Primary Aluminium Weekly Recap: A00 aluminium ingot price in China surged by RMB480/t; Hindalco and Vedanta raised ingot prices
Primary aluminium market has witnessed a rise in LME aluminium benchmark price this week during May 24-28. The Chinese domestic aluminium ingot price has also seen a surge of RMB 480 per tonne through the week. Besides, the market has encountered hikes in Vedanta’s and Hindalco’s aluminium ingot prices and decrease in Nalco’s aluminium price. Let us now take a quick view to each of the events in the global primary aluminium market this week.
LME aluminium cash (bid) price and LME official settlement price increased this week during May 24-28 by US$ 99.50 per tonne. The prices started the week nosedived by US$ 98 per tonne to US$ 2,305 per tonne on Monday but surged throughout the week to come in at US$ 2,404.50 per tonne. Benchmark aluminium price for SHFE gained US$ 119 per tonne through the week to settle at US$ 2,954 per tonne.
A00 aluminium ingot price in China has surged by RMB 480 per tonne during May 24-28, with a few intermittent drops. On Friday, May 28, the price saw an increase of RMB 450 per tonne to close the week at RMB 18,820 per tonne, found the Shanghai Metals Market. Aluminium alloy (A356) price mounted to RMB 19,550 per tonne on May 28, climbing by RMB 500 per tonne.
Among the leading Indian aluminium companies, Hindalco and Vedanta increased their aluminium ingot and aluminium products prices by INR 3,500 per tonne and INR 3,250 per tonne, respectively, with effect from May 28. While Hindalco’s aluminium ingot price came in at INR 201,000 per tonne, Vedanta’s aluminium ingot price pegged at INR 200,500-213,500 per tonne.
https://www.alcircle.com/news/vedantas-aluminium-ingots-price-climbs-by-inr-3-250-t-on-may-28-66398
NALCO, on the other hand, reduced its aluminium prices by INR 4,000 per tonne this week, with effect from May 27. NALCO is thus now selling its aluminium ingot price at INR 196,350-199,850 per tonne.
Primary aluminium inventories in China decreased by 58,000 tonnes or 5.69 per cent across eight major consumption areas, including SHFE warrants, to come in at 962,000 tonnes as of Thursday, May 27.
The Australian Aluminium Council, which represents Australia’s bauxite mining, alumina refining, aluminium smelting, and downstream processing industries, has appointed Alcoa’s Vice President Operations Australia and President Alcoa Australia Michael Gollschewski as its new President.
To know more: https://www.alcircle.com/news/australian-aluminium-council-appoints-alcoas-michael-gollschewski-as-president-66336
Press Metal Aluminium Holdings Bhd reported double profit in the first quarter of 2021, bolstered by record-high aluminium prices. Press Metal’s net profit surged to RM205.7mil or 2.55 sen a share from RM102mil or 1.27 sen a share during the corresponding period year. Revenue rose to RM2.1bil from 1.8bil a year ago.
To know more: https://www.alcircle.com/news/press-metal-aluminium-reports-double-net-profit-in-1q2021-on-record-high-aluminium-prices-66391
Aditya Birla Group company Aditya Aluminium has rendered its support to the Jharsuguda district administration for combating the COVID-19 crisis. According to a report, the smelter-power plant has donated 10 oxygen concentrators, 200 N95 masks, 200 PPE kits, 100 double-layered Sambalpuri cotton masks to the district administration.
To know more: https://www.alcircle.com/news/aditya-aluminium-renders-support-to-jharsuguda-district-administration-in-covid-19-combat-66365
source https://www.alcircle.com/news/primary-aluminium-weekly-recap-a00-aluminium-ingot-price-in-china-surged-by-rmb480-t-hindalco-and-vedanta-raised-ingot-prices-66409
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