The global aluminium primary aluminium segment witnessed a lot of significant changes. To begin with, the news that garnered the most attention this week was the appointment of Satish Pai as the new board chairman of the International Aluminium Institute. Satish Pai is the Managing Director of Hindalco Industries, one of the world’s largest integrated aluminium producers. Also on the occasion of World Environment Day, Vedanta Aluminium’s CEO Rahul Sharma stated that the company's climate measures resulted in a 12% reduction in carbon emissions intensity at several of its smelters in FY2022. Under the market forefront, China produced 3.435 million tonnes of aluminium in May (31 days), up 4.15 per cent over the previous month's 3.298 million tonnes (30 days), says the data from SMM. On Monday, June 6, the LME aluminium cash bid price and LME aluminium official settlement price began the week with a strong jump of US$40 per tonne and US$40.50 per tonne, respectively, to US$2,741 per tonne and US$2,742 per tonne. On Tuesday, June 7, prices fell by US$27 per tonne, or 0.98 per cent, to US$2,714 and US$2,715 per tonne.
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The only body representing the global primary aluminium industry, International Aluminium Institute (IAI), had publicised the appointment of Satish Pai as its new Chairman. Satish Pai is the Managing Director of Hindalco Industries, one of the world’s largest integrated aluminium producers. Previously he was serving as the Vice-Chairman and he succeeds Ben Kahrs, Alcoa Corp’s Chief Innovation Officer.
To know more: https://www.alcircle.com/news/international-aluminium-institute-appoints-hindalcos-satish-pai-as-new-board-chairman-80613
Commemorating the World Environment Day on June 5, 2022, Vedanta Aluminium, India’s leading aluminium producer, stated that business growth and sustainable development go hand-in-hand. On the same occasion, Rahul Sharma, CEO of Vedanta Aluminium, said certain initiatives of the company related to climate led to a decrease in carbon emissions intensity at many of their smelters by about 12 per cent in FY2022.
On Monday, June 6, the LME aluminium cash bid price and LME aluminium official settlement price began the week with a strong jump of US$40 per tonne and US$40.50 per tonne, respectively, to US$2,741 per tonne and US$2,742 per tonne. On Tuesday, June 7, prices fell by US$27 per tonne, or 0.98 per cent, to US$2,714 and US$2,715 per tonne.
The quest for renewable energy PPAs had begun in late December 2021; right after the US aluminium producer signed a new labour agreement to retrench the San Ciprian smelter for two years while providing the employee salaries.
China’s A00 aluminium ingot price on June 6 opened the week with a hike of RMB 300 per tonne to close at RMB 20,840 per tonne, which dropped by RMB 20 per tonne to settle at RMB 20,820 per tonne on Tuesday, June 7.
In Guangdong’s southern region, many traders claimed that they were falsely duped into extending a credit against fictitious quantities of aluminium. This news stirred China’s metal market to the core. As per the report, more than RMB 500 million ($75 million) may was duped.
To know more: https://www.alcircle.com/news/traders-in-southern-guangdong-falsely-duped-by-fake-aluminium-volumes-80627
Associação Brasileira do Alumínio or the Brazilian Aluminum Association (ABAL) received ASI certification, a widely recognized certification in the aluminium consumer market. Sustainability lies at the heart of the Brazilian aluminium sector, serving as a motivator for decision-making and project implementation. From mining to recycling, ABAL promotes enterprises along the value chain.
To know more: https://www.alcircle.com/news/brazilian-aluminium-association-abal-receives-asi-certification-80652
Vedanta Limited reduced its aluminium ingot and aluminium products prices by INR 5,500 per tonne or 2 per cent, with effect from Saturday, June 11, following a hike on June 9. That brought the company’s aluminium ingot price to INR 242,500-275,500 per tonne versus INR 248,000-281,000 per tonne on Thursday, June 9.
To know more: https://www.alcircle.com/news/vedantas-aluminium-ingot-price-suffers-a-loss-of-inr5500-t-on-june-11-80665
According to the Shanghai Metals Market, China produced 3.435 million tonnes of aluminium in May (31 days), which registered an increase of 4.15 per cent from 3.298 million tonnes in April (30 days). On a year-on-year basis, the output in May grew 3.6 per cent from 3.32 million tonnes.
To know more: https://www.alcircle.com/news/chinas-aluminium-production-in-may-registers-an-increase-of-4-m-o-m-to-3-435-mt-80661
As recorded by the Shanghai Metals Market, China’s social inventories of primary aluminium witnessed a downfall on Friday, June 9, across eight primary consumption areas. According to the data provided by SMM, the aluminium ingot inventory fell sharply by 29,000 tonnes week-on-week compared with last Thursday.
On Thursday, June 9, Hindalco Industries Limited’s aluminium ingot and aluminium products prices trended up by INR 4,250 per tonne or 1.74 per cent. That brought the company’s aluminium ingot price to INR 248,250 per tonne from INR 244,000 per tonne on June 8.
To know more: https://www.alcircle.com/news/hindalcos-aluminium-ingot-price-uptrends-by-1-74-to-inr248-250-t-with-effect-from-june-9-80659
National Aluminium Company Limited continued to reduce its aluminium ingot and aluminium products prices, with effect from Wednesday, June 8, following the previous cut on May 28. As per the revised prices revealed by NALCO, the company had deducted INR 10,300 per tonne from its previous aluminium ingot price, bringing it to INR 243,950 – 247,450 per tonne versus INR 254,250 – 257,750 per tonne.
Following a complaint from the Indian aluminium industry, the commerce ministry's investigative arm, Directorate General of Trade Remedies (DGTR), undertook an examination into suspected export subsidies by Malaysia on 'aluminium primary foundry alloy ingot in various forms' and recommended enforcement of the tax on January 31 this year.
To know more: https://www.alcircle.com/news/india-wont-initiate-countervailing-duty-on-certain-aluminium-products-from-malaysia-80616
To offer a consolidated package of industrial insights into the global aluminium value chain, AlCircle handpicked some of its exclusive reports to present them in a cluster. Options are plenty as you can pick a single report or choose an assortment of two or three. Not to forget, all are offered at special prices and for a limited period.
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