Primary Aluminium News - General
Primary aluminium weekly recap: Alcoa decides to curtail 75% production at Portland aluminium smelter; Vedanta forms alliance with Dalmia Cement delivering fly ash for low-carbon cement
This week, the primary aluminium sector has witnessed major impending issues, like the Slovenian aluminium producer Talum’s closed operations, directly affecting the jobs and livelihood of 189 workers. While on the other side, we see €1.2 million from the European Globalisation Adjustment Fund for Displaced Workers (EGF) was invested to fund new jobs for 303 Spanish aluminium smelter Alu Ibérica’s ex-workers. Alcoa’s Australian counterpart announced a 75 per cent production drop at its Portland aluminium smelter in Victoria. The US-based aluminium giant also declared the closure of its Intalco aluminium smelter after five years of operations. After a gush of disappointing news, the only positive occurring this week that can be mentioned is the Vedanta-Dalmia collaboration, which enables the former to supply fly ash and spent pot lining to the latter for the creation of low-carbon cement. On the market side, the LME aluminium benchmark price marked an end-of-week escalation of 1.04 per cent or US$1 per tonne, resting at US$2,237.50 per tonne on Thursday, March 16, from US$2,236.50 per tonne on Monday, March 13. The SHFE aluminium price jumped up by US$2 per tonne or 0.07 per cent on a weekly scale to US$2,648 per tonne on Friday, March 17, from US$2,646 per tonne on Monday, March 13.
As soon as the Canadian Government declared a total ban on Russian aluminium, with an immediate effect on March 10, it received support from the Aluminum Association of Canada (AAC). Jean Simard, President and CEO of the AAC, said: "This ban by the Canadian government closes the door on imports from Russia."
On Monday, the Investment Information and Credit Rating Agency of India Limited (ICRA) stated that to accomplish the ambitious goal of a 25 per cent reduction in carbon emissions in the next five to seven years and attain net-zero status by 2050, domestic aluminium players will need to significantly enhance their renewable energy or low carbon-intensive power sources.
On March 15, 2023, Alcoa Corp's Australian unit announced that aluminium production at its Portland smelter in Victoria would be reduced to about 75 per cent of its total capacity of 358,000 tonnes per year due to instability and production challenges.
To know more: https://www.alcircle.com/news/alcoa-portland-aluminium-smelter-to-reduce-production-by-75-91271
The Slovenian aluminium producer Talum's decision to close down the primary aluminium production at its smelter will affect 189 workers. Talum plans to shut down its remaining aluminium electrolytic furnaces in April after nearly six decades of producing primary aluminium.
To know more: https://www.alcircle.com/news/talum-announces-to-layoff-120-workers-91274
The US International Trade Commission's (ITC) most recent report, which revealed that American businesses, not Chinese ones, incurred the majority of the costs associated with Section 232, prompted a response from the Beer Institute, the oldest national trade organisation that represents the beer industry.
The NZAS aluminium smelter at TIWAI Point is receiving heavy support from the Great South and Southland Business Chamber. They think it should remain in production because “the jobs and GDP it produces are significantly higher than the alternatives that have been suggested”.
To know more: https://www.alcircle.com/news/southland-business-chamber-and-great-south-comes-forward-in-support-of-tiwai-point-92264
The Minister of the Public Enterprise Sector of Egypt, Mahmoud Esmat, appreciated the intensely cordial attitude of the UAE toward Egypt, referring to them as a pillar of globalisation. The meeting mainly aimed at discussing probable investment areas in the mineral and chemical industries by organisations under Egypt’s Ministry of Public Enterprise Sector.
To know more: https://www.alcircle.com/news/egyptian-minister-appreciates-his-countrys-business-relations-with-uae-92276
The US-based aluminium giant Alcoa announced it would close down its Intalco aluminium smelter after five decades of operations. With the closure announcement, the company begins preparing the site for new economic development opportunities.
To know more: https://www.alcircle.com/news/alcoa-reports-close-down-of-intalco-aluminium-smelter-site-undergoes-redevelopment-92280
After being declared bankrupt, Alu Ibérica LC S.L., located in the Galicia region of Spain, arranged for a €1.2 million loan from the European Globalisation Adjustment Fund for Displaced Workers (EGF) to fund new jobs for 303 of its ex-employees. On March 16, the European Commission joined in to support the initiation.
To know more: https://www.alcircle.com/news/1-2m-egf-funding-aids-ex-alu-iberica-workers-find-new-jobs-in-aluminium-sector-92282
The voice of the aluminium industry in Europe, European Aluminium welcomed the latest publication of the Critical Raw Materials (CRM) and Net-Zero Industry Acts (NZIA). Together, these ideas mark a long overdue first step towards recognising the necessity for a European industrial strategy that aids in securing access to the raw materials necessary to support the twin transition and many other strategic initiatives.
To know more: https://www.alcircle.com/news/european-aluminium-asks-authorities-to-include-aluminium-in-the-recently-released-crm-act-92286
Vedanta Limited has lifted its aluminium ingot and aluminium products prices on Wednesday, March 15, after several cuts, in response to the LME aluminium price hike.
The data from the National Bureau of Statistics (NBS) revealed that the primary aluminium output in China, the world's largest aluminium producer, increased to 6.74 million tonnes in January-February 2023 from 6.33 million tonnes in Jan-Feb 2022.
To know more: https://www.alcircle.com/news/chinas-aluminium-output-in-jan-feb23-rises-by-7-5-the-highest-since-2015-91273
Glencore Plc is prepared to back out of a $16 billion agreement to purchase aluminium from Rusal, Russia's top producer, to separate itself from one of its main competitors. As per Gary Nagle, CEO of Glencore, the firm won't extend a contract with Rusal International when it expires next year following its stance of refraining from conducting any new business with Russia.
To know more: https://www.alcircle.com/news/glencore-to-back-out-from-the-16-billion-aluminium-contract-with-rusal-92267
On Friday, March 17, Rusal announced a higher aluminium production in 2022, mitigating several challenges like Australia’s alumina export ban to Russia, suspension of alumina production at the Mykolaiv refinery, and inflated production cost due to energy and raw materials price hike.
A00 aluminium ingot price has jumped up by RMB 10 per tonne, officially closing at RMB 18,150 per tonne, as the Shanghai Metals Market recorded on March 17. The average prices are expected to range between RMB 18,130 per tonne and RMB 18,170 per tonne, with spot contracts trading at discount prices of RMB 70 per tonne and RMB 30 per tonne.
On Thursday, March 16, the LME aluminium cash bid price saw a further drop of US$8 per tonne or 0.36 per cent to stand at US$2,237 per tonne, and the LME aluminium official settlement price decreased by US$8.50 per tonne or 0.38 per cent to rest at US$2,237.50 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-price-settles-at-us8-5-t-lower-shfe-price-grows-reflecting-a-w-o-w-hike-92275
Aluminium Bahrain B.S.C. (Alba), the world's largest aluminium smelter ex-China, has reportedly announced to have secured sustainable financing loan of BD 1.6 million from the Bank of Bahrain & Kuwait (BBK) for its Solar Farm Project.
Vedanta Aluminium will reportedly supply industrial wastes like fly ash and spent pot lining to Dalmia Cement for manufacturing low-carbon cement. The two companies have formed a partnership, noting Vedanta’s mega aluminium smelter at Jharsuguda will send around 20 rakes of fly ash per month for five years and spent pot lining for three years to Dalmia Cement’s manufacturing units in Odisha, Chhattisgarh, Meghalaya, and Assam.
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