The primary aluminium industry had witnessed a plunge in LME aluminium price by US$127.5 per tonne to close at US$2,911.50 per tonne on Tuesday, May 3, which increased by 0.60 percent or US$17.50 per tonne to settle at US$2,929 per tonne on Wednesday, May 4. The official settlement price for Thursday, May 5 had declined by 0.41 percent or US$12 per tonne to halt at US$2,917 per tonne. Apart from this, the price of A00 aluminium ingot had decreased from RMB 20,720 per tonne to RMB 20,300 per tonne. Hydro's adjusted EBITDA increased from NOK 9,011 million in Q4 to NOK 11,165 million in the first quarter of 2022, according to reports. Rio Tinto, an Anglo-Australian mining and metals conglomerate, indicated on May 5, 2022 that any sanctions imposed on Russian aluminium producer Rusal in reaction to the Ukraine-Russia crisis will disrupt the aluminium market and lead to a spike in the price of silver.
Mining major Vedanta is taking multiple steps this year to upgrade its margins, from increasing its portfolio of value-added products to sourcing raw materials from captive mines. During its recently completed fiscal year, the company had an EBITDA margin of almost 35%.
In a mutual decision, two senior executives at United Company Rusal International PJSC decided to acquire the U.S. facility of the Russian aluminium giant. Presently known as Rusal America, the unit will be renamed PerenniAL. Previous chief executive officer and president of Rusal America, Brian Hesse and once a senior vice president at the company, Andrey Donets are going to preside as the owners of Rusal America, as was confirmed by the former in an email.
On Monday, May 2, Vedanta declared that it will outsource 380 MW of green power for an elongated period of time to feed its smelters. When active, this project will minimize the enterprises’ greenhouse emissions by 15, 00,000 tonnes of CO2 equivalent per year.
To know more: https://www.alcircle.com/news/vedanta-aluminium-will-source-380-mw-of-green-power-from-sptpl-to-run-smelters-79324
On Monday, May 2, a major fire had broken out at an aluminium production factory in Kampung Baru Balakong, Seri Kembangan in Malaysia. The reason behind the fire is still unknown, and no death or injuries were reported.
To know more: https://www.alcircle.com/news/major-fire-breaks-out-at-an-aluminium-factory-in-seri-kembangan-no-casualties-reported-79326
Norsk Hydro, a Norwegian aluminium producer, posted record quarterly earnings for Q1 on Tuesday, April 3. As per the reports, Hydro's adjusted EBITDA grew from NOK 9,011 million in Q4 to NOK 11,165 million in the first quarter of 2022. Higher all-in metal and alumina pricing, stronger extrusion margins and volumes, and improved energy performance all helped to boost adjusted EBITDA.
According to a report last week, the ASI Board has revised its Performance and Chain of Custody Standards, supporting Guidance, Assurance Manual, Claims Guide and Glossary as By-Laws. This new version, to be formally launched around 19th May, is the outcome of a first major standard revision process since the launch of the ASI programme in 2017.
To know more: https://www.alcircle.com/news/asi-board-to-formally-launch-new-standards-of-certifications-around-may-19-2022-79330
CH Evensen Industriovner (C.H. Evensen) a subsidiary of Vow ASA (Vow) has successfully signed a €1.3 million agreement to drop-ship a preheating furnace for an aluminium manufacturer, which the company is yet to disclose the name.
To know more: https://www.alcircle.com/news/ch-evensen-cuts-a-1-3-million-deal-to-deliver-preheating-furnace-for-an-aluminium-producer-79333
On 5th May 2022, the Anglo-Australian mining and metal giant, Rio Tinto stated that any sanctions on the Russian aluminium producer Rusal in response to the Ukraine-Russia conflict will disrupt the aluminium market and precipitate an increase in the silver metal's price.
To know more: https://www.alcircle.com/news/rusal-sanctions-would-unsettle-aluminium-market-rio-tinto-acknowledges-79350
Shri Dharmendra Pradhan, India's Union Minister in conversation with Cabinet colleague and Coal Minister Pralhad Joshi, on Thursday, May 5, requested the centres' involvement in the transfer of aluminium through trucks in Angul and Kulad. He made Joshi familiar with the problems faced by the truckers' association in the two areas and also discussed the expansion of the Nalco’s aluminium smelting plant at Angul.
To know more: https://www.alcircle.com/news/dharmendra-pradhan-in-talks-with-prahlad-joshi-for-transfer-of-aluminium-over-trucks-79366
On May 5, 2022, social inventories of primary aluminium in China gained 46,000 tonnes week-on-week, marking a rise after three consecutive weeks of fall. According to the Shanghai Metals Market data, the inventories totalled 1.03 million tonnes this week across eight major Chinese consumption areas, including SHFE warrants, albeit down by 82,000 tonnes a year ago.
As per Shanghai Metals Market (SMM), China’s A00 aluminium ingot price has declined by RMB 420 per tonne to score at RMB 20,300 per tonne. The average price for the same is expected to range between RMB 20,280 per tonne and RMB 20,320 per tonne, with spot contract to be traded at a discount price of RMB -60 to RMB -20 per tonne.
National Aluminium Company Limited further reduced its aluminium ingot and aluminium products prices just after two days from the last cut. With effect from May 1, 2022, NALCO slashed its aluminium ingot price by INR 5,800 per tonne compared to the cut of INR 10,000 per tonne on April 28. Since, the latest cut, the company’s ingot price is ranging between INR 266850-270,350 per tonne versus INR 272,650 – 276,150 per tonne.
To know more: https://www.alcircle.com/news/nalco-reduces-its-aluminium-ingot-price-by-inr5800-t-with-effect-from-may-5-79352
Aluminium smelters' raw material costs were mostly steady last week. The removal of import levies and diminishing local demand drove down thermal coal prices. As of Friday, April 29, the complete cost of smelting dropped by RMB 35 per tonne from a week before to stop at RMB 18,220 per tonne, while profits had plunged by RMB 954 per tonne to RMB 2,590 per tonne.
To know more: https://www.alcircle.com/news/profits-at-aluminium-smelters-dwindle-by-rmb954-t-to-rmb2590-t-79348
On Tuesday, May 3, a stock rating agency upgraded Aluminum Corporation of China Limited, also known as Chalco, from a “buy” rating to a “strong-buy” rating. Earlier, on January 13, the Goldman Sachs Group had rated the stocks of Aluminum Corp. of China “sell” instead of “buy”, while on March 23, HSBC had upgraded the shares rating from a “reduce” to “hold”.
To know more: https://www.alcircle.com/news/aluminum-co-of-chinas-stocks-ratings-upgraded-from-buy-to-strong-buy-79332
One of the leading commodity exchanges in Asia, IHOFX announced on 29th April 2022, that the new Aluminium Premium Duty-Unpaid (Metal Bulletin) futures contracts were being traded in larger volumes this month. IHOFX or Incheon Option and Futures Exchange had successfully anchored into a path-changing technology for industries and with a developed infrastructure can provide the consumers with price-time allocation and a maker-taker pricing model.
To know more: https://www.alcircle.com/news/aluminum-premium-futures-now-available-for-trading-on-ihofx-79319
One of the fastest-growing mining companies in the world, the Saudi Arabian Mining Company (Ma’aden) has booked a net profit of SR2.9 billion ($772.2 million) for Q1 2022, reflecting a growth of 246% in comparison to the same phase previous, a benchmark of its own created.
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