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.
Vedanta reports cost pressure despite higher profit in FY2017-18
The mining conglomerate Vedanta Resources has reported rising cost pressures despite an increase in annual profits on the back of higher commodity prices. As announced on May 5, 2018, the company, controlled by Indian tycoon Anil Agarwal, witnessed a 21 per cent rise in consolidated profit-after-tax (PAT) at INR 13,692 crore in the financial year 2017 to 2018 ended on March 31, 2018, higher from INR 11,319 crore in FY2016-17. Earnings before interest, tax, depreciation, and amortisation rose 27 per cent to close at US$4.1 billion, while revenue jumped 3 per cent to US$15.4 billion in FY2017-18. Despite, the London-listed company has reportedly experienced higher costs pressures, particularly in aluminium business. In this respect, Kuldip Kaura, company’s acting chief executive said in a...
EU awaits US’s final decision over imported aluminium and steel tariffs exemption
European Trade Commissioner Cecilia Malmstrom said on Tuesday, May 22, 2018, that European Union has still no clarity about the United States’ decision over imported aluminium and steel tariffs exemptions, while the permanent exemption deadline is about to expire on June 1, 2018. The bloc has so far been given only temporary exemptions and now, it has only until the end of the month time to negotiate for a permanent exemption from the tariffs. Last week, the European Union leaders had decided at a summit that the bloc would be willing to offer talks on trade liberalisation should the United States grant a permanent and unconditional reprieve from the imported metal tariffs. The EU stands ready to deepen trans-Atlantic energy cooperation, notably on liquefied natural gas, improve...
East China sees steady procurements in spot aluminium market: A00 ingot price shrinks
According to data updated by Shanghai Metal Market, spot aluminium discounts stood firm and thus, traders and downstream consumers in the spot aluminium market made stable procurements in east China on Tuesday, May 22, 2018. SHFE 1806 contract also traded weakly range-bound in the morning. Transactions in east China stood at RMB 14590 per tonne to RMB 14600 per tonne in Shanghai with discounts settled at RMB 80 to RMB 70 per tonne against the SHFE 1806 contract. In Wuxi and Hangzhou, transactions were mostly heard at RMB 14590 per tonne to RMB 14600 per tonne and RMB 14610 per tonne and RMB 14630 per tonne respectively. In Guangdong, on the other hand, transactions were mostly heard at RMB 14600 per tonne to RMB 14610 per tonne with Guangdong-Shanghai price spreads at RMB 10 per tonne....
Nalco to implement waste-to-wealth model using Chinese tech to ramp up profitability
National Aluminium Company Limited (Nalco), a Navratna CPSE under Ministry of Mines, is looking out to tap the waste-to-wealth model using Chinese tech for processing mineral wastes and commercialising them, which in turn would help the company boost its bottom line. The company believes that by pursuing this out-of-the-box idea, it can recover 15 to 20 per cent of hidden alumina from its inventory of 60 million tonnes of red mud at captive bauxite deposits, located atop Panchpatmalli hills in southern Odisha’s Koraput district. Dr. Tapan Kumar Chand, Chairman of Nalco said, “For alumina extraction technology, we are discussing with a few IITs and the Institute of Minerals and Materials Technology (IMMT), Bhubaneswar. Nalco is keen to commercialize this alumina after extraction.” Over the...
Lian Li updates its Bora RGB fan catalogue with new aluminium framed fans
Lian Li has recently launched Bora Lite RGB fans which are similar to the original Bora RGB family. The only exception is that the new fans are housed in CNC milled aluminium frames instead of plastic. "The Bora Lite 120's most iconic feature is its aluminium frame. The CNC milled frame adds a touch of modern, industrial feel whilst also improving the overall look of the case fans thanks to its metallic and reflective properties," Lian Li says. RGB Bora Lite 120 fans are available in two versions – RGB Bora Lite 120-3A S and RGB Bora Lite 120-3B. Both of them use aluminium frames of two different colours - black and silver to lend a distinctive premium look. The fans are rated to work at a speed range of 900 to 1500RPM with airflow of 45-50CFM. While the minimum expected noise from these...
Ducab holds ground-breaking ceremony on its new global headquarter in Dubai
The UAE-based world’s leading manufacturer of copper and aluminium wire and cable products, Ducab, has broken ground on its new global headquarter at Jebel Ali free zone in Dubai. The ground-breaking ceremony was attended by leading Ducab officials including Chairman Jamal Salem Al Dhaheri, the Vice Chairman Dr. Ahmad bin Hassan Al Shaikh, Board Member Mabkhoot Al Menhali, and Managing Director Andrew Shaw. The new Ducab headquarter will be a three-storied building with a total built-up area of 4,053 square metres and a roof deck garden, the company revealed. The company also revealed that the headquarter is designed to be environmentally responsive and built to achieve a Leadership in Energy and Environment Design (LEED) Gold Certification when completed in 2019. The ground-breaking...
China-based Henan Shenhuo to transfer its aluminium smelting capacity to Yunnan
According to a provincial government notice, the China-based company Henan Shenhuo Coal and Power Co, which is primarily engaged in ferrous metal processing, the coal mining, and deep processing electrolytic aluminium, is about to transfer more than 450,000 tonnes per year of aluminium smelting capacity to the southwestern province of Yunnan. The company has completed all the required transfer formalities as well, said the Yunnan Industry and Information Technology Commission on Monday, May 21, 2018. This represents the first phase of a 900,000 tonnes per year two-phase integrated hydropower and aluminium smelting project that Shenhuo is building in Yunnan, it said. The construction work is expected to begin on July 18 and production to start in a year. This move by Henan Shenhuo is...
Average alumina spot price witnesses a significant plunge across various major Chinese markets
After showing restraint over a long period of time from 3rd of May to 18th of May, 2018, alumina spot market price declined two days in a row. According to Shanghai Metal Market, average alumina spot price, which was hovering at RMB 3118 per tonne until May 18 , 2018 plunged to RMB 3094 per tonne on May 21, followed by a further shrink to RMB 3065 on Tuesday, May 22, 2018. This sudden plunge in alumina price is primarily due to lower demand among consumers and traders and also due to tight supply condition because of production cut at Norsk Hydro’s Alunorte, the world’s largest alumina refinery. Prices have dropped across all the major Chinese markets from May 21, 2018. In east, the price dropped from RMB 3160 per tonne to RMB 3140 per tonne on May 21 and then to RMB 3110 per tonne on May...
Japan automaking association expects low tariffs and free trade after NAFTA renegotiation
Japan automaking association reported on Friday that it hopes country’s export partners to keep tariffs on vehicles and components low and maintain free trade relationships to promote and strengthen transparent trade, as NAFTA renegotiated and called for the enhancement of requirements for locally produced cars contents made in three signatory nations – Mexico, Canada, and the United States, where Japan automakers have factories. At the same time, the news broke out that the United States, a major market for Japanese cars, did not reprieve Japan from imported aluminium and steel tariffs exemptions. The country (United States) is also mulling tougher environmental rules for imported cars to protect US automakers. Seiichi Nagatsuka, an executive member of the Japan Automobile Manufacturers...
Turkey to take countermeasures on US for non-exemption from aluminium and steel tariffs
Following Japan, Turkey has also decided to slap the United States with retaliatory tariffs on imported products worth US$1.8 billion, state-run Anadolu Agency reported on Friday, May 18, 2018. Turkey had expected a positive response from the US in regards to aluminium and steel tariffs exemptions when Nihat Zeybekci, economy minister of Turkey, had written a letter to US commerce secretary Wilbur Ross to convey the country’s exemption demand early last month. But unfortunately, Turkey failed to secure the relief from the tariffs and thus, decides to counterattack the US with heavy duties. The report adds the tariffs worth US$1.8 billion will be applied on certain imported products from the US, including coal, paper, walnuts, almonds, tobacco, unprocessed rice, automobiles, machinery and...
Alcoa to resume its Warrick smelting operations this summer
Alcoa Corporation, the world’s sixth largest aluminium producer with headquarter in Pittsburgh, Pennsylvania, has started working towards resuming its south-west Indiana smelter by this summer and already hiring workers for it. The Pittsburgh-based company had announced the permanent shut at its Warrick operations smelter at the end of March 2016 on becoming incompetent after a drop in aluminium prices. 325 workers out of total 600 were laid off, while the rest either found new jobs or accepted severance or retirement packages. As Alcoa confirmed last year, the company would reopen three of its five smelter lines and contribute to about 275 new jobs at the complex, where rolling mill makes aluminium for food and beverage packaging. Kari Fluegel, Alcoa’s spokeswoman has reported to the...
China’s decision to withdraw tax exemptions on 319 models of NEVs expected to drive the market
As we had published the news earlier that China government had been taking sincere steps towards green car by increasing subsidies on electric vehicles, under the new subsidy rules, which took effect from February 12, 2018, to ensure that a large number of automakers in China initiate producing more electric vehicles with enhanced features on a single charge and make the EVs more affordable. This move was taken by the government so that more and more people could afford EVs and substitute gas fuel cars with them, as this, in turn, would curb the air pollution as well. The subsidy was applicable to electric vehicles that could travel with a range of 400 kilometres (249 miles) and more on a single charge, to 50,000 yuan ($7,900) from 44,000 yuan. Subsequently, the new rules came into effect...
China’s aluminium inventory records largest week-on-week decline: A00 ingot price dips again
Aluminium inventory had been plunging over a week but Thursday, May 17 broke all the record of the year 2018, as it witnessed the largest week-on-week decline. According to Shanghai Metal Market, China’s inventory of primary aluminium, including SHFE warrants, fell 58,000 tonnes to stand at 2.138 million tonnes on May 17, while on May 14; the inventory was at 2.15 million tonnes, dipped right from 2.196 million tonnes on Thursday, May 10, 2018. Most of the major Chinese cities had also witnessed a shrink in the inventories, with relatively low deliveries and stable shipments. This indicates there’s a balance maintained between production, deliveries and consumption all across the major cities in China. More details are as follows: However, against this positive sentiment in the market,...
East China see a plunge in downstream aluminium trade owing to poor orders
Shanghai Metal Market observed poor trading in East China early morning today, on 17 th of May, 2018, because of plunging demands for downstream aluminium, which in turn deterred the processors from purchases. Compared to South and Central China, processors in East China made a very few purchases on receiving fewer orders. Guangdong province, in contrast, witnessed encouraging trade as processors purchased on demand with stable orders. Some even purchased to stockpile for the future weekend as well. Owing to this overall positive sentiment in Chinese major markets other than the east, the SHFE 1806 contract has witnessed a jump to as high as RMB 14,845 per tonne on May 17, 2018, while on May 16 the SHFE 1806 contract was at the highest level of RMB 14755 per tonne. Smelters in east and...
Chalco targets 30,000-50,000 tonnes of alumina exports in May: Source says
Aluminium Corporation of China Limited (Chalco) targets to export 30,000-50,000 tonnes of alumina in May, company’s president reported to Reuters on Thursday, May 17, 2018. Lu Dongliang, the vice president of Chalco also confirmed the news while speaking on the sidelines of the LME Asia Week conference in Hong Kong, adding, that its overall exports of raw materials, used for smelting aluminium, would be a little higher this month. Lu was, however, unable to say that to which countries China was exporting its alumina, explaining, “We sell to international companies and they do it.” Lu also could not give an estimation of Chalco’s total alumina exports in 2018, since the company evaluates the market situation only on a monthly basis. He added that the company could export a portion of its...
Japan takes final steps to impose retaliatory tariffs against US: Source says
The NHK channel reports that Japan government is all set to impose retaliatory tariffs against the US for not receiving an exemption from the imported aluminium and steel tariffs. It also says that the country is taking final steps to notify the World Trade Organisation (WTO) about the plan and necessary procedure under global trade rules later this week. Being one of the major allies of the United States and having a close tie between its Prime Minister Shinzo Abe and the US President Donald Trump, Japan is under a complete shock as it failed to secure a waiver from US imported aluminium and steel duties, says the source. Tokyo’s decision to impose retaliatory tariffs on US exports is part of its planned move so that Washington considers adding Japan to the list of exempted countries....
Average A00 aluminium ingot prices on the rise on growing demand and high input cost
At Asia Metals Seminar, jointly organised by Shanghai Metal Market, Bloomberg and HKEX on Tuesday, May 15, 2018, Ian Roper, general manager of SMM Singapore was of opinion that SHFE aluminium prices would likely to remain on the cost curve this year, while alumina prices would be dependable on the recommencement of Hydro’s Alunorte refinery. This year until May, China has exported around 300,000 tonnes of alumina, according to SMM. On Wednesday, May 16, analyst of Macquarie Bank Lynn Zhao shared her aluminium market forecast at the seminar saying that global aluminium market might undergo a deficit in 2021 and 2022 but the surplus will come from China’s continuous build-up of capacity. Added to this, she also opined that winter cuts in China this year are going to leave some impact on the...
Hydro signs power supply contract with Blakliden Fäbodberget for its Norway aluminium plants
Norwegian aluminium and renewable energy company Norsk Hydro ASA’s wholly-owned subsidiary Hydro Energi AS has signed a long-term power contract with a Swedish wind power company Blakliden Fäbodberget Wind AB for an annual baseload supply of 0.66 terawatt hours (TWh) in the period between 2022 and 2041. Blakliden Fabodberget Wind AB is currently developing an onshore wind park located in northern Sweden, 30 per cent of which is owned by Vattenfall and the rest 70 per cent by PKA Funds and Vestas. The park, with an installed capacity of producing 350 MW is also planning to enhance to around 1.1 terawatt hours (TWh) annually when done. The newly signed contract between Hydro Energi AS and Blakliden Fäbodberget Wind AB is going to contribute to the power supply to Hydro’s aluminium plants in...
