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Primary aluminium sector saw China’s announcement of releasing 800,000-900,000 tonnes of primary aluminium from its state reserves. LME price ended the week even lower, while SMM aluminium ingot price performed downward. Let's recapitulate some of the top aluminium news from primary aluminium sector.
LME aluminium cash (bid) price and LME official settlement price trended down this week during June 14-18 by US$ 130 per tonne. LME aluminium cash (bid) price and LME official settlement price closed the week even lower on Friday, June 18, at US$ 2,374 per tonne.
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Aluminium ingot price in China performed lower this week. Aluminium price reduced by RMB 100 per tonne on Friday, 18 June 2021 to close the week at RMB 18550 per tonne. The price is expected to move within a range of RMB 18530-18570 per tonne.
China is preparing to release 800,000-900,000 tonnes of primary aluminium from its state reserves in early July to ease the incessant hike of the metal price. The news came after consultancy CRU said in a note to clients. The amount of metal that China is considering to release is higher than 500,000 tonnes that once China planned to release some point this year. However, 900,000 tonnes is only one-quarter of China’s recent monthly production levels.
The Greek business magnate and the chairman of the board of directors of Mytilineos Holdings, Evangelos Mytilineos announced that the agreement of Mytilineos with the biggest electric power company in Greece, PPC for the new and last contract for the supply of electricity at Aluminum of Greece during the regular annual general meeting of the shareholders of the listed company.
To know more: https://www.alcircle.com/news/mytilineos-to-divest-from-ppc-for-power-supply-at-aluminium-of-greece-67579
In early June 2021, TRIMET at its Voerde aluminium site engaged the freshly installed casting plant for the production of aluminium sows. The Voerde aluminium smelter with an attached anode factory is now capable to produce ingot metal itself.
To know more: https://www.alcircle.com/news/trimet-initiates-operation-of-casting-plant-for-aluminium-sows-at-voerde-site-67600
According to a team of analysts at London-based business intelligence company CRU, China will need to shift to renewable energy for achieving carbon neutrality, particularly for the aluminium industry, where renewable power is expected to rise from the current 16 per cent to 27 per cent by 2030. China has pledged to achieve carbon neutrality by 2060 and peak carbon emissions by 2030.
China’s primary aluminium production fell month-on-month in May 2021 as restrictions on power consumption in the smelting hub of Yunnan forced production cuts, showed the National Bureau of Statistics on Wednesday, June 16. The output was 3.2 million tonnes in May, down 0.8 per cent from April’s record high output of 3.346 million tonnes but up 11.3 per cent on year.
The former Indonesian National Board for Disaster Management (BNPB) chief Doni Monardo, and who is also a retired Army Lieutenant General of the Indonesian National Armed Forces (Indoneisan National Military), has been appointed as President Commissioner of state-owned, PT Indonesia Asahan Aluminium (Inalum) specialized in aluminium smelting.
To know more: https://www.alcircle.com/news/doni-monardo-replaces-agus-tjahajana-wirakusumah-as-president-commissioner-of-inalum-67560
The New Zealand Government countered choking up more than $10 million to dispose of 10,000 tonnes of perilous waste from the banks of the Mataura River in Southland. However, the Rio Tinto owned Tiwai Point Aluminium Smelter Company said it will never demand money.
Rio Tinto has announced the appointment of Peter Cunningham as Chief Financial Officer with immediate effect. Peter will be a part of the company’s Board as an executive director.
To know more: https://www.alcircle.com/news/rio-tinto-appoints-peter-cunningham-as-chief-financial-officer-67595
En+ Group in conjunction with its metal segment represented by RUSAL has published research showing the vital role low-carbon aluminium will have to play to avoid embedded emissions spiralling under Korea’s Carbon Neutral Strategy.
Russian oligarch Oleg Deripaska’s lawsuit against the United States over sanctions imposed on the billionaire has been dismissed by a US judge. The latter reasoned that Deripaska’s claims against Washington’s actions lacked merit.
To know more: https://www.alcircle.com/news/us-judge-rejects-russian-aluminium-tycoon-oleg-deripaskas-lawsuit-against-us-sanctions-67566
Eccomelt LLC has announced the completion of an independent study that calculates both the corporate and product carbon footprint of eccomelt356.2, conducted by ClimatePartner GmbH, for the full calendar year 2019.
To know more: https://www.alcircle.com/press-release/climatepartner-gmbh-certifies-the-low-carbon-footprint-of-eccomelt356-2-67576
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