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THINK ALUMINIUM THINK AL CIRCLE
Some of the key highlights in the global primary aluminium industry this week include Emirates Global Aluminium pays off in full $361 million, which the Mubadala backed company has raised as project finance from 13 banks and export credit agencies, Alro remains in dismay and alert that around 1300 staff or one-third of its labour force might get laid-off, as the company will curtail production at its aluminium smelter for primary aluminium production by 60% in 2022, and Norsk Hydro to axe around 60% production of Slovalco, its majority stake owned aluminium plant in Slovakia countering high energy prices.
Let us now look at each of those news in further details:
The leader in global aluminium production, Emirates Global Aluminium has paid off in full $361 million, raised by the Mubadala backed company as project finance from 13 banks and export credit agencies. These funds were utilized significantly towards the expansion of its Al Taweelah smelter plant in Abu Dhabi.
To know more: https://www.alcircle.com/news/ega-repays-361-million-debt-ahead-of-time-74253
The representatives of the trade union of Romanian aluminium producer Alro said that around 1300 staff or one-third of its labour force might get laid-off, as the company would curtail production at its aluminium smelter for primary aluminium production by 60% in 2022. The trade union has sought intervention from the Government and President to save the Romanian aluminium industry.
To know more: https://www.alcircle.com/news/alros-trade-union-dismays-1300-workers-may-be-laid-off-74260
On December 30, 2021, the Norwegian aluminium giant Norsk Hydro stated that it would axe around 60% production of Slovalco, its majority stake owned aluminium plant in Slovakia countering high energy prices. The swelling cost of power and natural gas covering the European continent has driven production curtailments at aluminium smelters and many other plants affecting the manufacturing industries.
To know more: https://www.alcircle.com/news/high-energy-price-stirs-hydro-to-axe-aluminium-production-at-slovalco-74254
Alcoa, the world's sixth-largest producer of aluminium, also announced this week that it drew up an agreement for the curtailment of operations at its San Ciprian smelter in Spain for the next two years. Alcoa said the agreement with workers' representatives at the San Ciprian aluminium facility is focused on settling the challenges it is countering in regards to outrageous energy prices. However, the American industrial corporation has also delivered its commitment to initiate restarting the facility in January 2024.
To know more: https://www.alcircle.com/news/alcoa-to-cease-primary-aluminium-production-at-san-ciprian-smelter-in-spain-for-two-years-74245
According to a report this week, the domestic aluminium industry has sought a decrease in basic customs duty and a correction in the inverted duty structure on important raw materials such as pet coke, caustic soda, aluminium fluoride, and alumina. The Aluminium Association of India (AAI), on behalf of the local aluminium sector, has requested quick government help in the next Union Budget 2022-23. According to the AAI's pre-budget projections; it has also proposed an increase in the basic customs tax rate for aluminium and products from 10% to 15%, in line with the steel industry.
The non-power sector consumers of coal are expected to confront a shortage of dry fuel in January, as the centre continues to prioritise supply to the power sector. The decision of the Central government to prioritize the supply of coal for thermal power plants since July has raised concern among the non-power sector coal buyers like aluminium, steel and cement. As a result of which, the non-power sector coal buyers have complained about the low coal supply from Coal India Ltd (CIL).
To know more: https://www.alcircle.com/news/aluminium-sector-to-confront-shortage-of-dry-fuel-as-centre-prioritizes-power-sector-74230
The European integrated aluminium producer in Romania, Alro stated that it accomplished the acquisition of Vimetco Trading from its majority shareholder Vimetco PLC and its subsidiary Vimetco Management Romanian to become its sole owner. Alro said the deal navigates the company to accomplish the integration of sales activities into the structure of the Alro Group.
To know more: https://www.alcircle.com/news/europes-integrated-aluminium-producer-alro-accomplishes-acquisition-of-vimetco-trading-74225
China’s social inventories of primary aluminium continued to decrease this week across eight major consumption areas, including SHFE warrants. Data showed the inventories plunged by 65,000 tonnes week-on-week to come in at 799,000 tonnes as of December 30, mainly contributed by inventory declines in Wuxi, Nanhai, and Gongyi. In Wuxi, primary aluminium inventories slipped by 40,000 tonnes week-on-week to stand at 286,000 tonnes, followed by the decline of 11,000 tonnes and 10,000 tonnes in Nanhai and Gongyi to come in at 186,000 tonnes and 80,000 tonnes, respectively.
LME aluminium price opened this week on Wednesday, December 29, at US$2,835 per tonne, which was down by US$13 per tonne from US$2,848 per tonne on the previous day. On Thursday, December 30, the price decreased further by US$5.5 per tonne to come in at US$2,829.50 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-price-drops-by-us5-50-t-to-settle-at-us2829-50-t-shfe-price-surges-by-us33-t-74255
A00 aluminium ingot price in China started the week on Monday, December 27, at RMB 19,810 per tonne, which dropped the next day on December 28 by RMB 30 per tonne to stand at RMB 19,780 per tonne. However, on Wednesday, December 29, the primary aluminium ingot price rose by RMB140 per tonne to peg at RMB 19,920 per tonne. The hike extended the next to RMB 20,130 per tonne and closed the week even higher at RMB 20,350 per tonne, found the Shanghai Metals Market.
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