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AL CIRCLE

Aluminium varieties price remains stable despite power rationing

EDITED BY : 2MINS READ

The coup in Guinea, a country rich in bauxite, in early September sparked market fears about a shortage of raw materials. Due to the dual control of energy use and the steep rise in coal costs, coupled with power rationing measures, the domestic power supply is tightening. The most actively traded SHFE aluminium contract reached a new high of RMB 24,000 per tonne.

 Aluminium Varieties prices remains stable despite power rationing

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In late September, the funds fled the market, and downstream manufacturers were subjected to power rationing rules. Consumption was subdued, and aluminium contracts on the SHFE were adjusted. On September 30, the most actively traded SHFE aluminium futures ended at RMB 22,405 per tonne, up 10.54% from the previous month.

At the same time, in September, the Fed continued to implement its liquidity easing strategy, Guinea suffered a coup, and China, the world's largest producer and user of aluminium, experienced production cuts and shutdowns, all of which pushed LME aluminium up.

Industry experts also agreed during the Chicago Harbor Aluminum Summit in mid-September to the fact the tight global supply of aluminium will be difficult to deal with in the short term, stimulating sentiments of the market. Aluminium on the London Metal Exchange (LME) once reached $3,000 per metric tonne, a new record since 2008.

Outlook For The Indian Aluminium Industry

However, since late September, electricity rationing and increased costs have hampered usage. The majority of aluminium-processing companies have reduced their production. The foreign exchange market fluctuated. As of September 30, LME aluminium contracts averaged RMB $2,851 per tonne, up 10.06 percent from the previous month.

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EDITED BY : 2MINS READ

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