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.
Three-month LME aluminium slipped on strongest US dollar index in past 4 months; SHFE aluminium rose
The US dollar index held steady on Monday and climbed to the highest level at 99.211 since October 8, 2019. Three-month LME aluminium slipped to close at US$ 1,700 per tonne and finished the day 0.17 per cent lower at US$ 1,717 per tonne, primarily attributed to stronger US dollar and rebound in inventories. The trading range is expected at US$ 1,700 per tonne to US$ 1,760 per tonne today, February 18. As of Monday, February 17, LME aluminium cash (bid) price yet again recorded a sharp decline from US$ 1704 per tonne, as of February 14, to US$ 1678 per tonne, while LME official settlement price from US$ 1704.5 per tonne to US$ 1678.5 per tonne. 3-months bid price came in at US$ 1711 per tonne and 3-months offer price at US$ 1712 per tonne after declining by US$ 22 per tonne. Dec 21 bid...
GE to install digital smelter solution at Vedanta’s aluminium plant at Jharsuguda
According to a recent report, GE has signed a contract with Vedanta to install its digital smelter solution at the latter’s aluminium plant at Jharsuguda in Odisha to enhance productivity. The news came after the two companies jointly announced on Monday, February 17, that “GE and Vedanta Ltd.’s aluminium & power business signed an agreement to implement GE's digital smelter solutions at its largest smelter in India at Jharsuguda in Odisha to significantly increase its operational efficiency and productivity." For the first time, a digital twin technology will be deployed at an aluminium smelter in India, which together with advanced data analytics will expectedly reduce power consumption substantially at the plant. On every 1 per cent reduction in specific power consumption about US$ 4-5...
Rio Tinto starts dismantling its inoperative Gove refinery in the Northern Territory of Australia
Mining giant Rio Tinto has reportedly started dismantling its inoperative Gove refinery in East Arnhem Land in the Northern Territory of Australia. The refinery was mothballed in 2014, causing job loss to 1,000 workers. Smokestacks of the refinery have been already scaffolded and stripped down, with work starting on sections posing hazards to both humans and the environment. "It's all about taking down parts of the refinery that are at high risk and would make it unsafe for our people to work in the refinery area," said Gove operations general manager Alysia Tringrove. She also said that this would continue through 2020. But since plant removal is a slow process, it may not be finished until the eventual ceasing of mining, expected by 2030, according to Rio Tinto. "We're still very much...
Nalco’s financial performance to rebound in the near future with anticipated alumina price hike, analysts believe
After the second straight quarterly loss in the quarter ended December 31, 2019, National Aluminium Company (NALCO) is anticipated to see higher profits in the time to come, according to market analysts. Improved coal supplies and sober costs of critical inputs such as caustic soda, coal tar pitch, and calcine petroleum coke is believed to bolster the potential future hike of the company’s profits. Besides, expected strengthening in alumina prices would also contribute to the rebound, said analysts. “The company had to battle business headwinds in the form of softening international alumina prices and acute coal crunch in the domestic market. This led to spike in costs of metal production that reflected in the company’s earnings, pushing Nalco to rare back-to-back quarterly losses”,...
Prices of A00 aluminium ingot and aluminium alloy(A356) record the fourth consecutive day of fall
The A00 aluminium ingot price has recorded further downfall of RMB 40 per tonne, marking the fourth consecutive day of decline, found Shanghai Metals Market on Monday, February 17. The price has thus, come in at RMB 13,550 per tonne. The average prices are expected to range between RMB 13,530 per tonne and RMB 13,570 per tonne, with spot contract to be traded at a discount price of RMB 40-0 per tonne. The back-to-back fall in ingot price could be attributed to the slower consumption in comparison with the stocks arrived. Delay in production resumption after the Chinese New Year Holiday due to the outbreak of epidemic Coronavirus has primarily slowed the transaction process in the Chinese market. A maximum number of Chinese cities, as of today, have seen the ingot price fall of RMB 20 per...
LME aluminium price showed growing trend throughout this week on decline opening stock; SHFE contract recorded downfall
The US dollar on Monday, February 10, rose to a four-month peak against the euro, but eased off on the subsequent day. However, on February 12 and 13, it again increased, as investors expressed confidence that the novel coronavirus outbreak would be contained soon. Three-month LME aluminium dropped and finished the Monday session at US$ 1,707 per tonne. On Tuesday, it rallied 1.87 per cent to end at US$ 1,739 per tonne. On Thursday, it advanced to a two-week high before it finished the trading day 1.15 per cent higher at US$ 1,755 per tonne. LME aluminium cash (bid) price throughout the week during February 10-14 showed a growing trend, ranging between US$ 1,675.5 per tonne and US$ 1704 per tonne. Only on Thursday, February 13, the price recorded a steep decline from US$ 1,706.5 per tonne...
Gulkula Mining receives Performance Standard provisional certification from ASI
Gulkula Mining Company has reportedly received a Performance Standard provisional certification from Aluminium Stewardship Initiative (ASIS) for its bauxite mine operation on the traditional lands of the Yolngu people in East Arnhem in Australia’s Northern Territory. Gulkula commenced operations in 2017 and delivers all stages of the bauxite mining process, starting from drilling and testing to mine rehabilitation that brings the land back to its original landscape and to the requirements of its Traditional Owners. Gulkula is the first indigenous owned and operated bauxite mine to achieve ASI Certification. Fiona Solomon, Chief Executive Officer at ASI said “ASI warmly congratulates Gulkula Mining Company on their ASI Performance Standard Certification with provisional status. We take...
Tom Dobbins joining Aluminum Association as the group’s new president & CEO from March 16
On Thursday, February 13, the Aluminum Association announced about the joining of Tom Dobbins as the group’s new president & CEO from March 16. Tom already spent 13 years as the head of the American Composites Manufacturers Association (ACMA), the largest trade association in the world that represents composites manufacturers and their suppliers. Accepting the new role Tom Dobbins said, “I’m thrilled to be taking on this new role during an incredibly important time for the U.S. aluminum industry.” He also said, “The Aluminum Association has a proud legacy as one of the leading voices for the materials manufacturing sector in Washington and beyond. I look forward to taking on a leadership role as the team continues to execute on the recently developed Aluminum Agenda – from policy advocacy...
Alpha HPA decides on Gladstone for building high purity alumina industrial plant
New South Wales-based $200 million worth advanced manufacturing business Alpha HPA has reportedly selected Gladstone over two potential sites in Newcastle and Kwinana for its high purity alumina industrial plant. Negotiation of final purchase terms for the land with the state government will be done soon. The news came after Queensland’s Minister for Manufacturing Cameron Dick officially announced this on Tuesday, February 11. While announcing the news, the Minister also spoke about the rapidly-growing market of high purity alumina, mostly driven by the demand for high-technology items like lithium-ion battery separators used in electric vehicles, particularly in Europe and China. With the port nearby which is export-ready and likely suppliers closeby whose by-product will be used to...
Chinese secondary aluminium operating rates in February estimated to fall to a record low: SMM
According to Shanghai Metals Market survey, secondary aluminium operating rates in China are likely to fall to a record low of 33 per cent in February, primarily due to a week or two delays in production resumption and the slow return of workers and downstream demand after the Chinese New Year Holiday because of Coronavirus outbreak. Due to the virus outbreak, only a few major secondary aluminium producers could begin operations on February 10, while most of the other producers are likely to resume not before the 18th of the month. In January as well, Chinese secondary aluminium producers reduced operations due to a holiday lull. Large-scale producers were mostly closed after January 20, while medium-scale and small plants had put production on halt between January 10 and January 15. SMM...
LME aluminium recorded steep decline on continuous US dollar rise; SHFE fell too for the second consecutive day
The US dollar continued to rise on Thursday as investors expressed confidence that the novel coronavirus outbreak will be contained soon. Three-month LME aluminium advanced to a two-week high before it finished the trading day 1.15 per cent higher at US$ 1,755 per tonne. Falling inventories across LME-listed warehouses supported the prices. Today, LME aluminium is seen hovering at US$ 1,720-1,760 per tonne, with the most-liquid SHFE contract at RMB 13,600-13,800 per tonne. As on Thursday, February 13, LME aluminium cash (bid) price declined straight from US$ 1706.5 per tonne to US$ 1701.00 per tonne, while LME official settlement price from US$ 1707 per tonne to US$ 1701.50 per tonne. 3-months bid price came in at US$ 1727.00 per tonne and 3-months offer price at US$ 1727.50 per tonne....
Primary aluminium inventories in China record steep growth for second consecutive week after CNY
According to Shanghai Metals Market, the social inventories of primary aluminium in China have jumped today, on February 13, for the second consecutive week after the Chinese New Year Holiday. SMM data shows, the inventories across the eight major consumption areas, including SHFE warrants, are standing at 1.09 million tonnes after increasing by about 148,000 tonnes over the week. Higher arrival of shipments by rail and subdued demand amid the ongoing coronavirus outbreak are the two major reasons for the significant rise of primary aluminium inventories today. The chart below shows the current status of primary aluminium inventories across China in more details: As the chart above indicates, the primary aluminium inventories in Wuxi have come in at 385,000 tonnes after rising by 43,000...
Qamco reports net profit of QR80m for thirteen-month period ended on December 31, 2019
Qatar Aluminium Manufacturing Company (Qamco), a 50 per cent shareholder in Qatar Aluminium Limited, has announced the results of its thirteen-month financial period ended on December 31, 2019, reporting a net profit of QR 80 million. The company's EBITDA stood at QR 704 million, revenue amounted to QR 2.7 billion, while earnings per share (EPS) came in at QR 0.014. According to Qamco, its financial performance in 2019 was largely driven by external macroeconomic factors like trade conflicts, overcapacities, and slow global GDP growth that directly affected the aluminium prices. The company’s average selling prices fell by 12 per cent during 2019, primarily due to the decline in global aluminium prices. This led to a decrease in net earnings by about QR 365 million when compared with the...
Alumina price extends growth by RMB4/t, while A00 aluminium ingot price falls for the second consecutive day
Recording a rise for the fourth consecutive day, the average alumina spot price in China has come in at RMB 2,480 per tonne on Thursday, February 13, found Shanghai Metals Market. The price has increased by RMB 4 per tonne from RMB 2,476 per tonne yesterday, February 12. While in the east, central, and south, the alumina price has remained restrained, the price in the north has grown by RMB 10 per tonne to RMB 2,500 per tonne. In the east, the price is hovering at RMB 2,480 per tonne and in the central and south at RMB 2,490 per tonne and RMB 2,520 per tonne, respectively. But despite the rise in alumina price, the price of A00 aluminium ingot has recorded a drop of RMB 40 per tonne to RMB 13,610 per tonne, for the second consecutive day. The average prices are expected to range between...
US tariffs on derivative aluminium and steel imports are in effect since February 8
The United States tariffs of 10 per cent and 25 per cent on derivative aluminium and steel imports reportedly took effect on Saturday, February 8, 2020. In late January, US President Donald Trump had declared to raise the tariffs to cover nails, staples, and other downstream products, calling this step an absolute necessary. Trump explained foreign producers of these derivative articles increased shipments to the United States, threatening the US national security. Some economists, however, are of the opinion that such tariffs may hurt the US manufacturing sector and the overall economy. "This latest action was significant because, explicitly for the first time, Trump was imposing new tariffs to help an industry suffering because of his previous tariffs," wrote Chad Bown, a senior fellow...
Launch of SCRAPEX 2020 – The Recycler’s Expo at Bombay Stock Exchange, Mumbai
SCRAPEX 2020 will be an International Exhibition on Metals, Steels, Chemicals, Plastic, Paper, E-waste, Rubber, Glass, Tubes, Pipes, Wires, Water, Wood, Machinery, Tools, Processing and Allied Industries. The official launch of SCRAPEX 2020 – The Recycler’s Expo was successfully concluded in association with Global Maharashtrian Entrepreneurship Conclave on January 27, 2020, at Bombay Stock Exchange (BSE), Mumbai. The launch was held in presence of our Hon. Shri Nitin Gadkari, Minister of Road Transport & Highways of India / Minister of Micro Small and Medium Enterprise. SCRAPEX 2020 is the first-ever Scrap Recycling International Exhibition based on Mining to Raw materials, Manufacturing to Recycling, Heavy Equipment, Commodity Products, Machines and Tools, Automobiles, etc. The official...
Vedanta in Q3 FY20 recorded 14% growth in Profit after Taxes and 10% in EBITDA, driven by robust alumina production
Vedanta Limited, in its unaudited consolidated results for the third quarter of FY2019-20, ended on December 31, announced that it achieved year-on-year stronger financial performance despite market headwinds. The company's EBITDA rose 10 per cent over the year to INR 6,531 crore, and attributable PAT surged 49 per cent to INR 2,348 crore. As of Q3, the company had total cash and liquid investments of INR 35,205 crore. Vedanta attributed its stronger performance to the highest ever quarterly alumina production of 476,000 tonnes in Lanjigarh refinery, up 16 per cent quarter-on-quarter. Also, continuous structural reduction in cost by about 9 per cent to $1,691 per tonne over the quarter was also a reason behind the company’s enhanced financial performance. Mr. Srinivasan Venkatakrishnan,...
Ball Corporation to build two new aluminium can plants in US
Colorado’s Ball Corporation will build two new speciality beverage aluminium can plants in the United States, announced the firm’s CEO John Hayes on Thursday, February 6. According to him, the continuous rise in using aluminium for beverage and food packaging is inspiring Ball to build can plants. “With global customer and consumer demand for aluminium packaging solutions continuing to outpace existing supply, our previously announced aluminium beverage can and cup projects will add at least 8 billion units of capacity by the end of 2021,” Hayes said in a statement. He added, “Three years ago, a third of all new products coming out was in cans, but today it’s 70%, and that’s a meaningful jump.” One of the two plants will be constructed in Arizona, while the location of the other is to be...
