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>The Aluminum Association is known to be still not losing hopes on anti-dumping or countervailing duty cases on Chinese aluminium imports; but that largely depends on market conditions, which if deteriorate further will make it difficult for the U.S. aluminium trade body to defend them on a wider scale. It is also trying to make the U.S. reach a binding bilateral deal with China to reduce aluminium overcapacity, informed industry sources. <br /><br />According to the same sources, the U.S. primary aluminium industry is gearing up for the upcoming International Trade Commission hearing on September 29, which would serve as the first step toward any future international trade defense cases on aluminium. The industry is known to have taken a less aggressive approach than steel in not more...
<p>Aluminium contracs traded on London Metal Exhange (LME) will stop falling and find resistance at the 20-day and 40-day moving averages, with prices expected to range between USD1,650-1,670/mt today (August 23), observed analysts at Shanghai Metals Market (SMM). <br /> <br />According to the market sources, most of the longs that entered last Thursday have exited, and both longs and shorts will be cautious in the short term. This will keep SHFE 1610 aluminium in check at RMB 12,320-12,460/mt. <br /><br />In east China’s spot aluminium market, spot premiums of RMB 50-90/mt are expected over SHFE 1609 aluminium contract, noted SMM. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;"...
<p>Under increasing international pressure to make further cuts to capacity, China Hongqiao’s chief Zhang Bo defended his firm’s output, claiming that increasing demand will keep the potential of a further drop in prices in check.<br /><br />In an interview with Hong Kong’s South China Morning Post, Zhang said that demand, plus the Chinese industry’s “self-discipline” in production and expansion have, despite the experts’ opinions, made the domestic aluminium industry healthier than popularly believed.<br /><br />On the subject of the price decline of aluminium due to oversupply, he remained steadfastly against the notion that oversupply is an issue.<br /><br />“Our view, and also the view of our industry’s association is that, given...
<p>The Government of India is finally considering imposing a minimum import price (MIP) on aluminium to help address the issue of surging cheaper aluminium shipments from overseas markets, especially China and Middle East. The surge has been such that the even biggest names in the primary aluminium sector in India have been feeling the heat. <br /><br />The Ministry of Finance led Revenue Department is known to be studying the case presented to them by domestic manufacturers led by Vedanta, Nalco, Hindalco and Balco under the umbrella concern of Aluminium Association of India.<br /><br />The Chief executives of leading aluminium companies met Finance Minister Arun Jaitley on Thursday last week, with the demand to protect the domestic aluminium industry from cheaper imports. They sought...
<p>Both LME and SHFE aluminium will consolidate at highs this week, SMM predicts.<br /><br />LME aluminium will remain firm between $1,650-1,720 per tonne, while SHFE 1610 aluminium will consolidate at 12,300-12,800 yuan per tonne, supported by low aluminium stocks in China. <br /><br />Aluminium stocks in China, though up, are still at low levels. More aluminium ingots will arrive in east China due to shrinking price spread between Shanghai and Guangdong. This will narrow spot premiums in east China to 50-100 yuan per tonne over SHFE 1609 aluminium. </p>
<p>China Aluminum International Trading Co. (Chalco Trading) raised aluminium prices it offered in major markets further today, it said on its WeChat. <br /><br />For details, please see the table below: <br /><br />Unit: yuan/tonne <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/SMM%20Image.png" alt="News" width="449" height="155" /><br /><br />Note: Chalco Trading is a full subsidiary under Chalco responsible for alumina and aluminium sales. <br /><br />Aluminium stocks in China’s five major markets grew for the second consecutive week after continuous declines, SMM data showed. <br /><br />Large arrivals from northwest China and Shandong, and poor demand in the...
<p>Indian aluminium industry giants have once again come forward to nudge the government to take some decisive steps against cheap aluminium imports that have been flooding the Indian market for a while now. <br /><br />After the Centre gifted the domestic steel industry some relief from the onslaughts of cheap imports by introducing minimum import price on select steel products, the aluminium industry has now upped the ante in their demand for a similar relief that would help protect the interest of several primary producers in the country. <br /><br />Industry body, Aluminium Association of India, met Mines Minister Piyush Goyal on Thursday, August 18, with a proposal seeking interim relief from cheap imports or imposition of minimum import price to protect the domestic aluminium...
<p>After a dismissal performance last year, aluminium managed to gain around 9 percent in the first eight months. The increase in demand is attributed by two factors, demand in China and demand from automobile industry. Sharp fall in inventories has also been blessing for aluminium.<br /><br />Inventories in Shanghai Future Exchange are lowest since 2011 and in London Metal Exchange (LME), the inventories is down nearly 18 per cent. This is because last year to support the falling prices, many aluminium smelters in China were closed down. According to a leading website on metal industry, from January to June 2016, China’s total refined aluminium output was 15.11 million tonnes, virtually flat on the same period last year. With production restarts continuing and new capacity being...
<p>India's National Aluminium Co. Ltd (Nalco) delivered an astounding performance with gross turnover amounting to INR7,157 crore and net profit INR731 crore in FY2015-16. The feat is all the more remarkable since it happened during a period when about 70 per cent of the world's aluminium producers have reported loss. Nalco CMD T K Chand said the company's effort to stay low-cost has helped it stay profitable amid market downturns. <br /><br />Nalco has set a capex target of INR870 crore during the current financial year and is targeting revenue of INR7,100 crore from operations.<br /><br />According to a recent InfraCircle report, the aluminium producer spend INR452 crore towards capital expenditure compared with a INR781-crore target last year due to commodity industry slowdown and...
<p><strong>The National Minerals Information Center (NMIC)</strong> launches the NMIC Seminars series, a collection of insightful presentations focusing on the trends and issues affecting global and domestic minerals, mining, and metallurgy and their respective processes and applications. From ore bodies to consumer products, the goal is to create a collection of knowledgeable resources for everyone, from the most studied expert to the youngest future miner.<br /><br />This month's seminar featuring <strong>China's Economic Rebalancing Act-Implications for the World Economy</strong> will be held on August 18 in the USGS National Center Auditorium (12201 Sunrise Valley Drive, Reston, VA 20192).</p> <p><img style="vertical-align: middle; display: block; margin-left: auto;...
<p>Canada's leading midstream oil and NGL (natural gas liquids) marketing and logistics company- Petrogas Energy Corp. is poised to take over Alcoa Intalco Works’ wharf and pier at Cherry Point, Washington, reported sources close to both the companies. The pending buy-out will include the state aquatics lease transfer as well.<br /><br />Currently, Petrogas accesses the Cherry Point pier with Intalco's permission, as outlined in the state lease. The NGL supplier employs 30 employees at the Ferndale terminal at present.<br /><br />An agreement has been signed between Intalco and Petrogas which includes selling of property associated with the Ferndale aluminium smelter including the site’s wharf, by the former, updated Intalco spokesman Josh Wilund. The deal, however, will not...
<p>Aluminium traded on London Metal Exchange hit one-month high on Tuesday, August 16, as dollar slipped, wighed on by signals that the U.S. interest rates would remain on hold, and speculators sped up to buy the metal used in cans to spacecrafts. <br /><br />The dollar index nose-dived to a seven-week low after a policymaker at the U.S. Federal Reserve said that the central banks might have to raise inflation targets to facilitate growth and give support to a much 'looser fiscal policy' in future.<br /><br />"The main drivers seem to be currency and macro today rather than any sudden real changes in fundamentals," observed analyst David Wilson at Citi, London.<br /><br /><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/LME%20aluminium%20price.jpg"...
<p>Navaratna PSE National Aluminium Company (Nalco) delivered an encouraging performance in the 2015-16 fiscal even as about 70 per cent of the world's aluminium producers have reported loss. The company's gross turnover was INR 7,157 crore and net profit INR 731 crore, noted Nalco CMD T K Chand. <br /><br />“Nalco has remained profitable all through by successfully handling the market downturn, by maximising bauxite mining and alumina refining, adding new pots and augmenting production, besides effecting several cost reduction measures, particularly in raw material and energy consumption,” Chand said informing that the Odisha-based aluminium major has been declared as the lowest cost producer of alumina by London-based Wood Mackenzie. The CMD was addressing a gathering in...
<p>The world’s biggest aluminium maker China Hongqiao Group delivered astounding results in the six months ended June 30. Profit surged 21 per cent driven by output expansion and increasing market share as some of the industry's higher-cost competitors held up production under uncertain market conditions. <br /><br />According to JPMorgan Chase & Co, the company is among the world’s lowest-cost integrated aluminium producers owning a bauxite mine in Indonesia, an aluminium smelter in Guinea, and power plants in China.<br /><br />China Hongqiao's net income reached 3.3 billion yuan (Dh1.8 billion, $496 million) in H1 2016 compared to 2.72 billion yuan in the same period previous year. Revenue scaled 13 per cent higher than 25.4 billion yuan last year, as output improved 28...
<p>The Aluminum Association and the Aluminum Association of Canada reported a total primary aluminium production at an annual rate of 3,967,688 tonnes in North America during July 2016. The rate reports an increase of 9,837 tpy (+0.2%) from 3,957,851 tonnes in June 2016. The production rate in the U.S. as well as Canada was slightly up in the given month.</p> <p><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/North%20America%201.jpg" alt="News" width="371" height="260" /> </p> <p><br />The YoY comparison of the North American production shows a drop of 9.0 per cent from the July 2015 rate of 4,404,055 tonnes. The actual North American production was 2,365,747 metric tonnes through the first seven months of 2016. With the drop in aluminium inventory in...
<p>One of the causes of falling aluminium prices over the past few years was the rise in China’s aluminium exports. But Chinese exports started to calm down this year, helping aluminium prices to recover.<br /><br />China exported 390,000 metric tons of unwrought aluminium in July, down 9.3 per cent from July of last year. Chinese aluminium exports have fallen around 7 per cent for the first seven months of 2016. Lower Chinese aluminium exports suggest stronger aluminium demand in China coupled with some supply cuts.<br /><br />According to the latest figures released by the International Aluminium Institute (IAI), Chinese aluminium production has now fallen on a year-over-year basis in five out of the last six months. For the first half, Chinese aluminium production has fallen by...
<p>SMM surveyed 44 Chinese aluminium smelters about their opinions over aluminium price outlook. About 64 per cent of them expect SHFE 1610 aluminium to stabilize between RMB 12,200-12,350/mt and LME aluminium between USD 1,630-1,655/mt. Aluminium stocks in domestic five major markets continued growing on Monday, up another 7,000 mt from last Thursday. <br /><br />China’s investment, consumption and industrial value-added data all weakened, and financial data for July also pointed to declines. These will prevent aluminium prices from rising. SHFE 1610 aluminium has met resistance at the 5-day moving average, but found support at the 60-day moving average. <br /><br />Another 22 per cent expect SHFE 1610 aluminium to fall below RMB 12,200/mt and LME aluminium below USD 1,630/mt,...
<p>The Aluminum Association has announced the addition of three new member companies – UC RUSAL, Tri-Star Glove and MAGNECO/METREL.<br /><br />In addition, the Association introduced a new member category and announced its first ever individual membership for Professor Diran Apelian of Worcester Polytechnic Institute. <br /><br />These additions bring total membership in the Association to 116 companies which reflect the scope and breadth of today’s global aluminium industry. UC RUSAL joins the Association as a producer member – firms that make or fabricate aluminium – while both Tri-Star Glove and MAGNECO/METREL join as associate members – firms that supply the industry with goods and services. Individual members are nominated by the President and...
