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THINK ALUMINIUM THINK AL CIRCLE
The global aluminium downstream segment observed some important happenings this week, as Sanjeev Gupta’s Liberty Aluminium Technologies seeks more time to track down buyers. In India Midhani’s aluminium alloy plant in Nellore concludes land compensation proceedings, while in the UK, TRA begins a journey with the investigation of Chinese aluminium extrusions anti-dumping case.
Vedanta Limited has further reduced its aluminium products prices, although lower than the previous, with effect from Tuesday, June 22. Vedanta has cut its aluminium wire rod price by INR 1,500 per tonne or 0.71 per cent from INR 211,000-218,500 per tonne on June 19 to INR 209,500-217,000 per tonne on June 22.
To know more: https://www.alcircle.com/news/vedanta-limited-reduces-its-aluminium-product-prices-by-inr1500-t-with-effect-from-june-22-67637
According to the Shanghai Metals Market, aluminium alloy (A356) price in China has recorded a decrease of RMB 100 per tonne on Thursday, June 24, after the past two consecutive days of hike from RMB 18,950 per tonne to RMB 19,350 per tonne. The decline today has brought the aluminium alloy price to INR 19,250 per tonne, with average prices expected to range between RMB 19,200-19,300 per tonne.
Sanjeev Gupta’s distressed metal empire that counters the threat of administration has requested its bankers to give more time, as it is trying to negotiate with four potential buyers. The supplier of cast components to Jaguar Land Rover, Liberty Aluminium Technologies could be enforced by the administration within few days, if its primary bank, Close Brothers does not deliver more time.
To know more: https://www.alcircle.com/news/sanjeev-guptas-liberty-aluminium-technologies-seeks-more-time-to-track-down-buyers-67641
The UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports, Trade Remedies Authority has begun its first investigation in response to an application from a UK industry. On 21st June the case was initiated. Trade remedy investigations were carried out by the EU Commission on the UK’s behalf until the UK leaving the EU, now TRA will investigate whether aluminium extrusions are being dumped in the UK by businesses in the People’s Republic of China.
The prolonged efforts of Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and the revenue authorities have at last brought the conclusion to land compensation issues that had delayed the proposed aluminium alloy plant of Midhani in association with Nalco, which is spread over 110 acres in Bodduvaripalem near Nellore in the state of Andhra Pradesh, India.
To know more: https://www.alcircle.com/news/midhanis-aluminium-alloy-plant-in-nellore-concludes-land-compensation-proceedings-67664
Aluminium billet inventories in China have dropped by 3,500 tonnes week-on-week across the five major consumption areas to come in at 97,300 tonnes on Thursday, June 24. Last week on June 17, aluminium billet inventories stood at 100,700 tonnes, registering a week-on-week increase of 12,400 tonnes.
Vedanta Limited increased its aluminium ingot and aluminium products prices for the second day in a row with effect from Thursday, June 24. The company raised its aluminium wire rod price by INR 1,750 per tonne to INR 212,750-220,250 per tonne on June 24, followed by a hike of INR 1,500 per tonne from INR 209,500-217,000 per tonne to INR 211,000-218,500 per tonne on June 23.
To know more: https://www.alcircle.com/news/vedantas-aluminium-products-prices-witness-a-back-to-back-hike-of-inr1750-t-on-june-24-67662
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