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.
Century Aluminum posts a 203% jump in Q3 Adjusted EBITDA driven by rising aluminium shipments and LME prices
Century Aluminum Company, a US-based producer of primary aluminium, announced its third-quarter 2024 results, revealing net sales of $539.1 million. That was down by 3.9 per cent sequentially from $560.8 million, attributed to decreased third-party alumina sales but partially offset by increased aluminium shipments, higher aluminium prices on LME, and value-added product premiums. Image Source: Century Aluminum Company Century reported that its Q3 2024 shipments were 168,755 tonnes, up by 847 tonnes from 167,908 tonnes in Q2 2024. In contrast to declining net sales, net income attributable to Century stakeholders surged Q-o-Q from $2.5 million to $47.3 million. The company’s adjusted earnings per share also soared from $0.01 in Q2 2024 to $0.63 in Q3 2024, driven by the recognition of...
Metro Mining achieves a new monthly high bauxite shipment in October; 69.5% of the annual target is met
Metro Mining Limited has yet again achieved a new monthly high shipment by delivering 793,420 tonnes of wet bauxite in October 2024. The shipment volume rose 1.72 per cent month-on-month from 780,000 tonnes and surged year-on-year by 18 per cent. Image Source: LinkedIn (Metro Mining) The integration of a real-time monitoring system and improved operating capacity and loading rates, stabilising at 1,800 tph by September and peaking at 2,500 tph during free-digging operations at Ikamba's conveyor system, contributed to a new record high of Metro's bauxite shipment. The new monthly high has brought the total year-to-date shipment to 4.45 million tonnes of wet bauxite, marking a 69.5 per cent achievement of the annual target of 6 to 6.4 million tonnes. Until Q3 2024 ended September 30, Metro...
October 2024: China’s aluminium processing industry PMI begins to experience off-season, recording a fall of 12.64% M-o-M
China’s domestic aluminium processing industry saw a 12.64 per cent downturn in the Purchasing Manager Index (PMI) during October 2024, reflecting a transition from peak to the traditional off-season. Although the PMI level in the said month stood above 50, the worsened trend in the preceding month due to low orders on hand amid the full-fledged traditional off-season is likely to bring the November PMI below the 50 per cent mark. According to the Shanghai Metals Market survey, the PMI index for China’s domestic aluminium processing industry was 53.9 per cent, compared to 61.7 per cent in September. The weaker PMI for aluminium plate, sheet and strip industry, aluminium foil, industrial aluminium extrusion, and primary aluminium alloy mainly contributed to the overall decline....
Alba and Daiki Aluminium talk vividly about their aluminium dross processing facility at Gateway Gulf 2024
At Gateway Gulf 2024, an investment forum programme hosted by the Bahrain Economic Development from November 3 to 4, Aluminium Bahrain B.S.C (Alba) and Daiki Aluminium Industry Company Ltd., talked about their strategic partnership to form a joint venture firm – Alba-Daiki Sustainable Solutions (ADSS). Image Source - Aluminium Bahrain (Alba) The partnership was initially signed on August 7, 2024 , to establish a cutting-edge, sustainable aluminium dross processing facility through the joint venture. Reaffirming the partnership at the forum underpins the companies' diligence and commitment towards the upcoming project. In the forum, Alba and Daiki Aluminium shared their share percentage in the JV for the first time. While Alba will hold a 70 per cent stake, Daiki will own 30 per cent. The...
Operation restrictions set in due to China’s winter heating season, cautioning production cuts of aluminium plates, sheets and strips
Environmental protection inspection and measurement have resumed in some Chinese provinces like Henan, which may cause aluminium plate, sheet and strip enterprises to reduce production. The Shanghai Metals Market is closely monitoring the situation as Henan is a hub for aluminium plate, sheet and strip production; therefore, output cuts will likely dampen China’s total production of aluminium flat products. Image Source: Mingtai Aluminium According to SMM, China’s domestic operating capacity of aluminium plates, sheets, and strips exceeded 20 million tonnes, with about 40 per cent located in Henan. An industry player has pointed out that operation restrictions in Henan during the winter heating season have become almost an annual practice, causing impacts on aluminium production. So, over...
Ball Corporation posts Y-o-Y growth in earnings per share, attributed to a European aluminium packaging firm acquisition
In late October, before declaring third-quarter financial results, Ball Corporation completed the acquisition of a European aluminium packaging firm, Alucan Entec SA, which is believed to have boosted earnings per share on a year-on-year basis. Image Source: Ball Corporation The acquisition, worth $8 million, complements the company’s existing global extruded aluminium aerosol and bottle business with the addition of two manufacturing facilities near Lummen, Belgium, and Llinars del Vallés, Spain. Ball Corporation, in its third-quarter results, reported that its third-quarter 2024 net earnings attributable to the corporation were $197 million against $3.08 billion in sales, compared to #203 million net earnings on sales of $3.11 billion a year ago. Earnings per diluted share were 91 cents...
India: Ministry of Mines proposes to lower bauxite benchmark price, benefitting aluminium makers and consumers
Ministry of Mines, Government of India, has reportedly proposed to lower the benchmark price of bauxite used to calculate the estimated value of resources and premium payable in auctions. The Ministry has put forward this proposal after getting multiple complaints from mining companies that claim the formula used for calculating the average sale price (ASP) of bauxite based on aluminium price on the London Metal Exchange (LME) provides a very high conversion rate. Currently, the formula outlined in the Mineral Concession Rules of 2016 has a conversion rate of 6.4 per cent. Image Source: NALCO Ministry of Mines has proposed to lower the conversion rate for metallurgical grade bauxite to 4.9 per cent from the existing 6.4 per cent after a committee constituted for ASP submitted its report....
Ease in overseas grid construction leads to China’s aluminium wire and cable exports to a 2-year low
According to China customs data, September 2024 witnessed a continued decline in aluminium wire and cable exports. Month-on-month, the export volume was down by 29 per cent, while year-on-year, 39.77 per cent lower. Following a stable export trend at the beginning of the year, recording over 20 per cent growth Y-o-Y, China’s aluminium wire and cable shipments started facing a hit, making the Q3 export volume unsatisfactory. Image Source: Huaxiao Metal Focusing on September, China’s aluminium wire and cable exports were valued at $28.06 million, down by 25.48 per cent and 38.42 per cent. As per the historical survey, the quantity of exported items was about two-year low, standing at 9,300 tonnes. Among these, the export volume of steel-core aluminium stranded wire and similar products was...
Nampak makes up its mind to sell Zimbabwe unit to TSL for $25 million
On October 28, Nampak Limited, Africa’s leading packaging company, announced its selling plan of a 51.43 per cent stake in Nampak Zimbabwe to TSL Limited for $25 million. This move aligns with Nampak’s strategy to divest certain assets to reduce debt and mitigate economic challenges. Image Source: Nampak Nampak informs that the money generated from this sale will be utilised for debt repayment. However, transaction closing is subject to specific conditions, including shareholder approval from TSL and some obligatory official clearances. According to the Companies and Other Business Entities Act and the Zimbabwe Stock Exchange rules, TSL must extend a mandatory offer to acquire the remaining shares in Nampak Zimbabwe after the completion of the sale transaction. TSL stated that it can meet...
Chalco’s net profit in 9 months heightens 68% Y-o-Y but still fails to meet Citi’s forecast
China's largest aluminum producer Aluminium Corporation of China Limited, popurlarly known as Chalco, has released its third quarter’s fiscal results, posting a 3.3 per cent year-on-year rise in net profit to RMB 2 billion (US$280.4 million). During the period under review, Chalco’s revenue also increased by 16 per cent year-on-year to RMB 63.06 billion, equivalent to US$8 billion. However, the company’s profits after excluding extraordinary gains and losses were 9.1 per cent lower than during the corresponding period of the previous year, attributed to higher alumina prices, adjustments in aluminium smelting assets, and adjustment related to power surcharge. Chalco’s total net profit in the first nine months of 2024 amounted to RMB 9.02 billion (US$1.27 billion), up by 68 per cent Y-o-Y...
Alcoa is optimistic about aluminium usage, citing renewable energy infrastructure as a key factor
Alcoa, an American industrial corporation and the world's eighth-largest producer of aluminium, has reportedly expressed its optimistic outlook on the usage of aluminium to be driven by power grids, energy storage, and solar panels development to support energy transition to renewable energy. Image Source: Alcoa Corporation Reiterating the vision, Alcoa's CEO William (Bill) F. Oplinger states that aluminium is a ready substitute for copper. He asserted: "Alcoa very bullish" on aluminium as the energy transition drives demand growth, including substitution away from copper." At a conference in Sydney, William (Bill) F. Oplinger said that demand for copper would surpass the production volume, giving space to aluminium to intrude and substitute copper in some applications. "Megatrends are...
Electric vehicles to drive aluminium demand to a ten-fold growth by 2030, says Ducab CEO
Mohammed AlMutawa, CEO of Ducab Group, one of the UAE’s largest manufacturing businesses and a global leader in the development, design, manufacturing, marketing, and distribution of aluminium and copper wire and cable products, has reportedly indicated electric vehicles to drive aluminium demand to a ten-fold growth since 2017 to near 10 million tonnes by 2030. The anticipated growing usage of aluminium in electric cars is aligned with the government’s policies for reducing carbon emissions. Image Source: Ducab AlMutawa has further highlighted that the usage of primary extruded and rolled aluminium products in electric vehicles will be much higher than what we currently see in Internal Combustion Engine (ICE) vehicles. That said, plug-in hybrid and full-battery electric vehicles use 25...
A dip in September alumina output fails to dampen Y-T-D growth trajectory; Next quarter needs over 34.335 Mt to beat last year
In September 2024, the world's alumina production decreased to its lowest level in the past five months, with all the major alumina-producing countries or regions registering drops in their output. However, despite the sequential decline and a 5-month low, the world's alumina production stood above 12 million tonnes. Image Source: Advanced Ceramic Materials (ACM) Corporation Based on the International Aluminium Institute's (IAI) data, the intensity of the world's alumina production drop was higher in September compared to the decline previously seen in April. September was the second month in two quarters after April when the world aluminium production fell. According to an IAI survey, the world's alumina production in September 2024 decreased by 4.23 per cent month-on-month compared to a...
Pakistan Aluminium Beverage Cans Ltd posts strong fiscal performance for Q3 2024, with net profit growing 15%
Pakistan Aluminium Beverage Cans Limited (PABC), the first can manufacturing plant in Pakistan with a 1.2 billion cans production capacity in a year, has reported its financial result for the September quarter of 2024, revealing a net profit of PKR 1.71 billion (US$6.15 million), up 15.1 per cent Y-o-Y from PKR 1.48 billion (US$5.3 million). Image Credit Source: Facebook/www.facebook.com/Pabcl.official The company’s revenue also rose 6.5 per cent Y-o-Y to PKR 5.77 billion (US$20.7 million), as compared to PKR 5.42 billion (US$19.48 million), and gross profit jumped by 8.2 per cent to PKR 2.24 billion (US$8 million). The gross profit margin also increased Y-o-Y from 38.2 per cent to 38.2 per cent. The September quarter proved to be a season of robust financial gains for the company with...
‘September peak season’ leads to production and demand growth for aluminium billet, but current inventory level hints at near-term muteness
The traditional "September peak season" revitalised demand for China's primary aluminium billets and boosted their operating performance, leading to a new high production volume for the year and historically. Despite fewer operating days in September compared to August, the domestic primary aluminium billet production increased, driven by the resumption of previously closed production facilities and the commencement of new projects, especially in Xinjiang. According to the Shanghai Metals Market survey, the daily average output of China's primary aluminium billets in September 2024 grew by 2,000 tonnes month-on-month to around 51,000 tonnes per day, bringing the total monthly production to 1.528 million tonnes, up by 15,000 tonnes from August (31 days), utilising 31.205 million tonnes of...
China’s industrial profits hit a 3-year low, emulating aluminium extrusion sector. Can fiscal stimulus measures revive growth?
The National Bureau of Statistics has reported a steep monthly fall in China's industrial profits to a three-year low in September 2024 on account of several factors, such as sluggish demand and consumption, decreased product prices, processing fees upsurge, and high costs of raw materials. Speaking of industries, the aluminium downstream sector was no exception, particularly the industrial aluminium extrusion, due to the slow market in the building & construction sector. Image Source: China Hongqiao Group Among the major industries that drive the Chinese economy, building & construction plays a pivotal role. In 2023, the construction industry accounted for around 6.8 per cent of the country's GDP. However, the unprecedented downturn in the B&C sector, currently reeling from a wave of...
SMM alumina price sparks anticipation for RMB5000/t by week’s end, entering another week with a surge
The average alumina spot price in China shows no signs of easing its upward trajectory shortly amid limited bauxite inflow into the domestic market to feed refineries and heavy demand for alumina for primary aluminium production. As of October 28, China's domestic alumina price has entered yet another week on the Shanghai Metals Market, with an increase of RMB 50 per tonne to an average of RMB 4,900 per tonne for the day. In this context, the upstream industry closely monitors the situation, anticipating China's domestic alumina price exceeding RMB 5,000 per tonne. If a similar trend continues, the price is likely to touch the level by the end of this week. Compared to the price a month ago, the domestic alumina price has rallied by 19.75 per cent from RMB 4,092 per tonne. Annually, the...
15th National Dialogue on Climate Ambition session hosts aluminium industry, explores ways to accelerate decarbonisation
The fifteenth session of the National Dialogue on Climate Ambition (NDCA) held by the Ministry of Climate Change and Environment (MOCCAE) at Emirates Global Aluminium headquarters in Al Taweelah focused on the innovative solutions that advance the decarbonisation of the aluminium sector in line with the growing demand for sustainable metal worldwide. The NDCA is a 2-year-old platform dedicated to addressing sector-wise climate ambition and fostering all-inclusive participation to drive 2050 net-zero carbon emission goals in the United Arab Emirates. The platform organises a monthly meet-up to discuss requirements, priorities, and action plans to amplify contributions towards reducing greenhouse gas emissions targeting a specific industrial sector. This latest assembly was for aluminium...
