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THINK ALUMINIUM THINK AL CIRCLE
The global primary aluminium segment has been in the spotlight this week due to a number of events. To begin with, Ali Al Baqali, the Chief Executive Officer of Aluminium Bahrain B.S.C. (Alba), received the 'People First Leader Award' at the GCC GOV HR Awarding Ceremony 2021 on October 26, 2021. It was followed by the news of Navratna CPSE National Aluminium Company Limited (NALCO) receiving the Non-Ferrous Best Performance Award 2020-21 in the large scale manufacturing unit category. The primary aluminium segment also witnessed, Deeptaman Mukherjee, Director of Commodities for Vedanta's Aluminium Business, claimed on November 18, 2021 that annual aluminium output in India might reach five million tonnes in the next five to six years, a 25 percent increase from present levels.
On October 26, 2021, Ali Al Baqali, the Chief Executive Officer of Aluminium Bahrain B.S.C. (Alba), was named the recipient of the 'People First Leader Award' at the GCC GOV HR Awarding Ceremony 2021. The ceremony was held at the InterContinental Dubai Festival City – Dubai, UAE. Since his appointment as CEO in August 2019, Al Baqali has taken innovative steps to develop Alba's national workforce, including the 'Al Jisr' Programme for Building Supervisory Skills – a one-of-a-kind programme to develop high-potential non-supervisory employees and prepare them for leadership positions; Training Programs to onboard new recruits; and a Business Engagement Plan to tap into the expertise of Alba-sponsored MBA graduates.
To know more: https://www.alcircle.com/news/alba-chief-executive-ali-al-baqali-receives-people-first-leader-award-2021-72867
The Indian Institute of Metals (IIM) has awarded Navratna CPSE National Aluminium Company Limited (NALCO) the Non-Ferrous Best Performance Award 2020-21 in the large scale manufacturing unit category. Shri Sridhar Patra, CMD, NALCO, accepted the award on behalf of the firm during a virtual award presentation event conducted on November 14 as part of the 75th Indian Institute of Metals Annual Technical Meeting. National Aluminium Corporation Limited (NALCO) is a government-owned company with integrated and diversified activities in mining, metals, and electricity. It is owned by the Ministry of Mines of India. The government of India now owns 51.5 percent of NALCO.
To know more: https://www.alcircle.com/news/nalco-receives-iim-non-ferrous-best-performance-award-2020-21-72873
The voice of the aluminium industry in the US, the Aluminum Association has announced the joining of Virginia Gum Hamisevicz as new Vice President of Government Affairs & International Programs. Virginia carries around 20 years of working experience advocating energy, natural resources and trade policy before Congress and the Executive Branch. She spent more than a decade with the National Mining Association as Vice President for Government Affairs. She also served on staff for both Reps. Shelley Moore Capito (R-W.Va.) and Bill Shuster (R-Penn.). Furthermore, she has held positions with the Environmental Protection Agency, National Park Service, Independent Petroleum Association of America, and the Methanol Institute.
To know more: https://www.alcircle.com/news/the-aluminium-association-appoints-virginia-gum-hamisevicz-as-new-vp-of-govt-relations-72878
On November 15, 2021, Century Aluminium Company (NASDAQ: CENX) stated that Norurál Grundartangi ehf ("Norurál"), a wholly-owned subsidiary of Century Aluminium Company (NASDAQ: CENX), and Qair, an independent renewable power producer, have signed a letter of intent for the supply of green electricity to the Grundartangi smelter originating from two of Qair's windfarms with a total installed capacity of 200 MW under development in Iceland. The two firms have also agreed to collaborate on the development of a CO2 capture technology for the Grundartangi smelter. If the project is successful, the collected CO2 will be utilised to produce eFuel in conjunction with Qair's hydrogen facility, which is being built close to Grundartangi.
Aluminium Bahrain B.S.C. (Alba), one of the region's leading industrial companies, has endorsed HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, on his recently announced climate change goals and commitment to double the number of trees in the Kingdom by 2035 through his 'A Tree for Every Employee' planting initiative to boost biodiversity and combat climate change. Alba's Chief Executive Officer Ali Al Baqali and the Executive Management team came together with Alba's Chairman of the Board Shaikh Daij bin Salman bin Daij Al Khalifa in a company-wide initiative to distribute saplings of various plant varieties to all employees at the company's gates on November 14-15, 2021, with the goal of encouraging them to take the lead in increasing Bahrain's green cover and lowering carbon footprint.
At Enterprise Odisha 2021, Vedanta Aluminium Business, India's biggest manufacturer of aluminium and its value-added products, revealed intentions to work on innovation and technology with entrepreneurs and start-ups. The 23rd edition of Enterprise Odisha, organised by the Confederation of Indian Industry (CII) in partnership with the Government of Odisha, included important companies from several industries, including Vedanta Aluminium. Vedanta Aluminium Business, a part of Vedanta Limited, is India's largest aluminium maker, producing half of the country's aluminium, or 1.96 million tonnes, in FY21. It is a market leader in value-added aluminium products that are used in a variety of sectors. With its world-class aluminium smelters, alumina refinery, and power plants in India, the firm achieves its purpose of promoting developing applications of aluminium as the "Metal of the Future" for a greener future.
On 18th November 2021, Sridhar Patra the Chairman and Managing Director of the Indian state-owned National Aluminium Company (NALCO) mentioned that the production and sales figure in FY22 will reach record levels. The integrated aluminium company declared earnings for the September-ended quarter with a powerful performance by the aluminium business and upheld by the alumina business. The CMD said: “The profitability that we saw after the H1, we are confident that in the second half we will be beating all the records of this decade on the production front, financial performance and on all aspects.”
To know more: https://www.alcircle.com/news/nalcos-production-and-sales-in-fy22-will-reach-record-levels-cmd-sridhar-patra-72923
On 19th November 2021, the prices of aluminium surged as the cloud of supply distress is anticipated following an aluminium smelter in China that ceased its production due to an explosion. The Shanghai Metal Market reported that in China’s Yunnan province, an aluminium smelter with an annual production capacity of 300,000 tonnes stopped production after a blast incident happened in the plant on the evening of 18th November 2021.The Shanghai Futures Exchange’s most-traded January aluminium contract inclined as much as 3.7% to RMB 19,260 a tonne, while three-month aluminium on the LME advanced as much as 3.1% to $2,696 a tonne. The aluminium sector has been deeply impacted by the recent China power crisis, as the smelting of metal is highly power-intensive.
To know more: https://www.alcircle.com/news/aluminium-smelter-explosion-in-chinas-yunnan-province-fuels-surge-in-price-of-the-metal-72925
On Friday, November 12, LME aluminium cash (bid) price increased by US$30.5 per tonne or by 1.15 percent to stand at US$2,675.50 per tonne. LME aluminium official settlement price also moved up by US$30.5 per tonne or by 1.15 percent to close at US$2,676 per tonne. 3-month bid price and 3-month offer price was recorded at US$2,677 per tonne and US$2,679 per tonne. December 22 bid price and December 22 offer price settled at US$2,633 per tonne and US$2,638 per tonne. LME aluminium opening stock on November 12 stood at 974700 tonnes. Live warrants settled at 595825 tonnes and cancelled warrant totalled at 378875 tonnes. LME aluminium 3-month Asian Reference Price totalled at US$2,643.25 per tonne as of November 12.
To know more: https://www.alcircle.com/news/lme-aluminium-price-ascends-by-us30-5-t-to-stand-at-us2-676-t-shfe-price-descends-by-us13-72865
A00 aluminium ingot price in China has opened the week on November 15 with a downfall of RMB 240 per tonne after two consecutive days of hike from RMB 18,510 per tonne to RMB 19,430 per tonne. According to the Shanghai Metals Market, the price is currently standing at RMB 19,190 per tonne, with average prices likely to range between RMB 19,170 per tonne and RMB 19,210 per tonne. The spot contract is estimated to be traded at a premium price of RMB 60-20 per tonne. In Gongyi, the primary aluminium ingot price has plunged by RMB 260 per tonne to stand at RMB 19,170 per tonne, followed by the decrease of RMB 240 per tonne in Wuxi and Hangzhou to RMB 19,190 per tonne and RMB 19,180 per tonne, respectively. In Chongqing, A00 aluminium ingot price is also standing at RMB 19,190 per tonne but by losing RMB 215 per tonne on November 15. In Foshan, primary aluminium price has dwindled by RMB 220 per tonne to RMB 19,240 per tonne, while the price in Shenyang and Tianjin has declined by RMB 200 per tonne to RMB 19,170 per tonne and RMB 19,160 per tonne, respectively.
Hindalco Industries Limited increased its aluminium ingot and aluminium products prices for the second straight day on Saturday, November 13. That brought the company’s aluminium ingot price to INR 233,000 per tonne, up by INR 2,500 per tonne from INR 230,500 per tonne on November 12. Hindalco’s aluminium wire rod price also saw a rise of INR 2,500 per tonne on November 13 from INR 241,600 per tonne to INR 244,100 per tonne. Aluminium billets price came in at INR 243,600 per tonne versus 241,100 per tonne on November 12.
According to the data revealed by the National Statistics Bureau, China’s aluminium production in October stood at 3.13 million tonnes, 1.8 per cent higher year-on-year than 3.075 million tonnes. On a month-on-month calculation, the output stood up as well, ending a run of five straight monthly declines, found the official data. However, the daily average output in October fell to its lowest since July 2020, as smelters faced continued restrictions due to power shortages. As per the data, daily production stood at 100,968 tonnes versus 102,500 tonnes in the previous month (30 days). In October, the southwestern province of Guizhou ordered all five of its aluminium smelters to reduce power usage and shut capacity, reported MySteel consultancy, putting the annual operating capacity affected at 1.3 million tonnes.
Both LME aluminium cash (bid) price and LME aluminium official settlement price ascended by US$2 per tonne or by 0.07 percent to close at US$2,677.50 per tonne and US$2,678 per tonne. 3-month bid price and 3-month offer price totalled at US$2,677 per tonne and US$2,678 per tonne. December 22 bid price and December 22 offer price closed at US$2,625 per tonne and US$2,630 per tonne. LME aluminium opening stock on November 15 settled at 968450 tonnes. Live warrants and cancelled warrants for the same day closed at 595825 tonnes and 372625 tonnes, respectively.
To know more: https://www.alcircle.com/news/lme-aluminium-price-grows-by-us2-t-to-stand-at-us2-678-t-shfe-price-decreases-by-us46-t-72879
The primary aluminium ingot price in Gongyi has plunged by RMB 250 per tonne to stand at RMB 18,920 per tonne, followed by RMB 250 per tonne price drop at Wu Xi, keeping at RMB 19,940 per tonne. The aluminium ingot price in Hang Zhou also reflected a downfall by RMB 230 per tonne to RMB 18,950 per tonne. In Lin Yi, the price of primary aluminium unveils drop by RMB 210 per tonne to RMB 19,040 tonnes, while the aluminium price at Chong Qing and Shen Yang exhibited with downfall by RMB 200 per tonne to remain at RMB 18,990 per tonne and RMB 18,970 per tonne. Tian Jin reported a fall in the price of RMB 170 per tonne to RMB 18,990 per tonne.
On Tuesday, November16, LME aluminium cash (bid) price plunged down by US$50 per tonne or by 1.86 percent to stand at US$2,627.50 per tonne. LME aluminium official settlement price also moved down by US$49.5 per tonne or by 1.84 percent to close at US$2,628.50 per tonne. 3-month bid price and 3-month offer price settled at US$2,627 per tonne and US$2,628 per tonne, respectively. December 22 bid price and December offer price for the same day totalled at US$2,580 per tonne and US$2,585 per tonne. On November 16, LME aluminium opening stock was recorded at 959975 tonnes. Live warrants and cancelled warrants for the same day settled at 595825 tonnes and 364150 tonnes.
National Aluminium Company Limited (NALCO) has hiked its aluminium ingot and aluminium product prices for the second time in a row, with effect from Tuesday, November 16. The company’s aluminium ingot price has come in at INR 230,350-233,850 per tonne after being sharply increased by INR 10,500 per tonne from INR 219,850-223,350 per tonne on November 11. The latest increase has brought the company’s aluminium wire rod price to INR 232,850-237,200 per tonne, also up by INR 10,500 per tonne from INR 222,350-226,700 per tonne. Aluminium billets price is hovering around INR 233,800-236,450 per tonne versus INR 223,300-225,950 per tonne on November 11.
To know more: https://www.alcircle.com/news/nalco-hikes-its-aluminium-ingot-price-by-inr10500-t-or-4-7-with-effect-from-november-16-72889
The Chinese state economic planner will execute a fresh set of energy consumption benchmarks for the country’s energy-intensive industries from 2022, proffering manufacturers three years to adhere or close down to attach its climate-change goals. The least efficiency standards materialize to clasp a target at aluminium smelters, steel and cement producers, as they remain as the top energy consumers and polluters. The stocks of the major players like aluminium producer Chalco and Baoshan Iron & Steel slumped, against a predominantly bullish market on 16th November. On 15th November, China’s central economic planner, the National Development and Reform Commission (NDRC) revealed the criterion energy consumption levels for five high energy-consuming industries in a joint statement with five other central government departments.
Both LME aluminium cash (bid) price and LME aluminium official settlement price decreased slightly by US$0.5 per tonne or by 0.01 percent to total at US$2,627 per tonne and US$2,628 per tonne, as of Wednesday, November 17. 3-month bid price and 3-month offer price closed at US$2,621.50 per tonne and US$2,622.50 per tonne, respectively. December 22 bid price and December 22 offer price for the same day was recorded at US$2,585.00 per tonne and US$2,590.00 per tonne. On November 17, LME aluminium opening stock closed at 956750 tonnes. Live warrants and cancelled warrant for the same day totalled at 590750 tonnes and 366000 tonnes.
After three hikes since November 11, Hindalco Industries Limited has cut its aluminium ingot and aluminium products prices with effect from Wednesday, November 17. The company’s aluminium ingot price has come in at INR 229,250 per tonne, down by INR 3,750 per tonne or 1.61 per cent from INR 233,000 per tonne on November 13. Hindalco’s aluminium wire rod price has also been reduced by INR 3,750 per tonne on November 17, bringing the price to INR 240,350 per tonne from INR 244,100 per tonne on the previous day. Aluminium billets price is being sold at INR 239,850 per tonne with effect from November 17, compared to INR 243,600 per tonne on November 13.
To know more: https://www.alcircle.com/news/hindalcos-aluminium-ingot-selling-price-shrinks-by-inr3750-t-with-effect-from-november-17-72905
China’s social inventories of primary aluminium have built up by 31,000 tonnes this week across eight major consumption areas, including SHFE warrants, found the Shanghai Metals Market. Thus, the inventories have amounted to 1.038 million tonnes on November 18, compared to 1.007 million tonnes last week, November 11.
On Thursday, November 18, LME aluminium cash (bid) price dropped down by US$20 per tonne or by 0.76 percent to close at US$2,607 per tonne. For the same day, LME aluminium official settlement price also descended by US$20.5 per tonne or by 0.78 percent to total at US$2,607.50 per tonne. 3-month bid price and 3-month offer price totalled at US$ 2,595 per tonne and US$ 2,596 per tonne. December 22 bid price and December 22 offer price for the same was recorded at US$ 2,563 per tonne and US$ 2,568 per tonne. On November 19, LME aluminium opening stock stood at 948650 tonnes. Live warrants and cancelled warrant totalled at 577750 tonnes and 370900 tonnes, respectively.
The global mining and metal giant, Rio Tinto is infusing $87 million to raise its low-carbon aluminium production in Canada with 16 new smelting cells at its AP60 smelter, in the Saguenay-Lac-Saint-Jean region of Quebec. The investment will inflate production at the smelter by around 45% or 26,500 tonnes of primary aluminium per year to a capacity of 86,500 metric tonnes and deliver a secure prospect for approximately 100 employees working at the facility. Rio Tinto predicts that the global aluminium market will grow at an average rate of 3.3% per annum over the next decade with strong demand driven by the energy transition and decarbonisation.
To know more: https://www.alcircle.com/news/rio-tinto-invests-87-million-to-raise-low-carbon-ap60-aluminium-production-in-canada-72903
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