Primary aluminium weekly recap: Alba reports strongest financial performance in its 5 decades; Hydro to curb 60% production at Slovalco aluminium smelter

This week saw releases of quarterly and full-year operational and financial reports by some leading primary aluminium producing companies like Rusal from Russia, Alba from Bahrain, and NALCO from India. Rusal reported a 1 per cent quarter-on-quarter growth in its aluminium production to 953,000 tonnes in Q4 2021, with Siberian smelters representing 93 per cent of the total output. In full-year, the output stood at 3.764 million tonnes, mostly unchanged compared to 3.755 million tonnes a year ago.

To know more: https://www.alcircle.com/news/rusals-aluminium-production-in-4q2021-grows-by-only-1-q-o-q-to-953-000-tonnes-while-sales-volume-hike-8-to-989-000-tonnes-76601

Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter outside China, reported the strongest financial performance in its 5 decades. It declared a profit of BD181.2 million (US$481.9 million) for 4Q2021, an increase of 466 per cent from BD32 million (US$85.1 million) during the same period last year. For the full-year, Alba’s profit was at BD451.9 million (US$1,202 million) in contrast to BD9.7 million (US$26 million) for 2020.

To know more: https://www.alcircle.com/news/alba-combats-covid-crisis-with-strongest-financial-performance-in-its-5-decades-profit-soars-to-bd451-9m-with-sales-volume-1-550-857t-76593

The Indian state-owned National Aluminium Company (NALCO) reported that its consolidated net profit excelled by 246.53 per cent Y-o-Y to INR 830.67 crore on an up-rise of 58.62 per cent in net sales to INR 3773.26 crore in Q3 2021 ended December 31. The Profit before tax elevated 271.47 per cent to INR 1,108.94 crore as against INR 298.53 crore in Q3 2020.

To know more: https://www.alcircle.com/news/nalcos-q3-profit-excels-over-three-times-to-inr-831-crore-75573

Another news that stirred the week was Hydro’s announcement to slash its production by 60 per cent due to soaring energy prices, emissions allowances, and absence of government compensation. Hydro said production cut could continue through 2022, while criticizing the Slovak government for low compensation for energy-intense industries compared to other EU nations.

To know more: https://www.alcircle.com/news/soaring-energy-price-stirs-hydro-to-curb-60-production-at-slovalco-aluminium-smelter-75575

On the other hand, Rio Tinto, the majority owner of Tiwai Point aluminium smelter in New Zealand, showed signs of interest to keep the aluminium smelter functional beyond 2024, but the major power supplier to NZAS, Meridian Energy denies any discussions over a fresh new agreement.

To know more: https://www.alcircle.com/news/rio-tinto-desires-to-keep-tiwai-aluminium-smelter-functioning-beyond-2024-meridian-energy-denies-any-discussions-75577

Aluminium Bahrain B.S.C. (Alba) and Bahrain Petroleum Company (Bapco) signed a Memorandum of Understanding (MoU) towards joining of forces to share knowledge and collaborate on implementing Environment, Social and Governance (ESG) initiatives of common interest. The MoU was inked by Alba’s Chief Executive Officer - Ali Al Baqali and Bapco’s Chief Executive Officer - Dr Abdulrahman Jawahery at Awali Township and was attended by Alba’s Chief Power Officer - Amin Sultan, and Bapco’s Acting Deputy Chief Executive and BMP Project Director – Hafedh Al Qassab, as well as other officials from both companies.

To know more: https://www.alcircle.com/news/bahrains-industrial-giants-alba-bapco-join-forces-to-foster-green-and-sustainable-industrial-development-75560

On February 7, Baise, the leading aluminium-producing Chinese city, reported a surge in local COVID-19 cases for the third straight day and ensuing lockdown, which aggravated worries about supply disruption of the metal. Restrictions due to the rise in covid cases in Baise hit alumina production, while many producers experienced transport disruptions, said Antaike, a government-backed consultancy. Concerns about production disarray also lifted aluminium prices on the LME to a near four-month high on Tuesday, February 8.

To know more: https://www.alcircle.com/news/new-covid-19-cases-in-baise-guangxi-aggravate-aluminium-supply-disruptions-75579

The LME aluminium benchmark price continued to trend up throughout the week from Monday, February 7, to Thursday, February 10, to reach a 14-year high. It started the week at US$3,148 per tonne and grew to US$3,313 per tonne as of February 10. But on Friday, February 11, the LME aluminium price slipped US$113 per tonne to close the week at US$3,200 per tonne.

To know more: https://www.alcircle.com/news/lme-aluminium-benchmark-price-hits-14-year-high-this-week-shfe-price-closes-above-us3600-t-76605

According to the Shanghai Metals Market, social inventories of primary aluminium have surged by 84,000 tonnes over the past three days across eight major consumption areas in China, including SHFE warrants, to come in at 950,000 tonnes as of Thursday, February 10.

To know more: https://www.alcircle.com/news/primary-aluminium-inventories-in-china-surge-by-84-000-tonnes-to-total-at-950-000-tonnes-on-feb-10-76589

The year 2022 brings along a new beam of hope and inspiration for the metal industry. With this, team AlCircle announced the launch of its, “Global Aluminium Outlook 2022,” report. The report highlights the overall performance of the aluminium industry and also gives an idea of how the industry is going to perform for the rest of the year.

To know more: https://www.alcircle.com/news/alcircle-launches-global-aluminium-industry-outlook-2022-a-conclusive-report-75576