Primary aluminium recap: Hydro posts 4.11% revenue growth for Q1 while Alba’s revenue falls by 19%

Norsk Hydro reported first-quarter results for 2023, which ended March 31, indicating a 4.11 per cent year-on-year increase in revenue from NOK 46,616 million to NOK 48,534 million, driven by a steady LME aluminium pricing that began the quarter at US$2,378 per tonne and concluded at US$2,413 per tonne. Egypt Aluminium Company (Egyptalum) declared a net profit (after tax) of EGP 3.916 billion from July 2022-March 2023 on Wednesday, May 3. Surprisingly, the company's net profit exceeded its yearly goal of 3.02 billion in only nine months, representing a year-on-year increase of 131.94% from EGP 1.688 billion. Aluminium Bahrain B.S.C. (Alba), the world's biggest aluminium smelter outside of China, reportedly earned US$126.2 million (BD47.5 million) in the first quarter of 2023, which ended March 31. Alba also reported a 19 per cent drop in revenue from contracts with customers, standing at US$984 million (BD370) million in Q1 2023 versus US$1,210 million (BD455 million) a year ago.

Norsk Hydro announced the first quarter results of 2023 ended March 31, revealing a 4.11 per cent year-on-year rise in revenue from NOK 46,616 million to NOK 48,534 million, driven by the stable LME aluminium price starting the quarter at US$2,378 per tonne and ending at US$2,413 per tonne.

To know more: https://www.alcircle.com/news/hydros-adjusted-ebitda-slumps-33-in-1qcy2023-due-to-sluggish-aluminium-demand-93789

On Wednesday, May 3, Egypt Aluminum Company (Egyptalum) announced that it booked a net profit (after tax) of EGP 3.916 billion during July 2022-March 2023 period. Interestingly, the company's net profit surpassed its annual target of 3.02 billion in just nine months, marking a surge of 131.94 per cent year-on-year from EGP 1.688 billion.

To know more: https://www.alcircle.com/news/egyptalums-nine-month-net-profit-soars-132-y-o-y-and-exceeds-the-fy2023-target-93784

Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter ex-China, reportedly booked a profit of US$126.2 million (BD47.5 million) for the first quarter of 2023 ended March 31. The profit dwindled by 68 per cent year-on-year from US$390.4 million (BD146.8 million).

To know more: https://www.alcircle.com/news/alba-reports-a-19-revenue-fall-for-1qcy2023-value-added-product-sales-register-no-growth-93796

The Volta Aluminium Company Limited (VALCO) announced that it might conclude all conversations with a strategic investor before the end of the last quarter of 2023. The state-owned company was given permission by the Cabinet and its parent company, the Ghana Integrated Aluminium Development Corporation (GIADEC), to seek private capital to improve its operations.

To know more: https://www.alcircle.com/news/valco-gets-ready-to-make-strategic-partnership-before-end-of-2023-93768
 

A preliminary agreement between the European Parliament and Council on a Carbon Border Adjustment Mechanism (CBAM) to combat carbon leakage would have implications for the aluminium trade. The provisional agreement of a transitional phase might be in place by October, but it still needs to be confirmed and approved by EU member states and the European Parliament.

To know more: https://www.alcircle.com/news/cbam-implication-may-cause-ripple-effect-in-the-aluminium-trade-93782

The three major Indian aluminium producers – Hindalco, Vedanta, and NALCO cut their aluminium prices last week in line with the LME aluminium price fall by US$46.50 per tonne over the week from US$2,388.50 per tonne on April 21 to US$2,342 per tonne on April 28.

To know more: https://www.alcircle.com/news/indian-aluminium-producers-reduced-their-products-prices-last-week-in-line-with-the-downward-lme-price-93771

Following the purchase of an equity stake in Alunorte, the next step for Glencore would be to expand its operations in the aluminium sector. The argument is stronger considering that Glencore's almost seven-million-tonne aluminium supply agreement with Russian manufacturer Rusal, under its parent EN+ Group, expires in 2024.

To know more: https://www.alcircle.com/news/glencore-to-fortify-its-aluminium-industrial-activities-following-acquisition-of-stakes-in-alunorte-93770

Shandong Nanshan Aluminium, a China-based aluminium product manufacturer and distributor, is planning to build an electrolytic aluminium factory at its production base in the Galang Batang Special Economic Zone, Indonesia, with an investment of $878 million (RMB 6.07 billion).

To know more: https://www.alcircle.com/news/shandong-nanshan-aluminium-to-build-a-new-electrolytic-aluminium-plant-in-indonesia-93785

There has been a great scientific discovery that might help future quantum physicians to develop feasible technologies, and the most important part is aluminium plays a significant role in that.

To know more: https://www.alcircle.com/news/scientists-discover-strange-metal-containing-aluminium-crucial-for-quantum-leap-93761

Bharat Aluminium Company Limited (BALCO), one of India’s most significant aluminium producers and a division of Vedanta Aluminium, has circulated a state-of-the-art technology known as T-Pulse Health, Safety, Security and Environment (HSSE) Monitoring System, which uses Artificial Intelligence (AI) to monitor workplace behaviour and warns against unprecedented on-site accidents.

To know more: https://www.alcircle.com/news/balco-initiates-ai-based-monitoring-for-enhanced-workplace-safety-93790

LME aluminium opened at US$2,320 per tonne on Thursday, with its high and low at US$2,334.5 per tonne and US$2,284 per tonne, respectively, before closing at US$2,295.5 per tonne, a drop of US$25.5 per tonne or 1.1 per cent.

To know more: https://www.alcircle.com/news/lme-aluminium-benchmark-price-continues-with-may-downward-trend-at-us2297-t-shfe-aluminium-price-drops-us26-t-93792

On Friday, May 5, A00 aluminium ingot price in China slumped by RMB 150 per tonne to settle at RMB 18,360 per tonne, with the average prices standing between RMB 18,340 per tonne and RMB 18,380 per tonne.

To know more: https://www.alcircle.com/press-release/chinas-a00-aluminium-ingot-price-records-a-fall-of-rmb150-t-low-carbon-aluminium-price-drops-to-rmb19-037-t-93791

According to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) data, Iran’s aluminium ingot production during the calendar year 1401 (ended March 20, 2023) stood at 632,166 tonnes.

To know more: https://www.alcircle.com/news/irans-aluminium-ingot-output-in-fy2022-23-grows-17-y-o-y-with-salco-emerging-as-the-higher-producer-93756

In the 17th week of 2023, non-ferrous metals prices on the London Metal Exchange (LME) stayed negative. However, despite modest transactions, the market started to decline. All major non-ferrous metal stocks at LME-registered warehouses decreased by up to 2.9 per cent week over week. 

To know more: https://www.alcircle.com/news/non-ferrous-metal-prices-entered-the-negative-territory-in-week-17-93751

Domestic pricing of aluminium alloy ingot ADC12 in India fell by INR 1,000 per tonne W-o-W to INR 200,000 per tonne. Although the present demand and supply situation seems modest, selling pressure in the local markets influences prices. Factors like higher import costs and limited transactions are causing prices to increase.

To know more: https://www.alcircle.com/news/slow-trading-pushes-down-aluminium-alloy-ingot-adc12-price-by-inr-1000-t-in-india-93788