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.
Alcoa predicts international sanctions on Russia to inflate aluminium prices and squeeze alumina supply
According to Platts report, Alcoa’s chief financial officer Willian Oplinger shared his forecast that aluminum prices would continue to inflate while alumina supply to become tighter as a result of international sanctions imposed on Russia due to its military invasion of Ukraine. “It’s a very fluid situation … it will really depend on how long this drags out and how long the sanctions are in place,” CFO stated during a presentation at the Deutsche Bank Global ESG Conference on Monday, February 28. Market demand for aluminum is likely to remain unfulfilled in Europe and the US by the Russian aluminum producers, resulting in heightening pressure on the recent high level of premiums in both regions, pointed out Oplinger. Platts found out that spot price of 99.7% P1020 US aluminum was...
China’s A00 aluminium ingot price sees a surge of RMB300/t as sanctions on Russia fuel supply concerns
As the fear of metal supply disruptions has heightened across the world due to sanctions on Russia, A00 aluminium ingot price in China has increased by RMB 300 per tonne to stand at RMB 22,850 per tonne on Wednesday, March 2, found the Shanghai Metals Market. China’s domestic aluminium market has seen the surge today after two consecutive days of fall from RMB 22,820 per tonne to RMB 22,550 per tonne. The average prices are expected to range between RMB 22,830 per tonne and RMB 22,870 per tonne, with spot contract to be traded at a premium price of RMB 90-50 per tonne. A00 aluminium ingot price in Wuxi and Chongqing, has also built up by RMB 300 per tonne to come in at RMB 22,840 per tonne and RMB 22,750 per tonne, respectively, followed by the surge of RMB 295 per tonne in Hangzhou to...
World alumina production in January 2022 dips by only 0.46% YoY to 11.569 million tonnes, shows IAI
In January 2022, world alumina production totalled 11.569 million tonnes, down by only 0.13 per cent from 11.584 million tonnes in December 2021 and 0.46 per cent less than 11.622 million tonnes in January 2021, found the International Aluminium Institute data. In the full-year 2021, world alumina output amounted to 138.077 million tonnes, up by 3.76 per cent from 133.078 million tonnes a year ago. The world’s daily average alumina production in January 2022 came in at 373,200 tonnes, seeing a month-on-month dip of 500 tonnes from 373,700 tonnes. China, the world’s leading producer of alumina, churned out 6.250 million tonnes in January 2022, marginally up by 0.11 per cent from 6.243 million tonnes a month ago. But compared to the same period last year, the output stood the same at 6.250...
Hindalco’s aluminium ingot price rallies to INR297000/t in line with new global price high driven by sanctions on Russia
Hindalco Industries Limited has hiked its aluminium ingot and aluminium products prices, with effect from Tuesday, March 1, in response to LME aluminium benchmark price surge to a new high owing to more sanctions imposed on major producer Russia over the weekend, heightening supply disruptions. Hindalco has raised its aluminium ingot price by INR 8,500 per tonne to INR 297,000 per tonne as of March 1. On February 26, the price stood at INR 288,500 per tonne, seeing a sharp downfall of INR 13,250 per tonne from the previous day. Hindalco’s aluminium billets price has also seen a surge of INR 8,500 per tonne, with effect from March 1, to stand at INR 311,100 per tonne versus INR 302,600 per tonne on February 26. The company’s aluminium wire rod price also climbed INR 8,500 per tonne from...
Rusal suspends alumina shipments from its Nikolaev refinery in Ukraine; Fear of supply disruptions heightens
On Monday, February 28, Russian aluminium producer Rusal, the world’s top metal producer ex-China, suspended alumina shipments from its Nikolaev refinery in Ukraine, resulting in increased supply disruptions across the alumina and aluminium market, reported consultancy firm Wood Mackenzie. Ami Shivkar, the principal analyst in Wood Mackenzie’s aluminium team, said alumina produced at Nikolaev refinery is transported to Rusal’s aluminium smelters in Russia, supporting 900 thousand tonnes per annum of output, which is 23 per cent of Rusal’s primary aluminium production. However, Shivkar noted that “a halt in alumina shipments doesn’t mean an immediate cut in smelter output although the supply chain in Russia is tight, with weeks of alumina stocks on site rather than months.” He added that...
Sanctions on Russia lift LME aluminium price to another record high at $3450/t; SHFE price slips by $8/t
Three-month LME aluminium opened at US$3,407 per tonne on Monday, February 28, and closed at US$3,395 per tonne, an increase of US$15 per tonne or 0.44 per cent. LME aluminium benchmark prices grew another record high after Western nations unveiled more sanctions on major producer Russia in response to its invasion of Ukraine. While LME aluminium cash bid price surged by US$93.5 per tonne or 2.79 per cent to US$3,448 per tonne, LME aluminium official settlement price increased by US$94.50 per tonne or 2.82 per cent to stand at US$3,450 per tonne on February 28. 3-month bid price and 3-month offer price soared by US$133 per tonne to come in at US$3,445 per tonne and US$3,447 per tonne. December 23 bid price and December 23 offer price also scored higher at US$3,133 per tonne and US$3,138...
Press Metal reports record annual net profit of RM1.03 billion for FY21; Earnings in Q4 double to RM285.82 million
Press Metal Aluminium Holdings Bhd, a Malaysia-based extrusion producing company, announced last week its record annual net profit of RM1.03 billion for the financial year ended December 31, 2021, following its fourth quarter’s earnings nearly doubled to RM285.82 million from RM145.25 million. The surge in Q4 earnings could be attributed to the increased revenue of 63.9 per cent to RM3.37 billion from RM2.05 billion, driven by higher average aluminium prices and increased output from Phase 3 of Samalaju Smelter. Press Metal’s annual net profit for FY2021 increased by 124 per cent Y-o-Y from RM459.85 million, while revenue grew 47 per cent to RM10.99 billion from 7.48 billion in FY2020. The Group declared a fourth interim dividend of 1 sen per share for FY2021, payable on March 31, 2022,...
Primary Aluminium Weekly Recap: Russia-Ukraine conflict lifts LME aluminium price to new high; Rio Tinto & Tasmanian State Government to work towards sustainable economy
The global aluminium benchmark price rally to a record high this week has created a buzz across the industry. On Thursday, February 24, the LME aluminium price stood 13-year high at US$3,519 per tonne, attributable to Russia-Ukraine conflict that fuelled the worldwide supply concerns of the metal. However, on Friday, February 25, the price slipped by US$164 per tonne to stand at US$3,355 per tonne. To know more: https://www.alcircle.com/news/lme-aluminium-benchmark-price-rallies-to-13-year-high-this-week-before-closing-at-us3355-t-shfe-price-settles-at-us3607-t-76720 In response to this global aluminium price hike, National Aluminium Company Limited (NALCO) expanded its aluminium ingot and aluminium products prices by INR 20,000 per tonne or 7 per cent. With effect from Friday, February...
LME aluminium benchmark price rallies to 13-year high this week before closing at US$3355/t; SHFE price settles at US$3607/t
The LME aluminium benchmark price rallied to a 13-year high this week, driven by the Ukraine-Russia conflict fuelling reduced metal supply concerns. After starting the week on Monday, February 21, at US$3,313 per tonne and US$3,315 per tonne, LME aluminium cash bid price and LME aluminium official settlement price rose by over US$100 per tonne to stand at US$3,419 per tonne and US$3,420 per tonne, respectively. But on the next day, the prices slipped to US$3,323 per tonne and US$3,323.50 per tonne, which rebounded on Thursday, February 24, to US$3,518 per tonne and US$3,519 per tonne, record high since 2008. However, on Friday, both LME aluminium cash bid price and LME aluminium official settlement price closed the week lower at US$3,354 per tonne and US$3,355 per tonne. 3-month bid price...
Africa’s primary aluminium production records a rise of 4.5% YoY to 139,000 tonnes in January 2022
In January 2022, primary aluminium production in Africa stood at 139,000 tonnes, gaining only 1,000 tonnes month-on-month, found the International Aluminium Institute. In December 2021, primary aluminium production in Africa grew by 7,000 tonnes or 5.34 per cent on month from 131,000 tonnes. In three-month time (November 2021 to January 2022), Africa’s primary aluminium output totalled 408,000 tonnes, up by 3,000 tonnes from 405,000 tonnes in the earlier three months. On a year-on-year calculation, Africa’s primary aluminium production in January 2022 edged a hike of 6,000 tonnes or 4.51 per cent from 133,000 tonnes. In January 2022, the world primary aluminium production amounted to 5.513 million tonnes, down by 0.36 per cent from 5.533 million tonnes in December 2021 and 4.45 per cent...
Hindalco’s aluminium wire rod and billets prices build up by INR18250/t w.e.f. February 25
Hindalco Industries Limited has hiked its aluminium products and aluminium ingot prices as the LME aluminium benchmark price has rallied yet again to a 13-year high. With effect from February 25, the company has raised its aluminium wire rod price by INR 18,250 per tonne to INR 312,850 per tonne. On Thursday, February 24, the price came in at INR 294,600 per tonne after being cut by INR 8,750 per tonne. Hindalco’s aluminium billets price has also witnessed a surge of INR 18,250 per tonne from INR 297,600 per tonne on February 24 to INR 315,850 per tonne on February 25. Hindalco’s aluminium ingot price is standing at INR 301,750 per tonne versus INR 283,500 per tonne on the previous day. Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium...
Century Aluminum reports 13% higher net sales with increased shipments to 200,961t in 4Q2021; Shipments in full-year dip 3% to 783,647t
On Thursday, February 24, Century Aluminum announced its fourth quarter and full-year 2021 results, revealing the net income of $60.4 million for Q4 versus $52.4 million a quarter ago. That was a quarterly increase of 15.27 per cent on higher shipments from 196,095 tonnes to 200,961 tonnes. Net sales increased by 13 per cent in Q4 from $581.4 million to $659.1 million sequentially. Fourth-quarter results were positively impacted by $43.9 million of exceptional items, in particular $53.8 million of unrealized gains on forward derivative contracts (net of tax), partially offset by $9.9 million in share-based compensation costs. Thus, Century reported adjusted net income of $17.2 million for the fourth quarter of 2021, up by 202 per cent sequentially. Adjusted EBITDA in Q4 was recorded at...
NALCO’s aluminium ingot selling price inflates by INR20,000/t on worldwide supply woes
National Aluminium Company Limited has continued to increase its aluminium ingot and aluminium products prices for the third time in a row since February 9. With effect from Friday, February 25, NALCO’s aluminium ingot price has witnessed a surge of INR 20,000 per tonne or 7 per cent for the first time to come in at INR 300,450- 303,950 per tonne. This hike is in line with the rally of the LME aluminium benchmark price to a record high since 2008, following worries of reduced metal supplies from Russia fuelled by Ukraine-Russia conflict . On Thursday, February 24, the three-month LME aluminium future price soared by US$195.50 per tonne or 5.88 per cent to score at US$3,519 per tonne. Thus, on a month-on-month calculation, the price is up by US$474.50 per tonne from US$3,044.50 per tonne....
Vedanta Aluminium introduces India’s first low carbon green aluminium brand ‘Restora’
According to a report on February 24, Vedanta Aluminium Business has launched its low carbon, green aluminium brand named ‘Restora’, with two product lines – Restora (low carbon aluminium) and Restora Ultra (ultra-low carbon aluminium). This brand is not only Vedanta’s but India’s first low carbon green aluminium product lines for customers worldwide, representing a remarkable step towards its commitment of achieving Net Zero Carbon by 2050. Both the products under the brand are officially assessed and verified as low carbon aluminium by an independent, global verification assurance firm. Vedanta’s main goal of introducing a brand like Restora is to address the fast-growing global demand for low carbon aluminium. The products under the brand, with GHG emission intensity well below 4...
LME aluminium price hits new high at US$3519/t driven by Ukraine-Russia conflict; SHFE price gains US$13/t to US$3607/t
LME aluminium opened at US$3,288 per tonne on Thursday and closed at US$3,365 per tonne, an increase of US$71 per tonne or 2.16 per cent. On Thursday, February 24, LME aluminium prices jumped to a record high since 2008, driven by reduced metal supplies concerns due to Ukraine-Russia conflict. While LME aluminium cash bid price soared by US$195 per tonne or 5.87 per cent to stand at US$3,518 per tonne, LME aluminium official settlement price inflated by US$195.50 per tonne or 5.88 per cent to score at US$3,519 per tonne. 3-month bid price and 3-month offer price closed higher at US$3,443 per tonne and US$3,445 per tonne, respectively. December 23 bid price and December 23 offer price totalled at US$3,063 per tonne and US$3,068 per tonne. LME aluminium opening stock decreased to 824150...
Primary aluminium inventories in China gain 60,000 tonnes W-o-W to total 1.1 million tonnes
According to the Shanghai Metals Market, social inventories of primary aluminium have totalled 1.1 million tonnes, gaining 60,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. The smelters and traders were highly willing to make shipments, but the downstream demands were suppressed by increased aluminium prices. The rise in inventories was mainly contributed by Gongyi, Wuxi, and Nanhai, found the Shanghai Metals Markets. The chart below indicates the current status of primary aluminium inventories across China in more details: In Gongyi, primary aluminium inventories have built up by 25,000 tonnes week-on-week to come in at 189,000 tonnes, followed by the hike of 20,000 tonnes in Wuxi to 395,000 tonnes. In Nanhai, primary aluminium inventories have...
World primary aluminium production in January 2022 reflects 4.45% decline YoY to 5.513 million tonnes: IAI
According to the International Aluminium Institute data, world primary aluminium production in January 2022 stood at 5.513 million tonnes, 0.36 per cent less than 5.533 million tonnes a month ago. However, the output in December was 2.10 per cent higher month-on-month from 5.419 million tonnes. On a year-on-year calculation, world aluminium production in January 2022 recorded a decline of 4.45 per cent from 5.770 million tonnes. China, the world’s leading primary aluminium producer, churned out 3.1 million tonnes of primary aluminium in January 2022, down by 0.29 per cent from 3.109 million tonnes in December 2021 and 7.82 per cent less than 3.363 million tonnes in January 2021. In the entire year of 2021, China’s primary aluminium production totalled 38.837 million tonnes. In the Gulf...
Hindalco’s aluminium ingot price shrinks by 3% to INR283500/t with effect from February 24
Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from Thursday, February 24, following a significant increase on February 23. As per the pricing published by Hindalco, the company’s aluminium ingot price has come in at INR 283,500 per tonne, down by INR 8,750 per tonne or 3 per cent from INR 292,250 per tonne. Hindalco’s aluminium wire rod price has also experienced a cut of INR 8,750 per tonne on February 24 from INR 303,350 per tonne to INR 294,600 per tonne. Aluminium billets price is standing at INR 297,600 per tonne versus INR 306,350 per tonne. Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which shrank by US$96.50 per tonne on February 23 to...
