Macro rate hike expectations pressure aluminium prices, while China's continued destocking underpins the market
Futures: The most-traded SHFE aluminium 2610 contract closed at RMB 24,000 per tonne, down RMB 190 from yesterday's settlement price, a decline of 0.79 per cent. It opened at RMB 24,100.00 per tonne during the day and fluctuated within a range of RMB 23,920-24,100 per tonne. The price traded below...
China continues destocking, coupled with recovering peak-season demand; aluminium prices are expected to consolidate at highs with an upward bias next week
1. Macro perspective The US-Iran conflict escalated sharply. On September 9, Iran's Revolutionary Guard struck multiple oil tankers and merchant vessels in the Strait of Hormuz, causing a significant drop in strait traffic. Brent crude broke through USD 100 per bbl, closing at USD 101.21, while WTI...
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US benchmark A380.1 secondary aluminium alloy price stands 23-months high at 88-91 cents per lb
The benchmark A380.1 secondary aluminium alloy price in the United States has increased for the 13 th consecutive week to reach 23-months high, buoyed by rising raw material costs and strong demand from automotive die-casters. Fastmarkets assessed aluminium alloy A380.1 was delivered Midwest at...
US primary aluminium production declines to 80,000 tonnes in August’20; Secondary recovery stands up by 2,000 tonnes
According to the latest report released by the US Geological Survey, domestic primary aluminium production in the United States stood at 80,000 tonnes in August 2020, slightly down by 2,000 tonnes or 2.44 per cent from 82,000 tonnes in the month earlier. The average daily production came in at...
LME aluminium price rallied this week from $1834.5/t to $1891.5/t; SHFE closed higher at $2263/t
On Monday, November 2, three-month LME aluminium climbed 1.24 per cent to close at US$1,871 per tonne. On November 3 & 4, the price grew further by 1.18 per cent and 0.82 per cent to settle at US$ 1,893 per tonne and US$ 1908.50 per tonne, respectively. However, on Thursday, November 5, three-month...
Weekly update: Aluminium ingot price in China saw mixed performance this week; Alumina prices remained unchanged
SMM aluminium ingot price witnessed fluctuations over the week. The price on Monday and Tuesday stood higher at RMB 15050 per tonne and RMB 15150 per tonne. The price dropped by RMB 10 per tonne to RMB 15080 per tonne on Thursday, after declining by RMB 60 per tonne on Wednesday. Aluminium ingot...
A00 aluminium price rises by RMB10/t; expected to range at RMB15070-15110 /t
SMM aluminium ingot price has risen by RMB 10 per tonne from its earlier price to RMB15090 per tonne on Friday, 06 November 2020. The price has registered a hike after two days of decline. It expected to move within a range of RMB 15070-15110 per tonne. In Foshan and Wuxi, the price has increased...
LME aluminium price closed higher at $1885.5/t amidst decreasing opening stock; SHFE climbed to $2263/t
Three-month LME aluminium fell 0.84 per cent to close at US$ 1,892.50 per tonne on Thursday, November 5, with open interest rising to 748,000 lots. It is expected to trade between US$ 1,870-1,910 per tonne today, November 6. LME aluminium cash (bid) price and LME official settlement price increased...
COVID-19 lockdown, high Aluminium pricing forced Bajaj Electricals to re-consider its strategy
Bajaj Electricals, an Indian consumer electrical equipment manufacturing company based in Mumbai, has come up with extremely good results during the lockdown phase. The company’s consumer business rose to 10.08% from 4.7%, which is a huge development in EBIT margin. However, Shekhar Bajaj, Chairman...
Hindalco’s aluminium ingot price increases for the third time in a row to stand at INR161,750/t w.e.f. Nov 4
Hindalco Industries Limited further increased the prices of its aluminium ingot and aluminium products on November 4, marking the third consecutive hike since October 31. The price of Hindalco’s aluminium ingot is now standing at INR 161,750 per tonne after an increase of INR 4,750 per tonne or...
NALCO further increases its aluminium ingot price by INR4,500/t with effect from November 4
National Aluminium Company Limited (NALCO) has further increased the prices of its aluminium ingot and aluminium products with effect from Wednesday, November 4, 2020. The price of NALCO’s aluminium ingot has been raised significantly by INR 4,500 per tonne or nearly 3 percent from INR 158,150-...
Three-month LME aluminium stood higher at US$1,908.5/t; SHFE aluminium slid 0.37%
Three-month LME aluminium climbed 0.82% to close at US$1,908.5 per tonne on Wednesday, with open interest rising to 747,000 lots. SMM expects the contract to trade between US$1,870-1,930 per tonne today. As of Wednesday November 4, LME aluminium cash (bid) price stands at US$ 1877 per tonne, LME...
A00 aluminium ingot price drops for the second day in a row to RMB15,080/t; Australian alumina FOB price dips by $2/t
According to the Shanghai Metals Market, A00 aluminium ingot price in China has extended its downfall on November 5, albeit lower than the previous day, to stand at RMB 15,080 per tonne. The price today has fallen by RMB 10 per tonne compared with the decline of RMB 60 per tonne on November 4. The...
Vedanta hikes its aluminium ingot price by INR 4,500/t with effect from November 4
Vedanta has hiked its aluminium products price for the second time in a row. With effect from Wednesday, 04 November 2020, the prices of some aluminium ingots are in the range of INR 159,500-172,500 per tonne. That was up by INR 4,500 per tonne from INR 155,000-168,000 per tonne on November 3. The...
Aluminium ingot price declines by RMB 60/t; Aluminium Alloy (A356) stands at RMB 15700/t
SMM aluminium ingot price has registered a decline after three days of hike. The price stood at RMB 15090 per tonne on Wednesday, 04 November 2020, marking a decline of RMB 60 per tonne. The price is expected to range at RMB 15070-15110 per tonne. In Foshan and Wuxi, the price has decreased by RMB...
NALCO increases its aluminium ingot price for the third time in a row by INR600/t w.e.f. November 1
National Aluminium Company Limited (NALCO) has extended the growth of its aluminium ingot and aluminium product prices for the third time in a row, albeit lower than the previous times, with effect from November 1. NALCO has raised its aluminium ingot price by INR 600 per tonne on November 1,...
LME aluminium price soared to $1891/t marking the third consecutive day of hike; SHFE plunged to $2226/t
Three-month LME aluminium climbed 1.18 per cent to close at US$ 1,893 per tonne on Tuesday, November 3, with open interest rising to 742,000 lots. It is expected to trade between US$ 1,870-1,910 per tonne on November 4. LME aluminium cash (bid) price and LME official settlement price increased for...
Vedanta’s aluminium ingot price rises significantly by INR4,750/t with effect from November 3
Vedanta’s aluminium ingot and aluminium product prices have been raised significantly with effect from November 3, following back-to-back declines on October 28 and 30. The company has grown its aluminium ingot price by INR 4,750 per tonne or 3.16 per cent on November 3 from INR 150,250-163,250 per...
Hindalco further increases its aluminium product prices by INR1750/t with effect from November 3
Hindalco Industries Limited has extended the growth of its aluminium product prices with effect from Tuesday, November 3. The price of Hindalco’s aluminium wire rods has been raised by INR 1,750 per tonne from INR 166,350 per tonne to INR 168,100 per tonne, as of November 3. With the latest hike,...
Three-month LME aluminium closed at US$1,871 per tonne on Monday; SHFE aluminium gained 2.95%
Three-month LME aluminium climbed 1.24% to close at US$1,871 per tonne on Monday. SMM expects the contract to trade between US$1,850-1,890 per tonne today. As of Monday November 2, LME aluminium cash (bid) price stands at US$ 1834.50 per tonne, LME official settlement price stands at US$ 1834.50...
