Primary aluminium weekly recap: Alba books a profit above $1 billion in nine months of 2022; Vedanta becomes the first in the Indian aluminium business to receive the BIS certification
This week, the global aluminium industry saw the Q3 results of some prominent aluminium companies. To begin with, Alba reported a profit of BD48 million (US$127.6 million) for the third quarter of 2022, 62% lower than the BD125.9 million (US$335 million) profit for the same quarter in 2021. In its third-quarter results for September 30, 2022, Century Aluminum reported net income increased $6.9 million sequentially to $44.3 million. In comparison to Q1 and Q2 of FY22, Nalco said that its total revenue for Q2 FY23 was INR 3,558.83 crore vs INR 3,846.22 crore and INR 3,634.59 crore, respectively. Another significant event was Vedanta becoming the first in the Indian aluminium business to have achieved the Bureau of Indian Standards (BIS) accreditation for its extensive line of aluminium goods. All of their goods are now Bureau of Indian Standards (BIS) certified, supporting the organization's promise to provide items of unmatched quality.
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Aluminium Bahrain B.S.C. (Alba), one of the world’s leading aluminium companies headquartered in the Middle East, announced the third quarter and nine months results ended September 30, 2022. As per the report, Alba booked a profit of BD48 million (US$127.6 million) for the third quarter of 2022 – 62 per cent less than BD125.9 million (US$335 million) in Q3 2021.
On Monday, November 7, Century Aluminum Company, a US-based primary aluminium producer, announced its third quarter results ended September 30, 2022, whereby it declared its net income growing $6.9 million sequentially to $44.3 million.
On Wednesday, November 9, National Aluminium Limited (NALCO) announced its financial results for the second quarter and first half of the fiscal year 2023 ended September 30. The company declared its total income stood at INR 3,558.83 crore during Q2 FY23 compared to INR 3,846.22 crore in Q1 and INR 3,634.59 crore in Q2 FY22.
Vedanta, one of the largest producers of aluminium in India, achieved yet another milestone. The company obtained the Bureau of Indian Standards (BIS) certification and became the first in the Indian aluminium business to receive the BIS certification for its broad range of aluminium products.
After a brief pause in production, the Volta Aluminium Company (VALCO) is about to resume operations. This decision was at the helm during the meeting chaired by the Senior Management of VALCO, the VALCO local union and the Ministry of Lands and Natural Resources and leadership of the Industrial and Commercial Workers Union (ICU).
To know more: https://www.alcircle.com/news/valco-operations-to-resume-again-after-a-week-of-salary-related-employee-outburst-86082
According to a recent report, South32 had temporarily stopped its potline at Mozal aluminium smelter in Mozambique after an accident on Monday, November 7, that caused two deaths and one injury of a contractor.
The logistics firm specializing in Full Truck Load (FTL) services, Orissa Bengal Carrier (OBCL), which served satisfactorily in the past decade, has inked a contract with mining and metal giant Vedanta to transport finished aluminium items.
To know more: https://www.alcircle.com/news/obcl-secures-18-million-contract-from-vedanta-for-aluminium-transportation-86063
Social inventories of primary aluminium in China further lost 9,000 tonnes over the weekend ended November 7, 2022, across eight major consumption areas, including SHFE warrants, found the Shanghai Metals Market.
According to a report last week, Hydro signed a new strategic collaboration agreement with the Norwegian University of Science and Technology (NTNU) to build up professional collaborations to practise more R&D on aluminium and energy.
Emirates Global Aluminium, the biggest industrial enterprise in the United Arab Emirates, excluding the oil and gas sectors, bagged the platinum UAE Innovation Award from Dubai Quality Group, a UAE-based training and knowledge-sharing global hub.
Climate change is one of the most challenging situations to tackle, especially for the workers who work under hot conditions; ensuring a safe and sound environment under such a situation is really important.
The Chairman of the Board of Directors of Aluminium Bahrain B.S.C. (Alba), Shaikh Daij bin Salman bin Daij Al Khalifa, met with Bechtel’s President of Mining & Metals Global Business Unit Ailie MacAdam, Bechtel’s President of Europe, Africa, and Middle East Region Justin Siberell and Bechtel’ Regional Manager Mark Ashwin on the side of Gulf Aluminium Council Dinner at Ritz Carlton, Bahrain along with Alba’s CEO Ali Al Baqali to discuss areas of cooperation including the proposed line 7 project.
On November 7, Emirates Global Aluminium, the biggest industrial company in the United Arab Emirates excluding oil and gas, introduced EGA Ramp-Up, an initiative with the focus on funding the next generation of entrepreneurs whose enterprises will help in a steady growth of the economy and generate new open work positions.
To know more: https://www.alcircle.com/news/egas-ramp-up-programme-to-support-new-found-entrepreneurs-with-technical-aid-86056
Hydro Rein and Commerz Real are reportedly forming a joint venture to acquire and develop two early-phase solar projects in Jylland, Denmark. These are the first-ever investments in the Danish photovoltaic market for Commerz Real.
According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a decrease of 4,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, November 10, the inventories totalled 576,000 tonnes, which in comparison with the month’s first Monday, November 7, escalated by 5,000 tonnes.
To know more: https://www.alcircle.com/news/chinas-a00-aluminium-ingot-inventories-drop-4-000-tonnes-w-o-w-to-576-000-tonnes-87093
On Thursday, November 10, the social inventory of aluminium billets in China decreased by 6,300 tonnes or 10.41 per cent W-o-W to 54,200 tonnes. Overall, transportation will improve, but supplies' stability might be compromised by the pandemic's resurgence.
To know more: https://www.alcircle.com/news/aluminium-billet-inventories-in-china-shrinks-by-6-300-tonnes-w-o-w-to-54-200-tonnes-87092
The entire European aluminium market is currently streaming through a disquiet following a moreover better H1 2022. During the first quarter of 2023, the manufacturing industry is expected to counter a very gloomy prospect.
To know more: https://www.alcircle.com/news/the-european-aluminium-market-might-counter-a-downcast-at-the-start-of-2023-87089
According to the Shanghai Metals Market, China’s aluminium production amounted to 3.41 million tonnes in October (31 calendar days), with daily output of 110,100 tonnes. The monthly output reflected a 7.8 per cent growth year-on-year, driven by domestic operating capacity rise in October and more significant output growth in Sichuan.
To know more: https://www.alcircle.com/news/chinas-aluminium-production-reflects-a-7-8-rise-y-o-y-to-3-41-million-tonnes-in-october22-87087
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LME aluminium opened at US$2,333.5 per tonne on Thursday, with its high and low at US$2,335 per tonne and US$2,317.5 per tonne respectively before closing at US$2,323 per tonne, a decrease of US$10.5 per tonne or 0.45 per cent.
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