ADC12 consolidates on a strong note as costs rise and orders see marginal improvement
Aluminium scrap: This week, China's aluminium scrap market price centre edged up alongside primary aluminium. As of September 10, SMM A00 aluminium prices closed at RMB 24,560 per tonne, up RMB 210 per tonne from RMB 24,350 per tonne last Thursday. Domestic aluminium scrap prices followed with...
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...
Grow with
AL Circle
SMM aluminum market morning review
European and US stock markets rebounded last Friday. This, combined with appreciation of yuan, cheered market up. As such, LME aluminum rose from USD 1,560/mt to USD 1,616/mt. The light metal, though falling back later in the day, still ended up USD 48/mt or 3.08% at USD 1,605/mt. Trading volumes...
Pre-holiday restocking to support aluminum prices in China
Aluminum prices in China’s spot market will draw support from restocking activity before the upcoming three-day holiday, Shanghai Metals Market foresees. Spot aluminum should trade at discounts of 50-90 yuan per tonne over SHFE 1509 aluminum contract. SHFE 1511 aluminum might continue testing...
A stronger USD weighs on aluminium, SMM reviews
A stronger US dollar weighed on base metals overnight. LME aluminum fell to as low as USD 1,525/mt on Wednesday and continued meeting resistance at the 5-day moving average. Finally, the light metal ended down USD 24/mt or 1.54% at USD 1,532/mt. Trading volumes were down 3,244 lots to 13,175 lots,...
PBOC interest rate and RRR cuts lift aluminum prices overnight
Prices for aluminum and other base metals drifted higher overnight after the People’s Bank of China (PBOC) unexpectedly cut interest rate and reserve requirement ratio (RRR) on Tuesday. The rally in SHFE aluminum will be fleeting, Shanghai Metals Market understands. Three major US stock markets...
Sims Metal Management earnings up in fiscal 2015
Australia’s Sims Metal Management (SMM), one of the world’s largest recycling companie, has reported lower revenue but increased profits in its annual financial report for its fiscal year, which ended June 30, 2015. In a presentation delivered Aug. 21 and posted on the company’s website, the...
SMM market review: LME aluminium opens at USD 1,543/mt
LME aluminum opened at USD 1,566.5/mt last Friday. The light metal climbed to USD 1,581/mt, but immediately moved all the way down to a six-year low of USD 1,541/mt. Finally, LME aluminum ended down USD 23/mt at USD 1,545/mt. Trading volumes were up 2,403 lots to 12,354 lots, and positions were...
China aluminium extrusion operating rate slump to continue in Aug
Operating rates at Chinese aluminum extruders will extend July’s declines in August due to sluggish property and export market, Shanghai Metals Market foresees. The average rate will be 54% for aluminum extruders, with 58% in industrial aluminum extrusion segment and 54% in construction aluminum...
China alumina output peaks in July, SMM Says
Despite falling alumina prices, China’s alumina output peaked at 4.83 million tonnes in July, SMM data showed. The figure grew 11.6% year-on-year, and was up from June’s 4.72 million tonnes. Large refineries maintained high production due to their cost advantages. China
Capacity expansions to slow China aluminum inventory declines
China’s aluminum stocks have been falling for three months running, but the pace will slow down due to robust growth in new capacity, Shanghai Metals Market notes. On the supply side, the scale of aluminum production cuts will be small this year due to falling production costs. Some 2-3 million...
LME aluminum to fall to $ 1,550-1,580 this week, foresees SMM
LME aluminum will fall to $ 1,550-1,580 per tonne this week, Shanghai Metals Market foresees. Expectations are running that that Chinese aluminum semis will flood into overseas market after Chinese yuan depreciated. This, combined with strong resistance at moving averages, will pressure LME...
LME aluminium to fall further to $1,600/mt, SMM reviews
LME aluminum drifted lower after opening at USD 1,641/mt last Friday. It rallied to USD 1,643/mt at one point as weak US economic data softened the US dollar. However, it fell back later as the US dollar regained strength, and ended at USD 1,620/mt. Trading volumes were up 4,689 lots to 13,124...
China's alumina imports decline 40% YoY in June
Alumina imports of China declined 117,200 mt MoM and 40.01% YoY to 223,300 mt in June, according to customs data. Shanghai Metals Market (SMM) attributed the decline to two factors- a. prices for domestic alumina fell faster than imported alumina due to growing supply, making the former more...
Prices unlikely to draw support from aluminium production cuts
"More aluminum smelters have joined recent wave of production cuts, bringing total idled aluminum capacity in China to 1.83 million tonnes since late last year, SMM’s latest statistics showed. Will aluminum prices draw support? Capacity expansions and slowing consumption will pressure aluminum...
LME aluminum to fall further to $ 1,620-1,660, forecasts SMM
LME aluminium is headed for further decline. It will fall to $ 1,620-1,660 per tonne next week, foresees Shanghai Metals Market. Given the negative technical indicators and strong bearishness in commodity market there is no possibility that the metal will rebound in the short term. But the downside...
China alumina output to stay high in July after 13% growth in June
China’s alumina output is expected to remain high in July after rising 13% year-on-year in June, SMM predicts. Despite delay of commissioning schedules for new alumina capacity amid falling alumina prices, most alumina refineries are maintaining high operating rates, SMM has learned. Bosai Group...
LME Aluminum to rise next week, foresees SMM
Speculations about production cuts in Chinese smelters and high selling pressure are all set to drive LME aluminum prices to $ 1, 700 – 1,740 per tonne next week, says Shanghai Metals Market. Prime trading indicators- KDJ and MACD are both pointing upwards. A Strong US dollar, however, is likely to...
SMM sees little immediate impact of lower premiums on Chinese exports
Aluminum premiums in Asia have plummeted to $90-100 per tonne from $380 per tonne early this year. Will lower premiums inhibit outflow of aluminum semis from China? SMM sees little immediate impact on Chinese exports. Given saturated domestic market, exports will remain the way out for Chinese...
Rapid expansions aggravate China aluminum supply glut
Aluminum oversupply in China is worsening as new capacity expands rapidly, Shanghai Metals Market understands. The country’s new capacity is expected to surpass 5 million-tpy this year, most of which enjoy low costs, SMM statistics showed. Capacity cuts, including capacity closed for maintenance,...
