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 aluminium billet inventories trend up over the weekend to 80,000 tonnes, contributed by Foshan
According to the Shanghai Metals Market data, 6063 aluminium billet inventories across China's five major consumption areas are recorded at 80,000 tonnes as of Monday, September 4, experiencing an increase of 10,400 tonnes or 14.94 per cent over the weekend. On a week-on-week basis, the inventories rose by 9,600 tonnes or 13.64 per cent from 70,400 tonnes. The above data also indicates that China's aluminium billet inventories reflected an interim drop of 1.14 per cent on Thursday compared to 70,400 tonnes on Monday, August 28. This Monday, Foshan contributed the highest to China's aluminium billet inventory growth, followed by Huzhou. To know in more detail, refer to the table below: In Foshan, aluminium billet inventories registered a hike of 6,700 tonnes over the weekend and 5,800...
North America’s primary aluminium production heightens in July’23 by 3% M-o-M, but daily output dips a bit
In July 2023, North America contributed 330,000 tonnes to the global primary aluminium production at 5.861 million tonnes, according to the International Aluminium Institute data. On a month-on-month calculation, North America’s primary aluminium output in July stood at 9,000 tonnes or 2.80 per cent higher than 321,000 tonnes, following a drop of 2.43 per cent in June from 329,000 tonnes. On an annual basis, North America’s output in July reflected a surge of 24,000 tonnes or 7.27 per cent from 306,000 tonnes. The average daily production of primary aluminium in July 2023 was 10,600 tonnes, slightly down by 100 tonnes from the previous month despite a rise in the monthly output. However, on a year-on-year basis, the output edged an increase of 7.07 per cent from 9,900 tonnes. In the first...
Alumina production in Europe (incl. Russia) deteriorates during July 2023 by 21% Y-o-Y
In Europe (incl. Russia), alumina production during July 2023 stood at 549,000 tonnes, reflecting a month-on-month hike of 24,000 tonnes or 4.57 per cent, found the International Aluminium Institute (IAI). In June 2023, the output stood at 525,000 tonnes, which was, however, down by 35,000 tonnes or 6.25 per cent from 560,000 tonnes. On a year-on-year calculation, alumina production in Europe (incl. Russia) edged a sharp fall of 144,000 tonnes or 20.78 per cent from 693,000 tonnes, according to IAI data. In the first seven months of 2023, alumina production in Europe (incl. Russia) totalled 3.705 million tonnes, down by 29.04 per cent from 5.221 million tonnes during the corresponding period of the last year. This drastic fall in Europe’s alumina output could be attributed to slow...
Hindalco & Vedanta upgrade their aluminium prices by 2% this week in line with LME price rally
Indian aluminium giants like Hindalco, Vedanta, and NALCO have increased their aluminium prices twice this week in line with the LME aluminium price rally by US$64.50 per tonne from August 29-September 1. Hindalco Industries Limited upgraded its aluminium prices on August 31 by INR 2,500 per tonne or 1.2 per cent, bringing the aluminium ingot price to INR 210,500 per tonne versus INR 208,000 per tonne on August 25. With almost a week-on-week hike, Hindalco's aluminium wire rod and aluminium billets prices stood at INR 222,500 per tonne and INR 224,600 per tonne, respectively, on August 31, compared to INR 220,000 per tonne and INR 222,100 per tonne on August 25. The next day, Hindalco further increased its aluminium prices by INR 2,000 per tonne. Hence, on September 1, Hindalco's...
EGA expects aluminium prices to resonate with the growing demand; sees positive future
Emirates Global Aluminium expects aluminium prices to grow in line with the demand gains. It also projects its 2023 sales volume to remain steady even though the metal prices are on a downward trend. CEO Abdulnasser Bin Kalban said in an interview on Thursday, August 31, that EGA’s sales volume usually looms higher in the second half of a year. He also noted that the company now focuses on curbing expenses to bolster margins, as part of a preparation for when the owners decide to hold the IPO . Aluminium prices reached record lows in the wake of the Ukraine-Russia conflict last year, further contributed by shifting trade flows and interrupted energy supply. Ever since, the prices on the London Metal Exchange declined, so much so that it is now trading about 6.5 per cent lower this year....
Japanese aluminium stocks in July 2023 record a fall of 1.9% M-o-M across three major ports
According to the Marubeni Corp report on Friday, September 1, aluminium stocks dropped across Japan in July 2023 by 1.9 per cent month-on-month. At the three major Japanese ports - Yokohama, Nagoya, and Osaka- aluminium stocks reached 350,600 tonnes at the end of July compared to 357,490 tonnes in the previous month. In June, the stocks grew nearly by 1 per cent from 354,000 tonnes in the prior month, according to Marubeni Corp. On a year-on-year basis, Japanese aluminium stocks in July 2023 fell by 3.68 per cent from 364,000 tonnes. In July, aluminium stocks at Yokohama stood at 157,900 tonnes, registering a decline of 3,300 tonnes or 2.05 per cent from 161,200 tonnes. However, on a year-on-year basis, the stocks in July 2023 recorded a significant rise of 16,800 tonnes or 11.91 per cent...
US aluminium scrap imports from Canada show a rising trend Y-T-D totalling 166,000 tonnes
US aluminium scrap imports from Canada recovered in May 2023 after a drop in the previous month. According to the US Census Bureau data, the import volume increased 6.99 per cent month-on-month to reach 35,200 tonnes in the said month. In April, the United States aluminium scrap imports from Canada stood at 32,900 tonnes, down by 5.19 per cent from 34,700 tonnes in March. However, despite the monthly gain, the United States aluminium scrap imports from Canada edged a fall of 3.03 per cent from 36,300 tonnes in May 2022. On the other hand, the accumulated import volume during the first five months of 2023 reflected a rise of 8.5 per cent year-on-year to 166,000 tonnes from 153,000 tonnes. According to the US Census Bureau data, the United States' year-to-date aluminium scrap imports from...
Russell Investments shows confidence in Century Aluminum and increases its stake by 33.1%
Russell Investments Group Ltd. has reportedly increased its stake in Century Aluminum by 33.1 per cent to 130,391, representing about 0.14 per cent of the company's worth. By buying these additional shares, Russell Investments Group shows its confidence in the company's future prospects. Ressell Investments has taken this move amid mixed recommendations for Century Aluminum from many equity analysts. For instance, Wolfe Research recently reduced their rating on the stock from 'peer perform' to 'underperform', and B. Riley turned down their price target from $10.00 to $9.00 and gave the company a 'neutral' rating. On the other hand, StockNews.com upgraded their rating for Century to 'sell' in a research report on August 16. These differences of opinion indicate uncertainty about the stock...
HLIB Research believes understated aluminium prices will pose further challenges to Press Metal
Press Metal Aluminium Holdings Bhd recently missed its expected earnings, which may continue in the quarters ahead. According to Hong Leong Investment Bank (HLIB) Research, South-East Asia’s largest aluminium producer is likely to experience a gloomy future due to subdued aluminium prices in the spot market. The investment bank said in a report, “In the near term, the outlook for aluminium as a metal poses challenges, primarily attributed to concerns surrounding economic slowdown and the overall decline in global real estate markets, driven by the prevailing high interest-rate environment.” HLIB Research thus recommends ‘sell’ for Press Metal and reduces its target price to RM4.03 per share from RM4.22 earlier. HLIB has shared a negative outlook for Press Metal Aluminium after the company...
Africa’s primary aluminium output in July'23 improves by 2% after a loss in the previous month
In July 2023, primary aluminium production in Africa stood at 134,000 tonnes after experiencing an increase of 3,000 tonnes or 2.29 per cent month-on-month, found the International Aluminium Institute data. However, the output in June, which was at 131,000 tonnes, recorded a plunge of 3.68 per cent from 136,000 tonnes in the previous month. On a year-on-year basis, Africa’s primary aluminium output edged a fall of 4,000 tonnes or 2.90 per cent from 138,000 tonnes. The daily average production in July 2023 was 4,300 tonnes, slightly down from 4,400 tonnes in June despite the rise in monthly output. On an annual basis, the daily output in July was 4.44 per cent lower than 4,500 tonnes. In the first seven months of 2023, Africa’s primary aluminium output totalled 922,000 tonnes – 1.91 per...
Hydro's Sunndal aluminium smelter will switch from fossil fuel to biomethane
On Wednesday, August 30, Norsk Hydro announced that its aluminium smelter in Sunndal would start using local, sustainable bioenergy instead of fossil fuels to curb carbon emissions from the production process. It would be a momentous step towards achieving zero emissions after reducing greenhouse gas emissions by 55 per cent in Norway since 1990. Ola Sæter, Head of Hydro's primary aluminium smelters, commented, "Replacing fossil energy with bioresources opens up new opportunities for decarbonization at our aluminium plants." Hydro would be sourcing biomethane from local plants to be built in Møre og Romsdal and signed a letter of intent with Havila. Once biomethane plants are established in Norway, Hydro Sunndal will start securing the energy, estimated in 2024. Hydro Sunndal plans to...
Crown Holdings gradually nearing its sustainability goals with Twentyby30™ ESG programme
Crown Holdings, one of the world's largest aluminium can manufacturers, pledged to make the aluminium industry more sustainable by incorporating Environmental, Social, and Governance (ESG) principles into its business operations. Thus, Crown Holdings, in its 2022 Sustainability Report, announced a new initiative and strategy: Twentyby30™. It is a programme with 20 measurable sustainability goals to be completed by or before the end of 2030. According to Tom Donahue, President, CEO & Chairman of the Board at Crown Holdings, the objective of Twentyby30™ programme was to embed sustainability into business operations and reduce adverse impacts on the planet within a decade. So far, with this programme, Crown Holdings has achieved a 12 per cent reduction in Scope 1 and Scope 2 GHG emissions,...
World alumina production in July’23 grows above 12 MT, with daily output improving by 1%
In July 2023, the world alumina production saw a month-on-month rise of 4.32 per cent to reach 12.179 million tonnes, found the International Aluminium Institute (IAI). The growth occurred in July 2023 after a monthly fall in June by 1.96 per cent from 11.908 million tonnes to 11.675 million tonnes. On a year-on-year calculation, the world aluminium output experienced a restraint compared to 12.198 million tonnes, showed IAI. The monthly output growth in July 2023 brought the world’s total alumina production in the first seven months to 80.669 million tonnes, down by 0.79 per cent from 81.310 million tonnes during the corresponding period of the last year. World daily average alumina production in July 2023 also grew M-o-M by 0.95 per cent from 389,200 tonnes to 392,900 tonnes. But on an...
Press Metal reports a 6.2% drop in revenue caused by slower aluminium demand recovery
Press Metal Aluminium Holdings Bhd, the largest aluminium smelter in South East Asia, announced the second quarter results of 2023, reporting a 25 per cent year-on-year decline in net profit ended June 30. The company’s net profit for Q2 was recorded at RM305.79 million or 3.73 sen per share compared to RM409.17 million or 4.97 sen per share a year ago. Revenue for Q2 2023 slipped Y-o-Y by 6.2 per cent from RM4.0 billion to RM3.76 billion, attributing to the delay in global economic recovery causing weaker aluminium demand, analysed Press Metal Group CEO Tan Sri Paul Koon Poh Keong. Keong said in a statement on Tuesday, August 29, “The current weakness in aluminium price can be attributed to softened demand driven by market uncertainties, rather than aluminium supply propelled by smelter...
Droopy European aluminium foil deliveries in H1 2023 mirror narrow demand in the packaging sector
The European Aluminium Foil Association (EAFA) showed that aluminium foil deliveries experienced a demand drop of 9.4 per cent in the first six months of 2023, reaching 444,000 tonnes. The Association further reported that deliveries in the second quarter dropped by 15 per cent Y-o-Y amid weak demand resulting in destocking. Production of aluminium foil also dwindled Y-o-Y by 14.74 per cent from 249,400 tonnes to 212,300 tonnes, according to EAFA. Thinner gauges demand also fell 14 per cent Y-o-Y in the European market and almost 30 per cent outside Europe in the second quarter of 2023. Year-to-date, the demand was 10 per cent lower in Europe and 17 per cent elsewhere. Thinner gauges are mainly used for flexible packaging and housefold foil. High inflation and rising interest rates caused...
Alumina Limited posts a net loss (after tax) of US$43 million for H1 2023 owing to lower alumina output
Alumina Limited, an Australian holding company, declared its 2023 first half results ended June 30, 2023, reporting a net loss (after tax) of US$43 million, compared to a net profit after tax of US$168 million during the corresponding period of the last year. Alumina Limited holds 40 per cent share in Alcoa World Alumina & Chemicals (AWAC), a joint venture with Alcoa. Lower volume of bauxite and alumina output against increased production costs was the reason for the loss accrued by Alumina Limited. Alumina production at the end of June 30 stood at 5 million tonnes, down by 18.03 per cent from 6.1 million tonnes a year ago. Alumina realised price was $361 per tonne, while cash cost of production was $319 per tonne. Alumina Limited’s CEO, Mike Ferraro, rightly pointed out, “The alumina...
China’s export, import volume of primary aluminium reflect stupendous growth rate Y-o-Y
In July 2023, China's primary aluminium exports reached 22,700 tonnes, climbing 200 per cent year-on-year. But the country's total exports in the year's first seven months reflected a fall of 56 per cent to 80,300 tonnes. China's pre-baked anode exports dipped by 0.42 per cent M-o-M and dwindled by 21.63 per cent Y-o-Y to come in at 161,800 tonnes in July 2023. According to rough calculations, the average export unit price of pre-baked anode in July was $768.14 per tonne (approx.), down by 4.89 per cent M-o-M and 2-year low. The cumulative export volume of China's pre-baked anode during January-July 2023 was 2.0421 million tonnes – 14.81 per cent less than the corresponding period of the last year. China's aluminium sheets and strips exports reached 228,000 tonnes in July, marking a 2 per...
Iran’s alumina output reflects 2% Y-o-Y growth in the first 4 months of Iranian CY
According to data revealed by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), alumina powder production in Iran grew 2 per cent year-on-year during the first four months of the current Iranian calendar year (March 21 to July 22). Iran produced 82,548 tonnes of alumina powder in the said period versus 80,896 tonnes during the corresponding period of the last year. Compared to the final quarter’s alumina output of the previous Iranian year (1401) at 49,703 tonnes, Iran’s alumina production in the first four months of the present calendar year showed a recovery trend. In the last quarter of 1401, Iran’s alumina powder output stood at 49,703 tonnes. In the previous Iranian calendar year 1401 (ended on March 20), the country churned out 225,942 tonnes...
