Odisha Additional Chief Secretary for Housing and Urban Development and IDCO Chairperson Usha Padhee visited Angul on Saturday to review infrastructure development at the Aluminium Park near NALCO, alongside housing, sanitation and drainage projects. The visit focused on resolving infrastructure bottlenecks, improving civic services and accelerating implementation through coordination among the concerned agencies. During her visit to the Aluminium Park, Padhee held discussions with senior officials from NALCO and the Industrial Infrastructure Development Corporation of Odisha (IDCO), particularly on essential power and water supply requirements. She called for coordinated efforts and time-bound action to address the identified infrastructure issues. Join the fourth edition of webinar "...
ABB has secured two orders from China’s Southwest Aluminum to supply integrated automation and digital technologies for two six-high aluminium cold rolling mills, supporting the manufacturer’s wide-strip production expansion and upgrade. The projects involve a 2,500 mm two-stand mill and a 3,000 mm single-stand mill, with both lines expected to be fully commissioned and operational by the end of 2027. Chongqing-based Southwest Aluminum is a subsidiary of the Aluminum Corporation of China (Chinalco). The orders build on the longstanding cooperation between ABB and the aluminium producer, with the latest projects focusing on process stability, control precision and production performance. Explore insights and forecasts for the aluminium flat rolled products (FRP) market from our...
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The price of primary aluminium in China is slowly adding strength. The spot price rose from RMB18950/t on March 1 to RMB19250/t today. Meanwhile, the main index price was RMB18965/t on March 1, but it closed today at RMB19455/t. These rises come despite Russian metal continuing to enter the market and despite the news that some capacity in Yunnan province will restart. We are entering the golden period for metal demand, with Q2 historically the peak for consumption. It also helps that the US FED has predicted that interest rates will eventually fall. Other metals, such as copper, are showing similar moves. Will it last? It's hard to call. If Europe bans Russian metal, that would increase the amount that China is receiving. China doesn't need any further increases in supply. The summer...
On March 25, Golden Aluminum was selected by the U.S. Department of Energy (DOE) Office of Clean Energy Demonstrations to begin award negotiations for up to $22.3 million in Infrastructure Investment and Jobs Act and Inflation Reduction Act funding as part of the Industrial Demonstrations Program (IDP). Golden Aluminum’s Nexcast - Next-Generation Aluminum Mini Mill was selected as one of 33 projects across more than 20 states to receive up to a total of $6.3 billion to demonstrate commercial-scale decarbonisation solutions needed to move energy-intensive industries toward net-zero while strengthening local economies, creating, and maintaining high-quality jobs, and slashing harmful emissions that jeopardize public health. “For nearly half a century, Golden Aluminum has been proud to lead...
China Aluminum Tank announced that for the year ended December 31, 2023, the Group achieved a total turnover of approximately HK$236 million, marking a modest increase of around 11.9 per cent from the same period in 2022. Throughout this reporting period, the Group's net profit reached approximately HK$21.9 million, reflecting a growth of about 4.9 per cent from the corresponding period in 2022. The net interest rate for this reporting period stood at about 9.3 per cent (compared to approximately 9.9 per cent in 2022). Earnings per share attributable to ordinary equity holders of the parent company amounted to 2.4 Hong Kong cents. The rise in revenue primarily resulted from the easing of domestic COVID-19 control measures and enhancements in the overall business environment, which...
According to a report on Monday, March 25, the aluminium industry in Yunnan province has encountered a significant hit due to dry weather, resulting in production cuts. China’s Yunnan province is otherwise known for its hydropower generation and supply. Beijing Capital Futures released a report this month stating that a power shortage enforced restrictions on electricity consumption since November 2023, when the dry season started, causing aluminium companies to gradually cut production. By the end of February, the report showed that local aluminium production had been reduced by about 400,000 tonnes. On Friday, March 22, the Ministry of Water Resources initiated a Level IV emergency in response to drought in Yunnan and Sichuan provinces. Some aluminium companies in Yunnan are resuming...
A tragic explosion at Juei Feng Aluminium Co., Ltd.'s plant in Kaohsiung on Saturday morning resulted in the loss of two Thai workers' lives, with six others sustaining injuries. The Kaohsiung City Fire Department officials reported that among the eight workers injured, one sadly passed away in the hospital, while another worker was found deceased at the site. About the victims The Ministry of Public Health of Thailand, represented by Cholnan Srikaew, later confirmed that the victims were two Thai nationals: a 37-year-old man from Maha Sarakham province and a 46-year-old man from Chaiyaphum province. Additionally, a 31-year-old Thai man from Bangkok sustained severe injuries and underwent surgery at a Taiwanese hospital. Thankfully, he is now in stable condition. Suspension of operation...
Venu Srinivasan's family members entered a non-compete agreement to protect the TVS brand across different business segments, including two-wheelers, auto after-market, and tractors. Venu Srinivasan, an Indian industrialist, is the esteemed Chairman Emeritus at TVS Motor Company, a global leader in producing two-wheelers, and Sundaram-Clayton Limited, a prominent manufacturer of automotive components in India. On March 21, 2024, an agreement known as a memorandum of understanding (MoU) was signed by Venu Srinivasan, alongside his wife, the prominent business leader Mallika Srinivasan, as well as their children Lakshmi Venu and Sudarshan Venu. Sudarshan Venu, the Managing Director of TVS Motor, has committed to refraining from utilising the TVS trademark in the production and distribution...
According to the International Aluminium Institute survey, primary aluminium production in the Gulf Cooperation Council plunged by 37,000 tonnes or 6.95 per cent month-on-month, standing at 495,000 tonnes in February 2024 (29 calendar days). The fall in Gulf primary aluminium production led to a decline in the monthly global output. In February, the world primary aluminium production stood at 5.54 million tonnes, down by 8.58 per cent from 6.06 million tonnes. However, on a year-on-year basis, primary aluminium production in the Gulf Cooperation Council stood 2.91 per cent higher than 481,000 tonnes. The combined production in the first two months was 1.03 million tonnes, which also registered a year-on-year increase of 2.39 per cent from 1.006 million tonnes. But looking at the daily...
LME aluminum opened at US$2,310 per tonne in the previous trading day, with high and low at US$2,312.50 per tonne and US$2,281 per tonne, respectively, before closing at $2,309 per tonne, unchanged from the previous trading day. On Friday, March 22, LME aluminium cash bid price and LME aluminium official settlement price shed off US$17 per tonne and US$17.50 per tonne, respectively, following a jump to an eleven-week high due to rising buying interest in China. With the latest decline, the prices derived at US$2,246 per tonne and US$2,246.50 per tonne. Even after the fall, the LME aluminium benchmark price stood week-on-week high by 1 per cent from US$2,224.50. On the same day, 3-month bid price and 3-month offer price decreased by US$17 per tonne to close the week at US$2,294.50 per...
On March 24, 2024, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), suggested that China could experience significantly accelerated growth by implementing a comprehensive set of pro-market reforms compared to maintaining the current status quo. In an address to the China Development Forum, Georgiaeva emphasised the importance of improving the property sector, reducing debt risks, and concentrating on domestic consumption. She said, “This additional growth would amount to a 20 per cent expansion of the real economy over the next 15 years. In today’s terms, that is like adding $3.5 trillion to the Chinese economy.” She suggested that taking decisive measures to decrease the inventory of incomplete housing and allowing more room for market-driven...
The Indian multinational mining and metal company Vedanta Ltd, spearheaded by billionaire Anil Agarwal, has unveiled an ambitious investment strategy, earmarking a colossal $6 billion across diverse business sectors. This strategic initiative is poised to augment the company's annual EBITDA by a minimum of $2.5 billion, propelling it towards significant expansion and enhanced value generation in the foreseeable future. Pipeline of investment opportunities During an investor meeting, Vedanta executives revealed an extensive investment pipeline consisting of more than 50 active projects and expansions spanning various sectors such as aluminium, zinc, iron ore, steel, and oil and gas. These endeavours are forecasted to yield additional revenue surpassing $6 billion, boosting the company's...
White & Case, a leading global law firm, provided legal counsel to Emirates Global Aluminium (EGA), a premium aluminium producer, in its acquisition of Leichtmetall Aluminium Gießerei Hannover GmbH (Leichtmetall), a German aluminium recycling company. EGA is set to acquire a 100 per cent stake in Leichtmetall from Leichtmetall Holding GmbH, an entity under the management of Quantum Capital Partners GmbH, an investment fund. Pending regulatory clearances, the transaction is anticipated to be completed in the first half of 2024. Located in Hanover, Leichtmetall specialises in producing high-quality aluminium , predominantly sourced from recycled materials. Employing electric smelting technology, the company melts secondary aluminium using energy derived entirely from renewable sources....
In this week's developments, the aluminium industry continues its journey towards sustainability and innovation, embracing eco-friendly practices and circular economy principles. Amazon's strategic investment in Glacier, a pioneering AI sorting technology, underscores a pivotal step towards efficient resource utilisation and waste reduction. Concurrently, Novelis's ambitious rail infrastructure upgrade in Scriba, New York, funded by the County of Oswego Industrial Development Agency, signals a commitment to greener operations and enhanced logistical efficiency. EGA's acquisition of Leichtmetall, a German recycling firm, further exemplifies the industry's concerted efforts towards sustainable growth and reduced environmental footprint. These transformative initiatives collectively...
Shyam Metalics & Energy Limited, an Indian metal producer based in Kolkata, West Bengal, has reportedly intended to invest in a greenfield project centred on producing aluminium flat-rolled products. As per the report on Monday, March 18, Hydro Extrusions inked a deal to offload its fabrication unit in Kaunas, Lithuania, to VE Invest UAB. The Kaunas plant, a fabrication unit for Hydro's extrusion facilities in Sweden and Denmark, boasts around 170 employees. Capral Aluminium, Australia's leading manufacturer and distributor of aluminium extrusions, has revealed a strategic acquisition to strengthen its market position. Under the guidance of CEO Tony Dragicevich, the company has purchased Aluminium Trade Centre (ATC), a renowned aluminium sales and distribution business in Victoria. Shyam...
In a commendable move to concretise economic prospects, the Mississippi Development Authority unveiled plans for Owl's Head Alloys to establish its operations in Clay County. This strategic initiative, backed by a substantial $29.245 million investment, is poised to usher in a new era of growth, creating 68 employment opportunities within the region. MDA Executive Director Bill Cork, in his own words: "This is precisely the kind of development that can offer economic stability and future investment opportunities for years to come. MDA is excited to welcome this new venture to Mississippi, and we look forward to the many benefits it will bring to Clay County's thriving economy." Corporate commitment and community growth Owl's Head Alloys, headquartered in Bowling Green, Kentucky, emerges...
According to China customs data, China’s domestic primary aluminium imports during the first two months of 2024 amounted to 472,000 tonnes, encountering a year-on-year surge of 214.7 per cent. The primary import sources were Russia, India, Indonesia, China, Malaysia, the United Arab Emirates, and others. Among them, Russia was the highest exporter, supplying 277,000 tonnes in two months, accounting for 58.7 per cent of China’s total imports. On an annual basis, the import volume recorded an increase of 163.2 per cent. The import volume from Russia stood at approximately 161,800 tonnes and 115,400 tonnes each month. In January, the imports increased by 299.6 per cent year-on-year and 34.4 per cent month over month, accounting for 65.3 percent of the total. From India, China’s primary...
Amidst the country's lack of sufficient smelters to drive the downstream aluminium sector, Adaro Minerals aims to commence production of 250,000 tonnes of aluminium ingots by the third quarter, with plans to ramp up to full production by early 2026 at its smelter in KIPI, operated by its subsidiary Kalimantan Aluminium Industry. About the smelter A US$2 billion aluminium smelter, constructed in Kalimantan Industrial Park Indonesia (KIPI) by PT Adaro Minerals, a coking coal subsidiary of PT Adaro Energy, is set to be fully operational by the first quarter of 2026. Wito Krisnahadi, director of Adaro Minerals' subsidiary Kalimantan Aluminium Industry, stated that the company intends to sell the smelter's aluminium ingots to domestic and export markets. This move is in response to local...
The Chiefs and residents of Nyinahin-Mpasaaso recently convened for a vibrant durbar, extending a warm welcome to the Ghana Integrated Aluminium Development Corporation (GIADEC) and Mytilineos S.A. into their community. This gathering marked the official announcement of Mytilineos as the strategic partner for developing select portions of Nyinahin's bauxite resources and constructing a refinery known as Project 3A. About Mytilineos S.A Mytilineos S.A, a multinational company specialising in industry and energy and listed on the Athens Stock Exchange, was greeted with great enthusiasm by the people of Nyinahin-Mpasaaso and neighbouring communities. The durbar grounds were excited as senior executives from GIADEC and Mytilineos were welcomed by the community. The Omanhene of the Mpasaso...
The recent announcement of the scheduled shutdown of the Novelis aluminum plant in Buckhannon, Upshur County, has sent shockwaves through the community. Expected to cease operations on June 13, the closure spells uncertainty for 80 employees and raises concerns about the economic impact on the region. Mayor Skinner's efforts to seek answers from state officials reflect the gravity of the situation, as the ripple effects of this closure extend beyond economic concerns. Amidst discussions on consolidation and updates to local centers and departments, the fate of Novelis looms large, highlighting the challenges faced by the aluminum industry in an evolving economic landscape. He reassured: "I have been in contact with some of the plant leadership here and also in Atlanta. I have also been in...
