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.
Novelis seeks $945 million in US IPO by offering 45 million shares for $18-21 each
Novelis Inc., an American industrial aluminium company and an independent subsidiary of Hindalco Industries Limited, reportedly aims to raise $945 million in a US IPO by selling 45 million shares for $18-21 each. This IPO may even generate $1.08 billion of capital for Novelis if the green shoe option is exercised. This IPO listing is part of Hindalco's broader strategy to unlock value and raise capital through all its global subsidiaries. After the initial public offering, Hindalco will reduce its stake in Novelis by 7.5 per cent and retain almost 92.5 per cent of the ownership. Novelis stated: "Hindalco will control approximately 92.5 per cent of the voting power of our outstanding share capital following the offering, assuming no exercise of the underwriters' option to purchase...
Japanese aluminium buyers are offered an 18-20% higher premium for the September quarter shipments
According to a recent report, Japanese buyers received a premium offer of $175 per tonne from a global producer for the June-September quarter primary metal shipments. The news came after three sources directly involved in quarterly pricing talks reported as anonymous individuals. The latest offer is 18 to 20 per cent higher than the current quarter’s premium of $145-148 per tonne, which is also 61 to 64 per cent more than the prior quarter's premium of $90 per tonne. Japan is the most prominent importer of primary aluminium in Asia and thus, the premium it agrees to pay each quarter over the London Metal Exchange price becomes a benchmark for the region. According to Japanese buyers, this latest premium offer is too high considering the sluggish domestic demand for aluminium, especially...
US crude and dried bauxite imports improve 8.4% Y-o-Y during Q1 2024 amid persistent sequential decline
According to the latest data revealed by the US Geological Survey, the United States crude and dried bauxite imports in the first quarter of 2024 demonstrated a sequential decline, marking the third consecutive quarter of downfall since the third quarter of 2023. However, on an annual basis, the import volume in Q1 recorded an increase. The USGS data showed that the United States imports in Q1 stood at 501,000 tonnes, down 8.74 per cent from 549,000 tonnes in Q4 2023 but up 8.44 per cent from 462,000 tonnes a year ago. The quarter-on-quarter decline in United States bauxite imports has been continuing since the third quarter of 2023 when the import volume slumped by 11.05 per cent from 733,000 tonnes to 652,000 tonnes. Subsequently, the imports further fell in Q4 2023 by 15.8 per cent to...
Africa’s primary aluminium production shows a bearish trend in April 2024, marking a Y-o-Y fall of 5.4%
Africa’s primary aluminium production in April 2024 reflected a bearish trend compared to the previous month as well as year, found the International Aluminium Institute (IAI). The month-on-month decline in April 2024 brought Africa’s primary aluminium output close to the production volume in February at 121,000 tonnes. As per the data revealed by IAI, primary aluminium production in Africa during April 2024 was 122,000 tonnes, which reflected a monthly fall of 4,000 tonnes or 3.17 per cent from 126,000 tonnes. On a year-on-year basis, Africa’s aluminium output in April was even lower from 129,000 tonnes, marking a downfall of 7,000 tonnes or 5.43 per cent. The cumulative output of primary aluminium in Africa from January to April 2024 also stood lower than during the corresponding period...
Aluminium stocks at Japanese ports fall 14% Y-o-Y at the end of April 2024
The latest data revealed by Marubeni Corporation, a prominent Japanese integrated trading and investment business conglomerate, indicates a month-on-month and a year-on-year fall in aluminium stocks across the three major Japanese ports at the end of April 2024. There have been increasingly evident supply constraints in Japan, leading to declining stocks at the ports. In addition, strong demand in the domestic market contributed to bearish aluminium stocks. As a result, Japan’s aluminium premiums for the April-June quarter saw an uptick to $145-148 per tonne , compared to $90 per tonne during the January-March quarter. Nonetheless, the port inventories remained above 300,000 tonnes at the end of April, totalling 308,100 tonnes. However, on a month-on-month basis, the stocks stood 2.3 per...
NALCO posts a remarkable 101.5% surge in Q4 net profit supported by record-high sales and lower expenses
On Monday, May 27, National Aluminium Company Limited (NALCO), a state-owned Navratna CPSE under the Ministry of Mines, announced strong fiscal results for the fourth quarter and full year of FY2023-24, driven by a robust growth trajectory in production and sales. NALCO reported that its Q4 net profit recorded a two-fold jump of 101.5 per cent year-on-year, reaching INR 996.7 crore, surpassing the CNBC-TV18 poll’s prediction of INR 605 crore. During the corresponding quarter of the last financial year, NALCO’s net profit was INR 495 crore. However, the company’s revenue from operations dipped 2.5 per cent Y-o-Y in Q4 FY2024, amounting to INR 3,579 crore versus INR 3,671 crore, attributing to the lower benchmark prices of aluminium on the London Metal Exchange. The three-month aluminium...
AMAG to double its rooftop photovoltaic plant capacity to enhance clean energy output for Ranshofen aluminium site
AMAG Austria Metall AG, the biggest company in the Austrian aluminium industry, is reportedly expanding its rooftop photovoltaic plant to double with the help of Energie AG, a modern and efficient energy and service group, in a bid to make a significant shift from using natural gas to green electricity for decarbonising Ranshofen aluminium production site. The expansion of the rooftop photovoltaic plant will start in June 2024 and is expected to be finished by the end of the year. Once done, it will be the largest rooftop photovoltaic plant in Austria. For the expansion, AMAG will install photovoltaic plant modules on six halls at the Ranshofen plant site, covering about 63,000 square metres of gross roof area, in addition to the existing area of 60,000 square metres. This means more than...
China’s primary aluminium imports surge 119% Y-o-Y in April 2024, mainly sourced from Russia
According to China customs data, the country’s domestic primary aluminium imports amounted to 218,500 tonnes in April 2024, down by 12.38 per cent M-o-M but up by 119 per cent Y-o-Y. Net imports were 206,300 tonnes – 115.2 per cent more than a year ago. From January to April 2024, China imported 939,000 tonnes of primary aluminium, which was significantly 192 per cent higher than in the same period last year. Net import volume in the first four months of the year was 925,000 tonnes, up 199.5 per cent Y-o-Y. Overall, in April 2024, import losses of SHFE aluminium spot persisted. Starting from mid-April, import loss expanded significantly, reaching RMB 3,122.2 per tonne. From April-end, the loss started narrowing but still remained above RMB 1,500 per tonne. China’s primary aluminium...
China’s average alumina spot price jumps by RMB33/t over the weekend to stand above a 2-year high
According to the Shanghai Metals Market survey, China’s average alumina spot price has jumped by RMB 33 per tonne over the weekend to stand at RMB 3,878 per tonne as of May 27. This latest hike has marked China’s domestic alumina price above a 2-year high. In Lianyungang and Bayuquan, alumina spot price has soared by RMB 85 per tonne to reach RMB 3,955 per tonne and RMB 3,965 per tonne, respectively, followed by a rise of RMB 40 per tonne in Shandong to RMB 3,860 per tonne. In Henan, Shanxi, Guizhou, and Guangxi, alumina price has unanimously increased by RMB 30 per tonne to start the week at RMB 3,870 per tonne, RMB 3,885 per tonne, RMB 3,875 per tonne, and RMB 3,910 per tonne, found SMM. The Australian alumina FOB price has also increased over the weekend after remaining restrained...
Rio Tinto and BHP Group to jointly conduct battery-electric haul truck trials at the Pilbara for sustainable mining operations
For the first time in the industry, Rio Tinto and BHP Group Limited will unite on testing a large battery-electric haul truck technology in the Pilbara, Western Australia, in a bid to integrate sustainable operational practices across mining. Reportedly, Rio Tinto and BHP will work with manufacturers Caterpillar and Komatsu to conduct independent trials of trucks, including testing of battery and static and dynamic charging systems, to assess performance of the vehicle in the Pilbara environment. The collaboration reflects all the companies’ individual commitment towards net zero operational greenhouse gas emissions by 2050. Trials will begin with two Cat 793 haul trucks from the second half of 2024, followed by the trials of two Komatsu 930 haul trucks from 2026 at the Pilbara mine...
FY2024: Hindalco earns higher profit on account of record-breaking aluminium sales volume
Hindalco Industries Limited, Aditya Birla Group's flagship metal company, has announced its consolidated financial results for the fourth quarter and full year of FY2024, which ended March 31. The company revealed that it concluded the year with strong results across all business segments, earning a profit after tax (PAT) of INR 10,155 crore, up 1 per cent from INR 10,097 crore a year ago. This significant increase in profit was primarily bolstered by Hindalco’s all-time high aluminium sales volume of 1.372 million tonnes, up 2 per cent year-on-year. Hindalco's PAT at the end of Q4 FY2024 was INR 3,174 crore, which marked a substantial increase of 32 per cent year-on-year from INR 2,411 crore. Hindalco's consolidated EBITDA in FY2024 totalled INR 25,728 crore, up 7 per cent year-on-year....
NALCO lifts its aluminium prices by INR 10,000 per tonne with effect from May 23
National Aluminium Company Limited (NALCO) has revised its aluminium ingot and product prices, with effect from Thursday, May 23. Compared to May 1, the company’s aluminium prices have been expanded significantly by about 4 per cent, in tandem with a gradual increase in aluminium prices on the London Metal Exchange. At the end of May 22, the LME aluminium benchmark price stood at US$2,625 per tonne, up by US$80 per tonne or 3.1 per cent from US$2,545 per tonne on April 30. NALCO increased its aluminium ingot selling price by INR 10,000 per tonne, with effect from May 23, to INR 255,450-258,950 per tonne, compared to INR 245,450-248,950 per tonne from May 1 to May 22. India’s Navratna CPSE under the Ministry of Mines also boosted its aluminium prices by INR 10,000 per tonne from its...
Cameroon’s annual revenue from aluminium sheet exports grows 80%, strengthening Central’s Africa’s fiscal position
According to official figures released by the National Institute of Statistics, Cameroon in Africa exported 3,011 tonnes of aluminium sheets in 2023 and collected CFA6.6 billion. On a year-on-year calculation, the export volume from Cameroon surged by 90.8 per cent from 1,578 tonnes, resulting in an increase in revenues by 80.2 per cent annually from CFA3.6 billion. This jump in exports and revenues is expected to rejuvenate the aluminium industry in Central Africa and likely to strengthen the financial position of the Cameroon Aluminium Company (Alucam), the primary producer and exporter of aluminium sheets in Cameroon. The company produces flat sheets, corrugated sheets, and trays sheets. Alucam has been facing challenges since 2014 when the Canadian firm Rio Tinto withdrew its...
China’s bauxite imports mark a new monthly high in April 2024, with Turkey replacing Brazil as the third-highest exporter
According to China customs data, the country’s bauxite imports in April 2024 reached a record monthly high of 14.2376 million tonnes, up by 20.02 per cent M-o-M and 18.84 per cent Y-o-Y. In March 2024, China’s bauxite import volume amounted to 11.8628 million tonnes, reflecting an increase of 5.19 per cent M-o-M and a decline of 1.43 per cent Y-o-Y. In April 2024, China’s bauxite imports marked the second consecutive month of increase, following a drop in February to 11.2775 million tonnes from 13.2019 million tonnes in January. Thus, in the past four months, China’s bauxite imports totalled 50.5798 million tonnes, according to China customs data. Guinea topped the list of suppliers, followed by Australia, Turkey, Ghana, and so on. From Guinea, China imported 10.4956 million tonnes of...
Dr Hyeon-woo Son and his team develop aluminium alloy through new mechanism to improve thermal stability of EVs
According to a recent report, Dr Hyeon-woo Son and his research team from the Department of Aluminum in the Advanced Metals Division at KIMS have unveiled an aluminium alloy specially made to improve the thermal stability of electric vehicles. They adopted a new mechanism for the alloy production by which the nanostructures inside aluminium alloys work and proved to have improved thermal stability by up to 140 per cent. The alloy also contains trace elements that delay the thermal deterioration of enclosure materials caused by heat generation from the battery, leading to a high risk of accidents as electric vehicles age. Dr Hyeon-woo Son and his team started by establishing a database with dozens of trace elements and analysing nanostructures through state-of-the-art techniques such as...
Sustainability on mind: Vedanta Aluminium turns back on coal-fired capacity, embracing renewable energy for metal production
According to a recent report, John Slaven, CEO of Vedanta Limited, said that its aluminium business would no longer indulge in adding coal-fired capacity for energy-intensive metal production as a move towards renewable energy. The aim is to increase the share of renewable energy to 30 per cent by 2030 from 5 per cent at present, asserted John Slaven in an interview with Reuters, adding that the company currently has 4.8 gigawatts of coal-based power generation capacity. Slaven also said that Vedanta secured supplies of 1.3 GW of renewable energy – a mix of solar and wind power – from India's Serentica Renewables. Vedanta's primary focus is to shift its power usage to renewable energy for aluminium production to reduce carbon footprint across its operations. "We don't want to add...
Thailand emerges as the second-highest importer of aluminium scrap from US, replacing India
In February 2024, there was a notable shift in the export dynamics of US aluminium scrap, according to the United States Geological Survey. Previously, India held the position of second-highest export destination until January 2024. But subsequently, Thailand emerged as the second top importer of US aluminium scrap, following Malaysia. As per the data revealed by the US Geological Survey, Thailand's aluminium scrap imports from the US exceeded India's by 4,800 tonnes in February 2024. Thailand's aluminium scrap import volume in the said month was 25,700 tonnes, while that of India was 20,900 tonnes. Thailand's imports grew by 6,400 tonnes or 33.16 per cent month-on-month from 19,300 tonnes and increased year-on-year by 7,600 tonnes or 41.99 per cent from 18,100 tonnes. In contrast,...
Aluminium ingot price rally in China dampens buying interest, leading to additional 12,000 tonnes of stock accumulation
The Shanghai Metals Market survey reported on Monday, May 20, that China's domestic social inventories of aluminium ingot across major consumption areas came in at 759,000 tonnes, experiencing an increase of 12,000 tonnes over the weekend. SMM also calculated and found that the stock level on May 20 was 90,000 tonnes higher year-on-year. The latest surge in inventories is linked with rising aluminium prices, which are discouraging domestic downstream manufacturers from purchasing new stock. Analysis for upward trajectory Other factors that contributed to the rise in inventory included an influx of primary aluminium from Guangxi and Yunnan. South China saw a month-on-month increase of over 1,000 tonnes in arrivals over the weekend. Inching closer to the domestic off-season was also a valid...
