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THINK ALUMINIUM THINK AL CIRCLE
This week, the global primary aluminium segment witnessed many important events. To begin with, on Wednesday, the LME aluminium benchmark price dropped to its lowest in 18 months since March 2021 as markets prepared for another significant increase in US interest rates that may stifle economic development. According to Ali Al-Baqali, the Chief Executive of Aluminium Bahrain, customers in Europe are cautious about placing orders for next year owing to recession-related fears, resulting in a fall in demand (Alba). Apart from this, on Tuesday, September 20, Rio Tinto announced that it will join the First Movers Coalition forum, a worldwide endeavour to aid in the commercialization of zero-carbon technology by channelling purchasing power and supply chains, together with more than 50 other firms. More than 200 business executives have joined the Mission Possible Partnership (MPP) to support initiatives to decarbonize some of the world's most challenging and carbon-intensive businesses. The number of companies supporting MPP's Sector Transition Strategies (STS), which include aviation, shipping, and trucking, has risen to over 200.
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Customers in Europe are hesitant to place orders for next year due to recession concerns, causing a decline in demand, as stated by Ali Al-Baqali, the Chief Executive of Aluminium Bahrain (Alba). Ali Al-Baqali commented on the sidelines of an aluminium conference in Barcelona, "The overall demand is lower... because people are hesitating to order."
To know more: https://www.alcircle.com/news/european-market-uncertain-about-ordering-aluminium-for-2023-ali-al-baqali-84602
On Tuesday, September 20, Rio Tinto announced that it would join the tribe of more than 50 companies to be a part of the First Movers Coalition forum, a global initiative to help commercialise zero-carbon technologies by channelising purchasing power and supply chains.
Around the world, the effects of digital transformation are notable and pervasive. Digitalization has substantially advanced through time and given rise to cutting-edge technologies like AI, robotics, IoT, and many more. Aluminium is one of the top worldwide sectors adopting these advanced digital technologies and transforming its companies into Smart Enterprises.
The Mission Possible Partnership (MPP) attracted more than 200 industry leaders to support efforts to decarbonize some of the world's most challenging and carbon-intensive industries. More than 60 companies endorsed new plans presented at New York Climate Week for producing near-zero emissions materials - aluminium, ammonia and steel, increasing the number of endorsements for MPP's Sector Transition Strategies (STS) that include aviation, shipping and trucking to over 200.
To know more: https://www.alcircle.com/news/mission-possible-partnership-decarbonization-strategies-hailed-by-global-industry-leaders-84655
According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a decrease of 9,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, September 22, the inventories totalled 666,000 tonnes, which in comparison with the month’s third Monday, September 19, shrunk by 19,000 tonnes.
To know more: https://www.alcircle.com/news/chinas-primary-aluminium-ingot-inventory-slumps-9-000-tonnes-w-o-w-on-september-22-84670
LME aluminium cash bid price increased by US$6 per tonne or 0.27 per cent to settle at US$2,195 per tonne, and LME aluminium official settlement price has risen by US$4.50 per tonne or 0.2 per cent to rest at US$2,195.50 per tonne on Thursday, September 22.
To know more: https://www.alcircle.com/news/lme-benchmark-aluminium-price-soars-up-to-us2195-5-t-shfe-hikes-us14-t-84662
In August 2022, primary aluminium production in Africa inched up by only 1,000 tonnes month-on-month to stand at 141,000 tonnes, found the International Aluminium Institute. In July, the output had grown by 5,000 tonnes or 3.7 per cent from 135,000 tonnes in the previous month.
According to the General Administration of Customs, China’s primary aluminium import amounted to 49,300 tonnes in August 2022, reflecting a downfall of 3.35 per cent month-on-month and 53.3 per cent year-on-year. That brought the total imports during January-August to 297,600 tonnes, a year-on-year plunge of 71.1 per cent.
To know more: https://www.alcircle.com/news/chinas-primary-aluminium-imports-during-jan-aug22-record-a-plunge-of-71-to-297-600-tonnes-84663
According to the data released by the International Aluminium Institute, world primary aluminium production stood muted at 5.888 million tonnes in August 2022 compared to 5.878 million tonnes a month ago. But the output in July reflected a hike of 3.78 per cent month-on-month from 5.664 million tonnes.
CME Group Inc., a futures exchange operator, stated on 16th September 2022 that aluminium futures volumes soared 359% in Q3 to date from Q1 and topped 6,709 contracts in the fourth quarter. A futures contract for aluminium is a standardized, exchange-traded contract in which the contract buyer agrees to take delivery of aluminium at a predetermined price from the seller on future delivery date.
To know more: https://www.alcircle.com/news/average-daily-volumes-of-aluminium-futures-surged-359-in-q3-cme-group-inc-84611
On 18th September 2022, the Chinese customs data revealed that China's aluminium imports in August 2022 descended 19% from the previous year's same period. The record rise in domestic production and limited export supply is the primary reason for this import dip. China stands as the world’s largest producer and consumer of aluminium.
To know more: https://www.alcircle.com/news/china-s-aluminium-imports-for-august-declined-19-y-o-y-customs-data-84609
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