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.
NALCO posts nearly 50% leap in profit for Q2 FY2024 amid lower revenue from operations
On Thursday, November 9, National Aluminium Company (NALCO), a Navratna CPSE Indian metal and mining company, announced its second-quarter fiscal results of FY2023-24, whereby it reported nearly 50 per cent rise in profit to INR 1.87 billion ($22.45 million) from INR 1.25 billion a year ago. Improved infrastructure carried out by the Indian Government, resulting in boosted demand for the metal produced by the state-run manufacturer, caused NALCO’s profit growth. India, one of the world’s biggest aluminium producers, has raised its budget on infrastructure ahead of general elections next year, which helped companies NALCO and its rival Hindalco Industries. As per a Reuters report, NALCO has recorded about a 14 per cent jump in pre-tax profit in the mainstay aluminium segment for Q2 FY2024,...
Mexico is one of the 15 countries facing anti-dumping probe by the US for aluminium extrusion exports
Mexico is one of the 15 countries against whom the United States has initiated the anti-dumping investigation for exporting extruded aluminium products. On October 25, the US Department of Commerce named 14 Mexican companies when initiated the investigation. Mexico is one of the major exporters of extruded aluminium products to the US market, accounting for US$660 million of US$3.19 billion of the US extruded aluminium import value as of 2022. According to Kenneth Smith, former Mexican chief negotiator of the USMCA free trade agreement, Mexico’s exports to the US have been vast in recent years in the binational trade of aluminium products. If the United States investigation proves dumping and injury of the domestic market as a result of imports, countervailing duties will be levied on...
Novelis Q2 FY2024: Net sales declines 14.6% Y-o-Y but stands firm sequentially
Novelis Inc., an American industrial aluminium company specialised in rolling and recycling, announced its second quarter results for FY2023-24, disclosing net sales fell by 14.6 per cent Y-o-Y from US$4.8 billion to US$4.1 billion. A dip in aluminium flat rolled product shipments to 933,000 tonnes due to sluggish global demand could be attributed to the fall in Novelis' net sales in Q2. However, the net sales in Q2 stood steady compared to US$4.09 billion in Q1 FY24. In six months of FY24, the company's net sales amounted to US$8.2 billion, down by 18 per cent from US$10 billion during the corresponding period of the previous year. Net income attributable to common shareholders decreased 14.2 per cent Y-o-Y from US$183 million to US$157 million, driven by lower average aluminium prices....
Alumina spot price in China losses RMB2/t; A00 aluminium ingot price declines by RMB60/t despite production cut
On Thursday, November 9, the average alumina spot price in China has recorded a drop of RMB 2 per tonne to reach RMB 3,008 per tonne, according to the Shanghai Metals Market. The price has contracted after remaining restrained at RMB 3,010 per tonne from November 2 to 8. In Shandong and Shanxi, the average alumina price has decreased by RMB 5 per tonne to peg at RMB 2,980 per tonne and RMB 3,020 per tonne, respectively, as of Thursday, November 9. The Australian alumina FOB price has remained restrained at US$340 per tonne since October 30, found SMM. China’s A00 aluminium ingot price has declined by RMB 60 per tonne to stand at RMB 19,170 per tonne on Thursday, November 9. The average prices are expected to range between RMB 19,150 per tonne and RMB 19,190 per tonne, with a spot contract...
India’s Commerce and Industry Minister assures no unfair carbon tax should affect aluminium and steel industry
On Tuesday, November 7, India's Commerce and Industry Minister Piyush Goyal assured the domestic aluminium and steel industry that no unfair taxes in the form of Carbon Border Adjustment Mechanism (CBAM) would be accepted. He said India had already expressed concerns over the carbon tax with the European Union (EU) and the World Trade Organization (WTO). He said at a function of the steel industry, "I will assure you that we are extremely concerned about CBAM...We are taking it up with the WTO very very seriously. We shall try to work and fight to get a fair deal for the Indian producers and exporters and nobody is complacent about CBAM." Piyush Goyal noted that CBAM would translate into a 20-35 per cent tax on select imports into the European Union starting January 1, 2026. According to...
US initiates anti-dumping investigation into aluminium extrusions imported from Vietnam
The US Department of Commerce has reportedly commenced an anti-dumping investigation into aluminium extrusion imports from 15 countries and territories, including Vietnam. The investigation followed a petition filed by the US Aluminium Extruders Coalition and the US Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union with the Department of Commerce on October 4, said the Trade Remedies Authority of Vietnam. The petitioners claimed that Vietnam was the fourth biggest exporter to the US, accounting for 7.6 per cent of the United States total imports from 15 countries and territories in 2022. Mexico was the higher exporter, followed by Colombia and China. Fourteen Vietnamese companies were accused of dumping aluminium extrusions...
US aluminium scrap exports in Aug'23 mark a M-o-M rise of 3.47% after two months of decline
The United States aluminium scrap exports in August 2023 recorded a month-on-month hike of 6,000 tonnes or 3.47 per cent to 179,000 tonnes, according to the US Census Bureau data. In July 2023, the export volume was 173,000 tonnes, down by 3.89 per cent from 180,000 tonnes in June. The downfall in July extended following a plunge in June by 8.16 per cent from 196,000 tonnes in May. The above data thus indicates that the United States aluminium scrap exports grew in August after two consecutive months of fall to recover to the export volume in June. On a year-on-year calculation, the United States aluminium scrap exports in August 2023 registered a very marginal rise of 1,000 tonnes, found USGS data. In the first eight months of 2023, the United States exported 1.39 million tonnes, up by...
PMI of the Chinese downstream aluminium industry stands below 50% due to frail demand and poor production rate
China’s aluminium processing industry has reported a 9.1 per cent decline in the Purchasing Managers’ Index (PMI) for October 2023. Shanghai Metals Market survey found that the PMI for China’s aluminium processing industry stood at 47 per cent. SMM data also found that the downstream aluminium industry experienced a downfall in production, demand, and price indices. The new order index also encountered a 26.9 per cent drop M-o-M. Except for aluminium wire and cable, new orders for aluminium foils, plate/sheet and strip, construction extrusion, and primary/secondary aluminium alloys decreased. The end-user segment also showed weaker demand, resulting in a 15.9 per cent M-o-M rise in the finished goods inventory index. The PMI for aluminium plate/sheet and strip, aluminium foil, industrial...
EEG collects 11,254 kg of aluminium cans for recycling, reaching 97.6% of its 2023 goal
Emirates Environmental Group (EEG) enthusiastically reported that it collected 11,254 kg of aluminium cans for recycling from all over the United Arab Emirates in its 27th cycle of "Can Collection Drive" on Sunday, November 5, under the theme "Say 'Yes' to Can Recycling, 'No' to Carbon Emissions". At the beginning of 2023, EEG had set an ambitious target of collecting 27,500 kg of aluminium cans for recycling. To date, the non-governmental group has achieved a collection of 26,831 kg, reaching 97.6 per cent of the goal. According to EEG, these initiatives are essential to accomplish the Sustainable Development Goals by 2030. Through these campaigns, the group wants to set a standard for others in the country to follow. Mrs Habiba Al Mar'ashi, Co-Founder and Chairperson of Emirates...
Primary aluminium recap: Yunnan province begins 1.5 MT output cut; Indian aluminium companies reduce product prices by INR3000/t
The primary aluminium industry, which is considered to be an epicentre of the aluminium value chain, is always spotted with crucial occurrences. This week was no exception, and the most vital event was the commencement of productions at aluminium smelters in Yunnan. This phenomenon is expected to reduce 1.5 million tonnes of production out of the total capacity. The production cut started on November 1 with the onset of the dry season till April 2024. Yunnan province is known for abundant availability of hydro power but that entirely depends on rainfall. Lack of rainfall from November to April generates less hydro energy, causing interruption to aluminium output. To know more: https://bitly.ws/ZqMd Huaxing Aluminum's electrolytic aluminium production department has been completed and...
Hindalco & Vedanta’s aluminium ingot prices encounter a cut of INR3000/t this week
Indian aluminium giants, including Hindalco Industries Ltd, Vedanta Ltd, and National Aluminium Corporation (NALCO), have reportedly reduced their aluminium prices in response to the LME aluminium price fall this week from October 30 to November 3. The LME aluminium benchmark price encountered a downfall of US$32.50 per tonne or 1.44 per cent from US$2,252 per tonne to US$2,219.50 per tonne during the said period. Hindalco Industries Limited cut its aluminium ingot price by INR 3,000 per tonne this week from INR 221,750 per tonne on Tuesday, October 31, to INR 218,750 per tonne on Friday, November 3. The price saw this cut in two days. On November 1, the company’s aluminium ingot price underwent a cut of INR 1,500 per tonne, standing at INR 220,250 per tonne. Then, on November 3, the...
Tower Alloys Industries expands shareholding in Aluminum Extrusion Industries Plc to 67.55%
Tower Alloys Industries Limited, a Nigeria-based producer of a wide range of quality aluminium cookware, roofing, and extrusion profiles, has reportedly increased its shareholding in Aluminum Extrusion Industries Plc to 67.55 per cent by recently acquiring a majority stake in the company. Aluminium Extrusion Industries is a leading manufacturing company in Nigeria engaged in producing and marketing extruded aluminium products. The acquisition of the stake in Aluminum Extrusion Industries followed changes to the shareholding of the company. The news came after a notice was published - “This is to inform the public and our stakeholders that Aluminum Extrusion Industries Plc received a notification from the majority shareholder, Tower Aluminum Nigeria Plc (In Receivership), that Tower Alloys...
Ball Corporation posts a 48% plunge in net earnings attributed to weakening prices of aluminium packaging products
Ball Corporation, the world's leading provider of innovative and sustainable aluminium packaging for beverage, personal care, and household products, has announced its third quarter 2023 results, disclosing net earnings attributable to the corporation of $203 million or diluted earnings per share of 64 cents on sales of $3.57 billion, compared to $392 million net earnings or $1.24 diluted earnings per share against $3.95 billion sales during the corresponding period of the last year. That reflected a 48 per cent plunge in net earnings against a relatively lesser rate of fall in sales by 9.6 per cent. Lower selling prices of products due to the overall economic downturn across the globe could be a reason. Net earnings in nine months of the year amounted to $553 million on sales of $10.63...
AAI demands immediate implementation of a 10% customs duty on imported aluminium scrap
The Aluminium Association of India has reportedly asked for the immediate implementation of a 10 per cent customs duty on aluminium scrap imports to safeguard the domestic metal industry from low-quality scrap dumping. According to the apex body representing aluminium producers, the current 2.5 per cent customs duty on aluminium scrap has led to a rise in overall aluminium imports by 24 per cent from the previous financial year, resulting in a forex outgo of US$7 billion or INR 56,291 crore. The Aluminium Association of India (AAI) has pointed out that India has emerged as the dumping ground of foreign scrap. “Given that foreign scrap is not governed by quality standards, it presents significant safety and environmental risks. In response, AAI has sought a duty of 10 per cent on scrap...
Overview of the Chinese aluminium market in Oct '23: Demand deficit took a toll on metal prices and companies' earnings
In October 2023, China encountered an assorted journey in terms of price movement across the aluminium value chain. Being obligated to the unenthusiastic demand among downstream sector, China’s domestic primary aluminium ingot price continued to fall in the said month. On the other hand, the domestic alumina price took a sharp turn towards the rising trend, and the imported bauxite price started building up in the early days of October due to growing reliance on the overseas mineral. In-depth price analysis: China’s domestic A00 aluminium ingot price experienced a decline of RMB 510 per tonne or 2.60 per cent through the month of October to settle at RMB 19,080 per tonne, found the Shanghai Metals Market survey. The fall occurred primarily in the early days of October, bringing the...
United States primary aluminium production marks a dip in the alternate month Aug’23 by 3%
According to the US Geological Survey, the United States produced 62,000 tonnes of primary aluminium in August 2023. That was 2,000 tonnes or 3.13 per cent less than 64,000 tonnes in the earlier month , following a rise of 3.23 per cent M-o-M in July. However, on a year-on-year basis, the output in August was 1,000 tonnes more than 61,000 tonnes. The USGS data showed the average daily primary aluminium production in the United States during August 2023 was 2,000 tonnes, down by 2.91 per cent from 2,060 tonnes in July and essentially unchanged compared to 1,980 tonnes in August 2022. Total aluminium recovered from scrap in August 2023 was higher than the previous month by 6,000 tonnes or 2.19 per cent to 280,000 tonnes but 5 per cent less than 295,000 tonnes in August 2022. Of the total...
Primary aluminium production cut at Yunnan begins for this year's dry season
According to a report on Wednesday, November 1, aluminium smelters in southwestern Yunnan province, China have started cutting production as the dry season sets in. A smelter manager and two analysts have posted that smelters have begun the process of production cut of a total of 1.5 million tonnes of capacity. Li Lin, the aluminium director of AZ Consulting, has pointed out that Yunnan smelters are following the order of China Southern Power Grid, which directs them to reduce output by 9 per cent to 40 per cent of capacity . Yunnan is known for its abundant resources of hydropower, which have attracted many aluminium smelters from different parts of China. Yunnan has a capacity of 5.7 million tonnes, being the fourth largest aluminium-producing region in China and accounting for 12 per...
Chinese aluminium companies post revenue drop for Q3 2023 on impaired sales prices for demand deficit
On the eve of October 27, a few leading Chinese aluminium companies announced their third-quarter results, revealing a year-on-year drop in revenues and net profits. For instance, Shandong Nanshan Aluminium earned RMB 21.69 billion in revenue in the first three quarters of 2023, down by 18.24 per cent annually. The net profit attributable to shareholders of listed companies was also 24.81 per cent less year-on-year to RMB 2.142 billion. The basic earnings per share during the said period was RMB 0.18, reflecting a Y-o-Y decrease of 25 per cent. Shandong Nanshan Aluminium is principally engaged in the manufacture and distribution of alumina powder, electrolytic aluminium, alloy ingots, aluminium profiles, hot-rolled products, cold-rolled products, and aluminium foils. Jiangsu Lidao New...
