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THINK ALUMINIUM THINK AL CIRCLE
The primary aluminium sector has witnessed a mixed yet significant response this week both in terms of prices and other activities. If on one hand, Hindalco’s aluminium ingot price had escalated by INR 3,250 per tonne after 4 successive downfalls, LME aluminium benchmark price had stayed on the downward side. The price fell from US$ US$3,444 per tonne to US$3,395 per tonne. On Monday, April 4, both the LME aluminium cash bid price and the LME aluminium official settlement price fell 1.12% to US$3,443.50 per tonne and US$3,444 per tonne, respectively. Apart from this, the news of EGA and Ma’aden moving towards greener aluminium smelting technology shows that the aluminium industry is paying more attention to sustainable production. As a knock-on effects from the Russia-Ukraine crisis, LME stopped the loading of Russian aluminium in its warehouse to stop members paying extra tax.
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LME aluminium opened at US$3,436 per tonne on Thursday and closed at US$3,400 per tonne, down US$31.5 per tonne or 0.92 per cent. On 7th April, LME aluminium cash bid price stood at US$3,344 per tonne and LME aluminium official settlement price halted at US$3,346. The former recorded a fall of 2.87 per cent or US$99 per tonne and the latter decreased by US$97.50 per tonne or 2.83 per cent.
China’s A00 aluminium ingot price also downsized through the week from RMB 22,480 per tonne on April 6, Wednesday to RMB 21,800 per tonne on Friday, April 8. One of the main causes for the drop in domestic ingot pricing is slow consumption in the downstream industry owing to the ongoing COVID epidemic.
India’s largest aluminium producer, Vedanta Aluminium freighted its introductory 4000-tonne fly ash consignment rake to one of the plants of Holcim India – ACC Cement, Chaibasa Cement Works to produce low-carbon aluminium. ACC ranks as India’s leading cement producer. The aluminium company stated that this is a drive of Vedanta Jharsuguda’s waste-to-wealth incumbency and certifies worthwhile utilisation of fly ash, an industrial by-product in the circular economy path.
To know more: https://www.alcircle.com/news/vedanta-aluminium-commences-its-fly-ash-supply-journey-to-acc-cement-78068
Emirates Global Aluminium (EGA), the UAE’s biggest industrial company outside oil and gas, and Ma’aden, a Saudi state-owned mining company, have reportedly agreed to extend their collaboration on greener aluminium smelting technology, in a bid to achieve more sustainable production. The news came on Thursday, April 7, when both the companies said in a joint statement that they would continue to work together to develop new aluminium smelting technologies with lower greenhouse gas emissions.
To know more: https://www.alcircle.com/news/ega-and-maaden-will-co-operate-on-developing-greener-aluminium-smelting-technology-78056
Alcoa Corporation has reportedly bagged the ASI Performance Standard Certification under Provisional Status for its smelting and casting operation at Massena, New York, USA. Known as the longest interrupted operating aluminium facility in the world, Alcoa Massena plant dates back to 1902, benefiting from the region’s abundant hydro power. The plant produces 360,000 tonnes of primary aluminium in a year.
Gangavaram Port, the country’s deepest and most advanced port achieves yet another record-breaking milestone. The port staff loaded the most aluminium ingots in a single day, 6,559 tonnes of Aluminium ingots for the vessel SEACON MANILA at Berth No 1. This is a new national record for any Indian port. The Port has a futuristic infrastructure to handle a wide range of import and export cargos, including deep depth multi-purpose cargo berths.
To know more: https://www.alcircle.com/news/gangavaram-port-records-milestone-loads-6559-tonnes-of-aluminium-ingot-78041
Scarcity in the supply of coal is being witnessed in India for two years in a row since Coal India has restricted its deliveries to industrial customers to carry out smooth supplies to the power plants. The country is moving towards a mandatory demand peak due to summer but the fuel stockpiles are far below the target level. The India state-owned Coal India Limited with headquarter in Kolkata, West Bengal limited its daily supplies to non-power sector users to 275,000 tonnes, which is around 17% lower than the recent average daily volumes.
On Sunday, April 3, an explosion in an aluminium plant in the Guangdong province city of Qingyuan took the lives of 4 workers. As per the local media, the explosion may have caused a liquid aluminium spill, posing a serious threat to the workers there.
To know more: https://www.alcircle.com/news/blast-in-chinese-aluminium-plant-causes-fear-of-liquid-aluminium-spill-78020
On Friday, April 1, the London Metal Exchange had halted the shipment of some Russian-produced metals to its permitted warehouse in the United Kingdom, although no Russian metals are currently stored in its facilities. The decision was taken in response to Russia’s invasion of Ukraine earlier this year.
To know more: https://www.alcircle.com/news/lme-halts-loading-of-russian-aluminium-in-its-warehouse-to-avoid-members-paying-extra-tax-78011
South32, hailing from Perth, Australia is a mining and metals company that declared on the 30th of March, that there has been a delay in their possession of additional shares in Mozal aluminium from MCA Metals Holding GmbH (Mitsubishi). However, once the approval of the Competition Regulatory Board in Mozambique is availed, the acquisition would not take more than mid-2022 while previously it was anticipated to be over by March 2022. The group was not very keen on sharing any more details.
To know more: https://www.alcircle.com/news/south32-announces-delay-in-mozals-additional-stake-possession-from-mitsubishi-78006
After a sharp cut of INR 7,250 per tonne across all the aluminium products on April 8, Vedanta Limited has lifted its aluminium prices, with effect from April 9. The company has increased its aluminium ingot price by INR 4,000 per tonne to INR 294,000- 341,500 per tonne on April 9 as against INR 290,000- 337,500 on April 8.
According to the Shanghai Metals Market, China’s social inventories of primary aluminium have continued to grow this week by 25,000 tonnes across eight major consumption areas, including SHFE warrants. Thus, SMM data shows the inventories have come in at 1.066 million tonnes, as of Thursday, April 7, compared to 1.041 million tonnes a week ago, March 31.
After four successive cuts, Hindalco Industries Limited has increased its aluminium ingot and aluminium products prices, with effect from Thursday, April 7. The company has added on INR 3,250 per tonne to its aluminium ingot price to sell it at INR 297,000 per tonne. On April 6, the price stood at INR 293,750 per tonne, seeing a downfall of INR 3,000 per tonne or 1.01 per cent from the previous day.
Vedanta Limited reduced its aluminium ingot and aluminium products prices for the second time in a row in the new financial year 2022-23. With effect from April 5, the company cut its aluminium ingot selling price by INR 4,250 per tonne or 1.4 per cent to INR 297,000-344,500 per tonne. On April 2, the price ranged between INR 301,250 per tonne and INR 348,750 per tonne, seeing a trimming of INR 2,000 per tonne.
Three sources have confirmed that some Japanese aluminium buyers have agreed with at least two global producers on the premium payment of $172 per tonne for June shipments, compared to $177 million in the previous quarter. That reflects a quarter-on-quarter downfall of $5 per tonne or 2.8 per cent from $177 per tonne.
As the fiscal year 2022 ends, National Aluminium Company Limited (NALCO) further chops its aluminium ingot and aluminium products prices, with effect from April 1 FY2023. The company’s aluminium ingot price has seen a sharp cut of INR 13,000 per tonne or 4.20 per cent to INR 296,250- 299,750 per tonne. The previous price cut was on March 30 by INR 8,200 per tonne to the range of INR 309,250- 312,750 per tonne.
On Monday, April 4, 2022, mining giant Vedanta Limited announced that its aluminium and zinc production grew by 8 per cent in the fourth quarter ended March 31, while the output of iron ore increased by 18 per cent, as compared to the figure in the same period last year. From 531,000 tonnes in Q4 FY2021, the company’s cast metal aluminium production in Q4 FY2022 improved to 572,000 tonnes, bringing the total output in FY2022 to a record high of 2.268 million tonnes.
On Sunday, April 2, Brazilian aluminium manufacturer Companhia Brasileira de Alumínio (CBA) announced that its controlling shareholder, conglomerate Votorantim SA, will sell 34 million shares in the firm in a follow-on offering. Votorantim SA has a 75.9% interest in CBA, says data from Refinitiv Eikon.
To know more: https://www.alcircle.com/news/cba-s-shareholder-votorantim-sa-to-sell-34-million-shares-78008
As observed by market experts, China is boosting its aluminium export volume to balance the supply gaps in Western markets. In February, China exported 26,378 tonnes of primary aluminium in February, the highest monthly since 2010, turning into a net exporter for the first time since November 2019. China has brought in a shift in its trade patterns. From being a significant importer during 2020 and 2021 as domestic production failed to match demand, China has moved on to being an exporter as production in Europe is affected by the soaring LME aluminium price and physical premiums.
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