Primary aluminium recap: VALCO seeks fresh capital injection to expand and retrofit its smelter
Vedanta Aluminium was certified as a Great Place to Work® (GPTW) for the fiscal year 2022-2023. The praise goes to Vedanta Aluminium's countrywide operating divisions, whose tenacity and dedication earned this coveted award. Emirates Global Aluminium (EGA) and Japan's Itochu Corporation signed a new agreement to collaborate on aluminium production, decarbonization, and the growth of UAE businesses in EGA's supply chain. On July 20, the Chinese state-owned Aluminium Corporation of China announced Chairman Liu Jianping's resignation. His departure was attributed to a "work adjustment." Liu resigned as chairman after barely two years in office. Volta Aluminium Company (VALCO) disclosed that it needs $600 million in capital to revamp its operations. The faltering state-owned enterprise urgently needs more cash to modernise its outdated equipment and expand the smelter to more than 7.5 times its current installed production capacity.
Vedanta Aluminium was honoured with a Great Place to Work® (GPTW) certification for the financial year 2022-2023. The credit goes to Vedanta Aluminium’s nationwide operational units, whose resiliency and commitment have brought this prestigious recognition.
Emirates Global Aluminium (EGA) and Itochu Corporation of Japan have entered into a new agreement to work on developing aluminium production, decarbonisation, and the development of UAE industries in EGA’s supply chain.
To know more: https://www.alcircle.com/news/ega-secures-support-from-itochu-corporation-to-boost-aluminium-production-decarbonisation-97625
The Volta Aluminium Company (VALCO) revealed that it requires US$600 million in cash to modernise its operations. The struggling state-owned company desperately needs more funding to upgrade its ageing gear and expand the smelter to more than 7.5 times its present installed output capacity.
To know more: https://www.alcircle.com/news/valco-seeks-fresh-capital-injection-to-expand-and-retrofit-its-smelter-97606
On July 20, the Chinese state-owned Aluminium Corporation of China announced the resignation of Chairman Liu Jianping. The reason cited for his departure was a "work adjustment." Liu's departure as chairman occurred only two years into his tenure.
To know more: https://www.alcircle.com/news/chalco-chairman-liu-jianping-steps-down-from-the-position-97626
On Friday, July 1, Norsk Hydro, one of the world’s largest aluminium companies worldwide, announced its financial and operational results for the second quarter of 2023. The company highlighted that it survived the weaker market and price pressure with strong extrusion margins and made good progress on low-carbon aluminium partnerships in Q2 2023 ended June 30.
On Thursday, July 20, both LME aluminium cash bid price and LME aluminium official settlement price hiked by US$29.5 per tonne or 1.37 per cent and US$30 per tonne or 1.40 per cent to settle at US$2,171 per tonne and US$2,172 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-benchmark-price-expands-by-us30-t-shfe-price-dips-to-us2-546-t-97622
India is planning to build an industrial water transport corridor in the east. The plan, backed by Coal India, Paradip Port Authority (PPA) and the Inland Waterways Authority of India (IWAI), would cater to a major industrial cluster in India for the movement of finished products like aluminium, steel, sponge iron, and fertilisers.
To know more: https://www.alcircle.com/news/coal-india-plans-to-build-water-transport-corridor-to-move-products-like-aluminium-97590
Emirates Global Aluminium (EGA), the world's largest 'premium aluminium' producer, revealed that the Engineer the Future project touched over 6,700 high school students during the 2022-2023 academic year. It is an interactive learning activity aimed to engage students in grades 9 to 12 and a chance to participate in an aluminium design contest.
On July 18, Marubeni Corporation reported that aluminium stocks at three major Japanese ports were up by nearly 1 per cent to 357,490 tonnes by end-June, from 354,000 tonnes month-on-month. Marubeni gathers data from the ports of Yokohama, Nagoya, and Osaka, which are considered paramount for trading aluminium.
To know more: https://www.alcircle.com/news/marubeni-reports-japan-s-june-aluminium-stock-registers-a-marginal-1-m-o-m-increase-97607
On Wednesday, July 19, Rio Tinto announced its second quarter’s operational results ended June 30, highlighting a 4 per cent increase in aluminium production Q-o-Q and an 11 per cent rise Y-o-Y to 814,000 tonnes, benefitted from the continued ramp-up of the Kitimat smelter.
During the second quarter, a famed fund manager in China made strategic moves in his investment portfolio. He increased his stakes in China Hongqiao Group, the world's second-largest aluminium producer, and the short-video platform Kuaishou Technology. At the same time, he opted to reduce his holdings in Chinese real estate. These actions shed light on skilled money managers' approaches to navigating challenging market conditions.
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