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.
MAAN Aluminium sees a downturn in Q1 fiscal output, with net profit declining 49.65% Y-o-Y
MAAN Aluminium Limited, a leading aluminium extrusion brand, released its quarterly financial results ended March 31, 2024, reporting a year-on-year 9.69 per cent decline in net sales from INR 262.87 crore to INR 237.40 per tonne. However, on a quarter-on-quarter calculation, MAAN Aluminium’s net sales in Q1 FY2024-25 recorded an increase of 11.47 per cent per cent from INR 212.97 crore. Quarterly net profit stood at INR 7.28 crore at the end of March 2024, reflecting a downfall of 49.65 per cent from INR 14.46 crore a year ago but a slight rise on the quarter by 2.15 per cent from INR 7.44 crore. EBITDA stood at INR 11.77 crore in the March quarter of 2024, down by 47.22 per cent from INR 22.30 crore during the corresponding period of the previous year. MAAN’s EPS experienced a sharp...
Hindalco’s aluminium prices recede by INR 8000/t this week in line with LME aluminium downtrend
Hindalco Industries Limited reduced its aluminium prices for two days this week by INR 8,000 per tonne in response to the current downtrend of the LME aluminium benchmark price. During June 3-5, the global aluminium price on the London Metal Exchange contracted by US$48 per tonne or 1.83 per cent from US$2,625 per tonne to US$2,577 per tonne. On June 5, the LME aluminium price shed off US$26 per tonne overnight that led Hindalco to cut its aluminium ingot selling price by INR 3,250 per tonne or 1.27 per cent to INR 252,500 per tonne on June 6. On the same day, Hindalco also reduced its aluminium wire rod price and aluminium billets price by INR 3,250 per tonne to INR 269,500 per tonne and INR 266,600 per tonne. Earlier, on June 4, Hindalco’s aluminium ingot price experienced a slash of...
LME aluminium benchmark price sheds off US$26/t; SHFE aluminium price accumulates US$16/t
On Wednesday, June 5, LME aluminium opened at US$2,663 per tonne, with a high of US$2,663 per tonne, a low of US$2,615 per tonne, and closed at US$2,635 per tonne, down US$27 per tonne or 1.01 per cent. LME aluminium cash bid price and LME aluminium official settlement price continued to fall by US$27.50 per tonne and US$26 per tonne, marking the third consecutive day of decline that brought the prices at US$ 2,575 per tonne and US$2,577 per tonne, respectively. On the same day, 3-month bid price and 3-month offer price declined by US$19 per tonne or 0.72 per cent to reach US$2,623 per tonne and US$2,624 per tonne. December-25 bid price and December-25 offer price shed off US$10 per tonne to settle at US$2,728 per tonne and US$2,733 per tonne. On June 5, LME aluminium opening stock stood...
IAI commemorates World Environment Day revealing a downtrend in 2022 GHG emissions from aluminium production
On the occasion of World Environment Day, International Aluminium Institute revealed its latest factsheet on 2022 greenhouse gas emissions, indicating a decline in emissions amid aluminium production growth. 2022 data shows the greenhouse gas emissions from aluminium industry decreased significantly over a year from 1.13 giga-tonnes CO2e to 1.11 giga-tonnes CO2e. The GHG emissions intensity also declined from 15.8 tonnes CO2e per tonne to 15.1 tonnes CO2e per tonne. However, the production of aluminium (both primary and recycled) grew in the said year by 3.9 per cent from 104.1 million tonnes to 108.2 million tonnes. Aluminium is also popularly known as ‘Green Metal’ because it enables other industrial sectors, such as automotive, transport, building and construction, and food and drink...
Novelis postpones its IPO rollout due to unprecedented market dip
On June 5, 2024, Novelis announced that it deferred the initial public offering due to market conditions for an indefinite time. It said the company would evaluate the situation and decide on a suitable time for rolling out the offering. According to a report last week, Novelis was targeting to achieve a market valuation of up to $12.6 billion in its US IPO under the symbol “NVL”. This IPO aims is to raise $945 million by selling 45 million shares for $18-21 each . The proposed IPO was an offer for sale by the existing promoter Hindalco Industries. After the completion of the IPO, Hindalco will reduce its stake in Novelis by 7.5 per cent and retain almost 92.5 per cent of the ownership, owning 555 million shares of Novelis’ common shares. When Hindalco bought Novelis in 2007, the latter’s...
China's A00 aluminium ingot price contracts by RMB120/t, reverting to the previous week's level
According to the Shanghai Metals Market, China’s domestic A00 aluminium ingot price again decreased by RMB 120 per tonne on Tuesday, June 5, following an intermittent increase of RMB 100 per tonne on the previous day after two consecutive days of downfall. With the latest fall, the domestic A00 aluminium ingot price is at the same level as the prior week, reaching RMB 21,070 per tonne. The average prices are expected to range between RMB 21,050 per tonne and RMB 21,090 per tonne, with spot contract to be traded at a discount price of RMB 110 per tonne to RMB 70 per tonne. A00 aluminium ingot price in Shenyang has plunged by RMB 150 per tonne to stand at RMB 21,000 per tonne, followed by the downfall of RMB 120 per tonne in Hangzhou to RMB 21,070 per tonne and RMB 110 per tonne in Gongyi,...
ASI presents Performance Standard Certification to JW Aluminum for flat-rolled production
Aluminium Stewardship Initiative has reportedly certified JW Aluminum against Performance Standard V3 (2022) Certification for manufacturing aluminium coils at its two US facilities in Goose Creek, South Carolina, and Russellville, Arkansas. The certification also includes central functions at its Charleston, South Carolina corporate office. JW Aluminum produces automotive component parts, flat-rolled aluminium products for use in building and construction sector, and fin stock aluminium. JW Aluminum operates with a goal of zero injuries. It puts safety at the first priority, leveraging tools like Job Safety Analyses (JSAs), Standard Work and Control Plans. JW Aluminum has received ASI certification after undergoing an independent, third-party audit by DNV Business Assurance Services UK...
Q1 2024: United States alumina imports decline by volume at 21.45%, reflecting ailing demand
The United States alumina imports in the first quarter of 2024 ended March 31, edged down 12.69 per cent annually and saw a more intense decline of 21.45 per cent on a quarter-on-quarter basis. The downfall in alumina imports indicates reduced demand for primary aluminium production in the United States. What once used to be one of the world's largest producers of primary aluminium, accounting for 15 per cent of the global production, now accounts for only 1 per cent. According to the US Geological Survey, the United States imported 282,000 tonnes of alumina during the first quarter of 2024, in comparison with 323,000 tonnes in Q1 2023 and 359,000 tonnes in Q4 2023. However, the downfall occurred in Q1 2024 after uninterrupted hikes in each quarter last year. In Q2 2023, the United States...
Hydro Rein to develop a wind power project in Sweden to meet rising renewable energy demand
Hydro Rein is reportedly partnering with Pajala Almänning to develop a large-scale wind power project in response to the increasing demand for renewable power in northern Sweden. Hydro Rein and Pajala Almänning have signed a land lease agreement to develop wind power over 7,000 hectares in price area SE1. The project will be developed at Karhuvaara, a site located in the southern part of the Pajala municipality, known for its favourable wind conditions. The project will reportedly include 50 wind turbines. Rolf Hjärtberg, Chair of the Pajala Allmänning board, said: "The interest in this area from wind power developers has been substantial. We chose to sign with Hydro Rein because they presented concrete and realistic plans for the project." In Sweden, Hydro Rein is developing over 30 wind...
Ball Corporation appoints Aaron Erter as a new Director
Ball Corporation, the world’s leading provider of sustainable aluminium packaging for beverage, personal care, and household products, has reportedly declared the appointment of Aaron Erter, CEO of James Hardie Industries plc, as a director of the corporation. Erter will join Ball Corporation with his wealth of experience and knowledge. He holds a bachelor’s degree in economics from The Wharton School at The University of Pennsylvania and a master’s in business administration from the University of Notre Dame - Mendoza College of Business. Erter joined James Hardie, the world’s leading producer and marketer of high-performance fibre cement siding and fibre gypsum building solutions, as CEO in 2022. Prior to that, he served PLZ Corp, a leader of specialty liquid and aerosol manufacturing,...
LME aluminium benchmark price tumbles by US$52/t overnight; SHFE price soars by US$37/t
On Monday, June 3, LME aluminum opened at $2,662.5 per tonne, hitting a high of US$2,691 per tonne, a low of US$2,637.50 per tonne, and closed at US$2,664 per tonne, up US$9 per tonne or 0.34 per cent. LME aluminium cash bid price and LME aluminium official settlement price initiated the week on Monday, June 3, with a slump of US$53 per tonne and US$52 per tonne, respectively, to stand at US$2,623 per tonne and US$2,625 per tonne. With the latest fall, the LME aluminium benchmark price stood 1 per cent lower than the previous week but remained 4.29 per cent higher than a month ago. On the same day, 3-month bid price and 3-month offer price plunged by US$43.50 per tonne and US$42.50 per tonne to stand at US$2,668 per tonne and US$2,670 per tonne. December-25 bid price and December-25 offer...
China’s prebaked anode exports during Jan-Apr 2024 surge 48% Y-o-Y, indicating positive worldwide demand
China's prebaked anode exports in April 2024 amounted to 166,800 tonnes, indicating a month-on-month downfall of 13.45 per cent and a year-on-year dip of 1.07 per cent, showed China customs data. The estimated export unit price of the material was approximately $673.5 per tonne, which was up by 0.31 per cent M-o-M but down by 31.92 per cent Y-o-Y. The cumulative export volume from January to May was 647,300 tonnes, which was significantly up by 48.25 per cent Y-o-Y, suggesting an overall positive trend in the industry's performance. Prebaked anode exports in April 2024 were primarily from three Chinese provinces - Shandong, Jiangsu, and Guangdong. Among them, Shandong exported the highest volume of prebaked anodes, reaching 139,800 tonnes, accounting for 84 per cent of the total exports....
World alumina production in April 2024 slumps 4.4% M-o-M due to dwindled output in key producing countries
The International Aluminium Institute (IAI) reports that the world's alumina production in April 2024 experienced a significant decline, both on a monthly and yearly basis. This trend was primarily driven by reduced output in key regions such as China, Africa & Asia (ex-China), Europe (incl. Russia), and Oceania, indicating a potential shift in the global alumina market. According to IAI data, the world's alumina production in April 2024 stood at 11.554 million tonnes, down by 4.41 per cent from 12.087 million tonnes in March 2024 and 0.62 per cent less than 11.626 million tonnes in April 2023. In January and February 2024, the world's alumina output amounted to 11.905 million tonnes and 11.188 million tonnes. However, despite the latest fall for an alternate month, the global output of...
A00 aluminium ingot price continues to fall by RMB150/t due to elevated inventories; Pre-baked anode price dips by RMB10/t
According to the Shanghai Metals Market, China’s domestic A00 aluminium ingot price has decreased by RMB 150 per tonne over the weekend to stand at RMB 21,090 per tonne as of June 3, marking the second consecutive day of fall. However, despite the decline, the price still stands 1 per cent higher week-on-week than RMB 20,880 per tonne. Analysis and closer view of Chinese provinces The back-to-back decline could be attributed to an increase in inventories due to rising supplies of metals and weak cargo pick-up. At the end of May, SMM showed that China’s social inventories of primary aluminium ingots stood at 781,000 tonnes , recording a week-on-week rise of 14,000 tonnes and a remarkable surge of 160,000 tonnes over a year. Only 102,300 tonnes of aluminium ingots were retrieved from...
Kaiser Aluminum’s 2023 Sustainability Report indicates a responsible shift to renewable energy sources
On Thursday, May 30, Kaiser Aluminum Corporation, an American aluminium producer, published its 2023 Sustainability Report, highlighting the company's focus and initiatives around sustainability. The report also features Kaiser Aluminum's commitment to grow as a preferred supplier, a preferred customer, a preferred employer, and a valued corporate citizen. Keith A. Harvey, President and Chief Executive Officer of Kaiser Aluminum, said: "We view sustainability as a strategic imperative that is central to our business and advancing toward a more sustainable future . Our 2023 report reflects another strong year of continued progress and solid performance against our key sustainability goals which directly align with our corporate values. Given the infinite recyclability of aluminum, we...
Hydro to invest $85M in new casting line at Henderson recycling plant for low-carbon auto components
In the wake of an increased demand for low-carbon aluminium to advance sustainability, Norsk Hydro has decided to strengthen the capacity of its Henderson recycling plant in Kentucky by building a new casting line. Built-in 1999, this plant is Hydro’s first recycling facility, and over time, it has become a production hub of high-quality, recycled, low-carbon aluminium products. The addition of a new casting line will involve an investment of US$85 million, but when it becomes operational in 2026, it will supply the automotive industry with more high-quality, low-carbon aluminium components. Like Hydro Husnes plant in Norway and Hydro Rackwitz plant in Germany, Hydro Henderson will also use HyForge casting technology. The main benefit of the technology is that it eliminates friction that...
LME aluminium price slumps US$29.5/t overnight but still stands W-o-W high; SHFE price slips by 1.5%
The three-month LME aluminium opened at US$2,787.50 per tonne and reached a high of US$2,799 per tonne and a low of US$2,683 per tonne before closing at US$2,705 per tonne, down US$89 per tonne or 3.19 per cent. On Thursday, May 30, the LME aluminium cash bid price and LME aluminium official settlement price shrank by US$29 per tonne and US$29.50 per tonne, respectively, to stand at US$2,665 per tonne and US$2,665.50 per tonne, following an incessant rally since May 24, from US$2,551 per tonne to US$2,695 per tonne. Despite the downfall, the LME aluminium benchmark price stood 4.49 per cent higher week-on-week than US$2,551 per tonne and 4.73 per cent month-on-month than US$2,545 per tonne. The 3-month bid price and 3-month offer price fell overnight by US$30 per tonne and US$30.50 per...
North American aluminium industry stepping up towards 2050 net zero goals: Unveiling the complete roadmap
The United States has long been targeting a reduction in carbon footprint across the industrial sectors, including automotive, packaging, energy, and consumer products, by sustainably producing low-carbon aluminium. However, due to limited renewable power generation, the region has primarily resorted to scrap recycling and using recycled metal in aluminium semi-finished and finished products. With the help of advanced technology infrastructure, the United States has also developed new anode technologies to be able to emit direct emissions from the use of carbon anodes during smelting. Recently, environmental consulting firm ICF, in collaboration with the Aluminum Association, has released a report titled Pathways to Decarbonization: A North American Aluminum Roadmap, highlighting all...
