AlCircle News Edited By "Debanjali Sengupta"
Debanjali Sengupta is a passionate content writer with 10 years of experience in Business writing, Web Content writing, Blogging, Editing and Research. She is responsible for generating and editing content for AlCircle Newsletter and other online and offline content for enhancing the brand value and its visibility among global users.
AMAG Austria posts record-breaking revenue and earnings for 2022, benefitting from attractive aluminium prices
AMAG Austria Metal AG, the biggest company in the Austrian Aluminium Industry sector, has achieved a record annual result for 2022, exceeding the previous year’s mark. The company’s 2022 revenue superseded the former year’s EUR 1,259.4 million by registering a growth of 37.1 per cent. In 2022, AMAG reportedly earned revenue of EUR 1,726.7 million despite restrained shipments at 442,000 tonnes compared to 442,300 tonnes in 2021. The company’s net income after taxes also increased by 69.1 per cent Y-o-Y from EUR 64.6 million to EUR 109.3 million in 2022, a record figure until now. The revenue and net income growth could be attributed to higher global aluminium benchmark prices, premium levels, and consistent price adjustments due to higher energy and raw material costs. Personnel and plant...
A00 aluminium ingot price rallies by RMB230/t over the weekend; Aluminium alloys prices grow uniformly by RMB250/t
China’s domestic A00 aluminium ingot price has opened the week on Monday, February 20, with a hike of RMB 230 per tonne to RMB 18,690 per tonne, found the Shanghai Metals Market. This brings the price week-on-week higher by RMB 220 per tonne or 1.19 per cent from RMB 18,470 per tonne but stands low compared to RMB 18,980 per tonne on January 20. According to SMM, the average prices are estimated to range between RMB 18,670 per tonne and RMB 18,710 per tonne, with spot contract likely to trade at a discount price of RMB 100-60 per tonne. In Foshan, the ingot price has climbed up RMB 240 per tonne to stand at RMB 18,700 per tonne, followed by the rise of RMB 225 per tonne in Wuxi and Hangzhou to RMB 18,680 per tonne and RMB 18,685 per tonne, respectively. In Shenyang and Tianjin, A00...
Hindalco’s aluminium products prices suffer a loss of INR3750/t with effect from February 17
On Friday, February 17, Hindalco Industries Limited further slashed its aluminium ingot and aluminium products prices to match the global aluminium benchmark price. According to the price chart revealed by the company on February 17, Hindalco cut its aluminium wire rod price by INR 3,750 per tonne to sell the product at INR 234,100 per tonne versus INR 237,850 per tonne on February 14. Hindalco also reduced its aluminium billets price by INR 3,750 per tonne to INR 237,100 per tonne, which previously stood at INR 240,850 per tonne. Aluminium ingot price was no exception but slipped from INR 226,750 per tonne on February 14 to INR 223,000 per tonne on February 17. Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal...
Vedanta’s aluminium ingot price shrinks for the second time in a week to INR223,750-254,250/t
Vedanta Limited has again reduced its aluminium ingot and aluminium products prices, with effect from Friday, February 17, bringing its aluminium ingot price to INR 223,750-254,250 per tonne. The price is down by INR 4,000 per tonne from INR 227,750-258,250 per tonne on February 14. Vedanta has also cut its aluminium wire rod price by INR 4,000 per tonne to sell it at INR 231,250-238,750 per tonne versus INR 235,250-242,750 per tonne on Tuesday, February 14. This marks the second cut in a week. The company’s aluminium billet price has come in at INR 232,750 per tonne, down by 1.7 per cent from INR 236,750 per tonne on February 14. Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the Londom Metal Exchange, which shrank by US$49.50...
Hind Aluminium announces 83% slump in net sales Y-o-Y for Q3 FY23
Hind Aluminium Industries Limited, a manufacturer of aluminium & alloy conductors and aluminium wire rods, announced its third quarter results ended December 31, FY2023, reporting a year-on-year plunge of 83.22 per cent in net sales from INR 1.49 crore and a quarter-on-quarter slump of 68.75 per cent from INR 0.80 crore to INR 0.27 crore. The company’s net profit for the December quarter was INR 0.99 crore, down by 50.75 per cent from INR 2.01 crore a quarter ago but up by 52.30 per cent from INR 0.65 crore a year earlier. EBITDA stood at INR 1.84 crore in Q3 FY23, significantly up by 6233.33% from Rs. 0.03 crore during Q3 FY2. EPS also increased over the year by 52.43 per cent from INR 1.03 crore to INR 1.57 crore in the December quarter of FY23 but decreased by 50.78 per cent from INR...
NALCO's price reduction escalates, aluminium wire rod price sees a cut of INR5300/t
National Aluminium Company Limited (NALCO) has again curtailed its aluminium products prices in less than a week from the previous cut. With effect from Thursday, February 16, NALCO’s aluminium wire rod price has been reduced by INR 5,300 per tonne or 2.24 per cent to INR 231,050 -235,400 per tonne. On last Saturday, February 11, the price had seen a cut of INR 4,300 per tonne to INR 231,850-235,350 per tonne. This indicates the fact that NALCO has accelerated the rate of price cut in line with the intensity of LME aluminium price fall. During February 10-15, the LME aluminium benchmark price fell by US$68 per tonne to close at U$2,367 per tonne. Like any other Indian aluminium giants, NALCO links its aluminium ingot and products prices to the three-month futures of aluminium on the...
South32 seeks nuclear power for its Hillside Aluminium smelter, already in talks with Eskom
According to a report on February 16, South32 is in talks with Eskom, a South African electricity public utility, to source nuclear power for its Hillside Aluminium. Graham Kerr, CEO of South32, said the company had been seeking nuclear power for its smelter to make the production sustainable because, in his view, Europe would only consume green aluminium in the future. He also said bringing Eskom to an agreement was critical. As per the report, South32 is mulling sourcing half of the total power produced by the 1800MW koeberg nuclear facilities in the Western Cape. Kerr stated South32 was willing to pay a premium price for nuclear energy supply because it noticed European customers were paying $10 per tonne premium for green aluminium and were likely to spend as much as $40 per tonne in...
LME aluminium benchmark price dips by 1% to settle at US$2341.5/t; SHFE price gains US$10/t
Three-month LME aluminium opened at US$2,389 per tonne on Thursday, February 16, and closed at US$2,418 per tonne, an increase of US$33.50 per tonne or 1.4 per cent. On Thursday, February 16, both LME aluminium cash bid price and LME aluminium official settlement price extended fall for the second day by US$25.50 per tonne or 1.07 per cent from the previous day to total US$2,341 per tonne and US$2,341.50 per tonne, respectively. 3-month bid price and 3-month offer price shrank by US$11 per tonne or 0.46 per cent to peg at US$2,381 per tonne and US$2,382 per tonne. December 24 bid price and December 24 offer price dropped by US$5 per tonne to close at US$2,555 per tonne and US$2,560 per tonne, respectively. LME aluminium opening stock decreased 4,325 tonnes to settle at 597,825 tonnes....
China’s primary aluminium inventories reduce growth rate this week to settle at 1.22 million tonnes
According to the Shanghai Metals Market data, China’s social inventories of primary aluminium have extended W-o-W growth but at a slower rate than the previous week. SMM data shows the inventories have amounted to 1.22 million tonnes across eight major consumption areas, including SHFE warrants, registering an increase of 26,000 tonnes than a week ago and 177,000 tonnes a year earlier. It is to be noted here that comparing the inventory with Monday, February 13, it has dipped by 2,000 tonnes. Going ahead, China’s primary aluminium inventories are expected to see mild growth considering Yunnan aluminium smelters are still at risk of production cuts due to power shortages. To know the current status of the primary aluminium inventories across China in more detail, refer to the chart below:...
US aluminium scrap imports from Mexico improve Y-o-Y during Jan-Nov 2022, totalling 192000 tonnes
The United States aluminium scrap imports from Mexico dropped by 2,400 tonnes or 15.58 per cent month-on-month, standing at 13,000 tonnes during November 2022, found the US Geological Survey. In October 2022, the country’s import from Mexico was 15,400 tonnes; however, up by 8.45 per cent or 1,200 tonnes from 14,200 tonnes. On a year-on-year calculation, the United States aluminium scrap imports from Mexico slowed down by 15.58 per cent or 2,400 tonnes from 15,400 tonnes. But despite the year-on-year fall in monthly imports, the United States total imports of aluminium scrap from Mexico during January-November grew by 2,000 tonnes to 192,000 tonnes, compared with 190,000 tonnes a year ago. USGS data indicates the United States aluminium scrap imports from Mexico will most likely record a...
Chinese aluminium wire and cable operating rates drop 6 percentage points M-o-M for CNY holiday
Shanghai Metals Market survey found the average operating rate in the aluminium wire and cable sector dropped 5.9 percentage points month-on-month and 0.6 percentage point year-on-year to 34.4 per cent in January 2023. The average operating rate of large producers lost 9.2 percentage points M-o-M to 38.5 per cent, and that of mid-sized producers fell 4.3 percentage points to 29.3 per cent, while small producers remained stable. The operating rates decline of wire and cable producers in January could be attributed to the production halt for the Chines New Year Holiday. But some producers reported having continued operation in advance for deliveries in February, resulting in in-plant inventory growth with falling orders from the power grid sector. In January, the operating rates of wire and...
Alumina spot price in China stands W-o-W low by RMB4/t on February 16; A00 aluminium ingot price declines to RMB18430/t
According to the Shanghai Metals Market, the average alumina spot price in China has dipped for the second day in a row by RMB 3 per tonne to stand at RMB 2,946 per tonne on Thursday, February 16. On a week-on-week calculation, the price is down by RMB 4 per tonne from RMB 2,950 per tonne on February 9, but stands 0.44 per cent or RMB 13 per tonne higher than RMB 2,933 per tonne on January 16. In Guangxi and Shandong, alumina spot price has decreased by RMB 10 per tonne and RMB 5 per tonne, respectively, to settle at RMB 2,870 per tonne and RMB 2,920 per tonne as of Thursday, February 16. But in other major provinces like Henan, Shanxi, and Guizhou, the price has remained restrained at RMB 2,995 per tonne, RMB 2,975 per tonne, and RMB 2,880 per tonne. On the other hand, the Australian...
Global aluminium aerosol cans shipments by AEROBAL members grow 6.8% in 2022
Global aluminium aerosol cans shipments by AEROBAL members have recorded an increase of 6.8 per cent for 2022 to nearly 6 million units. AEROBAL is an international organisation representing manufacturers of aluminium aerosol cans. According to AEROBAL, the growth in shipments was mainly due to the increase in demand from the pharmaceutical, hairspray, shaving foam and other personal care sectors by 13 per cent, 17 per cent, 14 per cent and 42 per cent, respectively, compared to the prior year. Demand from the volume-dominant deodorant and perfume market also grew, although at a slower rate, by 4 per cent. Overall, the personal care market accounted for about 82 per cent of the total deliveries in 2022. Going by the geography, shipments to South and North America grew 6 per cent,...
Vedanta reduces its aluminium ingot selling price to INR227,750-258,250/t w.e.f. February 14
Vedanta Limited cut its aluminium ingot and aluminium products prices by INR 3,500 per tonne on Tuesday, February 14. That brought the company’s aluminium ingot price to INR 227,750-258,250 per tonne versus INR 231,250-261,750 per tonne on February 7. With the latest cut, Vedanta’s aluminium wire rod price came in at INR 235,250-242,750 per tonne, also down by INR 3,500 per tonne from INR 238,750-246,250 per tonne last week. The company’s aluminium billet price stood at INR 236,750 per tonne compared to INR 240,250 per tonne on Friday, February 7. Vedanta reduced its aluminium ingot and aluminium products prices in response to the three-month futures of aluminium on the London Metal Exchange. On Monday, February 13, the LME aluminium benchmark price plunged by US$52.50 per tonne to stand...
Hydro posts record revenue of NOK 207,929 million for 2022 on higher realized all-in metal & alumina prices
Hydro entered the year 2022 amid a strong aluminium market but soon was dominated by a devastating war in Europe, an energy crisis, inflation, and a global economic slowdown, including a significant fall in demand. But amid all this, the company succeeded in delivering record results for the year, as posted in its annual report. On Tuesday, February 14, Hydro posted a 38.94 per cent Y-o-Y hike in revenue from NOK 149,654 million to NOK 207,929 million in the annual financial and operational report for 2022. According to the company, their strong cost position and high prices of aluminium helped them earn higher revenue in 2022 than the previous year. Hydro’s net income from continuing operations surged by 75.03 per cent from NOK 13,930 million in 2021 to NOK 24,381 million in 2022....
LME aluminium benchmark price closes US$8.5/t higher at US$2391/t; SHFE price drops to US$2706/t
After touching a 5-week low on Monday, February 13, both LME aluminium cash bid price and LME aluminium official settlement price grew by US$7.50 per tonne and US$8.50 per tonne the next day to stand at US$2,389 per tonne and US$2,391 per tonne, as of February 14. But the 3-month bid price and 3-month offer price continued to record a drop by US$4 per tonne from February 13 to settle at US$2,419 per tonne and US$2,420 per tonne on February 14. December 24 bid price and December 24 offer price declined by US$10 per tonne or 0.38 per cent to come in at US$2,588 per tonne and US$2,593 per tonne, respectively. LME aluminium opening stock accumulated 24,825 tonnes to close above 600,000 tonnes. As per the data, the LME stock stood at 601,600 tonnes. Live warrants increased to 454,300 tonnes,...
Hindalco’s aluminium ingot price slips by INR3500/t with effect from February 14
Hindalco Industries Limited has further reduced its aluminium ingot and aluminium products prices by INR 3,500 per tonne or 1.5 per cent with effect from Tuesday, February 14. That has brought the company’s aluminium ingot price to INR 226,750 per tonne versus INR 230,250 per tonne on February 10. Hindalco’s aluminium wire rod price has come in at INR 237,850 per tonne, compared to INR 241,350 per tonne last week. Aluminium billets price stands at INR 240,850 per tonne, in comparison with INR 244,350 per tonne on Friday, February 10. Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which shrank by US$52.50 per tonne from US$2,435 per tonne on February 10 to US$2,382.50 per tonne on February 13. Aluminium...
Alumina output in South America grows 6.5% in H2 2022 yet records a fall in full-year
According to the International Aluminium Institute (IAI), alumina production in South America grew by 4.83 per cent month-on-month to stand at 1.042 million tonnes in December 2022. That brought South America’s total output in Q4 2022 to 3.05 million tonnes, up by 3.35 per cent Q-o-Q from 2.951 million tonnes and 3.95 per cent Y-o-Y from 2.934 million tonnes. Going by the IAI data, South America’s alumina output in December 2022 edged a year-on-year hike of 3.78 per cent from 1.004 million tonnes. In the year's second half, alumina production in South America totalled 6.001 million tonnes, reflecting an increase of 6.53 per cent from 5.633 million tonnes in H1 and a hike of 4.11 per cent from 5.764 million tonnes in H2 2021. In the entire year of 2022, South America’s alumina output...
