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THINK ALUMINIUM THINK AL CIRCLE
This week, the upstream aluminium sector took centre stage, featuring numerous significant developments in price front, production, international trade policy, project clearance, and investment. The continuous price fall on the Shanghai Metals Market and London Metal Exchange throughout the week stemming from sluggish demand created sensation in the industry, in addition to an additional 10 per cent tariff announcement by the US President on Chinese aluminium and steel imports via Mexico that took the metal industry by storm.
According to SMM, China’s domestic A00 aluminium ingot price shed off RMB 270 per tonne this week, settling at RMB 20,000 per tonne. Although the price recorded intermittent growth on July 9, marking a week-on-week increase of RMB 90 per tonne, it stood lower at the end of the week with three consecutive days of decline. China’s A00 aluminium ingot price, thus, closed this week with a month-on-month plunge of RMB 790 per tonne.
The LME aluminium benchmark price recorded a loss of US$67 per tonne over the week ended July 11, standing at US$2,428.50 per tonne. The LME aluminium price drop through the week even amid sluggish stock across warehouses clearly indicates weaker demand for the metal. The LME aluminium opening stock dwindled by 12,175 tonnes through the week to amount to 982,000 tonnes.
The share of available aluminium stocks of Russian origin in London Metal Exchange (LME)-approved warehouses rose to 50 per cent in June from 42 per cent in May, while the share of Indian origin fell to 40 per cent from 50 per cent. The on-warrant aluminium stocks in LME-registered warehouses, encompassing all origins, decreased significantly by 21 per cent in June, underscoring the gravity of the situation. The data revealed that the majority of this outflow was attributed to Indian metal.
To know more: https://www.alcircle.com/news/russian-aluminium-stocks-surge-to-50-in-lme-warehouses-111399
The news that has grabbed the maximum attention of the industry is the additional 10 per cent tariff levied by the United States on primary aluminium smelted or cast in China, Iran, Russia, and Belarus and transshipped via Mexico. This move effectively addresses the loophole that countries were utilising to avoid US import tariffs by routing through Mexico, thereby safeguarding the domestic aluminium industry.
Century Aluminum Company, a US-based producer of primary aluminium, has wholeheartedly welcomed Joe Biden’s move to tighten aluminium and steel imports from China and other nations through Mexico. The Aluminum Association and the Aluminum Extruders Council (AEC) also welcomed the measure taken by the US to check Chinese imports.
Africa & Asia’s alumina output during May 2024 surpassed 1 million tonnes by rebounding month-on-month. According to the International Aluminium Institute (IAI), alumina production in Africa & Asia stood at 1.17 million tonnes, up by 12 per cent M-o-M and 3.43 per cent more Y-o-Y than 1.080 million tonnes.
South32's Boddington bauxite mine expansion in Australia, which aims to extend the Worsley alumina refinery's operations for an additional 15 years, has secured support from the Environmental Protection Authority (EPA), albeit with conditions. The EPA has now recommended the project's approval to Environment Minister Reece Whitby. However, the endorsement is subject to appeal and comes with specific conditions. These conditions are designed to mitigate environmental impacts, demonstrating a commitment to environmental protection.
To know more: https://www.alcircle.com/news/south32s-boddington-bauxite-mine-expansion-cleared-with-environmental-provisions-111369
Funds management giant Regal is actively seeking investors for a substantial $20 million capital-raising effort to acquire a royalty over a bauxite operation in Northern Queensland, according to sources close to the deal. The Regal Resources Royalties Fund, with a substantial $204 million under management, has reportedly finalised terms to secure a 2.3 per cent uncapped royalty on the Skardon River tenements. These tenements are owned by Metro Mining, a company listed on the Australian Securities Exchange (ASX), as revealed in fund-raising documents reviewed by this column.
To know more: https://www.alcircle.com/news/australias-regal-fund-managements-rounds-up-investors-for-20-million-bauxite-royalty-deal-111405
Alcoa Corporation announced its preliminary second quarter 2024 results, highlighting estimated financial growth due to higher average realised third-party prices of alumina and aluminium. In Q2 2024, Alcoa’s revenue is estimated to range between US$2,850-2,925 million, demonstrating an increase of around 6-10 per cent Q-o-Q. Net income attributable to Alcoa is likely to hover around US$5-25 million and its Adjusted EBITDA between US$310-330 million.
According to the United States Geological Survey, the United States imported 1.36 million tonnes of aluminium (including scrap) through the first quarter of 2024 ended March 31. That reflected an annual increase of 6.25 per cent from 1.28 million tonnes. The top sources of imports in Q1 2024 included Canada (874,000 tonnes), the United Arab Emirates (69,600 tonnes), Mexico (63,900 tonnes), China (approximately 42,200 tonnes), and Argentina (41,100 tonnes).
Hydro reported a fatal accident of a contractor at its joint venture primary aluminium-producing company Albras. The accident happened while the contractor was performing maintenance on an electrolysis cell.
To know more: https://www.alcircle.com/news/hydro-reports-a-fatal-accident-at-its-joint-venture-company-albras-111404
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