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.
Emirates Global Aluminium becomes the first in the world to digitise quality analysis system on LME
Emirates Global Aluminium, the largest premium aluminium producer in the world and the biggest industrial company in the United Arab Emirates outside oil and gas, has digitally linked its metals quality analysis system to the London Metal Exchange. EGA is the world's first company to do so, enabling the automation of the process of submitting analysis certificates. These are quality assurance documents required for metal shipments into and out of LME-approved warehouses worldwide. Metals are eligible for delivery into LME warehouses only when they meet specified standards for quality, shape, weight, and the Exchange's responsible sourcing requirements. Emirates Global Aluminium has achieved a significant milestone by connecting certificates of analysis digitally to the London Metal...
A Hong Kong-headquartered aluminium extrusion company to invest $100 million in building a plant in Vietnam
Kam Kiu Aluminium Products Group Limited, a leading aluminium extruder in Hong Kong, plans to invest $100 million in building an aluminium plant in Vietnam's northern province of Nam Dinh. According to Herley Lei, a company executive, this plant will be Kam Kiu Aluminium's first overseas investment. It will be located on 12-20 hectares of land in My Thuan Industrial Park. The plant will produce high-quality aluminium parts for electronic equipment, smart devices like phones, displays, speakers and watches, and automotive parts, leveraging advanced technologies. Harley Lei said the plant will serve tech giants with its advanced aluminium parts for electronic equipment. Kam Kiu Aluminium aims to start operations at the plant in May 2025 after receiving provincial authorities to facilitate...
LME aluminium price sees a slight gain overnight but no W-o-W improvement; SHFE price marks a loss of US$67/t over the week
On Wednesday, July 24, the three-month LME aluminum contract opened at US$2,296 per tonne, reached a high of US$2,320.50 per tonne and a low of US$2,286 per tonne, and closed at US$2,295 per tonne, down US$2.5 per tonne or 0.15 per cent. LME aluminium cash bid price and LME aluminium official settlement price inched up for another day by US$2 per tonne after relentless declines since the beginning of July. With a slight growth for the second day in a row, LME aluminium cash bid price clocked at US$2,265 per tonne and LME aluminium official settlement price arrived at US$2,266 per tonne, which was however, down by 4.1 per cent week-on-week from US$2,363 per tonne. 3- month bid price and 3-month offer price, on the other hand, continued to decline by US$3 per tonne to stand at US$2,312 per...
China’s alumina imports in June reflect a slump of 13.9% Y-o-Y due to supply cuts in the overseas market
According to China customs data, China's alumina exports in June 2024 trended up M-o-M by 54.78 per cent to reach 157,100 tonnes versus 101,500 tonnes in May. The latest hike brought the country's cumulative exports during January-June to 810,700 tonnes. However, China's alumina imports in June decreased by 58.8 per cent month over month, amounting to 37,700 tonnes. Also, the import volume slumped by 13.93 per cent year-over-year. From January to June, China's total alumina imports stood at 1.185 million tonnes, up 56.04 per cent from the corresponding period of the previous year. Net imports of alumina in June were 119,400 tonnes, bringing the cumulative six months volume to 374,300 tonnes. Among the sources, Australia topped the list in June, supplying 31,500 tonnes, which accounted for...
Porsche trims down its sales and profit outlook as aluminium alloy supply shortage affects production
Amid an unprecedented supply shortage of aluminium alloy, Porsche AG has reduced its sales and profit outlook, which has led to the German company’s shares falling 4 per cent to the bottom of Frankfurt’s blue-chip index. The news came after the luxury sports car maker said that a shortage of aluminium alloy supply in the market due to floods at Novelis’ Swiss site affected the production of all its models, possibly resulting in a suspension of manufacturing one or more vehicle series. According to the report, US-based Novelis had to shut down a Swiss site due to floods in the canton of Valais, at the end of June. Since then, the aluminium producer is working with its customers to minimise the impact of this natural catastrophe. However, the shutdown of the plant has affected its...
China’s A00 aluminium ingot price records a sharp M-o-M fall of RMB1060/t, standing at a 4-month low
Amid growing concerns about demand, A00 aluminium ingot price has continued to decline by RMB 90 per tonne on Wednesday, July 24, to reach RMB 19,200 per tonne, marking almost a four-month low. The average prices are expected to range between RMB 19,180 per tonne and RMB 19,220 per tonne, with spot contract to be traded at a discount price of RMB 80-40 per tonne. According to the Shanghai Metals Market, China’s domestic A00 aluminium ingot price has edged a sharp W-o-W decline of RMB 290 per tonne from RMB 19,490 per tonne, while the price on a M-o-M basis has nosedived by RMB 1,060 per tonne from RMB 20,260 per tonne. A00 aluminium ingot price across regions In Gongyi, the A00 aluminium ingot price has descended by RMB 100 per tonne to stand at RMB 19,090 per tonne, followed by a...
Hydro’s upstream aluminium business, with a 100% hike in adjusted EBITDA, offsets poor performance in downstream sector
On Tuesday, July 23, Norsk Hydro ASA, a Norwegian aluminium and renewable energy company, headquartered in Oslo, posted its second quarter results for 2024, revealing a 7 per cent sequential increase in revenue to NOK 50,944 million versus NOK 47,545 million in Q1. However, on a year-on-year basis, the company's revenue decreased by 5 per cent from NOK 53,630 million. Hydro's total revenue in H1 2024 was NOK 98,490 million, down by 3.6 per cent from NOK 102,164 million in H1 2023. Hydro's Adjusted EBITDA also saw a year-on-year decline in Q2 2024, standing at NOK 5,839 million, down by 18 per cent from NOK 7,098 million. Sequentially, it rose 8 per cent from NOK 5,411 million. The year-on-year decline in Q2 adjusted EBITDA also led to a reduced EBITDA for H1 to NOK 11,250 million versus...
World's primary aluminium production exceeds 35 million tonnes in H1, on track to AL Circle's 2024 projection
According to the latest data revealed by the International Aluminium Institute (IAI), global primary aluminium production saw a year-on-year bullish trend through the first half of 2024 despite occasional slowdowns in certain months. In three of the first six months of 2024, world primary aluminium production witnessed a boost, exceeding 6 million tonnes each month, which drove the growth of the total H1 output, offsetting the impact of intermittent declines. According to IAI, world primary aluminium production in H1 amounted to 35.838 million tonnes, 3.89 per cent ahead of the previous year’s output of 34.495 million tonnes. In June 2024, the world’s production stood at 5.94 million tonnes, down M-o-M by 3.19 per cent from 6.136 million tonnes but up Y-o-Y by 3.18 per cent from 5.757...
Growing demand concerns push LME aluminium price to almost a 4-month low; SHFE price loses over $150/t M-o-M
On Monday, July 22, the three-month LME aluminium contract opened at US$2,345 per tonne, reached a high of US$2,364.50 per tonne, a low of US$2,296 per tonne, and closed at US$2,314.50 per tonne, down US$35.50 per tonne or 1.51 per cent. The above downward graph of the LME aluminium benchmark price establishes a relentless decline in the price since the beginning of July. The previous day, both LME aluminium cash bid price and LME aluminium official settlement price nosedived by US$53 per tonne over the weekend to reach US$2,258.50 per tonne and US$2,259 per tonne, respectively. The prices stood at their lowest in almost four months amid growing concerns about demand, particularly lacklustre conditions in China, the top consumer of aluminium. The 3-month bid price and 3-month offer price...
Ukraine’s aluminium and aluminium product exports move up 12.8% Y-o-Y in H1 2024
According to customs data released by the States Customs Service of Ukraine, aluminium and aluminium product exports from Ukraine during the first six months of 2024 were valued at $54.175 million, up by 12.8 per cent year over year. In June alone, the export value was $10.383 million. In the full-year 2023, Ukraine’s aluminium and aluminium product exports grew by 0.7 per cent Y-o-Y to $97.616 million, whereas the exports in 2022 plunged by 42.7 per cent to $96.972 million. Imports of Ukraine’s aluminium and aluminium products rose 7.7 per cent last year to $366.463 million versus $340.398 million in 2022 when imports dropped Y-o-Y. The increase in Ukraine’s aluminium export value could be due to several factors, such as competitive product pricing compared to other countries, higher...
China’s aluminium extrusion exports maintain a growing trend in H1 driven by higher overseas premiums
According to the Shanghai Metals Market survey, China’s aluminium extrusion export volume, including HS codes 76041010, 76041090, 76042100, 76042910, and 76042990, amounted to 97,500 tonnes in June 2024, reflecting an increase of 6.47 per cent month-on-month and 9.14 per cent year-on-year. From January to June 2024, China’s aluminium extrusion export totalled 520,100 tonnes, up 11.61 per cent year-on-year. This increase is attributed to stronger overseas aluminium prices compared to domestic metals. Additionally, as the implementation of US sanctions on Chinese aluminium-extruded products is nearing, scheduled for Q4 2024, many companies are stocking up in advance, pushing up aluminium extrusion export orders in Liaoning and Hunan provinces. Among the top Chinese aluminium extrusion...
Tiwai Point Aluminium Smelter to cut power usage by 185 megawatts to combat electricity supply constraint
The Tiwai Point Aluminium Smelter, owned by Rio Tinto and the Sumitomo Group, has decided to reduce its power consumption by 185 megawatts, which is about 4 per cent of the country's energy usage. According to a report, the Tiwai Point Aluminium Smelter's decision is based on historically low hydro lake levels affecting Meridian Energy's power generation. Last week, Meridian Energy appealed to the smelter to cut power usage of 100 megawatts. Meridian Energy's wholesale general manager, Chris Ewers, said the company issued the power usage cut notice to the Tiwai Point Smelter to help manage South Island hydro storage levels after recent low rainfall. Meridian Energy has the right to ask the Tiwai smelter to reduce its power usage as part of a 20-year energy supply contract signed in May ....
China’s A00 aluminium ingot price stands at a 3-month low, grappling with inventory restocking; Input costs stand steady
According to the Shanghai Metals Market survey, A00 aluminium ingot price initiated the week of July 22 with a downfall of RMB 60 per tonne to stand further below the RMB 19,500 per tonne level. Data shows the price has clocked at RMB 19,430 per tonne, marking the lowest in the past three months. On a week-on-week basis, the price edged a fall of 3.04 per cent from RMB 20,040 per tonne; while on a month-on-month calculation, it registered a decline of 4.10 per cent from RMB 20,260 per tonne. The average prices are likely to range between RMB 19,410 per tonne and RMB 19,450 per tonne, with a spot contract to be traded at a discount price of RMB 90-50 per tonne. Aluminium ingot price across regions As the downfall today touched upon all the Chinese provinces, A00 aluminium ingot price in...
OnePlus Watch 2R with aluminium body makes market debut on July 20, targeting fitness enthusiasts
OnePlus has grabbed the attention of fitness enthusiasts with its latest smartwatch, the “OnePlus Watch 2R”, featuring an aluminium body. Lightweight for its aluminium body, the watch incorporates advanced fitness monitoring technology, empowering users to track their health routine and stay fit and light. The brand-new OnePlus smartwatch weighs only 59g, compared to 80g in the previous edition. The device comes with the Wear OS operating system supported by the Snapdragon W5 processor and an optional RTOS operating system. Its 1.43-inch AMOLED screen offers excellent visibility with a peak brightness of 1000 units. Targeting fitness lovers, this smartwatch boasts Health Connect powered by Android, offering centralised data management. In addition, Google Health Connect and Strava sync...
Alcoa Corporation publishes its audited Q2 2024 report, announcing a 12% sequential growth in revenue
Note: This is an AI-generated image for representational purpose On July 17, Alcoa Corporation reported its consolidated results for the second quarter of 2024, ended June 30, following a preliminary report published in the previous week. The company declared that its revenue in Q2 stood at $2.906 million, as was estimated in the preliminary report . On a quarter-on-quarter basis, the revenue grew 12 per cent from $2.599 million, and on an annual calculation, it grew by 8.27 per cent from $2.684 million. The net income released in the final report also aligned with the preliminary results, amounting to $20 million. Adjusted net loss totalled $30 million, in line with the $15-35 million projection. Adjusted EBITDA excluding special items totalled $325 million, up by 146 per cent Q-o-Q from...
US aluminium scrap exports in April maintain an annual growth trend amid a slight drop M-o-M
The United States aluminium scrap exports slightly dipped month-on-month but increased year-over-year, according to the US Census Bureau data. However, the monthly fall was not significant enough to disturb the annual growth trend of the United States aluminium scrap imports in the first four months of 2024. The United States aluminium scrap exports in April 2024 totalled 180,000 tonnes, down by 2,000 tonnes or 1.10 per cent from 182,000 tonnes in March and up by 13,000 tonnes or 7.22 per cent from 167,000 tonnes in April 2023. During January-April, the United States aluminium scrap exports amounted to 675,000 tonnes versus 662,000 tonnes during the corresponding period of the previous year, reflecting an increase of 1.96 per cent. The annual growth in the United States’ total aluminium...
China’s aluminium ingot inventory accumulates additional 8,000 tonnes W-o-W due to mid-week restocking
According to the Shanghai Metals Market survey, China’s social inventory of aluminium ingots increased by 8,000 tonnes week-on-week and 10,000 tonnes from July 15, reaching 797,000 tonnes on July 18, of which the amount for sale stood at 671,000. Following the restocking mid-week, the current aluminium ingot inventory has reached a new high for H2, up 243,000 tonnes year-on-year. The incessant increase in inventory since early July, due to a production surge in May and June and weak demand due to the ongoing traditional off-season, has been exerting pressure on domestic prices, bringing them below the RMB 20,000 per tonne level. SMM expects the decline in domestic aluminium ingot inventory in July will be limited, likely fluctuating between 750,000 tonnes and 850,000 tonnes. On the other...
Japanese aluminium buyers recently agreed to pay premium above $170/t for Q3 shipments
According to a Reuters update, some Japanese aluminium buyers have agreed to pay a 45 per cent higher shipment premium than previously agreed for the July-September quarter. In early July, some Japanese aluminium buyers agreed to pay only $118-119 per tonne of premium for the third quarter’s shipments . That was 36 to 37 per cent less than the premium of $185 to $190 per tonne offered by some global producers for Q3. However, in recent negotiations, Japanese buyers have raised their premium offers to $172 per tonne for the September quarter’s shipments, up 16 to 19 per cent from $145-148 per tonne paid in the April-June quarter but down from the initial offers of $175-190 per tonne made by global producers. The increase in Q3 shipment premiums could be attributed to tight supplies in Asia...
