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.
LME aluminium price downturned this week to US$2374/t; SHFE price slid by US$109/t to US$2867/t
Three-month LME aluminium rose 1.08% to settle at US$2,488.5 per tonne in the overnight trading on Monday, with open interest losing 4,958 lots to 710,000 lots. On Tuesday, the price fell 1.55 per cent to end at US$ 2,450 per tonne in the overnight trading but increased the day next by 0.98 per cent to US$ 2,474 per tonne. On Thursday night, three-month LME aluminium decreased 4.41 per cent to end at US$ 2,352 per tonne. LME aluminium cash (bid) price and LME official settlement price trended down this week during June 14-18 by US$ 130 per tonne. The prices started the week on Monday, June 14, at US$ 2,504 per tonne, growing by US$ 14 per tonne from the previous day. But on Tuesday, June 15, both LME aluminium cash (bid) price and LME official settlement price decreased to 2,458.50 per...
Vedanta further lowers aluminium wire rod and billet prices by INR4250/t on June 19
Vedanta Limited has reported that it has reduced its aluminium products and aluminium ingot prices for the second time in a row on Saturday, June 19. The company has updated that it is now selling its aluminium wire rod at INR 211,000-218,500 per tonne – 2 per cent or INR 4,250 per tonne lesser than INR 215,250-222,750 per tonne on Wednesday, June 16. With the latest cut, Vedanta’s aluminium billet price has come in at INR 211,500 per tonne, also down by INR 4,250 per tonne from INR 215,750 per tonne on June 16. Vedanta’s aluminium ingot price has been decreased to INR 203,500-216,500 per tonne on June 19 from INR 207,750-220,750 per tonne on the previous day. Vedanta links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal...
Chinese carbon emission peak by 2030 needs renewable energy adaption for aluminium industry: CRU
According to a team of analysts at London-based business intelligence company CRU, China will need to shift to renewable energy for achieving carbon neutrality, particularly for the aluminium industry, where renewable power is expected to rise from the current 16 per cent to 27 per cent by 2030. China has pledged to achieve carbon neutrality by 2060 and peak carbon emissions by 2030. According to CRU, solar power has the largest potential for driving growth in the aluminium industry, while hydrogen energy is expected to be widely used in the steelmaking sector. CRU believes the key to peak carbon emissions is to reduce and control carbon emissions from both the demand and supply side of the commodities market. Carbon emissions from the steelmaking and aluminium smelting account for 98 per...
Alcoa details decarbonise plans for alumina refining; $2-5 billion investment by all Australian refineries will cut 70% emissions
Alcoa Corporation has laid out a detailed plan of leveraging renewable energy to refine alumina in an attempt to cut 70 per cent of carbon emissions. Among Australia’s emissions-intensive exports, alumina and aluminium are the highest at risk for carbon border tariffs that the European Union is set to announce in July, said think tank the Australia Institute. Alcoa official Ray Chatfield told in a conference in the city of Perth that it would take to around 2030 or so for getting the technology ready to roll out. The Australian government has already issued grants to help decarbonise the alumina refining process, which in 2019 accounted for more than 14 million tonnes of carbon dioxide emissions, showed government agency data. Refineries will install a process that will replace the...
Guinea to expand bauxite production and export to China on commissioning of SMB railway project
Guinea, known for having the world’s largest bauxite reserves, is set to expand production after the Societe Miniere de Boke’s (SMB) railway project is complete linking Santou II and Houda blocks to the Port of Dapilon. The railway project has been inaugurated on Wednesday, June 16, whereby Guinea’s Mining Minister Abdoulaye Magassouba said the West African nation granted SMB a concession allowing it to build and operate the 135-kilometer (84-mile) railway for 33 years before returning it to the state. Most of the new bauxite production in Guinea will go to China, which last year was the biggest buyer of bauxite from Guinea. This comes as good news for Guinea’s finances and that the African Development Bank forecasts Guinea’s current account deficit and budget gap to shrink in 2022....
LME aluminium price closed lower for the third day in a row at US$2427.50/t; SHFE declined to US$2867/t
Three-month LME aluminium decreased 4.41 per cent to end at US$ 2,352 per tonne on Thursday night, with open interest losing 1,771 lots to 697,000 lots, and is expected to trade between US$ 2,320-2,420 per tonne today. LME aluminium cash (bid) price and LME official settlement price decreased for the third consecutive day, albeit slower than the previous day, by US$ 27 per tonne or 1.10 per cent to close at US$ 2,427.50 per tonne on Thursday, June 17. 3-months bid price and 3-months offer price stood at US$ 2,407 per tonne, down by US$ 54.50 per tonne from US$ 2,452.50 per tonne. Dec 22 bid price and Dec 22 offer price declined from US$ 2,436.50 per tonne on June 16 to US$ 2,395 per tonne on June 17. The LME aluminium opening stock rose from 1627225 tonnes to 1628800 tonnes. Live Warrants...
Aluminium billet inventories in China build-up 14% this week to 100,700 tonnes: SMM
According to the Shanghai Metals Market, aluminium billet inventories in China have built-up 12,400 tonnes or 14 per cent from a week ago to come in at 100,700 tonnes as of Thursday, June 17. With aluminium prices still fluctuating at a high level, there has been a seasonal weakening of consumption, resulting in poor enthusiasm of receiving goods among the downstream aluminium sector. Last week on June 10, aluminium billet inventories dipped by 1,100 tonnes week-on-week to stand at 88,400 tonnes. The chart below indicates the current status of aluminium billet inventories across China in more details: In Foshan, aluminium billet inventories have increased the highest this week by 7,100 tonnes to come in at 47,800 tonnes, followed by the growth of 4,200 tonnes in Nanchang to 23,000 tonnes...
King River able to become a significant high-value alumina producer, finds a prefeasibility study
A prefeasibility study (PFS) for high purity alumina (HPA) project in the Kwinana industrial area, West Australia, has found that ASX-listed King River Resources can be a significant producer of high-value purity alumina. The HPA project will use King River’s ARC process to produce the high purity alumina from an industrial chemical feedstock. According to PFS estimation, the project will require a capital investment of A$203.4 million to support a production rate of 9000 tonnes per year of 4N purity. In the next 25 years, the project is estimated to have annual earnings before interest, tax, depreciation and amortization of A$ 193-million, an annual pre-tax free cash flow of A$190 million, and projected revenues of A$7.02 billion. The HPA project’s net present value before tax is...
Russian Ambassador’s visit to Klil in Israel seen as an opportunity for new collaborations in aluminium sector
Russian ambassador Anatoly Viktorov recently visited the Klil factory in Karmiel, along with his wife and the mayor of Karmiel Moshe Koninsky. During the visit, Viktorov revealed that he was a window installer in his youth and that he was extremely impressed by Klil’s advanced technology of manufacturing aluminium windows. Klil is Israel’s leading company for the development, manufacturing, and marketing of advanced aluminum doors and windows for private homes, boutique buildings, and tall buildings. Founded in 1950, kill employs nearly 320 employees at the company’s factory in Karmiel, as well as in other locations. Tzuri Daboosh, chairman of Klil, noted: “It is an honor to host the Russian ambassador at the plant, and the visit may open new collaborations in the field of aluminum.”...
A00 aluminium ingot price in China declines by RMB190/t on the news of primary aluminium release from state reserves
A00 aluminium ingot price in China has decreased by RMB 190 per tonne as the news released that country would release primary aluminium from state reserves to ease the metal price rally. According to the Shanghai Metals Market, China’s primary aluminium ingot price has come in at RMB 18,650 per tonne as of Thursday, June 17, from RMB 18,840 per tonne on June 16. The average prices are expected to range between RMB 18,630 per tonne and RMB 18,670 per tonne, with spot contract to be traded at a premium price of RMB 0-40 per tonne. China is preparing to release 800,000 to 900,000 tonnes of primary aluminium from state reserves in early July as Shanghai primary aluminium price rose 20 per cent this year amid a strong rebound in demand from the COVID-19 outbreak. On June 17, primary aluminium...
China’s secondary aluminium production will reach 20 million tonnes by 2030, expects Rusal
Rusal 0486.HK expects China’s secondary aluminium production to almost triple by the end of 2030 if all announced recycling projects come into operation. Russian aluminium giant Rusal, the largest aluminium producer outside China, established an office in Shanghai last year, attempting to sell more low-carbon aluminium in Asia. If all announced recycling projects commence operation, China’s secondary aluminium output will grow from 7.6 million tonnes in 2020 to 20 million tonnes in 2030, Inga Simonenko, head of market intelligence at Rusal Marketing GmbH, told the online CRU World Aluminium Conference. Around 6.5 million tonnes of the total production in 2030 will be clustered in the southern Guangxi region, Simonenko's presentation showed. China aims to have carbon emissions peak by 2030...
China’s primary aluminium output declines nearly 1% in May 2021 due to power restrictions in Yunnan
China’s primary aluminium production fell month-on-month in May 2021 as restrictions on power consumption in the smelting hub of Yunnan forced production cuts, showed the National Bureau of Statistics on Wednesday, June 16. The world’s top producer of the metal produced 3.2 million tonnes in May, down 0.8 per cent from April’s record high output of 3.346 million tonnes but up 11.3 per cent on year. Daily average output in May stood 3.95 per cent lower at about 107,100 tonnes a day in May compared to 111,500 tonnes in April (30 days a month). Yunnan province in Southwest China was affected by severe drought last month, resulting in limiting its ability to generate electricity. It subsequently restricted aluminium producers’ power use, forcing some smelting capacity to be temporarily...
Operating rates across Chinese aluminium processors dipped 0.7 percentage point in week ended on June 11
Operating rates across major aluminium processors in China dropped 0.7 percentage point week-on-week to 75.7 per cent in the week ended on Friday, June 11. But aluminium wire and cable outperformed other sectors, buoyed by backlog orders. Aluminium foil companies’ operating rates also grew slightly as wait-and-watch sentiment eased with smaller fluctuations of aluminium prices. Operating rates at aluminium extrusion and alloy producers showed signs of weakening as orders dropped slightly. Operating rates at major primary aluminium alloy enterprises stood flat from the previous week. Orders fell sharply, with many large producers reporting 10-25 per cent decline in production and sales in May when compared with normal levels. It is expected that operating rate will remain at a low level in...
LME aluminium price slid 1.82% to settle at US$2458.50/t; SHFE price closed 1.04% lower
Three-month LME aluminium fell 1.55 per cent to end at US$ 2,450 per tonne in the overnight trading yesterday, with open interest increasing 8,499 lots to 718,000 lots, and is expected to trade between US$ 2,450-2,500 per tonne today. LME aluminium cash (bid) price and LME official settlement price decreased by US$ 45.50 per tonne or 1.82 per cent to settle at US$ 2,458.50 per tonne on Tuesday, June 15. 3-months bid price and 3-months offer price stood at US$ 2,449.50 per tonne, down by US$ 28.50 per tonne from US$ 2,478 per tonne. Dec 22 bid price and Dec 22 offer price decreased from US$ 2,456.50 per tonne on June 14 to US$ 2,428 per tonne on June 15. The LME aluminium opening stock declined from 1652850 tonnes to 1640200 tonnes. Live Warrants totalled 1097250 tonnes, while Cancelled...
Rusal to participate in the buyback of Nornickel shares for raising additional funds
Leading global aluminium producer Rusal has applied to participate in the buyback of Nornickel shares, the world’s largest palladium and high-grade nickel producer and also a major producer of platinum and copper. Rusal is willing to participate in the repurchase of Nornickel shares to raise additional funds for financial its own investment programme. The Russian company is presently completing the construction of the Taishet aluminium smelter and preparing to rebuild the Krasnoyarsk, Irkutsk, Novokuznetsk and Bratsk aluminium smelters, which will require a capital investment of about US$5 billion to complete. The exact amount of Nornickel shares that will be repurchased by Nornickel from Rusal will be determined once the procedure is complete. Rusal expects that its stake in Nornickel...
NALCO’s aluminium ingot price grows by over 2% to INR205650-209150/t with effect from June 11
National Aluminium Company Limited (NALCO) increased its aluminium ingot and aluminium products prices with effect from Friday, June 11, following a cut on June 8. NALCO raised its aluminium ingot price by INR 4,700 per tonne or 2.3 per cent to INR 205,650-209,150 per tonne. On June 8, NALCO’s aluminium ingot price stood at INR 200,950-204,450 per tonne, decreasing by INR 3,400 per tonne from the previous day. NALCO is currently selling its aluminium wire rod at INR 209,150-213,500 per tonne, also up by INR 4,700 per tonne from INR 204,450-208,800 per tonne. NALCO’s aluminium billets price came in at INR 209,100-211,750 per tonne, growing by INR 4,700 per tonne or 2.3 per cent from INR 204,400-207,050 per tonne on June 8. NALCO, like any other Indian aluminium producer, links its...
US judge rejects Russian aluminium tycoon Oleg Deripaska’s lawsuit against US sanctions
According to a recent report, Russian oligarch Oleg Deripaska’s lawsuit against the United States over sanctions imposed on the billionaire has been dismissed by a US judge. The latter reasoned that Deripaska’s claims against Washington’s actions lacked merit. Oleg Deripaska’s global aluminium empire also included Aughinish Alumina. However, in 2018, the Russian billionaire gave up the control over his prized empire expecting the United States to lift restrictions. Washington has lifted sanctions on Mr Deripaska’s two main companies -Rusal and En+Group, but Mr Deripaska himself remains blacklisted by OFAC whose sanctions regime has grown. US District Court Judge Amit Mehta wrote on Sunday night that Mr Deripaska failed to make an eloquent case against the US Treasury Department and its...
Vedanta’s aluminium ingot price sees a further rise of INR1750/t with effect from June 15
Vedanta Limited has further increased its aluminium ingot and aluminium products prices for the fifth time in a row, with effect from Tuesday, June 15. Vedanta’s aluminium ingot price has been raised by INR 1,750 per tonne or 0.80 per cent to INR 211,250-224,250 per tonne as of June 15. On Saturday, June 12, Vedanta’s aluminium ingot price was at INR 209,500-222,500 per tonne, climbing by INR 2,500 per tonne from June 10. With the latest hike, Vedanta’s aluminium wire rod price has come in at INR 218,750-226,250 per tonne, also up by INR 1,750 per tonne from INR 217,000-224,500 per tonne on June 12. Vedanta is selling its aluminium billet at INR 219,250 per tonne with effect from June 15 compared to INR 217,500 per tonne on June 12. Vedanta links its aluminium products and aluminium ingot...
