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.
Runanya's high dross processing volume pays off in improved credit ratings - IND BBB+
Runaya Refining LLP has bagged greater credit ratings of ‘IND BBB+ from India Ratings and Research (Ind-Ra) as against the former ratings of ‘IND BBB’, while its short-term limits have been upgraded to IND A2. The advancement in credit ratings represents Runaya's improvement in net leverage for FY2022 and 1QFY2023 on the back of higher dross processing volumes and operating profitability. The commissioning of aluminium dross processing facilities at Vedanta’s Limited’s subsidiary Bharat Aluminium Company Ltd’s (BALCO) Korba (Chhattisgarh) also played an imported factor. Runaya Refining was formed in 2017 by Annanya Agarwal and Naivedya Agarwal, sons of Navin Agarwal, Chairman of Vedanta Limited, India’s leading aluminium producer, to capture the market of aluminium dross. The company has...
Vedanta cuts its aluminium ingot price for the third time in a row by INR3250/t on Aug. 4
Vedanta Limited has reduced its aluminium ingot and aluminium products prices for the third successive day on Thursday, August 4. The company’s aluminium ingot price has seen a cut of INR 3,250 per tonne to INR 218,750- 250,250 per tonne, which on August 3 witnessed a decline of INR 2,750 per tonne to INR 222,000- 253,500 per tonne. Vedanta’s aluminium wire rod price has also been cut by INR 3,250 per tonne on August 4 to INR 226,250- 233,750 per tonne. On August 3, the price stood at INR 229,500- 237,000, reflecting a downfall of INR 2,750 per tonne from INR 232,250-239,750 per tonne. With effect from August 4, the company’s aluminium billet price has come in at INR 227,750 per tonne versus INR 231,000 per tonne on August 3. Vedanta has been reducing its aluminium ingot and aluminium...
Novelis achieves record financial performance with a 32% surge in net sales to $5.1 billion in 1QFY23
On Wednesday, August 3, Novelis released the first quarter financial results for fiscal year 2023, reporting a 28 per cent year-on-year rise in net income attributable to shareholder to a record $307 million and a 1 per cent increase in net income from continuing operations to also at $307 million. But excluding special items in both years, net income from continuing operations in Q1FY23 registered an 18 per cent hike due primarily to higher underlying Adjusted EBITDA. Adjusted EBITDA grew 1 per cent to a record $561 million in Q1 ended June 30 versus $555 million during the same period last year. The increase was due to higher product pricing, favourable product mix, aerospace shipment, and improved recycling performance. The company's net sales stood at $5.1 billion in 1QFY23, gaining...
NALCO aluminium ingot price slips by INR1000/t while other product prices remain restrained on Aug. 1
National Aluminium Company Limited has trimmed its aluminium ingot price, with effect from August 1, following an escalation of INR 11,300 per tonne on July 21. The price has slipped by only INR 1,000 per tonne to come in at INR 226,650-230,150 per tonne from INR 227,650-231,150 per tonne. But the company’s product prices have recorded no change since the hike on July 21. Both aluminium wire rod price and aluminium billets price have remained restrained at INR 230,150-234,500 per tonne and INR 231,100-233,750 per tonne, respectively. NALCO links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which stood range-bound even after many ups and downs between July 20 and 29. As per the LME data, the price only inched down...
European Aluminium association projects 30% growth in aluminium demand contributed by EU’s energy transition
European Aluminium, an industry association in Brussels, is reportedly preparing its member companies to take part in electric vehicles and alternative energy markets, considering aluminium the “base metal for the green transition”. Alternative energy and electric vehicle market contribute leading factors to the growth in the European aluminium market. The group projects that the Europe Union’s energy transition will boost aluminium demand by 4.5 million tonnes or 30 per cent from the current level. “The European aluminum industry offers one of the most fundamental materials for achieving climate and circularity goals and provides our continent with enhanced strategic autonomy thanks to a resilient European value chain,” states the organization in its July manifesto. The association is...
Hindalco Industries cuts its aluminium ingot price by INR4250/t with effect from August 3
Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from August 3, 2022. The company has reduced its ingot price by INR 4,250 per tonne or 1.86 per cent to INR 224,000 per tonne on August 3. On July 29, the price came in at INR 228,250 per tonne, seeing a hike of INR 5,500 per tonne from the previous day. Hindalco’s aluminium wire rod price is now standing at INR 235,100 per tonne, experiencing a cut of INR 4,250 per tonne as well from July 29. Aluminium billets price has recorded at INR 238,100 per tonne as of August 3 versus INR 242,350 per tonne on July 29. Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which dropped by US$21 per tonne on...
China’s primary aluminium inventories continue to grow W-o-W by 7,000 tonnes on August 1
China’s social inventories of primary aluminium continued to increase by 7,000 tonnes week-on-week as of Monday, August 1, found the Shanghai Metals Market. The inventories grew across eight major consumption areas, including SHFE warrants, to clock at 678,000 tonnes. However, compared to the same period last year, the inventories stood down by 81,000 tonnes, showed SMM data. Given the poor willingness to purchase, primary aluminium social inventories are likely to grow further after shipments arrive in the future. The chart below indicates the current status of primary aluminium inventories across China in more details: SMM data also showed that the increase in primary aluminium inventories could not touch upon all the provinces of China. Only Nanhai, Hangzhou, and Tianjin witnessed a...
Alumina production in Europe (incl. Russia) reflects a 14% fall Q-o-Q in the June quarter
Alumina production in Europe (incl. Russia) during the second quarter of 2022 amounted to 2.098 million tonnes (incl. metallurgical-grade), reflecting a downfall of 13.66 per cent quarter-on-quarter from 2.430 million tonnes. On a year-on-year basis, the quarterly output decreased by 18.65 per cent from 2.579 million tonnes, found the International Aluminium Institute. In June 2022, alumina output in Europe (incl. Russia) stood at 693,000 tonnes, down by 4.02 per cent or 29,000 tonnes from 722,000 tonnes month-on-month. But in May, production grew by 5.7 per cent or 39,000 tonnes from 683,000 tonnes in April. Over the year, Europe’s (incl. Russia) alumina production in June 2022 recorded a plunge of 165,000 tonnes or 18.27 per cent from 848,000 tonnes, according to IAI data. Total...
Vedanta Limited trims aluminium wire rod & billet prices by INR1250/t with effect from July 30
Vedanta Limited trimmed its aluminium products and aluminium ingot prices, with effect from Saturday, July 30, in line with a drop at the end of last week, July 29. Vedanta cut its aluminium wire rod price by INR 1,250 per tonne from INR 233,500- 241,000 per tonne to INR 232,250- 239,750 per tonne. Aluminium billet price also witnessed a reduction of INR 1,250 per tonne to stand at INR 233,750 per tonne, as against INR 235,000 per tonne on July 29. The company’s aluminium ingot price was no exception but saw a dip from INR 226,000-257,500 per tonne on July 29 to INR 224,750- 256,250 per tonne on July 30. As mentioned, Vedanta reduced its aluminium products and aluminium ingot prices in response to the downfall in three-month futures of aluminium on the London Metal Exchange by US$6 per...
Sabahan couple makes it to the news by upcycling aluminium can caps into sustainable fashion accessories
Art has no limit and no bound, once again proved by a newly-wed couple Calvin Patrick Monjinun and Cheryl Joanne Chan, with a unique products display at creative art exhibition held at the Sabah International Convention Centre. The couple exhibited their unique creations of handbags, clutches, and other fashion accessories made from aluminium can caps. “I started crafting and upcycling in 2012, but only in recent years did I get more serious about this field. However, the main challenge is to have a stable supply of materials,” said Mojinun. He also said he adopted the idea of turning can caps into something usable from a family trip to the Philippines, where he spotted beautiful upcycled items for sale. “So I thought, these products are actually good. I should bring such concepts home...
Russia believes infrastructure links with India will boost bilateral trade to $120-150 billion: Oleg Deripaska
Russia is reportedly willing to build connectivity, capital markets, and financial infrastructure with India, similar to the model built over decades with Europe. According to Russian aluminium tycoon Oleg Deripaska, this relation will benefit both the countries, accentuating bilateral trade to $120-150 billion over the next decade. Over the several decades, Russia has been having trade relations with Europe, achieving annual bilateral trade from 750 billion to 1 trillion, said the founder of aluminium giant Rusal. Prior to this economic cooperation, Russia and Europe were involved in a 12-year integration process, wherein the countries built common transport, financial and debt infrastructure, and harmonised trade procedures. Deripaska further said in a statement that the two countries...
Mexico-based aluminium auto components supplier Nemak to seek ASI Performance Standard certification
On Monday, August 1, Nemak, S.A.B. de C.V., Mexico-based aluminum auto components supplier, announced to seek the Aluminium Stewardship Initiative (ASI) performance standard certification. Nemak CEO Armando Tamez believes the certification will put the production facilities on an accelerated path in line with the Performance Standard principles and criteria. ASI Performance Standard defines criteria to address sustainability issues in the aluminium value chain through the lens of three pillars: environmental, social and governance (ESG). Nemak said, “The certification covers a range of ESG criteria and emphasizes increased transparency in company facilities and “along the entire value chain.” He also said, “With our ASI membership, we demonstrate our leadership in key sustainability...
China’s bauxite imports in June’22 decline 21% M-o-M as supplies from Guinea & Australia dip due to bad weather
According to the China Customs data, the country’s bauxite imports in June 2022 stood at 9.42 million tonnes, down by 21.4 per cent month-on-month and 7.1 per cent year-on-year. Compared with May 2022, China’s bauxite imports in June fell by 2.56 million tonnes and failed to continue the monthly imports above 10 million tonnes as recorded in previous months. Guinea, the leading bauxite exporter to China, supplied 5.75 million tonnes in June. That was 17.16 per cent down month-on-month but 9.05 per cent up year-on-year, found the customs data. Imports from Australia were 2.44 million tonnes – 21.19 per cent less than in May and 23.14 per cent than in the year ago. As the hurricane in Australia affected both mining and transportation, local mining companies focused on the delivery of...
A00 aluminium ingot price suffers a loss of RMB320/t after three hikes; but aluminium alloys(ADC12) price grows to RMB18350/t
A00 aluminium ingot price in China has plummeted by RMB 320 per tonne after three consecutive days of rally from RMB 17,840 per tonne to RMB 18,620 per tonne, found the Shanghai Metals Market. As of Monday, August 1, the primary aluminium ingot price has come in at RMB 18,300 per tonne, with average prices expected to range between RMB 18,280 per tonne and RMB 18,320 per tonne. The spot contract is likely to be traded at a discount price of RMB 40 per tonne and premium price of RMB 10 per tonne. In Foshan and Wuxi, A00 aluminium ingot price has plunged by RMB 330 per tonne to RMB 18,180 per tonne and RMB 18,280 per tonne, followed by the decrease of RMB 310 per tonne in Hangzhou to RMB 18,340 per tonne. In Tianjin and Gongyi, primary aluminium ingot price has shrunk by RMB 270 per tonne...
LME aluminium price built up by US$20.5/t through the week to settle at US$2452/t; SHFE closed higher at US$2775/t
On Monday, July 25, LME aluminium cash bid price and LME aluminium official settlement price started the week with a downfall of US$28 per tonne and US$28.5 per tonne, respectively, to stand at US$2,431 per tonne and US$2,431.50 per tonne. On Tuesday, the prices increased by US$4 per tonne and US$5.50 per tonne to come in at US$2,435 per tonne and US$2,437 per tonne, which, however, nosedived the next day by US$45 per tonne and US$46.50 per tonne to US$2,390 per tonne and US$2,390.50 per tonne, respectively. On Thursday, the prices stopped at US$2,457 per tonne and US$2,458 per tonne, up by US$67 per tonne and US$67.50 per tonne. On Friday, July 29, both LME aluminium cash bid price and LME aluminium official settlement price again dropped on an alternate day by US$7 per tonne and US$6...
Novelis bags ASI Performance Standard certification for 3 beverage can sheet facilities in North America
Novelis, the leading producer of flat-rolled aluminium and the world’s largest recycler, announced on Friday, July 29, that three of its recycled aluminium ingot and beverage can sheet producers in North America received the ASI Performance Standard certifications. Novelis’ Greensboro, GA, Berea, KY, and Warren, OH, plants have bagged the certifications. Aluminium products produced at those three facilities are used for making can bodies and can ends. The ASI certifications recognise Novelis efforts towards sustainability, circular economy, and industry-leading levels of recycled content across its product range. The certifications also strengthen Novelis’ ability to meet customers’ growing demand for sustainable aluminium solutions in the beverage packaging market and beyond. Novelis has...
Hindalco’s aluminium wire rod & billets prices see a hike of INR5500/t with effect from July 29
Hindalco’s aluminium ingot price and aluminium products prices have experienced a hike on Friday, July 29, after two downfalls on July 26 & 28. The price of the company’s aluminium wire rod price has come in at INR 239,350 per tonne, seeing an increase of INR 5,500 per tonne from the previous day. On July 28, the ingot price stood at INR 233,850 per tonne, reflecting a downfall of INR 3,500 per tonne. Hindalco’s aluminium billets price has also been expanded by INR 5,500 per tonne on Friday to INR 242,350 per tonne, following a cut of INR 3,500 per tonne on Thursday to INR 236,850 per tonne. With effect from July 29, aluminium ingot price is standing at INR 228,250 per tonne, up by INR 5,500 per tonne from INR 222,750 per tonne on July 28. Hindalco Industries links its aluminium ingot and...
Vedanta uplifts aluminium ingot price to INR226,000-257,500/t in line with LME aluminium price hike
Vedanta Limited has lifted its aluminium ingot and aluminium products prices, with effect from Friday, July 29, following a cut on the previous day, July 28. On Friday, Vedanta’s aluminium ingot price has come in at INR 226,000-257,500 per tonne, up by INR 5,250 per tonne or 2.38 per cent from the previous day. On July 28, the price stood at 220,750-252,250 per tonne, reflecting a slash of INR 3,250 per tonne. Vedanta’s aluminium wire rod price has also been raised by INR 5,250 per tonne on July 29 from INR 228,250-235,750 per tonne to INR 233,500- 241,000 per tonne. Similar to the ingot price, Vedanta’s aluminium wire rod price on July 28 saw a cut of INR 3,250 per tonne. The company is currently selling its aluminium billets at INR 235,000 per tonne, with effect from July 29, compared...
