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 domestic alumina spot price continues declining over the weekend to RM2853/t: SMM
The average alumina spot price in China has extended decline over the weekend, marking the fifth consecutive day of downfall since Tuesday, May 23. Shanghai Metals Market finds the alumina price starts the week with a fall of RMB 8 per tonne to stand at RMB 2,853 per tonne as of Monday, May 29. After an incessant decline almost throughout the week, China’s domestic alumina spot price stands 0.77 per cent lower W-o-W than RMB 2,875 per tonne. In Shandong, the average alumina spot price has dwindled by RMB 20 per tonne to settle at RMB 2,845 per tonne, followed by a decline of RMB 10 per tonne in Henan to RMB 2,920 per tonne and RMB 5 per tonne in Shanxi to RMB 2,850 per tonne, found SMM. Meanwhile, the Australian alumina FOB price has remained restrained at US$340 per tonne. A00 aluminium...
Hydro opens subscriptions for Alumetal share sales with effect from May 26
Hydro has announced that existing shareholders of Alumetal can now submit subscriptions for selling their shares in a tender offer relaunched by Hydro, a Norway-based global aluminium and energy group. Subscriptions submission is open till June 30, 2023. As per the report, Hydro is offering PLN 78.69 in cash for each share in Alumetal, which represents a premium of 15 per cent over the price offered in the initial tender in April 2022. Alumetal's existing shareholders will receive the full dividend from Hydro's record high net profit of 2022, i.e. a total of PLN 13.82 per share, of which PLN 3.30 per share has already been paid, and the remaining will be paid on July 27, 2023, after the completion of Hydro's acquisition of Alumetal . Considering this, the economic benefit given to...
Africa’s primary aluminium production drops by 2% in April’23 after improving in the previous month
The latest data from the International Aluminium Institute showed primary aluminium production in Africa recorded a fall of 3,000 tonnes or 2.29 per cent month-on-month during April 2023, coming in at 128,000 tonnes. In March 2023, Africa’s output stood at 131,000 tonnes , up by 8,000 tonnes or 6.50 per cent from 123,000 tonnes. On a year-on-year calculation, primary aluminium production in Africa during April 2023 also registered a drop of 3,000 tonnes, as the output last April also stood at 231,000 tonnes. From January to April 2023, primary aluminium output in Africa totalled 520,000 tonnes, down by 8,000 tonnes or 1.5 per cent from 528,000 tonnes during the corresponding period of the previous year. Africa’s average primary aluminium production on a daily basis was 4,300 tonnes during...
Reynaers UK gets a nomination for Aluminium Systems Company of the Year
Reynaers Aluminium UK, a leading developer and supplier of innovative, sustainable aluminium solutions provider for windows, doors and facades, has been chosen as a nominee by the National Fenestration Awards in the category: Aluminium Systems Company of the Year. Being nominated for this award represents the company's unwavering commitment towards product innovation, quality, and service to its growing customer base. Reynaers owns a dedicated product development team in the UK, which at the company's global headquarters in Belgium, constantly mastermind innovative product updates and develop new systems. Reynaers offers windows, doors and facades with thermal efficiency ratings as low as 0.8W/mK² without compromising on slim sightlines. In the National Fenestration Awards, Reynaers is...
NALCO’s net profit records a 93% surge Q-o-Q to INR 495 crore during the March quarter
National Aluminium Company Limited, an integrated aluminium company under the Ministry of Mines, has announced its financial results for FY2022-23. The company posted a net profit of INR 495 crore for the March quarter compared to INR 256.32 crore in the December quarter. That reflected an increase of 93.12 per cent, sequentially. However, NALCO’s net profit in the entire financial year 2022-23 plummeted by 51.39 per cent from INR 2,951.41 crore to INR 1,434.66 crore. NALCO reported that its revenue during the March quarter (Q4) came in at INR 3,726.76 crore, registering an increase of 10.99 per cent from INR 3,357.71 crore in Q3 FY2023. In the entire year, the company yielded revenue of INR 14,490.49 crore, flat compared to INR 14,478.67 crore during the financial year ended March 31,...
Top 5 countries driving the growth of the United States’ aluminium scrap exports
The growing demand for recycled aluminium for making beverage cans and other packaging to achieve sustainability has led to a significant rise in the United States aluminium scrap exports to different parts of the world. According to the last data revealed by US Census Bureau, the United States’ aluminium scrap exports in February 2023 recorded a year-on-year surge of 358 per cent from 34,700 tonnes to 159,000 tonnes, thanks to the countries like Malaysia, India, South Korea, and Thailand that dramatically increased their scrap imports from the US. In February 2023, Malaysia, India, South Korea, Thailand, and China were the top five importers of aluminium scrap from the United States, in the particular order. Malaysia, in the said month, imported 31,000 tonnes of scrap from the US...
Hindalco posts all-time high revenue at INR 2,232 billion for FY2023, but net profit shrinks 26%
Hindalco Industries Limited, one of India's biggest aluminium manufacturing companies belonging to the Aditya Birla Group, announced its fourth quarter and full-year results for the financial year 2022-23 ended March 31. The report indicated a 37.4 per cent year-on-year plunge in net profit to INR 24.11 billion for Q4 compared to INR 38.51 billion a year ago. However, on a quarter-on-quarter calculation, the profit recorded a hike of 77 per cent from INR 13.62 billion. The annual net profit of the company also registered a downfall from INR 137.30 billion in FY2022 to INR 100.97 billion in FY2023 despite a 14 per cent increase in consolidated revenue from INR 1,950.6 billion to INR 2,232 billion, emerging as an all-time high. The year-on-year drop in net profit in Q4 and full-year could...
Hind Aluminium posts further Y-o-Y fall in net sales at INR 0.33 crore for 4QFY2023
Hind Aluminium Industries Limited has reportedly announced its fourth quarter FY2022-23 results ended March 31, whereby it stated a sequential growth in net sales from INR 0.25 crore to INR 0.33 crore. But on a year-on-year calculation, the sales fell sharply by 73.17 per cent from INR 1.23 crore. Thus, at the end of the financial year 2023, Hind Aluminium's net sales totalled INR 2.38 crore. The company's net loss was recorded at INR 10.65 crore in the year's final quarter, compared to INR 2.05 crore during the same period last year. EBITDA stood negative at INR 12.91 crore during the March quarter versus INR 0.62 crore a year ago. Hind Aluminium shares closed at 38.31 on Monday, May 22 (BSE), delivering -1.26 per cent returns over the past six months and -0.69 per cent over the last...
World primary aluminium production dips 3% M-o-M in April'23, with muted daily output
According to the International Aluminium Institute, world primary aluminium production amounted to 5.628 million tonnes in April 2023, reflecting a fall of 3.18 per cent month-on-month from 5.813 million tonnes. The output in March recorded an increase of 10.03 per cent month-on-month from 5.283 million tonnes. On a year-on-year comparison, world primary aluminium production in April grew marginally by 0.34 per cent from 5.609 million tonnes. In the first four months of 2023, world primary aluminium production totalled 22.582 million tonnes, up by 1.77 per cent from 22.136 million tonnes during the same period last year. World’s average daily primary aluminium production was 187,600 tonnes in April’23 compared to 187,500 tonnes a month ago and 187,000 tonnes a year earlier. In China,...
LME aluminium price shrinks by US$60/t amid stock gain; SHFE price declines to US$2549/t
Three-month LME aluminium opened at $2,266 per tonne on Tuesday, with its low and high at US$2,216per tonne and US$2,270 per tonne, respectively, before closing at US$2,220 per tonne, a drop of US$43.50 per tonne or 1.92 per cent. On Tuesday, May 23, the LME aluminium cash bid price extended its fall by US$59.50 per tonne to close at US$2,201.50 per tonne, while the LME aluminium official settlement price decreased further by US$60 per tonne to US$2,202 per tonne. On the same day, the 3-month bid price and 3-month offer price settled at US$2,225 per tonne and US$2,227 per tonne, down by US$35 per tonne from US$2,260 per tonne and US$2,262 per tonne on May 22 , respectively. December 24 bid price and December 24 offer price slipped US$20 per tonne to peg at US$2.398 per tonne and US$2,403...
Magna International with PNNL develops greener manufacturing process for aluminium auto parts
Magna International Inc., a Canadian automotive parts manufacturer, and the Department of Energy’s Pacific Northwest National Laboratory (PNNL) have reportedly developed a manufacturing process that can reduce aluminium auto parts suppliers’ reliance on new aluminium. The new process, Shear Assisted Processing and Extrusion, enables manufacturers of aluminium parts to turn aluminium scrap and leftover trimmings into products suitable to automotive standards. Typically, in this process, recycled aluminium is added to newly mined aluminium to manufacture higher-quality auto parts. This is how the use of primary aluminium is reduced in the new process, helping companies cut carbon emissions by as much as 90 per cent. When asked what led to this invention, Aldo Van Gelder, general manager of...
Kaiser Aluminum Corp enters into a new 4-year labour agreement with United Steelworkers
Kaiser Aluminum Corporation, a leading producer of semi-fabricated speciality aluminium products, announced that United Steelworkers (USW) Local 104 accepted a new four-year labour agreement to work at Kaiser’s Warrick rolling mill in Indiana, formerly owned by Alcoa. Kaiser’s Warrick rolling mill is a melt shop for used beverage cans. Kaiser said the agreement with United Steelworkers took effect from May 15, 2023, and would be in place till May 15, 2027. “We are very pleased to have reached a mutually beneficial agreement to position our company and USW employees at Warrick for sustainable success. Consistent with our expectations when we acquired Warrick on March 31, 2021, we believe the contributions from our Warrick employees will be instrumental in the achievement of our longer-term...
China’s aluminium semis operating rates tumbled in April despite the peak season
According to the Shanghai Metals Market data, the average operating rate of China’s aluminium plate/sheet, strip and foil producers fell in April by 1.68 percentage points month-on-month to stand at 67.69 per cent. Large, medium, and small enterprises' operating rates were 72.88 per cent, 39.53 per cent, and 36.53 per cent, respectively. SMM showed the operating rate of aluminium plate/sheet and strip companies were 65.83 per cent, down 1.90 percentage points M-o-M and 10.87 percentage points Y-o-Y, while the operating rate of foil producers was 74.61 per cent. Although April was a peak season, many aluminium plate/sheet and strip-producing companies reported lower orders compared to March. Most of the companies’ new and backlog orders decreased significantly, resulting in diminished...
Manaksia Aluminium Company Limited posts a 9% Y-o-Y growth for Q4 FY2023 revenue
Manaksia Aluminium Company Limited, aluminium profiled rolling sheet producer, has announced its standalone financial results for the fourth quarter and full year of 2023, reporting a 4.73 per cent quarter-on-quarter growth in total income to INR 110.7086 crore. In the third quarter, the company yielded total revenue of INR 105.7123 crore. However, on a year-on-year calculation, the Q4 revenue recorded a decline of 8.83 per cent from INR 121.4274 crore. The company’s net profit at the end of the fourth quarter stood at INR 3.4623 crore, registering a jump of 174.24 per cent from INR 1.2625 crore at the end of the third quarter (December 31). Compared to a year ago, Manaksia Aluminium’s net profit reflected a surge of 93.21 per cent from INR 1.7920 crore. Manaksia has also posted that its...
UK plans to forbid aluminium and other commodities from Russia
A recent report states Britain will ban aluminium imports from Russia, among other commodities like diamond, copper and nickel. The news came on Friday, May 19, after Britain announced its plans targeting companies allegedly stealing Ukrainian grain. British Prime Minister Rishi Sunak said, “We will legislate later this year to ban imports of Russian diamonds, and end all imports of Russian-origin copper, aluminium and nickel.” But the ban is expected to have a mild impact as Russian exports of aluminium and other materials to the United Kingdom have already dropped since the tariffs came into effect. Alongside, the United States, Britain and other groups of seven major economies will disclose their sanctions and import control plans from Russia at the 49th G7 summit in Japan, from May...
New owners are working on incorporating Jamalco to raise funds
According to a recent report, new owners of Jamalaco refinery in Clarendon have initiated incorporating the alumina company before seeking financial funding from capital markets. According to Austin Mooney, Managing Director of Jamalco, incorporation would allow the joint venture firm to acquire financing from overseas. Mooney did not say the incorporation would definitively raise loans or debt, only that it would increase access to capital outside Jamaica. On Wednesday, May 17, Austin Mooney commented the legal formation of JV "is progressing very fast as it is a priority for both partners." He said after a reception in Clarendon thrown by Jamalco’s new owner – Century Aluminum Company, which acquired a 55 per cent share in the refinery. "We are a non-incorporated joint venture, so we...
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ASI offers Chain of Custody Standard V2 (2022) certification to Novelis’ rolling facility in Jiangsu
Aluminium Stewardship Initiative has reportedly certified Novelis Aluminium (Zhenjiang) Co., Ltd against Chain of Custody (CoC) Standard V2 (2022) Certification. Novelis has received recognition for its rolling facility in the Jingkou Industrial Zone, Jiangsu Province, China. Novelis Jiangsu facility receives ASI certification for the second time. In August 2022, it received ASI Performance Standard V2 Certification. The facility produces high-strength structural plate products for aerospace and commercial plate applications. The ASI CoC Standard V2 sets out requirements for the creation of a Chain of Custody for material that is produced and processed through the value chain into diverse downstream sectors. On receiving the new certification, Sachin Satpute, Executive Vice President and...
China increases its aluminium import volume by 27.1% in April’23 on higher use for EVs
According to the China customs data on May 18, China's aluminium imports, including unwrought aluminium and products, recorded a rise of 27.1 per cent year-on-year during April 2023, reaching 222,851 tonnes. A year ago, the import volume stood at 175,289 tonnes. On a month-on-month calculation, China's imports grew 11.14 per cent from 200,508 tonnes, found the customs data. In the first four months of 2023, China imported 797,602 tonnes of aluminium, up 12.6 per cent year-on-year. The consumption of aluminium for electric passenger vehicles increased in April, with a 54 per cent year-on-year jump in sales, while domestic output grew marginally by 0.8 per cent from a year earlier; hence, was the need for higher aluminium imports. The negligible rise in China's domestic aluminium production...
