Downstream weekly recap: Mahindra to launch Scorpio Classic with all-aluminium engine block sheds 55 kg; 100% renewable energy to power Hydro's aluminium extrusion facility in the US
This week the global aluminium downstream sector witnessed limited but significant events. To begin with, Mahindra Group announced the launch of its flagship Scorpio Classic featuring an all-aluminium engine block. With this, it can be highly touted that aluminium is definitely the metal of the future. Apart from this, Bharat Forge, an international maker of auto parts based in India, announced a consolidated net profit of INR 160.37 crore ($20.12 million) for Q1 FY23 on August 11, 2022. On the other hand, Hydro’s aluminium extrusion facility in Spanish Fork, Utah, became the first place in the country to run entirely on renewable energy. The City of Spanish Fork and the Utah Municipal Power Agency agreed on a long-term deal of eight years in July with the aluminium extrusion business to purchase locally generated electricity from two newly built photovoltaic solar systems.
_0_0.png)
Hydro's aluminium extrusion facility at Spanish Fork, Utah, became the first location in the United States to be powered by 100 per cent renewable energy. The aluminium extrusion facility entered into a long-term agreement of eight years in July with the City of Spanish Fork and the Utah Municipal Power Agency to purchase locally generated power from two recently finished photovoltaic solar systems.
To know more: https://www.alcircle.com/news/hydros-aluminium-extrusion-facility-in-the-us-to-be-powered-by-100-renewable-energy-83273
Mahindra Group, an Indian billion-dollar enterprise, is launching a new version of its flagship Scorpio Classic with an all-aluminium engine block that weighs 55 kg less than its predecessor. As a result of the weight shedding and other advancements, the Scorpio Classic now offers 14% better fuel efficiency than before.
To know more: https://www.alcircle.com/news/mahindra-to-launch-scorpio-classic-with-all-aluminium-engine-block-sheds-55-kg-83266
Post-pandemic, the use of aluminium honeycombs in the railway industry had increased significantly. To win back the passengers' trust, rail sector stakeholders have decided to improve the train's interiors by incorporating an aluminium honeycomb design from Corex Honeycomb.
To know more: https://www.alcircle.com/news/corex-aluminium-honeycomb-a-core-element-for-designing-the-train-interiors-83320
On 11th August 2022, during a regulatory filing, Bharat Forge, the Indian multinational auto component manufacturer, reported a consolidated net profit of INR 160.37 crore ($20.12 million) for Q1 FY23. However, the company posted a consolidated net profit of (INR 152.75 crore ($19.16 million) in the same quarter previous fiscal.
Texas Permanent School Fund lowered its ownership quota by 2.1 per cent in Kaiser Aluminium Co. during the primary quarter, as was reported by the company in its most currently filled 13F reports with the SEC. The major investor sold 241 shares during this entire period, owning 11,246 shares of Kaiser Aluminium.
To know more: https://www.alcircle.com/news/kaiser-aluminium-tracks-28-increased-revenue-as-industrial-investors-keep-shuffling-shares-83300
On Thursday, August 18, the aluminium billet inventories in China dropped by 5,200 tonnes W-o-W to settle at 116,300 tonnes, from 121,500 tonnes recorded last week. The inventory had increased in three major consumption areas and decreased in two regions. The billets inventory stopped rising and began declining this week.
To know more: https://www.alcircle.com/news/chinas-aluminium-billet-inventories-plummet-by-5-200-tonnes-w-o-w-to-116-300-tonnes-83311
The average operating rate of aluminium billet producers in China fell for the second consecutive month by 0.99 percentage point month-on-month, driven by the downfall in operations in east China, northwest China, and southwest China. According the Shanghai Metals Market data, China's domestic aluminium billets operating rate stood at 71.3 per cent in July 2022.
Vedanta Limited reduced its aluminium products and aluminium ingot prices for the second time in a row, with effect from Tuesday, August 16. The company slashed its aluminium wire rod price by INR 6,750 per tonne to sell the product at INR 227,500-235,000 per tonne.
Grow with
AL Circle
