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THINK ALUMINIUM THINK AL CIRCLE
The global aluminium industry witnessed a volatile month, May 2023, regarding the metal's price. Although there were some price moments, the range remained between USD$100-USD$150. We all know that the global manufacturing sector is in the mode of reducing carbon footprints, so everybody's focus is on sustainability. Auto giants like Mercedes Benz have tied up with Hydro for low carbon aluminium supply, while the Russian aluminium producer Rusal has approved its 2035 Sustainable Development Strategy. On the other part of the world, in the continent where bauxite availability is abundant, Africa, a country named Ghana, for whom the IMF has raised concerns that the West African nation may fail to pay its Chinese debt, making the world's second-largest economy gain access to the country's commodity revenues. Below we have listed the major happenings in the global aluminium industry:
Mercedes-Benz recently shared the outcomes of their low-carbon technology roadmap, which was developed in partnership with aluminium producer Hydro. They successfully tested low-carbon aluminium that contains at least 25% post-consumer scrap and is now incorporating this more sustainable material into their structural cast components for production this year. The tested aluminium has a carbon footprint of only 2.8 kg CO2 per kg of aluminium.
To know more: https://www.alcircle.com/news/hydro-and-mercedes-benz-test-first-low-carbon-aluminium-car-parts-with-70-less-co2-93837
The Russian aluminium giant and one of the world's leading producers of low-carbon aluminium Rusal's Board has approved the 2035 Sustainable Development Strategy. The strategy states the audacious objective of making sustainability accessible to all stakeholders in the aluminium supply chain. The company wants to develop a new class of non-ferrous metals assets that are future-proof by meeting the demands of the circular economy and the low-carbon transition (ready to achieve carbon neutrality by 2050 and reasonably well balanced between primary and secondary material resources) based on an adaptive, equitable, secure, and inclusive value chain, and cutting-edge technological solutions.
To know more: https://www.alcircle.com/news/it-s-official-rusal-approves-the-sustainability-strategy-for-2035-94887
The International Monetary Fund (IMF) has raised concern about the Chinese government potentially gaining access to Ghana's mineral, majorly bauxite and electricity revenues, citing Ghana's failure to meet loan terms. IMF officials stated that Ghana might need help to repay four loans it bagged from China and had secured with the sale of its energy and mineral resources. Over the last ten years, Ghana has received at least eight loans from China, with diverse natural resources used as security to reduce the risk of default. The collateralized loans constituted $619 million of the $1.9 billion in loan agreements between Ghana and China as of the end of 2022.
To know more: https://www.alcircle.com/news/loan-default-china-may-seize-ghana-s-bauxite-electricity-and-other-revenue-sources-94995
The Odisha government approved 11 projects worth INR 2,841 crore in investment, expected to provide employment opportunities to around 3,721 people. The approval was granted at the State Level Single Window Clearance Authority (SLSWCA) on April 8.
To know more: https://www.alcircle.com/news/odisha-government-approves-utkal-alumina-expansion-proposal-at-the-slswca-meeting-94855
Aluminij, the Bosnia-based aluminium producer, has signed a deal with Glencore and Duferco to produce 100 per cent green products. Under the agreement with Glencore, a 60-megawatt (MW) solar power plant and an aluminium recycling facility will be built. As per the reports, the total deal is valued at 250 million Bosnian marka ($141.2 million). However, Glencore is leaving no stone unturned to expand its presence in the aluminium industry and promote the importance of decarbonisation of the environment.
Storvik Group has been given many significant and central contracts by Alcoa Mosjen, the American aluminium giant Alcoa's subsidiary. The contracts are in connection with previously announced investments targeted at increasing production capacity at the Mosjen smelter. Storvik believes the contract value is significant.
To know more: https://www.alcircle.com/press-release/storvik-wins-mosjoen-aluminium-smelter-capacity-expansion-contract-from-alcoa-94868
It has been reported that Press Metal Aluminium Holdings Bhd is about to expand its extrusion capacity in its Klang plant at Selangor to suffice the rising demand for solar panels. The firm's chief executive officer assured that Press Metal was hoping for an additional 30,000 tonnes per year capacity increase since this new expansion will only focus on the manufacturing of solar frames. The group has projected that the newly enhanced aluminium extrusion plant will be fully optimised by the second half of 2023.
To know more: https://www.alcircle.com/news/press-metal-plans-expanding-aluminium-extrusion-capacity-to-meet-rising-demand-for-solar-93783
Novelis, the world’s leading flat-rolled aluminium producer and aluminium recycler, announced its fourth quarter and full-year results for FY2022-23 ended March 31. The company noted that its net income attributable to common shareholders in Q4 FY2023 was $156 million, down by 27 per cent from $215 million a year ago. In the full fiscal year, the income amounted to $658 million, reflecting a Y-o-Y plunge of 31 per cent from $954 million.
According to a recent study commissioned by European Aluminium, the voice of the aluminium industry in Europe and completed by Ducker Carlisle, a global consulting and M&A advisory company with an unrivalled continuum of insights, benchmarking, and strategy solutions has found that the average quantity of aluminium used in European cars rose by 18 per cent from 174 kg in 2019 to 205 kg in 2022. The report predicts that this trend will continue, with the average amount of aluminium in a car rising from 205 kg in 2022 to 237 kg by 2026 (+15.6 per cent) and 256 kg by 2030 (+24.9 per cent).
To know more: https://www.alcircle.com/news/aluminium-usage-in-cars-spikes-as-electrification-takes-off-in-the-automotive-sector-93763
The US-based, highly efficient aluminium recycler Spectro Alloys Corp. has reportedly proposed to expand its capacity by building a new 90,000-square-foot facility on a 42-acre site along Highway 55. The project needs an investment of $76.8 million, for which the company is looking for state assistance, as revealed in a report. According to a notice from the Minnesota Department of Employment and Economic Development, Spectro is requesting a $400,000 Minnesota Investment Fund loan for the project.
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