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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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...
China's A00 aluminium ingot price extends growth to RMB15150/t; Prebaked anode price in Central hikes by RMB80/t
According to the Shanghai Metals Market, A00 aluminium ingot price in China has recorded a surge of RMB 100 per tonne on Tuesday, November 3, to stand at RMB 15,150 per tonne, marking the third consecutive day of rising since October 30. On November 2, the price opened the week with a hike of RMB...
Hindalco hikes its aluminium products price by INR 2,750/t with effect from October 31
Hindalco Industries Limited has hiked its aluminium products price after declining it for the second time in a row. With effect from Saturday, 31 October 2020, the company’s wire rods price stands at INR 166,350 per tonne, up by INR 2,750 per tonne, from INR 163,600 tonne on October 31. Aluminium...
Aluminium ingot price opens higher at RMB 15050/t; Aluminium Alloy (A356) stands at RMB 15650/t
SMM aluminium ingot price has opened higher at RMB 15050 per tonne on Monday, 02 November 2020. This records a growth of RMB 220 per tonne from Friday. The price is expected to range at RMB 15030-15070 per tonne. In Foshan and Wuxi, the price has increased by RMB 220 per tonne and RMB 210 per tonne...
Three-month LME aluminium closed 2.44% higher at $1848/t; SHFE price increased to $2223/t
Three-month LME aluminium climbed 2.44 per cent to close at US$ 1,848 per tonne on last Friday, with open interest falling to 743,000 lots. It is expected to trade between US$ 1,820-1,870 per tonne today. LME aluminium cash (bid) price and LME official settlement price rebounded on Friday, October...
Three-month LME aluminium stood three-week low at $1804/t this week; SHFE declined to $2186/t
On Monday, October 26, three-month LME aluminium shed 1.11 per cent to settle at US$ 1,822 per tonne. On Tuesday, it hit the lowest in more than two weeks at US$1,812 per tonne earlier in the session, closing down 0.05% to come in at US$1,821 per tonne. On Wednesday, October 28, the price closed...
Weekly update: Aluminium ingot price in China performed lower this week; Alumina prices remained flat
SMM aluminium ingot price continued to trend lower this week. The price on Tuesday, 27 October, declined by RMB 10 per tonne to stand at RMB 14880 per tonne, after remaining flat on Monday. The price dropped by RMB 140 per tonne and RMB 30 per tonne on Wednesday and Thursday, ending the price at...
Vedanta cuts its aluminium ingot price by INR 1,500/t
Vedanta has continued to reduce its aluminium products price. With effect from Friday, 30 October 2020, the prices of some aluminium ingots are in the range of INR 150,250-163,250 per tonne, marking a decline of INR 1,500 per tonne from INR 151,750-164,750 per tonne on October 28. The company’s...
Hindalco reduces its aluminium products price by INR 1,250/t
Hindalco Industries Limited has reduced its aluminium products price for the second time in a row. With effect from Friday, 30 October 2020, the company’s wire rods price stands at INR 163,600 per tonne, down by INR 1,250 per tonne, from INR 164,850 tonne on October 28. Aluminium billets price to...
Alumina price in China stands at RMB 2280/t; Aluminium price climbs by RMB 120/t
As updated by Shanghai Metals Market, average spot alumina price in China has decreased by RMB 10 per tonne on Friday, 30 October 2020 to stand at RMB 2280 per tonne, after remaining flat at 2290 per tonne since October 29. Alumina price in Shandong has declined by RMB 10 per tonne to stand at RMB...
Three-month LME aluminium declined to a three-week low; SHFE aluminium advanced 0.17%
Three-month LME aluminium dropped to a three-week low at US$1,793 per tonne on Thursday, closing 0.41% lower at US$1,804 per tonne. SMM expects the contract to trade between US$1,790-1,830 per tonne today. As of Thursday October 29, LME aluminium cash (bid) price stands at US$ 1786 per tonne, LME...
Century Aluminum’s net sales dropped in Q3 on lower LME prices; Primary aluminium shipments down 3%
Century Aluminum Company announced its third quarter 2020 results. Shipments of primary aluminium were 203,022 tonnes in Q3, down 3% from 210,309 tonnes Q2 2020. Net sales stood at $392.9 million compared with $401.9 million for the second quarter of 2020, down 2% on lower LME prices and regional...
AMAG’s Jan-Sept revenue drops 18.1% YoY due to lower shipments in Casting and Rolling Divisions
AMAG Austria Metall AG has announced the comprehensive financial and operational reports for the first nine months of the year 2020, revealing that its revenue decreased by 18.1 per cent year-on-year from EUR 821.5 million to EUR 673.2 million. Earnings before interest tax, depreciation and...
Hindalco reduces aluminium ingot price by nearly 1.5% this week in line with 3-month futures fall on LME
Hindalco Industries Limited has cut its aluminium ingot and aluminium product prices with effect from Wednesday, October 28, after raising them a week ago. The company is now selling its aluminium ingot at INR 153,750 per tonne compared with 156,000 tonnes as of October 22. This represents a...
A00 aluminium ingot price declines by RMB 30/t; Aluminium Alloy (A356) price stands at RMB15300/t
SMM aluminium ingot price has declined by RMB 30 per tonne to stand at RMB 14880 per tonne on Thursday, 29 October 2020 from its previous price of RMB 14740 per tonne on October 28. This marks the third consecutive decline in aluminium ingot price. The price is expected to range at RMB 14690-14730...
LME aluminium price closed $7/t lower at $1801/t; SHFE plunged for the third day in a row to $2158/t
Three-month LME aluminium closed 0.52 per cent lower at US$ 1,811.5 per tonne on Wednesday, October 28, after hitting its lowest in nearly three weeks at US$ 1,802.50 per tonne earlier in the session. It is expected to trade between US$ 1,800-1,840 per tonne today. LME aluminium cash (bid) price...
Rusal’s aluminium production increases by 1.3% Q-o-Q to 939,000t in Q3 2020, VAP sales rise by 25.4%
Rusal announced that its aluminium production in the third quarter of 2020 totalled 939,000 tonnes, increasing by 1.3 per cent quarter-on-quarter from 927,000 tonnes in Q2. Siberian smelters represented 93% of the output. Rusal’s aluminium production increased in the third quarter after a drop in...
Vedanta reduces its aluminium ingot price by INR 2,000/t with effect from October 28
Vedanta has dropped its aluminium products price on Wednesday, 28 October 2020. The prices of some aluminium ingots are in the range of INR 151,750-164,750 per tonne, representing a decline of INR 2,000 per tonne from INR 153,750-166,750 per tonne on October 22. The company’s billet price came in...
