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.
China’s alumina production upticks in April 2024 annually banking on operation resumption in Guizhou and Guangxi
According to the Shanghai Metals Market survey, China’s metallurgical-grade alumina production in April 2024 amounted to 6.679 million tonnes, reflecting a month-on-month decline of 1.52 per cent from 6.782 million tonnes but a year-on-year increase of 2.2 per cent. However, it is to be noted that despite the M-o-M fall in April’s monthly output, the daily production stood 3,900 tonnes per day higher than the previous month, reaching 222,600 tonnes per day. Aluminium capacity and resumption As of the end of April 2024, China’s existing alumina capacity was 100 million tonnes, with an operating capacity of 81.27 million tonnes, while the average operating rate was 81.3 per cent. In Shanxi, the operating rate grew by 2.7 per cent M-o-M to stand at 72.9 per cent and the operating capacity...
Hong Leong Investment Bank forecasts increased earnings for Press Metal amid expected aluminium price surge
Hong Leong Investment Bank Bhd (HLIB) has reportedly shared higher earnings forecasts for Press Metal Aluminium Bhd for FY2024 and FY2025. The investment bank has projected that Press Metal's earnings will increase by 7 per cent and 4 per cent, respectively, in the said years on account of anticipated increased aluminium spot price. The investment firm has also upgraded the stock to a "Buy" rating with a higher target price of RM6 from RM4.65 previously. It forecasts RM1.8 billion of Press Metal's earnings for FY2026. Hong Leong Investment Bank believes that despite the muted demand for aluminium from the building & construction sector, aluminium prices will remain steady, supported by resilient demand growth from the new electric vehicles and renewable energy sectors. Coupled with this,...
Alba unveils new low-carbon aluminium product line EternAl
Aluminium Bahrain B.S.C. (Alba) has reportedly introduced a new low-carbon aluminium product line called EternAl with two variants: EternAl-30 and EternAl-15. They respectively have 30 per cent and 15 per cent recycled content. Alba's EternAl product line rightly reflects the company's novel stride towards creating a greener future through the use of secondary aluminium and advocating a circular economy. It also addresses the growing demand for low-carbon aluminium across the globe. Both the variants of EternAl are verified by DNV, a globally recognised leader in verification assurance, which further underpins Alba's unwavering commitment towards responsible production of low-carbon aluminium. DNV verification assures customers that Alba's EternAl product line significantly reduces carbon...
Vedanta Aluminium empowers rural Odisha with 100 solar-powered streetlights, upholding environmental and community values
Vedanta Aluminium, India’s largest aluminium producer, has reportedly placed 100 solar-powered streetlights in and around the remote villages of Jamkhani, Girisma, Munderkhet, Jharpalam, and Hemgir in Sundargarh district, Odisha. This initiative represents the company’s dual commitment. One is towards community empowerment and another is towards environment-friendly development in the society. Before installing the lights, Vedanta corresponded with villagers and local committee members to identify critical points that needed lighting, such as schools, drinking water points, wells, crossings, key transportation routes, and community centres. Vedanta Aluminium is always at an attempt to contribute towards a greener and more sustainable future in whatever way possible. Mr. V. Srikanth, CEO...
Stocks in LME-approved warehouses reach more than 2-year high with an 88% gain
On Thursday, May 9, aluminium stocks in London Metal Exchange-registered warehouses surged by 88 per cent to 903,850 tonnes, reaching the highest level since January 2022. Some sources said last month that inventories are subject to so-called rent share deals. Traders are taking Russia-made aluminium from warehouses and returning it later to profit from rule changes. Aluminium stocks rose on Thursday as 425,575 tonnes of metal arrived in Port Klang in Malaysia, according to the LME data, which also showed reverse net fresh cancellation of 137,050 tonnes in the same location. This scale of growth in LME-approved warehouses in just one day is unusual. Some traders are even calling it insane. However, the LME declined a comment request from Reuters. Amid the inventory surge, the LME...
Hindalco to supply marine-grade aluminium to the Indian Coast Guard for ship manufacturing
On May 9, 2024, the Indian Coast Guard (ICG) and Hindalco Industries Limited inked a Memorandum of Understanding (MoU) in New Delhi. As per the agreement signed, Hindalco will produce and supply marine-grade aluminium to the Indian Coast Guard for ship manufacturing. The signing of the MoU is a testament to the collaborative spirit between the Indian Coast Guard and Hindalco Industries Limited. Deputy Director General (Materiel & Maintenance), ICG IG HK Sharma, and Shri Nilesh Koul, CEO of Hindalco’s downstream aluminium business, affixed their signatures to the document in the presence of senior ICG officials, marking the beginning of a promising partnership. As per the MoU, Hindalco has committed to providing ICG with additional services such as quarterly pricing, supply priority, and a...
BALCO promotes inclusive workforce in aluminium operations by hiring trans-persons for diverse roles
BALCO, a renowned aluminium producer in India and a unit of Vedanta Aluminium, is committed to sustainability not only in its production processes but also in its approach to human resources. As part of its efforts to foster inclusivity, BALCO has welcomed seventeen transgender individuals into its workforce, providing them with a deep sense of belonging and identity within the company. This initiative demonstrates BALCO's dedication to diversity and creating a supportive workplace environment for all employees. From inducting seven transgender employees in 2022 to seventeen in 2024, BALCO has marked an exemplary milestone in an otherwise male-dominated industry. These employees take part in various roles, from forklift operations and store management to security positions, contributing...
Mexico withdraws recently imposed 20-35% aluminium tariffs claiming insufficient supplies
Mexico has reportedly lifted tariffs on aluminium imports from certain countries that do not have sufficient supplies. As per the report, Mexico has revoked a 35 per cent tariff on primary unalloyed aluminium and a 20 per cent tariff on primary alloy that were placed in late April to check imports from China and elsewhere. Explaining the decision, the Mexican government said that the supply of raw unalloyed or alloyed aluminium in countries with which Mexico signed an international treaty of trade matters was inadequate for the automotive and electronics industries. Originally, tariffs were imposed to provide certain and fair market conditions to the domestic industry that faced situations of vulnerability caused by international trade. The tariffs were designed in large packages...
Hindalco aims for $1.2 billion in Novelis IPO set for September 2024 listing
According to a Bloomberg report on Wednesday, May 8, Hindalco Industries Limited is seeking about $1.2 billion in the initial public offering of its US-based unit Novelis. The aim is to list Novelis on the New York Stock Exchange by September 2024. Hindalco, one of India’s largest aluminium producers, targets to draw a value of $18 billion for Novelis. But Hindalco has refused to comment and so has Novelis on Reuters’ request. In late February, Novelis confidentially filed paperwork for a US IPO, with sole stakeholder Hindalco selling shares. Bank of America and Citigroup are the two banks working on listing Novelis on New York Stock Exchange. Earlier this week, Novelis announced its fourth quarter FY2024 fiscal results, disclosing a 6 per cent Y-o-Y growth in net income to $166 million...
2023's top primary aluminium exporters: Leading nations revealed
The world primary aluminium market demonstrated a modest growth trajectory in 2023 despite a few challenges like geo-political crises, inflation, economic slowdown, and high rate of bank interest. Both production and consumption of primary aluminium grew hand-in-hand, reaching approximately 70.6 million tonnes and 70.1 million tonnes, respectively. Consequently, exports saw an uptick, having China the net importer of primary metal. Notably, in 2023, China's primary aluminum imports surged by 130.7 percent from the previous year, totaling 1.543 million tonnes. In 2023, the leading exporters of primary aluminum were Canada, the Gulf Cooperation Council (GCC), Russia, India, and Australia, while the top importers included the United States of America, South Korea, China, Germany, and Japan....
Continued LME aluminium price drop drives NALCO to further cut its aluminium prices by INR6700/t
In response to the continued decline of the global aluminium price on the London Metal Exchange (LME), National Aluminium Company Limited (NALCO) has further reduced its aluminium ingot and aluminium product prices, with effect from May 1, 2024. This latest cut marks the second consecutive reduction in NALCO’s aluminium selling prices. Last time, on April 26, NALCO had trimmed its aluminium prices by INR 5,200 per tonne, and subsequently with effect from May 1, NALCO slashed the prices by another INR 6,700 per tonne. Hence, the company’s aluminium ingot price is currently standing at INR 245,450-248,950 per tonne versus INR 252,150-255,650 per tonne on April 26. NALCO’s aluminium wire rod and aluminium billet prices are ranging between INR 254,450-258,800 per tonne and INR 249,900-252,550...
China’s aluminium ingot and billet inventories see an uptick during the Labour Day holiday
On Monday, May 6, the Shanghai Metals Market survey found the social inventories of aluminium ingot in China’s eight major consumption areas totalled 794,000 tonnes after the outflows of 88,400 tonnes, down by 29,400 tonnes week-on-week. The stocks in warehouses on May 6 were 3,000 tonnes higher compared to the pre-Labour Day holiday, as of April 30. Also, compared to the inventories during the Labour Day holidays in the last three years, the inventories this year post holidays are positioned at a higher level. Last year, after the Labour Day holiday, aluminium ingot inventories were accumulated at 46,000 tonnes, and in 2022, the inventories decreased over the holiday by 18,000 tonnes. SMM believes the accumulation of aluminium ingots in warehouses is better after the holiday, driven by...
US recycled aluminium gains traction as scrap recovery surges in Feb’ 2024 and primary metal output continues to decline
The US Geological Survey's latest data showed the United States’ domestic primary aluminium production trended down during the first two months of 2024, while scrap recovery surged suggesting the country's constant shift to recycled aluminium from the primary metal. Image courtesy: USGS Scrap recovery Aluminium recovered from scrap in February 2024 was 293,000 tonnes, 6.54 per cent up from 275,000 tonnes a month ago and 6.93 per cent more than 274,000 tonnes a year earlier. Of the total scrap recovered, 163,000 tonnes was recovered from new scrap and 129,000 tonnes from old scrap. The total recovery of scrap in the first two months of 2024 was 568,000 tonnes, compared to 552,000 tonnes a year ago. Primary aluminium output From January to February 2024, the United States combined...
Hydro restructures its Board of Directors, welcoming two new members
On May 7, 2024, Norsk Hydro, a Norwegian aluminium and renewable energy company, announced that its nomination committee elected Jane Toogood and Espen Gundersen as new members of the Board of Directors. This announcement followed the release of Hydro’s Annual General Meeting minutes. Berit Ledel Henriksen chairs Hydro's nomination committee, which is consisted of three other members namely Susanne Munch Thore, Muriel Bjørseth Hansen, and Karl Mathisen. Hydro also announced that some members were re-elected to the Board of Directors as per the committee's recommendation. They are Rune Bjerke, Marianne Wiinholt, Peter Kukielski, Kristin Fejerskov Kragseth, and Philip Graham New. From now on, Rune Bjerke will chair the board of eleven members, and Kristin Fejerskov Kragseth will be the...
Alba's sustainability excellence recognised with coveted 'Platinum' rating by EcoVadis
Aluminium Bahrain B.S.C., the first aluminium smelter in the Middle East, has reportedly achieved a Platinum rating from EcoVadis, the largest independent provider of business sustainability ratings. This prestigious grade places Alba among the 1 per cent of companies assessed globally in the industry. This remarkable accomplishment also marks Alba's commitment towards sustainability. In 2021, Alba received its first EcoVadis Bronze rating, and two years later, it achieved a Silver Rating. Receiving these prestigious gradations back-to-back demonstrates the company's long-term sustainability goals. Alba's Chief Executive Officer, Ali Al Baqali, said: "We are incredibly honoured to receive the EcoVadis Platinum Rating. This recognition serves as a powerful validation of our relentless...
Novelis’ FY2024 net income from operations grows 9% Y-o-Y despite lower sales value
Novelis Inc., the premier manufacturer of flat-rolled aluminum goods and the globe's largest recycling company, disclosed its financial performance for the fourth quarter and fiscal year 2023-24 on May 6, 2024. The company highlighted that its results were predominantly bolstered by the advantages derived from recycling activities. As per the report, the company’s net income attributable to common shareholder and net income from continuing operations stood at $166 million, reflecting an increase of 6 per cent year-on-year. Net income excluding special items was $179 million, up 2 per cent Y-o-Y. However, Novelis’ full year net income attributable to common shareholder and net income from continuing operations edged a year-on-year rise of 9 per cent to $600 million. Net income excluding...
Press Metal focuses on extrusion business: Begins supplying battery casings to Chinese firms and completes new extrusion line in Malaysia
Press Metal Aluminium Holdings Bhd’s extrusion plant in China has reportedly started supplying aluminium battery casings and car bumpers to vehicle manufacturers in the mainland. The news came after Tan Sri Koon Poh Keong, Press Metal’s chief executive officer, announced it officially. He also announced that Press Metal’s extrusion plant in Nilai, a city located in Seremban District, Malaysia, completed the construction of a 30,000-tonne photovoltaic components extrusion line, which will exclusively manufacture solar panel frames and mounting extrusions to support solar power sector. The move into manufacturing extrusions for the solar power sector reflects Press Metal’s focus on sustainability. Press Metal’s commitment to sustainability is also represented by its ASI certifications for...
US solar manufacturers file petition for antidumping investigation against Chinese-headquartered companies
The American Alliance for Solar Manufacturing Trade Committee has reportedly appealed for antidumping investigation and countervailing duties against China-manufactured solar cells and panels with the US International Trade Commission (USITC) and the US Department of Commerce. The American Alliance for Solar Manufacturing Trade Committee is made of leading US solar manufacturers like Convalt Energy, First Solar, Meyer Burger, Mission Solar, Qcells, REC Silicon, and Swift Solar. Tim Brightbill, co-chair of Wiley’s International Trade Practice and lead counsel to the petitioner the American Alliance for Solar Manufacturing Trade Committee, said: “America’s solar manufacturing industry is on the cusp of tremendous growth that will create jobs and change the trajectory of our clean energy...
