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Russian oligarch Oleg Deripaska is keen on building a business relationship with India, similar to the country has with Europe, aided by connectivity, capital markets, and financial infrastructure. Impending fraudulence charges on GFG Alliance have resulted in the plunder of wealth at Lochaber aluminium smelter that has been subjected to a £586 million Scottish Government guarantee, estimating a loss of more than £4 million in the financial year 2020-21. LME aluminium official settlement price opened the week with a growth of US$17.50 per tonne, to rest at US$2,469.50 per tonne, which on Tuesday declined by US$21 per tonne to halt at US$2,448.50 per tonne, respectively. China's A00 aluminium ingot price started the week with an augmentation of RMB 320 per tonne, halting at RMB 18,620 per tonne. On Friday, the aluminium price came in at RMB 18,300 per tonne, which too shows a hike of RMB 130 per tonne from the day before.
Russia is reportedly willing to build connectivity, capital markets, and financial infrastructure with India, similar to the model built over decades with Europe. According to Russian aluminium tycoon Oleg Deripaska, this relation will benefit both the countries, accentuating bilateral trade to $120-150 billion over the next decade.
On July 29, line 2 at Hydro's partially-owned aluminium facility in Brazil, Albras, was resumed fully. The production line was closed on February 19, 2022, due to an internal power distribution failure. A full closure of line 2 caused by the power outage resulted in a 25 per cent reduction in Albras' primary aluminium production.
On Monday, August 1, Century Aluminum Company reported joining Gerald "Jerry" Bialek as its new Executive Vice President and Chief Financial Officer. Before joining Century Aluminum, he worked with Cooper Tire & Rubber Company as Chief Financial Officer, Vice President and Treasurer.
To know more: https://www.alcircle.com/news/gerald-bialek-takes-over-as-the-new-executive-vice-president-of-century-aluminum-82155
To throw a light more on this revolutionary change in the aluminium industry, AlCircle is working on launching its eleventh e-Magazine - "Digital Transformation in Aluminium Industry: Drivers & Change Makers of 2022". Through this magazine, we will explore how digitalization will give a new edge to the aluminium industry in 2022.
The data gathered in customs said that in June 2022, China witnessed a decrease of 37.95 per cent from the last month and 16.48 per cent from the same time span the previous year to close its export volume of prebaked anodes at 131,000 tonnes, which is still the lowest in the year.
To know more: https://www.alcircle.com/news/china-records-lowest-prebaked-anode-export-rate-amidst-heightened-aluminium-production-82159
According to news reports, the GFG Alliance-owned Lochaber aluminium smelter, also subject to a £586 million Scottish Government guarantee, counted a loss of more than £4 million in FY20-21. According to the accounts show, the last British aluminium smelter made an operating loss of £4,051,284 in FY20-21; despite statements aroused, the smelter was "performing profitably".
On Thursday, August 4, both LME aluminium cash bid price and LME aluminium official settlement price decreased by US$29 per tonne or 1.20 per cent to rest at US$2,373.50 per tonne and US$2,374 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-price-closes-1-2-lower-at-us2-374-t-shfe-price-increases-by-us42-82189
A00 aluminium ingot price has seen an RMB 130 per tonne rise to close the week at RMB 18,520 per tonne, as recorded by the Shanghai Metals Market on Friday, August 5. The average prices are expected to range between RMB 18,500 per tonne and RMB 18,540 per tonne, with spot contracts trading at a discount price of RMB 90 per tonne and RMB 50 per tonne.
China’s social inventories of primary aluminium continued to increase by 7,000 tonnes week-on-week as of Monday, August 1, found the Shanghai Metals Market. The inventories grew across eight major consumption areas, including SHFE warrants, to clock at 678,000 tonnes. However, compared to the same period last year, the inventories stood down by 81,000 tonnes, showed SMM data.
To know more: https://www.alcircle.com/news/chinas-primary-aluminium-inventories-continue-to-grow-w-o-w-by-7-000-tonnes-on-august-1-82156
Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from August 3, 2022. The company has reduced its ingot price by INR 4,250 per tonne or 1.86 per cent to INR 224,000 per tonne on August 3. On July 29, the price came in at INR 228,250 per tonne, seeing a hike of INR 5,500 per tonne from the previous day.
To know more: https://www.alcircle.com/news/hindalco-industries-cuts-its-aluminium-ingot-price-by-inr4250-t-with-effect-from-august-3-82161
National Aluminium Company Limited has trimmed its aluminium ingot price, with effect from August 1, following an escalation of INR 11,300 per tonne on July 21. The price has slipped by only INR 1,000 per tonne to come in at INR 226,650-230,150 per tonne from INR 227,650-231,150 per tonne.
Vedanta Limited has reduced its aluminium ingot and aluminium products prices for the third successive day on Thursday, August 4. The company’s aluminium ingot price has seen a cut of INR 3,250 per tonne to INR 218,750- 250,250 per tonne, which on August 3 witnessed a decline of INR 2,750 per tonne to INR 222,000- 253,500 per tonne.
To know more: https://www.alcircle.com/news/vedanta-cuts-its-aluminium-ingot-price-for-the-third-time-in-a-row-by-inr3250-t-on-aug-4-82179
On Thursday, August 4, China's aluminium billets inventory increased by 8,800 tonnes W-o-W to close at 116,400 tonnes, from 107,600 tonnes recorded last week. Since upstream output remained steady primarily, the supply doesn't appear to be decreasing. The stockpile of aluminium billets will most likely increase the following week.
To know more: https://www.alcircle.com/news/chinas-aluminium-billet-inventories-grow-by-8-800-tonnes-w-o-w-to-116-400-tonnes-82198
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