later this month. <br /><br />"It has been decided by the Director General (Safeguards) to hold a Public Hearing in the safeguard investigation concerning increased imports of 'Unwrought Aluminium (Aluminium not alloyed and Aluminium alloys)' into India on September 29, 2016," the Directorate General of Safeguards (DGS) said.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;"...
<p>Indian aluminium major Hindalco Industries of the Aditya Birla group, is all poised for a challenging time ahead with subsidized aluminium imports, rather dumps, from the overseas markets flooding Indian market and profitability going down for aluminium makers in the country who base their product pricing on benchmark LME prices.<br /><br />Addressing the Board and shareholders at the annual general meeting on September 14, Hindalco Chairman, Kumar Mangalam Birla said, despite the company’s strong operational performance, the short-term outlook for aluminium business is bleak given the global glut of the metal and its declining prices across markets. <br /><br />“The sharp increase in imports into India will continue to impact sales,” he said.<br /><br /><img...
<p>The recently ended Confederation of Indian Industry’s Sustainability Summit in New Delhi saw the Minister of State (Independent Charge) for Mines, Coal, Power and New & Renewable Energy, Piyush Goyal expressing concern about Indian aluminium majors not operating at their full capacities thereby leaving the country’s mineral resource largely unutilised and available for export. <br /><br />At the sidelines of the Summit, Goyal said, “I have asked NALCO to prepare a prospective future plan raise capacity to 20 lakh tonne from the present 4.6 lakh tonne…NALCO has been exporting alumina for several years while the country keeps importing the mineral. We must utilise the mineral within the country to overcome such a scenario.”<br /><br />“They had a...
<p>Hubei Province in China exceeded the outdated aluminium capacity elimination target set by the government during the 12th Five-Year Plan period (2011-2015), industry sources reported. <br /><br />About 127,000 tonnes of outdated aluminium capacity in the province was weeded out during 2011-2015. The number reached far exceeded the 100,000 tonnes target that the Chinese government had set in its last Five-year Plan. </p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/AluminiumSmelterBbg.jpg" alt="News" width="480" height="300" /><br /><br />Presently, only 118,000 tonnes of aluminium capacity is operational in Hubei, down 74 per cent from 2010. <br /><br /><br /><br />Meanwhile, in Inner...
<p>Henan, one of the top three aluminium producing provinces of China, reported a fall in the number of aluminium smelters as industry concentration grew significantly. The number of smelters in the province has dropped from a whopping 21 in 2005 to only 7 at present. These 7 aluminium smelters, however, takes up 90 per cent of Henan's total aluminium capacity.<br /><br />As per a recent survey by the Shanghai Metals Market, Henan, at present, has an alumina capacity of 12 million tonnes and aluminium processing capacity of 9.8 million tonnes. The province has to procure over 1.5 million tonnes of aluminium from outside each year to meet the raw material demand of local aluminium processors. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto;...
<p>After the recently concluded bilateral dialogue between the U.S. and China during the G-20 Summit, both U.S. and China decided to work collectively to address the aluminium excess capacity issue.<br /><br />Chinese leaders promised to check excessive aluminium production that is flooding global markets and compelling smelters in U.S. and Europe closing capacity due to unfair competition from cheap products. However, aluminium producers in China seem to have another plan.<br /><br />A number of finished and semi-finished product manufacturers have mushroomed in China over last one decade contributing to the aluminium glut. The situation is made worse by the slow growth of Chinese Economy in last few years. While the U.S. and European smelters are closing due to the excess...
<p>Global aluminium giant Alcoa has applied for delisting from the Australian Securities Exchange (ASX), the company said in a statement on Tuesday.<br /><br />Alcoa has been trading on the bourse since 2000. Presently, the number of the company's chess depository interests quoted on the ASX represents less than one per cent of the group's total share capital issued in the market, the document stated. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Alcoa.jpg" alt="News" width="480" height="420" /><br />Given the huge administrative cost incurred for the listing, especially when the share volume quoted on the ASX was low, it was becoming increasingly unsustainable, Alcoa added. In fact,...
<p>The State-owned aluminium producer National Aluminium Company Limited (Nalco) posted a 22.5 per cent decline in net profit in the first quarter June 30, 2016. Net profit stood at INR135 crore against INR174 crore of the corresponding period previous year. The company's profitability was hit by lower market realization, and even an increase in production could not stop it from being affected.<br /><br />Total standalone income of the Navratna firm rose by 4 per cent to INR1,549 crore in April-June quarter this fiscal from INR1,491.27 crore during the same quarter in 2015-16 fiscal. Nalco stock on BSE closed at INR7, down 5.05 per cent from its previous close. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;"...
<p>AlCircle is pleased to announce the launch of <strong>AlToolz</strong>- the unique Business Decision Enabler. After 10-days of successful Beta run, the premium package of online value-added services is now commercially available for the global aluminium industry participants. AlCircle believes this bucket of tailor-made services covering absolutely necessary data is going to prove beneficial for both the large scale enterprises as well as the SME sector in the aluminium industry. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/ALTOOLZ.jpg" alt="News" width="350" height="220" /><br /><br />Data, analytics, and information are increasingly important to businesses. You need them to be able...
<p>Aluminium traded on London Metal Exchange (LME) dropped significantly to touch the lowest in past three months on Monday along with other base metals in the pack as investors turned speculative about a possible U.S. Fed rate hike this month and started shedding risky assets. <br /><br />"The market has got spooked that there's going to be a September rate hike, but none of the macro data supports that," said analyst David Wilson at Citi in London. "Our economics team don't think there will be a hike (in September), so it's probably a flash in the pan. Some of the weakness looks a bit overdone with one or two exceptions."<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;"...
<p>The equity shareholders of Cairn India Limited have today approved the Scheme of Arrangement of Cairn India Limited with Vedanta Limited with requisite majority. Vedanta Limited shareholders already approved of the scheme on 9th September 2016.<br /><br />Anil Agarwal, Chairman of Vedanta Resources plc, said: "The Vedanta Limited - Cairn India merger has been approved by a significant majority by all sets of shareholders, and I am confident that the simplified corporate structure will better align interests between all shareholders for the creation of long-term, sustainable value.</p> <p><strong></strong></p> <p>Tom Albanese, CEO of Vedanta Limited, said: "The approval for the Vedanta Limited and Cairn India merger by both sets of shareholders consolidates our portfolio of attractive,...
