The most-traded SHFE aluminium contract opened at RMB 24,000 per tonne in the night session on September 28, reached a high of RMB 24,055 per tonne and a low of RMB 23,950 per tonne, and closed at RMB 24,000 per tonne, up RMB 50 per tonne or 0.21 per cent from the previous close. Futures stabilised after a sharp decline, with prices falling below the 5/10/20/40/60 moving averages across all timeframes, turning these averages from support into resistance. Trading volume during the session was 53,872 lots, with open interest at 271,000 lots, down 3,240 lots, driven mainly by bear position reductions. On the technical front, the 4-hour MACD death cross continued, with DIFF trading well below DEA and green bars expanding significantly, indicating strong short-term bearish momentum. On...
The conclusion of negotiations on the EU–India Free Trade Agreement creates a new context for Indian manufacturers considering the European market, but future opportunities will increasingly depend on regulatory preparedness as well as commercial competitiveness. Negotiations on the Free Trade Agreement were concluded in January 2026. Earlier this month, the European Commission submitted proposals to the EU Council for its signature and conclusion. The Agreement is not yet in force and remains subject to the required European and Indian procedures. For the Indian aluminium industry, the development comes at a time when access to Europe is increasingly shaped by environmental, product and supply-chain regulation. One of the most immediate examples is the European Union’s Carbon Border...
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Aluminium settled up 0.54 per cent at 103.15 as support seen from ShFE aluminium which climbed 1.5 percent rallied on Tuesday on hopes that China would unleash fresh easing measures to kickstart its economy after January trade was dragged down by faltering growth in global markets. Support also seen after the Asian shares consolidated to gains as the Chinese currency and shares show signs of stability, oil prices rebound, and solid U.S. consumption data suggest last week's sell-off was overdone. Overnight trading was light with U.S. markets closed for the President’s Day holiday. Metals has been well-supported in recent weeks amid indications global economic and financial headwinds could make it tough for the Federal Reserve to raise interest rates as much as it would like this year....
LME aluminium may retrace to a support at $1,515 per tonne, as it failed to break a trendline resistance around $1,540. The trendline is a part of a triangle, which suggests that aluminium may retrace towards the lower trendline support around $1,490. Wave pattern indicates the metal is riding on a wave C, which has only briefly extended above a resistance at $1,530, its 61.8 percent Fibonacci projection level. Even if this wave is capable of travelling to $1,581, the 100 percent projection level, it may be disrupted by a correction to the 50 percent level at $1,515. A break above $1,540 could lead to a gain to $1,549, the 76.4 percent level.
Even as the clamour against increasing imports from countries like China has been growing louder, commerce and industry minister Nirmala Sitharaman said last week that the onus was on the industry to deal with rising imports of several essential items. “I cannot stop all imports... but India’s manufacturing companies have to capture this market and identify how they can link themselves to the global value chain,” she said at the Make in India event in Mumbai last week. Sitharaman’s remarks came shortly after K.M. Birla, chairman of the Aditya Birla Group, took strong objection to dumping by China. “It’s creating an unlevel playing field. It’s like asking someone to play cricket with one hand,” said Birla. Birla’s firm Hindalco Industries Ltd, India’s second largest aluminium producer, has...
Norwegian aluminium giant Norsk Hydro has announced fourth quarter results of 2015. The underlying earnings before financial items and tax declined to NOK 1,566 million in the fourth quarter, down from NOK 2,215 million in the third quarter of 2015. The decline mainly reflected lower aluminium and alumina prices and a continued decline in realized premiums, partly offset by positive currency effects. Underlying EBIT: For the full year 2015, Hydro’s underlying EBIT climbed to NOK 9,656 million from NOK 5,692 million in 2014, lifted by positive currency effects and supported by successful industry-leading improvement programs across Hydro. "The decision to build the Karmøy technology pilot marks an important milestone for aluminium, and our ambition to be the industry leader on technology...
Rio Tinto has finally announced work stoppages at the smelter to be effective next week. This will bring aluminium exports to a stand-still, as workers try to gain leverage for wage increases. Vísir reports that the stoppages are to begin on February 24, and will continue indefinitely. The workers involved all belong to the trade union Hlíf, who oversee the export division of Rio Tinto Alcan in Iceland. With the start of these stoppages, no aluminium produced at the smelter will be offloaded, distributed, or shipped out to other countries, effectively rendering any aluminium production superfluous. As reported, workers at the smelter have been in negotiations with management since at least 2014, where they have been fighting for wage increases. It was forecast that the smelter would be...
Rusal expects global aluminium market to swing into deficit in 2016 from 2015’s surplus, according to its recently released 2015 annual report. The global aluminium giant sees global aluminium market in 1.2 million tonne deficit in 2016, reversing from 600,000 tonne surplus in 2015. Rusal sold more aluminium than it produced in 2015. Its report showed its aluminium sales were 3.64 million tonnes in 2015, which not only beat its aluminium production (3.6 million tonnes), but also rose 3.2% from 2014. Rusal expects global aluminium demand to grow 5.7% to 59.5 million tonnes in 2016, citing strong demand in North America, Europe and Asia.
Romania’s only aluminium producer Alro Slatina recorded an adjusted net profit of EUR 19.1 million in 2015 compared to adjusted losses of over EUR 30 million in 2014, as its turnover went up by 15% to EUR 517 million. The company managed to compensate part of the decline in international aluminium prices by increasing the sales volumes, especially for higher value added products. However, its turnover increase was determined by the higher USD/RON exchange rate, as the company quotes its products in US dollars. The average USD/RON exchange rate was 19% higher in 2015 compared to 2014. Alro’s bottom line was also positively impacted by the state’s decision to cap the big industrial energy consumers’ contributions to the renewable energy support scheme. “The investments of over USD 550...
Chinese aluminium smelters, already battered by multi-year low aluminium prices , will find it even harder to survive as the latest policy will add to their power costs. China’s Ministry of Finance issued a notice on collection of industrial enterprise restructuring special fund, mainly targeting power plants and companies with captive power plants, effective January 1, 2016. Aluminium smelters, big users of power, will bear the brunt. SMM statistics found about 75% of China’s aluminium capacity relies on captive power. The notice does not cover companies in some regions, such as Xinjiang and east Inner Mongolia, though. Those in Shandong will be required to pay 0.0139 yuan/Kwh, according to the notice, which equates to a 200 yuan/tonne increase in costs for local aluminium smelters; when...
Hydro has made a formal build decision for the planned full-scale technology pilot at Karmøy, Norway, aiming to verify the world's most climate and energy efficient production of primary aluminium. Total costs are estimated at NOK 4.3 billion, consisting of net project costs of NOK 2.7 billion and around NOK 1.6 billion in support from Enova. First metal from the technology pilot is expected during the second half of 2017. "After several successful improvement programs, the next steps in our efforts to further strengthen our cost curve position will increasingly rely on our ability to advance our industry-leading position in technology and innovation," says Hydro president and CEO Svein Richard Brandtzæg. "The Karmøy technology pilot will play a key role in realizing this ambition,...
Aluminium on London Metal Exchange (LME) may rise to $1,530 per tonne, driven by a powerful wave c. This is the third wave of a bigger wave C - the third leg of a three-wave cycle from the Nov. 23 low of $1,432.50. A Fibonacci projection analysis on the target of the wave C indicates it may travel to $1,581, the 100 percent level. The immediate resistance is at $1,515, the 50 percent level. A rise to $1,518 could confirm a break above this barrier and the target at $1,530. A drop below $1,510 could signal the metal's failure to break resistance and support at $1,499, the 38.2 percent level, may be approached.
Aluminium remained firm and prices gained 0.78 per cent to INR 103.40 per kg in futures trading today as speculators enlarged their positions, tracking a firm trend at spot market on surging demand. At the Multi Commodity Exchange, aluminium for delivery in February month traded higher by 80 paise or 0.78 per cent to INR 103.40 per kg in a business turnover of 2354 lots. Similarly, the metal for delivery in March contracts edged up by 65 paise or 0.63 per cent to INR 103.35 per kg in 252 lots. Market analysts said increase in positions by traders on the back of pick up in demand from consuming industries at domestic spot markets and a firming trend in base metals in the overseas markets kept aluminium prices higher at futures trade.
Aluminium producer Alro has signed a USD 137 million revolving loan agreement with a syndicate of banks led by Raiffeisen International and Raiffeisen Bank Romania. The company needs the money to refinance another USD 120 million revolving loan it took from the European Bank for Reconstruction and Development in 2010. The consortium bank also includes Unicredit Bank, OTP Bank, Eximbank, Garanti Bank, Intesa Bank, and Banca Transilvania. Alro will guarantee the loan with its main assets, mortgage securities, mortgage rights, and compensation from insurance policies covering the company’s assets.
About 65% of the 20 Chinese aluminium smelters surveyed by SMM expect aluminium prices to stabilize this week. They expect LME aluminium to hover between USD 1,500-1,520/mt and SHFE 1604 aluminium to consolidate at RMB 10,750-10,900/mt. Aluminium stocks in China’s major trading markets grew significantly after the week-long holiday, but were lower than in the same period last year. Downstream demand has yet to fully recover. Traders were actively stockpiling goods out of optimism. Another 10% are bearish that LME aluminium will fall to USD 1,480-1,500/mt and that SHFE 1604 aluminium will drop below RMB 10,700/mt, citing a series of negative factors: US non-farm payrolls were poor; GDP in the euro zone grew slowly in December; Japan’s GDP missed forecast in Q4; China’s manufacturing PMI...
To give a fillip to 'Make In India' campaign, diversified metals & mining major Vedanta Resources Ltd has proposed to set up a state-of-the-art aluminium park close to the site of its aluminium SEZ (special economic zone) at Jharsuguda. This state-of-the-art plug-and-produce aluminium park will be set up across 240 acres of land, providing an exclusive ecosystem for industries dependent on as well as manufacturing aluminium conductors, extrusions, castings, foils, powder and paste. For commissioning of the proposed park, Vedanta would sign a memorandum of understanding (MoU) with the Odisha government. The announcement to set up the aluminium park was made by Vedanta during the 'Make in India' week organised in Mumbai. Abhijit Pati, chief executive officer (aluminium), Vedanta Ltd said,...
The National Aluminium Company Limited (Nalco) has achieved a net profit of INR 133 crore in the third quarter that ended on December 2015 despite global slowdown in the aluminium sector, a release issued by the Navratna company on Friday stated. The aluminium major has achieved a net profit of INR 226 crore in the second quarter and INR 354 crore during the corresponding quarter of the previous fiscal. The net sales turnover in the third quarter was INR 1,616 crore, stated the release. The net profit for the nine months that ended on December 2015 was INR 523 crore, against the corresponding figure of INR 967 crore for the previous fiscal. The net sales for the nine months of the fiscal was INR 4,866 crore as compared to INR 5,483 crore the corresponding period of the last fiscal. The...
Emirates Global Aluminium (EGA) is all set to highligh its corporate commitment to integrity and transparency at the conference of Association of Certified Fraud Examiners Middle East in Dubai, UAE. A joint venture between Abu Dhabi-based Mubadala Development Company and the Investment Corporation of Dubai, EGA is platinum sponsor at the two-day event which kicked off on February 14. The summit is being organised in association with the Financial Audit Department (FAD) of Dubai. Over 300 anti-fraud professionals from around the world - including employees from EGA - will gather at the 2016 ACFE Middle East Fraud Conference to discuss the latest trends and strategies in fraud prevention. The delegates will also have the opportunity to meet high-ranking and reputable speakers from leading...
Japan's aluminium premiums will likely rise to $120-$130 per tonne over April-June from the current quarter's $110 per tonne as falling imports are trimming local inventories, Japanese trading house Sumitomo Corp said on Friday. Japan is Asia's top aluminium importer and the premiums it agrees to pay each quarter over the London Metal Exchange (LME) cash price for primary metal shipments PREM-ALUM-JP set the benchmark for the region. The premiums for January-March shipments are up 22 percent from the last quarter of 2015 on higher overseas rates and shrinking inventory at home. "Aluminium imports will drop further as Japanese trading houses and end-users want to cut their stocks by the end of their business year in March," Shingi Yamagiwa, manager of Sumitomo light metals trading team,...
Engineering major Larsen and Toubro (L&T) said it is likely to get the final clearance from the Odisha government for setting up a 3 million tonnes per annum (mtpa) aluminium plant in Rayagada district in the next 2-3 months. The company is planning to set up a 3 mtpa green field integrated aluminium plant in the state with an estimated investment of INR 12,000 crore. "We had submitted the proposal to the (Odisha) government and we hope we will get the last mile clearance from it in the next 2-3 months," company's senior executive vice-president (power, minerals and metals) Shailendra Roy, told PTI on the sidelines of the Make in India (MII) Week. He further said once the final approval is in place the company will start with the process of land acquisition, designing. "We will start the...
