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THINK ALUMINIUM THINK AL CIRCLE
Primary aluminium sector witnessed China’s state metal reserves took only one of two days allotted of the auction to sell 50,000 tonnes of aluminium. LME official settlement price extended decline for the third day in a row, while SMM aluminium price performed mixed this week. Let's summarize some of the top aluminium news from primary aluminium sector.
Hindalco Industries Limited has reduced its aluminium ingot price by 3 per cent or INR 7,000 per tonne with effect from Friday, July 9, bringing it to INR 212,250 per tonne from INR 219,250 per tonne on July 3.
{alcircleadd}To know more: https://www.alcircle.com/news/hindalcos-aluminium-ingot-price-sees-a-sharp-cut-of-3-or-inr7000-t-with-effect-from-july-9-67776
Alro needs to cover some 30% of its consumption through the spot market purchases, following multiple suppliers discontinued their contracts. The spot market price hikes on one hand stressed the suppliers to discontinue their contracts, as it was pre-assumed that they were not shielded by long-term agreements with power producers for the quantity sold in advance to the aluminium producers, however, it also leaves Alro exposed to high production costs.
To know more: https://www.alcircle.com/news/romanian-aluminium-producer-alro-needs-to-count-30-of-consumption-on-the-spot-market-68766
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, dropped 18,000 tonnes this week. The stocks stood at 858,000 tonnes as of Thursday, 08 July 2021.
To know more: https://www.alcircle.com/news/chinas-primary-aluminium-inventories-fall-to-858-000-tonnes-on-july-8-67768
Three-month LME aluminium fell 1.49 per cent to close at US$ 2,450.50 per tonne on Thursday, July 8. It is expected to trade between US$ 2,410-2,480 per tonne today. LME aluminium cash (bid) price and LME official settlement price extended decline for the third day in a row sharply by US$ 73.50 per tonne to close at US$ 2,435 per tonne on Thursday, July 8.
SMM aluminium price performed mixed this week. The aluminium ingot price stands at RMB 18850 per tonne on Friday, July 9, 2021, marking an increase of RMB 30 per tonne from Thursday’s price of RMB 18820 per tonne. The price is expected to move within a range of RMB 18830-18870 per tonne.
To know more: https://www.alcircle.com/news/chinas-aluminium-price-inches-up-to-rmb-18850-t-expected-to-range-at-rmb-18830-18870-t-67775
Alcoa Corporation will supply low-carbon primary aluminum EcoLumTM to WKW Extrusion’s Erbslöh Aluminium for its new brand of semi-finished extrusion alloys. The products will help downstream industries improve the environmental footprint of their products and supply chains with low-carbon, sustainably produced aluminum.
To know more: https://www.alcircle.com/news/alcoa-to-deliver-ecolum-aluminum-to-erbsloh-aluminium-to-lower-carbon-footprint-67777
China’s state metal reserves took only one of two days allotted of the auction to sell all the aluminium and copper that was on offer. Last month, the National Food and Strategic Reserves Administration announced that it would sell 50,000 tonnes of aluminium on July 5-6.
According to the International Aluminium Institute, primary aluminium production in North America stood at 329,000 tonnes during May 2021, reflecting a month-on-month increase of 2,000 tonnes or 0.61 per cent. In April, the output came in at 327,000 tonnes, down by 3.25 per cent from 338,000 tonnes in March.
The entire 10,000 tonnes of aluminium dross, a by-product of the aluminium smelting process, which stored in Mataura old paper mill site next to the Mataura River has been removed.
The British metal magnate Sanjeev Gupta is in discussions with commodity trading house Glencore to refinance debt at his European aluminium business, a deal which would permit Gupta to retain control of one of his best assets.
International Aluminium Institute (IAI) has appointed two new members to the team to support the Association’s environmental awareness mission. Dr Paul Marsh becomes new Health, Safety & Environment Program Manager, while Lavinya Kugaswaran as Environment (Bauxite & Alumina) Program Manager.
Sanjeev Gupta owned GFG Alliance’s deal with the Scottish Govt. stated that the government undertakes the cost of a 25- year electricity supply contract between Lochaber aluminium smelter and the adjoining hydro-plant.
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