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THINK ALUMINIUM THINK AL CIRCLE
Right from Tom Dobbins’s resignation from the position as President and Chief Executive officer of the Aluminum Association to Hydro’s new Plant Manager appointment at Husnes smelter, the world primary aluminium sector has offered many important news this week. But the topmost of all is China’s power shortage leading to aluminium production curb.
As per the report, China’s power distress is feasibly much bigger and savage than it is envisioned. China is the world’s biggest consumer of coal with over 56 per cent consuming capacity for producing energy to cater for the needs domestically. Fossil fuel is Chinese energy security’s most crucial part. The high absorption of thermal power in China signifies that any fall-off in coal supply dents its propensity to engender adequate electricity. Currently, the communist nation is encountering a serious shortage of Australian coal.
A prefecture in the western Xinjiang region, a home to almost one-fifth of the country’s primary aluminium capacity, directed five major smelters last month to cut 10% monthly output levels for August-December. In September, Yunnan province in Southwest China also ordered smelters to keep their monthly average output lower during September-December compared to the production levels in August.
To know more: https://www.alcircle.com/news/chinas-power-shortage-driving-industries-to-dark-aluminium-production-suppresses-70490
According to a report on September 28, Tom Dobbins is resigning from the Aluminum Association as President and Chief Executive officer at the end of October 2021, after serving the position for over a year. The Aluminum Association has started looking for a new president and CEO. But until the position is filled, several other executives within the association will serve on the association’s interim leadership team, as per the report.
Two days later, news came that Hydro Aluminium Smelter in Husnes appoints Jon Ola Ystgaard as a new Plant Manager, who will be reporting to Head of Primary Production in Hydro Aluminium Metal Ola Saeter. Prior to this, Mr Ystgaard worked with Aludyne Norge AS, an aluminium car parts manufacturer based in Farsund, as the General Manager. He will be joining Hydro Husnes on October 11.
To know more: https://www.alcircle.com/news/hydro-appoints-jon-ola-ystgaard-as-new-plant-manager-for-husnes-aluminium-smelter-70513
Commodities tycoon Anil Agarwal-led Vedanta Aluminium has secured the top spot at Perform, Achieve and Trade (PAT) Cycle-II among the Indian aluminium industry. Vedanta's subsidiary Bharat Aluminium Company (BALCO) bagged the desired apex spot with the highest Energy Saving Certificates among the aluminium smelters in India, followed by Vedanta Jharsuguda's Smelter.
To know more: https://www.alcircle.com/news/vedanta-aluminium-business-outperforms-at-pat-cycle-ii-scheme-by-ministry-of-power-70478
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Global primary aluminium benchmark price started the week with a decline of US$17.50 per tonne to US$2,888 per tonne on September 27. In the next two days, the price grew to US$2,913 but again fell to US$2,851 per tonne on September 30.
A00 aluminium ingot price in China opened the week on September 27 with an increase of RMB 10 per tonne to RMB 22,930 per tonne, which fell drastically the next by RMB 440 per tonne to RMB 22,490 per tonne. On September 29, the price surged to RMB 22,820 per tonne but concluded the week on September 30 lower at RMB 22,630 per tonne. On October 1st, the China market was closed for the National Day Holiday.
The National Food and Strategic Reserves Administration said China would put another 150,000 tonnes of industrial metals on auction, scheduled on October 9, 2021. That would include 70,000 tonnes of aluminium, 30,000 tonnes of copper, and the rest 50,000 tonnes of zinc.
The social inventories of primary aluminium elevated by 26,000 tonnes this week to close at 815,000 tonnes across eight major consumption areas, along with SHFE warrants. In Nanhai, primary aluminium inventories moved up by 7000 tonnes to close at 244,000 tonnes, while in Wuxi, it increased by 19,000 tonnes to settle at 266,000 tonnes.
South32 worked out its right to acquire an additional 25% stake in Mozambique-based Mozal Aluminium, a drive that would increase its annual output by 15% from the smelter. South32 acquired the additional stake for $250 million from Mitsubishi subsidiary MCA Metals Holding, raising its stake in the smelter to just over 72%. On August 31, South32 had net cash of $553 million, while it funded the purchase from cash in hand.
To know more: https://www.alcircle.com/news/south32-acquires-additional-stake-in-mozambique-based-mozal-aluminium-smelter-70500
Rio Tinto and Canadian union Unifor drew up a contract in principle on a new Collective Labour Agreement for BC Works, following the number of weeks after the second-round of discussion between the two parties over proposed changes to workers' retirement benefits and unresolved grievances.
Rio Tinto published a statement that says: “Both parties are satisfied that the proposed Agreement will provide a foundation for respect in the workplace and underpin a competitive and sustainable future for BC Works, benefitting employees and their families, the company, and the broader community.”
To know more: https://www.alcircle.com/news/rio-tinto-unifor-draw-up-labour-agreement-for-kitimat-aluminium-smelter-70475
Slovalco, the only primary aluminium producer in Slovakia, is curbing production in reaction to the steep growth of electricity prices. Record price hikes of emission allowances and insufficient compensation from the states through the Environmental Fund are some of the other factors for the output cut.
Slovalco produces 160,000 tonnes of aluminium annually in 226 furnaces, consuming 8 per cent of Slovakia’s total electricity consumption. Already, the company has idled 25 furnaces.
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