Primary aluminium weekly recap: Alcoa supports Rusal's call for LME to disclose the source of all metal stocks; Sales of two smelting giants surge following LME's rejection of Russian metal ban
This week, the global primary aluminium segment recorded many important events. To begin with, with the news of the London Metal Exchange not prohibiting Russian metal from being traded on its platform, there was a rush to negotiate contracts with the two largest mining and smelting firms in Russia. The world's largest aluminium producer, Rusal, reported that the LME announcement improved sales. Also, Alcoa, the eighth-largest producer of aluminium in the world with headquarters in Pittsburgh, supported Rusal's demand, which was made last week, for the London Metal Exchange to provide information about the origin of any metal stored in LME-approved warehouses. Under the market segment, LME aluminium benchmark price remained range-bound this week between US$2344-2346/t. According to the General Administration of Customs, China's imports of aluminium in October 2022, comprising basic metal and unwrought, alloyed metal, decreased by 33.9 per cent year over year and totalled 196,460 tonnes.
According to our European report, there was a rush to sign contracts with the two major mining and smelting companies in Russia following the London Metal Exchange's decision of not to forbid Russian metal from being traded on its platform and stored at its warehouses.
To know more: https://www.alcircle.com/news/sales-of-two-smelting-giants-surge-following-lme-s-rejection-of-russian-metal-ban-87169
The Pittsburgh, US-based industrial corporation and eighth-largest aluminium producer, Alcoa, supported the proposal submitted last week by Russian aluminium giant Rusal for the London Metal Exchange to bring forth the details concerning the source of all metal in LME-approved warehouses.
To know more: https://www.alcircle.com/news/alcoa-supports-rusal-s-call-for-lme-to-disclose-the-source-of-all-metal-stocks-87209
The EU's planned Carbon Border Adjustment Mechanism (CBAM) poses a significant risk to the southern African nation, Mozambique, primarily because of its aluminium exports to the EU. The metal aluminium is the country's most considerable export good, which accounts for up to 25 per cent of export earnings, worth US$1.4 billion.
To know more: https://www.alcircle.com/news/mozambique-s-aluminium-exports-to-the-eu-may-face-carbon-taxes-it-begins-exporting-lng-87172
New Zealand-based Forsyth Barr, a firm specialising in innovative financial services and investment solutions, claimed that the Tiwai Point aluminium smelter is scheduled to remain open till 2039 but will require more expenditure for power deals.
In October 2022, China’s aluminium imports, including primary metal and unwrought, alloyed metal, fell 33.9 per cent year-on-year, amounting to 196,460 tonnes, found the General Administration of Customs.
To know more: https://www.alcircle.com/news/chinas-aluminium-imports-decline-34-y-o-y-on-weaker-domestic-demand-for-strict-covid-curbs-87180
Vedanta Aluminium, India’s largest aluminium producer, held a technical masterclass on how to boost extrusion productivity, with about 300 participants from 60 leading companies in the extrusion industry from the US, the UK, India, Portugal, Greece, Australia, Israel and many more.
New Zealand Aluminium Smelters (NZAS) associates greeted regional people on November 23 to draw a roadmap of the area's foreseeable future along with correcting the methods of the past. This update for the locals was long overdue.
According to the Shanghai Metals Market, China's primary aluminium inventories decreased by 29,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, November 24, the inventories totalled 518,000 tonnes, which in comparison with the month's third Monday, November 21, plummeted by 12,000 tonnes.
To know more: https://www.alcircle.com/news/chinas-aluminium-ingot-inventories-drop-29-000-tonnes-w-o-w-to-518-000-tonnes-87235
On Thursday, November 24, the domestic social inventory of aluminium billet increased by 2,400 tonnes from a week before 63,000 tonnes. Reduced production in northwest China and disruption of production and railway transport in Shandong supported local conversion margins to the east and north.
To know more: https://www.alcircle.com/news/aluminium-billet-inventories-in-china-expand-by-2-400-tonnes-w-o-w-to-63-000-tonnes-87233
On Monday, November 21, the LME aluminium cash bid price and LME aluminium official settlement price both decreased by US$26 per tonne and US$25 per tonne, respectively, to stand at US$2,342 per tonne and US$2,344 per tonne, respectively. However, the prices increased by US$51.50 per tonne and US$50 per tonne the next day, reaching US$2,393.50 per tonne and US$2,394 per tonne, respectively.
To know more: https://www.alcircle.com/news/lme-benchmark-aluminium-price-dwindles-down-by-us20-t-shfe-also-loses-us27-t-87230
Primary aluminium production in Africa during October 2022 recorded a month-on-month increase of 4.44 per cent or 6,000 tonnes to stand at 141,000 tonnes, found the International Aluminium Institute.
According to the Shanghai Metals Market report, Guangxi province encourages aluminium smelters to resume potlines at the earliest and boost capacity utilization rates by offering subsidies and alluring incentive plans. The province will provide subsidies to the smelters whose potlines were shut down this year due to pandemic or energy consumption restrictions.
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World primary aluminium production in October 2022 totalled 5.850 million tonnes, which reflected an increase of 3.19 per cent month-on-month, found the International Aluminium Institute data. In September, world primary aluminium output stood at 5.669 million tonnes, down by 3.93 per cent from 5.901 million tonnes in August.
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