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THINK ALUMINIUM THINK AL CIRCLE
As forecasted by several research-based organisations prior to the onset of 2024, the projections regarding the demand and pricing of aluminium align with reality. Despite the passage of the first two months of the year, indications of improvement remain minimal. According to the latest industry-focused report from AL Circle, titled "Global Aluminium Industry Outlook 2024," findings resonate with those of Antaike. This Chinese state-backed research firm suggests a sluggish growth trajectory for China's aluminium consumption this year. Additionally, the research arm of Kenanga Investment Bank in Malaysia has reported expectations of sustained pressure on aluminium prices throughout 2024. Various factors, including the challenging conditions in the Chinese building and construction sector and economic deceleration in both Western and Asian economic powerhouses, influence this outlook. Take a closer look at the significant developments within the global aluminium sector throughout February 2024:
Rio Tinto, the world's second-largest metals and mining corporation, has recently inked the biggest renewable power purchase agreement (PPA) ever recorded in Australia. The main aim of this PPA is to supply its Gladstone operations in Queensland with electricity sourced from Windlab's upcoming 1.4GW Bungaban wind energy venture. This agreement, following closely on the heels of last month's PPA announcement for the Upper Calliope solar farm in Queensland, signifies Rio Tinto's position as Australia's foremost industrial purchaser of renewable energy. It marks another significant stride in the company's efforts to repower its Gladstone production assets towards renewable sources, including the Boyne aluminium smelter, Yarwun alumina refinery, and Queensland Alumina refinery.
To know more: https://www.alcircle.com/news/renewable-revolution-rio-tinto-inks-new-ppa-for-its-gladstone-aluminium-operations-107979
On February 26, 2024, workers in Guinea initiated a nationwide strike, causing closures of businesses and significant disruptions in the mining sector. Commencing an indefinite general strike marks a crucial challenge for the junta, which took control in 2021, instituting a ban on protests and stifling dissenting voices. The strike ensued a week following the abrupt dissolution of the transitional government, which had been in power since July 2022, by the military junta without explanation.
However, the strike has been suspended by the country's trade unions, according to a statement released on February 28. The Guinean Trade Union Movement, representing various workers' unions, announced the suspension in light of the release of Sekou Jamal Pendessa, a detained union leader and a crucial demand of the unions.
To know more: https://www.alcircle.com/news/guinea-s-trade-unions-hit-pause-on-strike-negotiations-in-focus-109059
Alcoa announced a new agreement with Alumina Limited regarding acquiring Alumina Limited, pending the finalization of a scheme implementation agreement. The companies have signed an exclusivity and transaction process deed with Alumina Limited's Board of Directors indicating its intent to recommend the transaction to shareholders. The Board of Directors of Alumina Limited plans to recommend the Agreed Ratio to its shareholders, provided there is no superior proposal and subject to an independent expert's ongoing assessment that the transaction serves the best interests of Alumina Limited shareholders.
The bauxite mining subsidiary of Emirates Global Aluminium, Guinea Alumina Corporation (GAC), intends to set up an alumina refinery in Guinea with an annual capacity of 1 million tonnes. EGA is the world's largest 'premium aluminium' producer. GAC is jointly owned by Mubadala Development Company and the Investment Corporation of Dubai (ICD), with equal ownership stakes.
To know more: https://www.alcircle.com/news/middle-east-aluminium-giant-s-subsidiary-to-construct-alumina-refinery-in-guinea-107933
Norsk Hydro, Europe's largest aluminium producer, reveals a significant downturn in the construction sector in some of the continent's major countries. Pål Kildemo, the CFO of Norsk Hydro, points to a 50% decline in building and construction demand year-over-year in specific regions, reminiscent of the challenges faced during the pandemic. Kildemo singles out Germany, the world's worst-performing major economy the previous year, citing high energy costs as a factor impacting construction. The loss of Russian gas after the Ukraine invasion has added strain to Germany's export-oriented economy, raising concerns about deindustrialisation.
To know more: https://www.alcircle.com/news/norsk-hydro-rings-the-warning-bell-for-european-aluminium-amidst-construction-slump-107965
Egypt has greenlit substantial investments of nearly 2.9 billion Egyptian pounds ($94 million) in new metal industrial projects for the fiscal year 2023-2024. The initiative, spearheaded by the state-owned Metallurgical Industries Holding Company, aims to finance novel projects and augment production lines across affiliated entities. Egyptalum, the foremost aluminium producer in Egypt, stands at the forefront of this burgeoning development. Bolstering its commitment, the Metallurgical Industries Holding Company has allocated approximately $1 billion to amplify Egyptalum's aluminium production by an impressive 300,000 tonnes annually.
Two prominent East Asian nations, the world's top economies, are leading in the steel industry. Now, from the cross border, two steel giants are poised to make significant investments in the aluminium sector. Kobe Steel, the third-largest steelmaker in Japan, and China Baowu Steel Group, a global leader in steel production, are joining hands to establish a pioneering joint venture. This partnership aims to capitalise on the booming demand for electric vehicles (EVs) in China by introducing cutting-edge lightweight aluminium panels. This strategic collaboration highlights the evolving trade dynamics between Japan and China and addresses international considerations and environmental imperatives, marking a significant advancement in the market.
To know more: https://www.alcircle.com/news/japan-china-steel-giants-team-up-for-automotive-aluminium-venture-109030
Aluminium, often hailed as the unsung hero of modern materials, holds a pivotal role in shaping our world sustainably. Its lightweight yet robust nature makes it indispensable across various industries, from aerospace to automotive, construction to electronics. Beyond its versatility, aluminium's environmental credentials truly shine. As the third most abundant element in the Earth's crust, its extraction and recycling processes offer a beacon of sustainability. With the ability to be recycled infinitely without losing quality, aluminium stands as a champion of circular economy principles, significantly reducing energy consumption and greenhouse gas emissions. This metal empowers innovation and progress and embodies a profound commitment to a greener, more responsible future.
To know more: https://www.alcircle.com/news/al-biz-reveals-the-top-5-aluminium-consumable-suppliers-of-the-week-108014
The founder of Gunna Drinks, known for their anti-plastic stance, has unveiled a bold new venture with the launch of Water Almighty, the UK's premier aluminium-bottled functional water. This initiative comes hot on the heels of the recent announcement of their state-of-the-art aluminium bottling facility, The Sustainable Bottling Co. With its aluminium-bottled, mineral-enriched waters, and this new venture aims not only to quench thirst but also to combat the plastic scourge that clutters our shelves and endangers our planet. As the first in the UK, Water Almighty stands tall as a beacon of sustainability, offering retailers and consumers a refreshing, carbon-neutral, and conscience-clearing choice.
The CEO of leading European aluminium roller and recycler Speira signed the Antwerp declaration for a European industrial deal on February 22, 2024. On February 20, 2024, about 70 European companies and organisations, predominantly from the energy-intensive industries, expressed their full support for a European Industrial Deal to complement the Green Deal and keep high-quality jobs for European workers.
Conclusion
As we move forward into the rest of the year, it will be crucial for industry stakeholders to stay abreast of these key highlights and navigate the landscape with agility and foresight. With sustainability, innovation, and collaboration at the forefront, the aluminium industry is poised for further growth and transformation in the months ahead.
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