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 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...
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...
