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.
Primary aluminium inventories in China soar by 90,000 tonnes due to poor deliveries amid epidemic outbreak
According to Shanghai Metals Market, the social inventories of primary aluminium, across eight major consumption areas in China, rose over the weekend by 90,000 tonnes to 1.04 million tonnes, as of Monday, February 10. Limited arrival of stocks and lower shipments leaving social warehouses amid an epidemic outbreak is believed to have increased the primary aluminium inventories. The below chart shows the current status of primary aluminium inventories across China in more details: The stocks in Gongyi have seen the highest growth of 32,000 tonnes to stand at 140,000 tonnes, followed by Wuxi and Nanhai, where the stocks have respectively surged by 23,000 tonnes and 22,000 tonnes to 365,000 tonnes and 230,000 tonnes. In Hangzhou, the inventories have increased by 10,000 tonnes to 113,000...
Alumina spot price in China inches up by RMB6/t; A00 aluminium ingot price grows with improved trades
The average alumina spot price has increased in China by RMB 6 per tonne after remaining restrained for a day, found Shanghai Metals Market. The price, as of today, February 10, is hovering at RMB 2,467 per tonne. In the east and north, the price has recorded a rise of RMB 20 per tonne and RMB 10 per tonne to come in at RMB 2,475 per tonne and RMB 2,480 per tonne, respectively. In the central and south, the price has remained restrained, however, at RMB 2,480 per tonne and RMB 2,520 per tonnes. The Australian alumina FOB price has also registered no change from US$280 per tonne since the 5th of February, showed SMM data. The price of A00 aluminium ingot has also grown today for the fourth consecutive day from RMB 13,560 per tonne to RMB 13,600 per tonne, according to SMM. The average...
GAC receives PFI’s “Multilateral Deal of the Year” award for its ground-breaking project financing
Guinea Alumina Corporation has been honoured with the Project Finance International’s prestigious global “Multilateral Deal of the Year” award for its ground-breaking project financing. The news came after EGA officially announced the receipt of the award by both EGA and GAC’s Management at PFI’s annual awards ceremony in London. GAC in May 2019 closed a US$750 million financing deal to fund the country’s one of the biggest-ever Greenfield mining projects. The loan was for 12 to 14 years tenor funded by International Finance Corporation, The African Development Bank, Export Development Canada, PIDG Ltd’s company The Emerging Africa Infrastructure Fund, Societe Generale, ING Bank, Natixis, First Abu Dhabi Bank, Emirates NBD and Mashreq Bank. So, this was the first loan in which...
Vedanta reduces aluminium products prices by nearly 1% for the fifth time
Vedanta Limited has reportedly reduced the prices of its aluminium products by nearly 1 per cent for the fifth time within two weeks. The cut is with effect from Wednesday, February 5, which brings the company’s aluminium products price to INR 135,250 per tonne to INR 148,250 per tonne, the lowest level since early June 2019. Vedanta usually increases or decreases its aluminium products prices in line with the fall or surge in global aluminium prices. The three-month futures of aluminium have slipped to their lowest level since late October on the London Metal Exchange. Hence, Vedanta’s continuous price cut. The three-month futures of aluminium contract on LME are down more than 6 per cent as compared to the end of the previous quarter because of the escalation of the coronavirus outbreak...
China issues third batch of aluminium scrap import quotas allowing 1,440 tonnes
China’s environmental authorities on Wednesday, February 5, reportedly issued the third batch of aluminium scrap import quotas for 2020, which would allow 1,440 tonnes of high-grade aluminium scrap to enter China. This brought the total aluminium scrap allowed for imports to China to 284,449 tonnes so far this year. SMM data showed that China in Q1 2019 had imported 332,000 tonnes of aluminium scrap, but this year the total quotas for Q1 are less likely to exceed 300,000 tonnes, even if more quotas are issued ahead. This may result in a tight supply of aluminium scrap in China in the second quarter of 2020. Throughout the year, China’s aluminium scrap imports are widely expected to halve from last year. However, in February, the country is expected to see improved availability of...
A00 aluminium ingot price extends growth for the third consecutive day, and so the price of aluminium alloy (A356)
According to Shanghai Metals Market, the A00 aluminium ingot price has extended its growth for the third consecutive day by RMB 50 per tonne to stand at RMB 13,560 per tonne, as of Friday, February 7. The average prices are expected to range between RMB 13,540 per tonne and RMB 13,580 per tonne, with spot contract to be traded at a discount price of RMB 130 per tonne to RMB 90 per tonne. Foshan and Tianjin have seen the highest growth of RMB 60 per tonne to RMB 13,650 per tonne and RMB 13,590 per tonne, respectively, among all the major Chinese cities. Shenyang and Gongyi have witnessed a rise of RMB 50 per tonne to RMB 13,560 per tonne and RMB 13,510 per tonne, followed by Linyi, Wuxi, and Hangzhou, where the ingot price has increased by RMB 40 per tonne and RMB 35 per tonne to come in...
Southern Cross Electrical Engineering secures contract to complete refurbishment of Rio’s Gove Peninsula mine
Southern Cross Electrical Engineering has reportedly secured a contract of $18 million to complete refurbishment work at Rio Tinto’s Gove Peninsula bauxite mine in the North East Arnhem Land site. The work also includes isolating and re-routing electrical and hydraulic services to the mine. The Gove Peninsula operations are expected to finish in 2030 after supplying bauxite to the global aluminium industry for more than 40 years. Rio Tinto is preparing for the site closure along with the Traditional Owners, the Yolngu people, and other stakeholders. Rio Tinto is using virtual reality technology to illustrate the rehabilitation process to give insight into the future look of the land and also to give an opportunity to the Traditional Owners to provide feedback. The Gove mine, which in 2018...
ASI certifies a Novelis plant at Ohle for its responsible aluminium production and sourcing
Aluminium Stewardship Initiative has announced that it certifies a Novelis plant at Ohle, Germany, for its responsible production, sourcing, and stewardship of aluminium. The plant supplies foil and packaging products for diverse applications, including coffee capsules, foil trays for the food industry, aluminium coil cores, and flexible tubes for Automotive and Caravan. Earlier in January 2019, the Alunorf plant, which is a joint venture of Novelis and Hydro, had also secured the ASI Performance Standard Certification. The ASI Certification programme is the only comprehensive voluntary sustainability standard initiative for the aluminium value chain. The ASI Performance Standard defines environmental, social and governance principles and criteria, intending to address sustainability...
Aludium appoints Lionel Chapis as new Chief Executive Officer
Aludium has recently announced that it appointed Lionel Chapis as the company’s new Chief Executive Officer, with effect from March 1, 2020. Chapis recently worked with Consetellium as a Managing Director, Automotive Solutions, and brings more than two decades of total experience in the aluminium industry. Oliver Bell, who has served Constellium as Interim Chief Executive Officer, will support Chapis during the transition period through March and then continue in his role as member of the Board of Directors and Operating Partner of Atlas Holdings, which owns Aludium. “We are extremely pleased to announce that Lionel Chapis has agreed to join our team and serve as Aludium’s next Chief Executive Officer,’ Bell said. He added, “Having served in several senior leadership roles at companies...
6063 aluminium billet inventories in China extend growth for the fourth consecutive week
According to Shanghai Metals Market, the 6063 aluminium billet inventories across five major consumption areas in China have increased by 46,800 tonnes over the last two weeks. From 100,000 tonnes on January 23, the inventories, as of today, February 6, jumped to 146,800 tonnes, marking the fourth consecutive week of increase. The chart below indicates the current status of aluminium billet inventories across China in more details: As the above chart suggests, the inventories in Foshan have increased by 9,000 tonnes from January 23 to come in at 59,200 tonnes, while that in Wuxi and Changzhou by 8,600 tonnes and 7,900 tonnes to stand at 23,500 tonnes and 18,800 tonnes, respectively. Huzhou and Nanchang have also seen the growth in inventories of about 7,000 tonnes and 4,300 tonnes to...
LME aluminium rose to US$1688/t despite US dollar extended its rally; SHFE aluminium recorded growth too
The US dollar extended its rally to a two-month peak against a basket its rivals on Wednesday, as reports of a possible treatment for the new coronavirus and strong US jobs data boosted investor sentiment. Three-month LME aluminium rallied to an intraday high of US$1,728 per tonne on Wednesday before closing the trading day 1.53 per cent higher at US$ 1,725 per tonne. Reports of production cuts at Rio Tinto’s Tomago aluminium smelter in Australia and Chinese steps to offset the damage to economic growth and demand from the coronavirus, buoyed aluminium prices. LME aluminium is expected to hover at US$ 1,700 per tonne to US$ 1,740 per tonne today. LME aluminium cash (bid) price, on February 5, increased by US$ 1 per tonne to US$ 1687.50 per tonne, while LME official settlement price rose...
“As a commodity, aluminium like water seeks the path of least resistance to access the highest net back regional market”- Jean Simard, President and CEO of the Aluminium Association of Canada
The Aluminium Association of Canada (AAC) is a non-profit organisation that brings together Canada’s three primary producers - Alcoa, Aluminerie Alouette, and Rio Tinto. It represents the Canadian primary aluminium industry towards population, public authorities, current and future aluminium users, as well as key environmental and economic stakeholders. Jean Simard, being the President and CEO of the Association, has shared his comprehension on the potential performance of the aluminium market in Canada in 2020, how the LME price movement in the year last can drift the Candian market this year, and also how USMCA trade deal can help in a sustainable development in North American aluminium industry in 2020. Besides, if you want to know how the increase in semi-finished import by the US can...
Alba met and signed agreements with three Italian companies for advanced commercial opportunities
On Tuesday, February 4, Aluminium Bahrain (Alba) took part in a high-level Bahraini delegation to Italy, as an opportunity to explore further expansion and partnership opportunities with Italian companies. Organised by the Bahrain Economic Development Board, the delegation was led by HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister of Bahrain, according to a Bahrain News Agency report. As part of the delegation, Alba chairman of the board of directors Shaikh Daij bin Salman Al Khalifa met with some of the eminent Italian companies, like Fluorsid, FATA, and Techmo Car, and signed important agreements to advance commercial opportunities for both parties. “As one of the key contributors to Bahrain’s economy, Alba is deeply...
“As India grows and evolves, it will have higher consumption patterns across all sectors, and aluminium consumption will also hence grow” – Abhijit Pati, Chief Executive Officer, Bharat Aluminum Company Limited
Bharat Aluminium Company Limited (BALCO) was established in 1965 as a Public Sector undertaking in Korba, Chhattisgarh. After its disinvestment in 2001, the Vedanta Group has taken over its management. The plant is hailed as one of India’s greatest disinvestment turnaround success stories, with a massive production capacity of 575,000 tonnes from its initial production of 100,000 tonnes when Vedanta acquired a 51% stake in the plant. Mr. Abhijit Pati is the Chief Executive Officer of Bharat Aluminum Company Limited. Mr. Pati is a name to reckon with the Aluminium Industry for the past three decades and he has joined BALCO after a long stint as Chief Executive Officer of Vedanta Limited’s, Jharsuguda unit, which is one of the largest single location smelters in the world, outside China. He...
Rusal announces to modernize Sayanogorsk and Khakas Aluminium Smelters with RUB 5.2 billion
Rusal has announced to invest RUB 5.2 billion in 2020 for upgrading Sayanogorsk and Khakas Aluminium Smelters. It says the largest projects will be carried out in the casthouse of Khakas and the electrode production at Sayanogorsk Smelter with improvements to equipment on the site. In the casthouse of Khakas, a new cleaning system of crude aluminium will be installed, which will increase the purity of the metal and insure growth of its potential for product sales. Besides, two transformers will be replaced at one of the silicon rectifier substations to intensify the reliability of power supply. In Sayanogorsk Smelter, a large-scale modernization of anode baking furnaces will be carried out, which will involve a cost of RUB 12 billion in total. Currently, the Technical Directorate...
Heesen’s second hybrid superyacht in 5000 aluminium FDHF class hit the water last week
According to a recent report, the Dutch shipyard Heesen has launched the second hybrid superyacht in 5000 aluminium FDHF class. The 49.8 metre long yacht named Electra, after being prepared for intensive sea trials in the North Sea, hit the water last week ahead of its delivery date April 2020. Frank Laupman of Omega Architects has designed the exterior of the superyacht, combining a shallow-draft hull with an efficient diesel-electric propulsion engine. The design includes a near-vertical bow, long waterline and extensive use of glass. The interior of the yacht has been designed by Christiano Gatto, who has infused contemporary style with a grand staircase, custom furniture, and dark oak flooring contrasted with pale coloured panelling and cabinetry. The interior layout can accommodate...
Weiqiao raises its prebaked anode purchasing price by RMB20/t; A00 aluminium ingot price today grows by RMB10/t
According to the recent update on Shanghai Metals Market, Shandong Weiqiao Group has raised the benchmark purchasing price for prebaked anode by RMB 20 per tonne for February. This brings the price to RMB 2,620 per tonne in cash. In the last seven months, Weiqiao consecutively cut its prebaked anode benchmark purchasing price. For January, the price was reduced by RMB 70 per tonne to RMB 2,600 per tonne in cash; while in December, the price was at RMB 2,670 per tonne after being declined by RMB 130 per tonne. But in China’s spot market, the average prebaked price has seen no change today, February 5, found Shanghai Metals Market. Yesterday, the price rose by RMB 10 per tonne from RMB 2,780 per tonne to RMB 2,790 per tonne. Other input costs have also recorded restraint today. The average...
Alcoa completes the sale of its Gum Springs Waste Treatment Business to Veolia ES Technical Solutions
Alcoa Corporation has completed the sale of its subsidiary firm Elemental Environmental Solutions LLC (EES), which operates a 1,300-acre hazardous waste treatment business in Gum Springs, Arkansas. The news came after the US-based world’s eighth-largest aluminium producer announced this today, February 4. The firm is sold to Veolia ES Technical Solutions LLC (VTS) at $250 million, of which $200 million Alcoa received in cash upon closing of the sale on January 31, 2020, as per the terms of the agreement. The remaining $50 million is to be paid to Alcoa after the satisfactory post-closing conditions. The EES sale is part of Alcoa’s plan to pursue non-core asset sales, with the goal to generate between $500 million to $1 billion in cash. Alcoa expects the EES sale to bring a gain of...
