The primary aluminium sector has been extremely busy this week, with the state-controlled Egyptian Aluminium Company (Egyptalum) extending the deadline for its smelter expansion project by one month. The new submission deadline is 12 November, instead of the initial date of 12 October, following requests from the bidding firms for more time. The Qinghai Branch of China Aluminium Company (Chinalco) has produced its first batch of high-quality 99.85 per cent aluminium ingots of green electrolytic aluminium. The first order was for 5,000 tonnes and was delivered 20 days later to East and South China consumers. The LME aluminium benchmark price has shown a Week-on-Week slump of US$11 per tonne or 0.5 per cent, from US$2,161.50 per tonne on October 16 to US$ 2,150.50 per tonne on October 19. The SHFE aluminium price too marked a Week-on-Week decrease of US$18 per tonne or 0.69 per cent, recording US$ 2,595 per tonne on October 20 from US$2,613 per tonne on October 16.
According to a recent report, Chinalco conducted a promotion meeting of the “Five Standards and One Control” management model in its Liancheng Branch. The company summed up the management model in electrolytic aluminium business units, based on the current situation of the industry.
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The Egyptian Aluminium Company (Egyptalum), which is under state control, has announced that it will be extending the bidding deadline for its smelter expansion project by one month.
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The aluminium associations of the United States, Europe, Canada, and Japan applaud the Organisation for Economic Cooperation and Development's (OECD) new research, 'The climate implications of government support in aluminium smelting and steelmaking'.
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The experimental project wireless communication project of multifunctional crown block at Shaanxi Nonferrous Yulin Electrolytic Aluminium Factory was recently finished by Shenyang Aluminum and Magnesium Institute Technology Company (SAMTC).
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Aluminium Bahrain B.S.C. (Alba), one of the world’s largest and smartest smelters, has recorded zero heat-related illnesses and injuries across its operations for the seventh consecutive year in 2023. This is regarded as a remarkable achievement in the aluminium industry.
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The Russian aluminium industry leader is currently evaluating potential shutdown options for a number of its unprofitable facilities due to the combination of low aluminium prices and financial setbacks resulting from the implementation of an "exchange rate" export duty, as reported by Interfax, the Moscow headquartered Russian news agency.
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During the past few months, top companies like LME, Tubex, Reynaers, etc, across the aluminium value chain have witnessed many changes in their leadership. Change in leadership or appointing new people in an organisation also ensures a new outlook or approach.
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The Shanghai Stock Exchange-listed Chinese company, Mingtai Aluminium, is testing ALLOW INERTIA™, the primary aluminium with the lowest carbon footprint in the world. Mingtai Aluminum became the first company in China to test ALLOW INERTA™ aluminium at its plant, produced using the revolutionary inert anode technology, an advanced development by Rusal.
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The Qinghai Branch demonstrates a strong understanding of market demand and conducts thorough research to identify the carbon emission baseline following the bidding country's deployment requirements. Leveraging the esteemed reputation of the "Haihu" brand aluminium ingots in international and domestic markets, the company diligently endeavours to enhance the environmentally friendly attributes of its products.
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Rio Tinto announced another quarter of progress from July to September 2023. In the Q3 production report, the company revealed that its aluminium output stood at 828,000 tonnes, registering a 2 per cent rise Q-o-Q and a 9 per cent hike Y-o-Y, backed by the full capacity operations at Kitimat smelter and completed cell recovery efforts at Boyne smelter. Other smelters also demonstrated steady operations, resulting in higher aluminium production.
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Squarepoint Capital LLP, a hedge fund, has recently acquired primarily Russian aluminium from the London Metal Exchange (LME), totalling over $100 million in value. The metal is currently stored in South Korean warehouses, and Squarepoint Capital has expressed its intention to take delivery of 50,000 tonnes of this aluminium.
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Last week till October 12, Shanghai Metals Market observed a rise in domestic aluminium spot cost backed by a strong performance of the alumina spot market. There was also a minor increase in power cost as captive power plants of mainstream aluminium smelters raised bid prices for coal purchases.
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Aluminium inventories at three major Japanese ports, Yokohama, Nagoya, and Osaka, as reported by Marubeni Corp on October 16, 2023, decreased by 3.4 per cent to 348,300 tonnes by the end of September, down from 360,700 tonnes in the previous month.
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In the first eight months of 2023, the Gulf Cooperation Council has produced 4.07 million tonnes of primary aluminium, standing only behind China and Europe. The output stood 0.74 per cent higher than 4.04 million tonnes during the corresponding period of the previous year.
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In Q3 2023, Alcoa Corporation delivered noteworthy results, with increased third-party shipments, enhanced cash flow, and significant achievements.
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According to the Shanghai Metals Market, China’s social inventories of aluminium billet stands at 107,200 tonnes as of Thursday, October 19, reflecting a week-on-week fall of 5,600 tonnes from 112,800 tonnes. From Monday, October 16, inventories fell by 3,000 tonnes from 110,200 tonnes.
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Despite the enduring crisis in the building and construction sector, the robust demand from China's electric vehicles (EV) and renewable energy (RE) sectors has contributed to an upswing in the demand for aluminium, as reported by ING Think.
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