Aluminium fluoride prices rise on cost support; premium for high-grade supply widens
This week, trading sentiment in China's aluminium fluoride enterprises was moderate, and aluminium fluoride prices continued to rise. As of now, SMM mainstream quotations for aluminium fluoride stand at RMB 11,500-12,300 per tonne; cryolite spot prices firmed, with SMM cryolite quotations at RMB...
Macro rate hike expectations bring periodic pressure, while destocking in China provides solid bottom support
Futures: The most-traded SHFE aluminium contract opened at RMB 24,310 per tonne in the night session on September 10, reached a high of RMB 24,310 per tonne and a low of RMB 24,075 per tonne, and closed at RMB 24,125 per tonne, down RMB 365 per tonne or 1.49 per cent from the previous close....
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Alumina prices slip in June and look set to remain low
The average SMM alumina price has fallen from May’s RMB 2,514/mt to current RMB 2,473/mt, but the average price for long-term alumina contracts has risen from May’s RMB 2,482/mt to current RMB 2,526/mt. Prices of imported alumina at ports have slipped from RMB 2,654/mt in May to current RMB...
SMM Morning Review: LME aluminum should move within USD 1,850-1,880/mt on 17th June
The US Labor Market announced last Friday that the country’s PPI grew 0.5% MoM in May, markedly up from the estimate. However, industrial output in the same month was unexpectedly flat with April and missed forecasts. The University of Michigan Consumer Sentiment preliminary index fell sharply to...
China’s enterprises cut production capacity of electrolytic aluminum
The data from General Administration of Customs of the People’s Republic of China showed that in May, China's imported alumina totaled 200,000 tons, decreased by 72 percent year-on-year, and 38% month-on-month. January to May this year, China's imported alumina totaled 1.56 million tons, decreased...
Aluminium futures rise on global cues, spot demand
Aluminium prices edged up by 0.42 per cent to INR 107 per kg in futures trade on Thursday as participants enlarged their positions, supported by a firming overseas trend. Further, strong demand in the spot markets also influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery...
Aluminum Glut to Hit Rain Plan to Double Profit: Corporate India
Rain Commodities Ltd. (RCOL), the world’s second-largest producer of calcined petroleum coke used to make aluminum, will miss its own profit forecast as a slide in prices of the metal prompts smelters to scale back output. An aluminum supply glut and falling demand in China are causing many...
MCX Aluminium rises after UK manufacturing data
Aluminium prices at India’s Multi Commodities Exchange (MCX) was trading up by 1.88%. The June Contract is now trading around INR 109.30-111.05 per kg levels. Aluminium gained as sentiment on the metal remained upbeat amid easing concerns over China’s economic outlook. Positive forecast on UK...
US firm leads $1 billion credit facility for Novelis Inc.
Wells Fargo Capital Finance, part of Wells Fargo & Company, announced it acted as left lead arranger, book manager, and administrative agent on a $1 billion, multi-currency, senior secured revolving credit facility for Novelis, Inc. The credit facility refinanced Novelis’ existing credit facility,...
Aluminium rallies on signs of output cuts
Aluminium rallied to the highest level in more than two months amid signs that smelters were finally beginning to respond to low prices by shuttering production capacity in scale. On Wednesday, Chalco, the Chinese state aluminium giant that is one of the world’s top producers of the metal,...
Chalco to close 380,000 tons of aluminum capacity
Chalco, China's top producer of aluminum, joined other companies on Wednesday in cutting capacity to help trim a market surplus after it suffered losses due to weak prices. The Aluminum Corp of China Ltd said in a statement it would temporarily close 380,000 tons of annual capacity due to market...
SMM Morning Review: LME aluminum should move within USD 1,950-1,990/mt on 6th June
According to the ADP National Employment Report, 135,000 jobs were added in US private sectors in May, well below the 165,000 forecast. This kept investors cautious about non-farm employment due to the released tomorrow. US factory orders increased 1.0% MoM in April, also missing expectations. On...
SMM Morning Review: LME aluminum should move within USD 1,920-1,960/mt on 5th June
The US Commerce Department announced overnight that the country’s trade deficit expanded to USD 40.29 billion in April as imports of automobiles and mobile phones exceeded exports. This will contribute to its GDP growth in the second quarter. In response, LME aluminum jumped to the highest since...
Rusal issues warning on aluminum imports
Rusal has warned that state support will be needed to boost domestic aluminum output, as foreign producers are on course to increase their share of Russia’s market from 39 to 47 percent by 2017. Sergei Belsky, Rusal’s Sales Director for Russia and the CIS, said in a conference report that Russian...
Aluminium prices rise on global cues, spot demand
Aluminium prices edged up by 0.47% to INR 107.20 per kg in futures trade yesterday as participants enlarged their positions, supported by a firming overseas trend. Further, strong demand in the spot markets also influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery in...
Global trading house Trafigura eyes US aluminum scrap market
Global trading house Trafigura AG/Nems (USA) Inc. is considering an entry into the U.S. secondary aluminum market, market sources said. To date, Trafigura’s only known involvement has been as a trader of the London Metal Exchange's North American special aluminum alloy contract (Nasaac), a...
Nalco stock hits low in 52-week
Nalco stock on Thursday came closer to its 52-week low of INR 32.70 as it touched day’s low at INR 34.35, but finished at INR 34.55, down 1.29 per cent on the BSE. According to analysts, market took a dim view of the integrated metal maker. Its net profit margin on sale has been gradually declining...
Alcoa downgraded to junk status in ratings
Ratings agency Moody's Investors Service has downgraded US aluminum giant Alcoa by one notch to junk status due to falling prices and slow growth in China and Europe. Moody's on Wednesday cut Alcoa's senior unsecured debt and corporate family ratings to Ba1 from Baa3. It, however, said the...
Aluminum scrap prices dip slightly
Some grades of secondary smelters’ aluminum scrap fell on May 28, as market participants said that scrap supply continued to loosen over the past week. Prices for old sheet, which serves as a primary feedstock for the production of aluminum alloy A380.1, fell a penny to 67 to 69 cents per pound...
Aluminium prices up 0.44% on rising demand
Aluminium prices rose yesterday by 0.44% to INR 102.45 per kilogram in futures trade as speculators enlarged positions amid a firming trend overseas. Besides, increased demand at domestic spot markets also influenced prices. At the Multi Commodity Exchange, the May tarde rose by 45 paise, or 0.44%,...
