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THINK ALUMINIUM THINK AL CIRCLE
This week the global primary aluminium segment witnessed a lot of ups and downs. To begin with, in response to a recent media allegation, the largest producer of aluminium in the world, Rusal, vehemently denied any claims that it intended to supply significant amounts of metal on the LME, in Europe, the United States, or anywhere else. Also, the North American aluminium sector, recognised as the industry leader in producing everything from space components to autos and beverage cans, is postponing its raw material orders for 2023. The official settlement price for LME aluminium and the cash bid price for LME aluminium both fell by US$16.5 per tonne and US$16 per tonne on Monday, October 3, respectively, to start the week at US$2,163 per tonne and US$2,164 per tonne. However, on Tuesday, October 4, prices increased by 4.5 per cent to settle at $2,261 and $2,261.50 a tonne. In its second quarter of FY2023, which concluded on September 30, the Indian multinational mining corporation Vedanta Limited stated that it produced 584,000 tonnes of aluminium. This was just 2 per cent more than the 570,000 tonnes produced over the same period the previous year.
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In response to a recent media allegation, the largest producer of aluminium in the world, Rusal, vehemently denied any claims that it intended to supply significant amounts of metal on the LME, in Europe, the United States, or anywhere else. Rusal added that the comments made otherwise were reckless and extremely speculative. The firm does not need to supply metal to LME warehouses since its sales book is strong.
Spinifex Offshore Wind Farm received $1.5 million in financing from the Australian Renewable Energy Agency (ARENA) to supply the Portland Aluminium Smelter with up to 100 per cent renewable energy from a 1,000 MW wind farm off the southwest coast of Victoria.
On October 6 2022, the Government of Norway presented a budget proposal for 2023, and the draft incorporates several elements affecting Hydro's activities in the Norwegian market.
To know more: https://www.alcircle.com/news/norways-budget-proposal-for-2023-impacts-norsk-hydros-domestic-activities-84784
The Russian aluminium giant RUSAL's Board of Directors approved the metal company's Health and Safety strategy until 2030. RUSAL's Health and Safety strategy aims to enhance all elements of occupational health, considering the best corporate practices. According to the strategy, the frequency of occupational accidents and major incidents will be at least halved at the organisation's production facilities by 2030.
To know more: https://www.alcircle.com/news/russian-aluminium-giant-rusal-approves-the-company-s-health-and-safety-strategy-until-2030-84765
The London Metal Exchange's (LME) consultation a few days back on whether outlaw from trading of a powerful metal-producing nation stimulated disquiet about an upturn twirl in the price of aluminium and diminishing demand for the metal.
According to the reports, two industry associates directly involved in pricing discussions stated that a premium of $99 a tonne had been agreed between Japanese aluminium buyers and at least two global producers for October-December shipments, a decrease of 33 per cent from a year ago.
To know more: https://www.alcircle.com/news/japan-s-aluminium-buyers-negotiate-for-lower-premiums-in-q4-84755
As of Thursday, September 29, aluminium billet inventory in China nosedived by 26,000 tonnes W-o-W across four major consumption areas. The inventory closed at 80,100 tonnes from 106,100 tonnes recorded last week.
To know more: https://www.alcircle.com/news/aluminium-billet-inventories-in-china-nosedive-by-26-000-tonnes-w-o-w-to-80-100-tonnes-84751
In August 2022, world alumina production stood at 11.943 million tonnes, reflecting a dip of 1.12 per cent month-on-month, found the International Aluminium Institute. However, the output in July recorded a monthly rise of 2.70 per cent to come in at 12.078 million tonnes.
National Aluminium Company Limited (NALCO) raised its aluminium ingot and aluminium products prices, effective from Thursday, October 6, following a sharp cut on September 27. NALCO’s aluminium ingot price witnessed a surge of INR 19,800 per tonne to stand at INR 223,250-226,750 per tonne versus INR 203,450-206,950 per tonne last week.
To know more: https://www.alcircle.com/news/nalcos-aluminium-ingot-price-soars-by-inr19800-t-with-effect-from-october-6-2022-84791
On Monday, October 3, Vedanta Limited, an Indian multinational mining company, reported that its aluminium production stood at 584,000 tonnes in the second quarter of FY2023 ended September 30. That edged 2 per cent higher than 570,000 tonnes during the corresponding period of the last year.
To know more: https://www.alcircle.com/news/vedantas-aluminium-output-records-2-growth-to-584-000-tonnes-during-2qfy23-84753
On Thursday, October 6, both LME aluminium cash bid price and LME aluminium official settlement price soared up by US$66.5 per tonne or 2.90 per cent and US$66 per tonne or 2.88 per cent to settle at US$2,354.50 per tonne and US$2,355 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-price-mounts-to-us2-355-t-shfe-remains-closed-for-national-day-holiday-84781
New Zealand Aluminium Smelter (NZAS) and Rio Tinto formed an alliance with the Iwi to restore the Tiwai Point aluminium site in Southland. Smelter owner Rio Tinto and Te Rūnanga o Ngāi Tahu declared in a joint statement that the Murihiku Rūnaka had been approached to chalk out a plan for the regeneration of the land.
On Thursday, September 6, Alcoa Corporation announced a new power purchase agreement (PPA) with Endesa to facilitate reopening the San Ciprián aluminium smelter in Spain. Endesa is a well-known power provider in Spain and a division of the Enel Group. From 2024 through at least 2030, the agreement will include power balancing services for the smelting load.
To know more: https://www.alcircle.com/news/alcoa-signs-ppa-with-endesa-to-reopen-the-san-ciprian-aluminium-smelter-84780
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On 3rd October 2022, Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (M.H.I.), announced that it had inked a long-term service agreement (LTSA) with Aluminium Bahrain B.S.C. (Alba), the first aluminium smelter in the Middle East. Parts, repairs, and services are covered under the LTSA for Mitsubishi Power's innovative J-series gas turbine power block, which has a 680.9 megawatts (M.W.) capacity.
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