Primary aluminium weekly: Alro posts declining H1 2023 results while Glencore feels optimistic of China’s role in the upcoming days

The primary aluminium sector was quite busy last week, with unstable production all around the globe. Aluminium producer Alro's H1 2023 revenue fell to 1.55 billion RON due to lower prices and the ALUM refinery's temporary closure. The company also recorded a net loss of 164 million RON, compared to a net profit of 15.3 million RON in H1 2022. Glencore is a big player in natural resources, providing vital commodities. They're prominent in alumina and aluminium, trading and processing products from third-party producers. Despite challenges, they're optimistic about the future, especially in China. CEO Gary Nagle sees China's commitment to its economy as a positive sign for commodities, though not necessarily a bonanza. If we consider last week's Friday, August 4, the LME aluminium price was stagnant at US$2,166 per tonne, which fell US$4.50 per tonne or 0.21 per cent Week-on-Week to close at US$2,161.50 per tonne on this Thursday, August 10. Also, if we look at Shanghai Metals Market, the SHFE aluminium price clocked at US$2,575 per tonne on August 7, Monday, ultimately skidding by US$2 per tonne or 0.08 per cent on a weekly scale to arrive at US$2,573 per tonne on Friday, August 11.

The Brazilian integrated aluminium company Companhia Brasileira de Alumínio (CBA) operates in an integrated manner, from mining to the final product has adjusted its capital expenditure (capex) program's timeline due to a progressively demanding price environment.

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Emirates Global Aluminium, a prominent industrial organisation in the United Arab Emirates, has recently announced its successful expansion of the Kenzen wearable technology platform. This revolutionising technology has been made available to 350 employee volunteers as part of EGA's 'Beat the Heat' initiative this summer.

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Free-form technology is the most modern optical lens production procedure, capable of reducing higher-order aberrations, such as aspherical aberration, that may arise in ophthalmic lenses manufactured using typical manufacturing equipment. Numerous new payloads and technology products for space science and applications remain confined to laboratories or ground testing phases.

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Automation is important in the aluminium industry because of its propensity for vastness and intense energy intake. With the help of technology, it becomes easier to track and analogue the amount of work done or the products yielded. Moreover, working inside aluminium smelters or plants can be extremely strenuous because the amount of heat generated during production can be fatal over time. Companies are keen on curtailing the manpower required to control the operations of a plant by replacing humans with AI or IoT. Technology, unlike humans, won't ask for an appraisal but just an upgrade.

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Adopting digital solutions by manufacturing industries to enhance production and operational processes is no longer an unconventional practice. The aluminium industry is no exception to this trend and has embraced new-age technologies wholeheartedly. The team AL Circle is always fascinated by digital transformation in the aluminium industry. 

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Aluminium prices experienced a slight decline of 0.05 per cent yesterday, settling at US$202.15 per tonne due to heightened supply in Yunnan. This development may lead to a gradual emergence of supply pressure. The northern region faced floods and other factors during the week, resulting in fewer aluminium ingot arrivals and a decrease in aluminium social stocks. Nevertheless, there are indications that more favourable policies to boost demand may be announced in China in the upcoming days.

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According to the Shanghai Metals Market data, social inventories of aluminium ingot totalled 525,000 tonnes across eight major Chinese consumption areas, including SHFE warrants, as of Thursday, August 3. On a week-on-week basis, the inventories dropped by 11,000 tonnes, and on an annual basis, they fell by 153,000 tonnes, coming to a five-year low.

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According to the Shanghai Metals Market data, China’s primary aluminium imports reached 89,400 tonnes in June 2023, registering an increase of 20.7 per cent month-on-month and a surge of 213.6 per cent over a year. The primary aluminium exports in June totalled 32,900 tonnes - 187 per cent more than in May 2023 and 400 per cent higher than in June 2022.

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Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter outside China, has announced its Q2 results for 2023, disclosing 405,628 tonnes of production, up by 9,085 tonnes from Q2 2022. Sales volume grew by 3,816 tonnes to stand at 392,258 tonnes. Value-added products accounted for 70 per cent of total sales like last year, indicating a stable demand for these products.

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The Romanian aluminium producer Alro, a prominent vertically integrated aluminium producer in Europe, has released its combined and individual financial outcomes for H1 2023, concluding on June 30th. During this period, the collective revenue of the organization declined to 1.55 billion RON, as opposed to the previous figure of 2.1 billion RON. 

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Glencore, a powerhouse among globally diversified natural resource companies, has long been dominant in the commodities market. Its operations span both industrial and marketing domains, with a responsible commitment to providing the essential commodities that form the foundation of life's essentials.

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According to a report on Thursday, August 10, Russian aluminium stocks have posted an 81 per cent growth on the London Metal Exchange-approved warehouses for July 2023 compared to an 80 per cent increase in June.

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The Russian aluminium giant and global leader in low-carbon aluminium production, Rusal, recently unveiled its interim results for H1 2023. Amid a complex economic backdrop, the company's performance, market insights, and strategic direction come to the forefront.

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On Friday, August 11, the A00 aluminium ingot price in China has grown by RMB 10 per tonne to close at RMB 18,550 per tonne, with the spot contract prices expected to be traded at a discount price of RMB 40 to a premium price of RMB 0 per tonne. As per the data, the average prices are expected to be traded between RMB 18,530 per tonne and RMB 18,570 per tonne.

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London Metal Exchange on August 10 marked a decent increase of US$9 per tonne or 0.42 per cent in LME aluminium cash bid price, which stood at US$2,161 per tonne. The LME aluminium live price chart also showed a US$8.50 per tonne or 0.39 per cent rise in the LME aluminium official settlement price, with it closing at US$2,161.50 per tonne.

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