Aluminium stumbles as rising inventories underscore weak fundamentals
Onome Amuge
October 18, 2022
By Onome Amuge Aluminum prices declined at the close of trading activities in the week as rising inventories pointed to ample supply, reversing some of the gains that followed reports of a possible U.S. ban on imports of Russian metal. Benchmark aluminum on the LME fell 1.7 percent at $2,319 a tonne, having risen 2.4 […]
Aluminium prices records 3-year high as Chinese demand strengthens
Onome AmugeApril 14, 2021
Onome Amuge The price for aluminum for three-month delivery on the London Metal Exchange (LME) has soared to its highest since June 2018, hitting $2,304 per tonne buoyed by registered growth in China’s trade data amid a positive outlook for demand of the sivery-white metal. At the close of Wednesday’s trading, the price for the […]
Aluminium prices soar on LME, ShFe despite supply cuts in China
Onome AmugeMarch 16, 2021
Onome Amuge Aluminum prices reached a 9-1/2-year high on Tuesday, as supply concerns raised some dusts in China, the world’s leading producer, following an order by the Development and Reform Commission in Baotou, the capital city of Inner Mongolia, requiring aluminium processors to cut production in the region to meet its energy consumption targets for […]
Russia’s Rusal is in talks to resume reinsurance with Western companies
Businessam StaffFebruary 18, 2019
Russia’s Rusal, the world’s second-largest aluminum producer, is in talks to resume reinsuring its risks with Western companies after Washington lifted sanctions on it, officials with Russian National Reinsurance Co (RNRC) said. U.S. President Donald Trump’s administration on Jan. 28 lifted sanctions on Rusal and other core assets of tycoon Oleg Deripaska. The reinsurance talks […]
EU to restrain steel imports after US tariffs take effect
Businessam StaffJuly 18, 2018
The European Union will launch measures on Thursday to prevent a surge of steel imports into the bloc following the U.S. imposition of tariffs on incoming steel and aluminum, the EU’s official journal said. The European Commission has proposed a combination of a quota and a tariff to counter EU concerns that steel products no […]
Primary aluminium demand falls 343 kilo tonnes lower than 2017
Businessam StaffMay 28, 2018
The demand for primary aluminium for January to March 2018 stood at 14.9 million tonnes, falling 343 kilo tonnes (kt) lower than its quota in the same quarter months of 2017, according to a World Bureau of Metal Statistics (WBMS) report seen by businessamlive. The calculated market balance for primary aluminium was a deficit of […]
Aluminium prices jump to near 7-year high as Trump sanctions hit Russia
Businessam StaffApril 17, 2018
Aluminium prices on Tuesday jumped to near seven-year high as the US sanctions against Russia continues to impact the global supply of the industrial metal. The Trump administration under two weeks ago announced sanctions on more than a dozen Russian entities, including United Co. Rusal, the world’s second-largest Aluminium producer. Rusal has seen its share […]
Force majeure pressure drives aluminium prices to 6-year high
Businessam StaffApril 16, 2018
Force majeure pressure on Monday drove aluminium prices to a new six-year peak as the dollar fell after Rio Tinto made declarations on some of its customer contracts following US sanctions on its partner Rusal, according to a news service report monitored by businessamlive. The benchmark on the London Metal Exchange rose 2.7 percent to […]
Aluminum prices rise on panic buying as fears of Rusal collapse grow
Temitayo AyetotoApril 9, 2018
As Russia’s currency and capital markets dipped on delayed response to Friday’s US sanctions against a handful of Kremlin-friendly billionaires, one vital metal used across the globe in aircraft manufacturing and the auto industries is soaring today. Aluminum prices initially soared on Friday and then again on Monday, amid growing fears that sanctions on Russian […]
Rusal resumes aluminum project as deeper global deficit seen ahead
Businessam StaffJuly 12, 2017
Russia’s Rusal has resumed construction of its long-stalled Taishet aluminum smelter project in Siberia in expectation of a widening global aluminum deficit, the company said on Wednesday. The world’s second-largest aluminum producer behind China’s Hongqiao needs a further $700 million to complete the project, having invested about $800 million in Taishet before it was halted […]