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.
China’s alumina spot price gains RMB6/t after a week-long restraint; A00 aluminium ingot price shrinks to RMB20720/t
According to the Shanghai Metals Market, the average alumina spot price has increased by RMB 6 per tonne after remaining restrained at RMB 3,010 per tonne from April 22 to 29. Hence, as of May 5, the price is standing at RMB 3,016 per tonne. In Henan, alumina price has hiked by RMB 15 per tonne to stand at RMB 3,075 per tonne, with average prices estimated to range between RMB 3,020 per tonne and RMB 3,130 per tonne. However, in other provinces, alumina spot price has remained unchanged. The Australian alumina FOB price has also recorded an increase of US$3 per tonne to come in at US$373 per tonne, learned SMM. But despite the rise in alumina price, A00 aluminium ingot price has decreased by RMB 90 per tonne to stand at RMB 20,720 per tonne, following an increase of RMB 120 per tonne on...
Aluminum Co. of China’s stocks ratings upgraded from “buy” to “strong-buy”
On Tuesday, May 3, a stock rating agency upgraded Aluminum Corporation of China Limited, also known as Chalco, from a “buy” rating to a “strong-buy” rating. Earlier, on January 13, the Goldman Sachs Group had rated the stocks of Aluminum Corp. of China “sell” instead of “buy”, while on March 23, HSBC had upgraded the shares rating from a “reduce” to “hold”. Currently, the company has a ratio of 1:08, a quick ratio of 0.58 and a debt-to-equity ratio of 0.74. Its 50-day moving average price is $14.86 and its 200-day moving average price is $14.51. Aluminum Co. of China has a twelve month low of $10.58 and a twelve month high of $23.90. It has a market cap of $7.70 billion, a P/E ratio of 9:12 and a beta of 1:59. Recently, hedge funds have also added or reduced their stakes in Chalco. For...
ASI Board to formally launch new standards of certifications around May 19, 2022
According to a report last week, the ASI Board has revised its Performance and Chain of Custody Standards, supporting Guidance, Assurance Manual, Claims Guide and Glossary as By-Laws. This new version, to be formally launched around 19th May, is the outcome of a first major standard revision process since the launch of the ASI programme in 2017. The revised standards have finally been adopted by ASI after almost three years of Standards Committee and Working Group discussions, a multi-stakeholder development process, two rounds of public consultation and significant redrafting, and legal reviews. In the next 12 months from the launch, entities can choose to audit against the existing or revised standards but post that only 2022 standards will be applicable for ASI Certifications. The new...
Novelis to build advanced aluminium recycling centre with annual casting capacity of 240,000t of sheet ingot
Novelis Inc., the world’s leading flat-rolled aluminium products manufacturer and recycler, has reportedly broken ground to build a highly advanced recycling centre for automotive in North America. The project will have an annual casting capacity of 240,000 tonnes of sheet ingot, involving an investment of $365 million. The facility is expected to reduce the company’s carbon emissions by more than 1 million tonnes each year and to add about 140 new jobs in Guthrie. It will be located adjacent to Novelis’ existing automotive finishing plant in Guthrie, Kentucky, which currently employs 150 people and expects to grow to 190 over the next two years. Tom Boney, Executive Vice President and President of Novelis North America, said: "This groundbreaking marks a major milestone in our ongoing...
Mexico’s aluminium scrap exports to US grow 11% M-o-M and 27% Y-o-Y to 17,100 tonnes in Feb’22
Mexico’s aluminium scrap exports to the United States stood at 17,100 tonnes in February 2022, reflecting a month-on-month increase of 11.03 per cent or 1,700 tonnes from 15,400 tonnes, found the US Geological Survey data. The exports in January were 700 tonnes or 4.76 per cent higher than 14,700 tonnes in December 2021. On a year-on-year basis, Mexico’s aluminium scrap exports to the US in February reflected a hike of 3,600 tonnes or 26.67 per cent from 13,500 tonnes. During January-February, Mexico’s scrap exports to the US totalled 32,500 tonnes, up 16.07 per cent or 4,500 tonnes from 28,000 tonnes. The United States’ total aluminium scrap imports in February came in 46,200 tonnes, only 500 tonnes less than in the previous month, and 3,900 tonnes or 7.78 per cent down from 50,100...
Alumina production in Europe (incl. Russia) reflects Q-o-Q drop of 6.47% to 2.43 Mt in 1Q2022
In March 2022, alumina production in Europe (incl. Russia) stood at 769,000 tonnes, reflecting a month-on-month decline of 7,000 tonnes or 0.90 per cent from 776,000 tonnes. Monthly downfall in March continued as alumina output in February also stood down M-o-M by 12.32 per cent from 885,000 tonnes. On a year-on-year calculation, alumina production in March 2022 also represented a downfall of 13.50 per cent from 889,000 tonnes. Total production in three months (from January to March) this year amounted to 2.430 million tonnes, down by 6.47 per cent quarter-on-quarter from 2.598 million tonnes and 5.67 per cent year-on-year from 2.576 million tonnes. In the entire year of 2021, alumina production in Europe (incl. Russia) totalled 10.4 million tonnes, flaunting a rise of 1.81 per cent from...
Vedanta reduces its aluminium ingot price for the fourth time in a row by INR3000/t w.e.f. April 30
Vedanta Limited continued to reduce its aluminium ingot and aluminium products prices for the fourth time in a row since April 21. With effect from April 30, 2022, Vedanta cut its aluminium ingot price by INR 3,000 per tonne or 1.11 per cent to INR 266,500--302,200 per tonne. A day before, the price stood at INR 269,500-305,200 per tonne, seeing a downfall of INR 2,500 per tonne or 0.9 per cent. Vedanta’s aluminium wire rod price also experienced a cut of INR 3,000 per tonne to INR 274,000- 281,500 per tonne. On April 29, the price was at INR 277,000- 284,500 per tonne, down by INR 2,500 per tonne from the previous day. Vedanta’s aluminium billet price came in at INR 274,500 per tonne, with effect from April 30, seeing a cut of INR 3,000 per tonne as well. The three-month futures of...
JISCO Alpart aims to mine bauxite through 700 acres to feed its alumina refinery
JISCO Alpart, specialised in the refining of bauxite ore into alumina, is eyeing to mine more ore to feed its refinery, which is expanding at a cost of US$1.1 billion. As per the report, the bauxite-alumina producer will dig through 700 acres of land known as the ‘Outer Valley,’ requiring the relocation of small farmers. JISCO already has a prospecting licence for mining – SEPL 541 Outer Valley. The land has inhabitants of communities of Pepper, Long Hill, Friendship, Fellowship, Southampton, Northampton, Goshen, Gilnock, Santa Cruz, Mitchell and Peru Pen. The environmental impact assessment report of the mining, done by EnviroPlanners Limited, notes that the Outer Valley holds “the quantity and quality of bauxite required by JISCO Alpart for a viable plant upgrade and expansion...
Monthly alumina production in Africa & Asia (ex-China) sees a rise of 1.21% in March 2022
In March 2022, alumina production in Africa & Asia (ex-China) was 1.088 million, up by 1.21 per cent month-on-month from 1.075 million tonnes, found the International Aluminium Institute. However, the output in February was down from its previous month by 6.44 per cent from 1.149 million tonnes. In three-month time ended March 31, alumina production in Africa & Asia (ex-China) totalled 3.312 million tonnes, 2.76 per cent less than 3.406 million tonnes in Q4 2021 despite a hike in the March output. On a year-on-year basis, Africa & Asia’s alumina production in 1Q2022 also stood down by 5.3 per cent from 3.145 million tonnes. On a year-on-year calculation, alumina production in Africa & Asia (ex-China) in March 2022 recorded a marginal change compared to 1.074 million tonnes. The worldwide...
Hindalco’s aluminium ingot price sees fourth consecutive cut by INR2750/t on April 30
Hindalco Industries Limited has further decreased its aluminium ingot and products prices, with effect from Saturday, April 30. This marks the fourth consecutive cut since April 21. As per the revised prices revealed, Hindalco has cut its aluminium ingot price by INR 2,750 per tonne or 1.02 per cent to INR 266,750 per tonne. On a day earlier, April 29, the price stood at INR 269,500 per tonne, seeing a trim of INR 2,500 per tonne. Hindalco’s aluminium wire rod price has come in at INR 277,850 per tonne, down by INR 2,750 per tonne from INR 280,600 per tonne on the previous day. Aluminium billets price is hovering at INR 280,850 per tonne, witnessing a downfall of 0.97 per cent from INR 283,600 per tonne on April 29. Hindalco links its aluminium ingot and products prices to the three-month...
LME aluminium benchmark price closed the week at US$51/t lower; SHFE price slid US$100/t to US$3139/t
LME aluminium prices further shrank this week, with LME aluminium cash bid price and LME aluminium official settlement price starting at US$3,089 per tonne and US$3,090 per tonne on Monday, April 25, and ending at US$3,038 per tonne and US$3,039 per tonne on Friday, April 29. That was a decline of US$51 per tonne through the week. After facing nosedive by US$154.50 per tonne and US$154 per tonne on Monday, LME aluminium cash bid price and LME aluminium official settlement price increased by US$13 per tonne and US$12.50 per tonne on Tuesday, April 26, to come in at US$3,102 per tonne and US$3,102.50 per tonne. But on the next day, the prices slipped by US$3 per tonne and US$2.50 per tonne to stand at US$3,099 per tonne and US$3,100 per tonne. On Thursday, April 28, both the LME aluminium...
AMAG reports highest quarterly earnings for 1Q2022 with a 60% hike in revenue
AMAG Austria Metall AG, the biggest company in the Austrian Aluminium industry sector, has reported a continued positive performance for the 1st quarter of 2022 ended March 31. By the data revealed, the company has achieved the highest quarterly earnings in its history for 1Q2022, contributed by increased LME aluminium prices throughout the period. Positive growth is seen in shipment volumes and product mix optimisations as well. Revenues of the group rose 60 per cent over the year from EUR 251.2 million to EUR 399 million, thanks to higher shipments and aluminium prices. Shipments improved by 6 per cent to 104,600 tonnes in Q1 2022 versus 98,500 tonnes in Q1 2021. Group’ s EBITDA doubled from EUR 30.3 million in Q1 2021 to EUR 68 million during the same period of this year. Metal...
Vedanta cuts its aluminium ingot selling price by nearly 1% with effect from April 29
Vedanta Limited has further reduced its aluminium ingot and products prices, with effect from Friday, April 29, in line with back-to-back LME aluminium price drop. Vedanta has cut its aluminium ingot price by INR 2,500 per tonne or 0.9 per cent to INR 269,500-305,200 per tonne on April 29, while the price on April 26 was at INR 272,000-307,700 per tonne, seeing a steep fall of INR 11,250 per tonne. Vedanta’s aluminium products prices have also seen a cut of INR 2,500 per tonne, which brought the company’s aluminium wire rod price to INR 277,000- 284,500 per tonne on April 29 versus INR 279,500- 287,000 per tonne on April 26. Vedanta’s aluminium billet price has come in at INR 277,500 per tonne compared to INR 280,000 per tonne. Vedanta Limited links its aluminium products and aluminium...
Century Aluminum reports hike in shipments by 5% and improved net sales to $753.6 million for 1Q2022
Century Aluminum Company, a US-based primary aluminium producer, has announced its first quarter 2022 operation and financial results, revealing that shipments in the same period ended March 31 increased by 5 per cent quarter-on-quarter from 200,961 tonnes to 211,411 tonnes, bolstered by the resumption of a project at Mt. Holly. Backed on the rise in shipments, net sales in 1Q2022 improved 14 per cent sequentially from US$659.1 million to US$753.6 million. But net income recorded a decrease of US$42.7 million from US$60.4 million to US$17.7 million. First quarter results were negatively impacted by US$42.3 million of net exceptional items, in particular US$39 million of unrealised losses on derivative instruments and US$3.3 million in share-based compensation costs. However, adjusted net...
Hindalco trims its aluminium billets & wire rod prices by INR2500/t with effect from April 29
Hindalco Industries Limited has continued to reduce its aluminium products and ingot prices, with effect from April 29, albeit slower than the previous day. Hindalco has cut its aluminium billets price by INR 2,500 per tonne or 0.87 per cent to stand at INR 283,600 per tonne. On the last cut on April 26, the company’s aluminium billets price came in at INR 286,100 per tonne after being sharply cut by INR 11,250 per tonne. Hindalco’s aluminium wire rod price has also been trimmed by INR 2,500 per tonne, with effect from April 29, to INR 280,600 per tonne. The last cut had brought the price to INR 283,100 per tonne. As per the revised price list revealed, Hindalco is currently selling its aluminium ingot at INR 269,500 per tonne versus INR 272,000 per tonne on April 26. Hindalco links its...
US domestic primary aluminium production slips by 7,000 tonnes M-o-M in Feb’22, but daily output grows slightly
In February 2022, domestic primary aluminium production in the United States was at 75,000 tonnes, reflecting a downfall of 7,000 tonnes or 8.54 per cent month-on-month, following an increase in the previous month. In January 2022, the output grew by 3,000 tonnes or 3.8 per cent from 79,000 tonnes in December 2021. However, despite the monthly downfall in production, the daily average output in February grew slightly than the previous month from 2,650 tonnes to 2,670 tonnes. On a year-on-year basis, it stood 8.10 per cent higher than 2,470 tonnes, and so was the monthly production by 6,000 tonnes or 8.7 per cent than 69,000 tonnes. Total aluminium recovered from scrap in February 2022 was 284,000 tonnes, 6.77 per cent more than 266,000 tonnes in January and 14.52 per cent than 248,000...
NALCO’s aluminium ingot price sees a sharp cut of INR10000/t in line with LME price slump
National Aluminium Company Limited has slashed its aluminium ingot and aluminium products prices by INR 10,000 per tonne or 3.5 per cent on April 28, in line with the continued decrease in LME aluminium benchmark price since April 22. With the latest cut, NALCO’s aluminium ingot price has come in at INR 272,650 – 276,150 per tonne compared to INR 282,650-286,150 per tonne on April 21. NALCO is currently selling its aluminium wire rod at INR 275,150 – 279,500 per tonne versus INR 285,150-289,500 per tonne a week ago. Aluminium billets price is hovering around INR 276,100 – 278,750 per tonne, facing a downfall of INR 10,000 per tonne from INR 286,100-288,750 per tonne. NALCO links its aluminium ingot and aluminium products prices to the three-month future price of aluminium on the London...
Primary aluminium inventories in China shrink by 34000 tonnes as delivery recovers from COVID pandemic
According to the Shanghai Metals Market, primary aluminium inventories in China have decreased this week by 34,000 tonnes or 11 per cent across eight major consumption areas, including SHFE warrants. Thus, compared to 1.02 million tonnes last Thursday, April 21, primary aluminium inventories have come in at 987,000 tonnes as of April 28. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, primary aluminium inventories have decreased by 25,000 tonnes week-on-week to 490,000 tonnes as delivery recovered in the region. Shipments from Wuxi were mainly delivered to surrounding areas. Gongyi received a very few due to tight truck transportation capacity and restricted cross-province transport. Gongyi’s primary aluminium...
