Primary Aluminium Weekly Recap: European aluminium seeks exclusion from carbon border adjustment mechanism; Vedanta’s aluminium production up 17% Y-o-Y in 1QFY22
Primary aluminium sector saw major developments this week. LME aluminium cash (bid) price and LME official settle price increased this week, while SMM aluminium ingot price performed higher Let's explore:
European aluminium producers are seeking exclusion from the first phase of the European Union’s carbon border adjustment mechanism (CBAM), claiming that the initiative will put the industry at a competitive disadvantage to foreign rivals and do little to tackle climate change.
To know more: https://www.alcircle.com/news/european-aluminium-producers-seeking-exemption-from-carbon-border-tax-68782
SMM aluminium ingot price performed higher this week. The week started with an increase of RMB 210 per tonne and RMB 100 per tonne on Monday. Aluminium price stood higher by RMB 130 per tonne on Friday, 16 July 2021 to RMB 19410 per tonne.
LME aluminium cash (bid) price and LME official settle price increased this week during July 12-16 by US$ 44 per tonne or 1.80 per cent despite two consecutive declines at the end of the week.
To know more: https://www.alcircle.com/news/lme-aluminium-price-rose-us44-t-this-week-to-close-at-us2493-t-shfe-price-grew-to-us3015-t-68840
Vedanta reported that its aluminium production totalled 549,000 tonnes in the first quarter of FY2022 ended on June 30, 2021. That was an increase of 17 per cent from 469,000 tonnes in Q1 FY2021.
To know more: https://www.alcircle.com/news/vedanta-reports-a-17-y-o-y-hike-in-aluminium-production-to-549-000-tonnes-in-1qfy22-68806
Alro Slatina received a €34 million financing facility from EximBank, a state-owned lender. Exim Bank is the Export-Import Bank of Romania based in Bucharest.
The Saudi Arabian Mining Co, Ma'aden inked a five-year deal to procure calcined petroleum coke from a Saudi company for its Ras Al Khair aluminium smelter. Ma'aden Aluminium smelter in Ras Al Khair will procure 100,000 tonnes a year of the calcined petroleum coke.
RUSAL will deliver low carbon aluminium ALLOW to its plant Aluminium Rheinfelden. The delivery of ALLOW aluminium is scheduled in August 2021. The low carbon aluminium will enhance the profile of Rheinfelden’s proprietary alloys.
To know more: https://www.alcircle.com/news/rusal-to-deliver-low-carbon-aluminium-allow-to-its-aluminium-rheinfelden-68797
Rio Tinto has joined the Australian Industry Energy Transition Initiative (ETI) to reduce emissions in hard-to-abate sectors. The Australian Renewable Energy Agency (ARENA) has also awarded $2 million grant to the initiative.
Mubadala Investment Company is aiming at a value excess of $20 billion comprising debt for Emirates Global Aluminium PJSC as it moves closer to listing the business, according to an industry expert.
To know more: https://www.alcircle.com/news/mubadala-investment-eyes-excess-of-20-billion-for-ega-in-ipo-68839
lcoa Corporation reported the highest profitability since inception in 2016 with record quarterly net income and earnings per share, attributing to strong aluminium pricing with improved customer demand, stable operational performance, and additional cash generation through strategic action. The company’s Q2 2021 net income, ended on June 30, stood at US$ 309 million.
To know more: https://www.alcircle.com/news/alcoa-reports-highest-profitability-since-inception-with-309-million-net-income-in-2q2021-68833
According to the data released by the National Bureau of Statistics (NBS), China’s primary aluminium output hit multi-year highs at 19.64 million tonnes in the first half of 2021. That was up by 10.1 per cent from a year ago, as smelters were encouraged by aluminium prices well above break-even levels.
To know more: https://www.alcircle.com/news/chinas-primary-aluminium-output-hit-six-year-highs-at-19-64-million-tonnes-in-1h2021-nbs-68820
National Aluminium Company Limited (NALCO) has decreased its aluminium ingot and aluminium products prices, following a hike last week, June 7. With effect from Wednesday, June 14, NALCO’s aluminium ingot price has come in at INR 214,050-217,550 per tonne.
To know more: https://www.alcircle.com/news/nalco-reduces-its-aluminium-ingot-price-by-over-1-5-to-inr214-050-217-550-t-w-e-f-july-14-68818
Iran's aluminium production stood at 131,376 tonnes during the first three months of the current Iranian year (March 21-June 21), from 101,202 tonnes in the previous year.
To know more: https://www.alcircle.com/news/irans-aluminium-production-increases-30-in-three-months-68780
Emirates Global Aluminium announced the commencement of the second phase of its expansion to Al Taweelah smelter in Abu Dhabi.
To know more: https://www.alcircle.com/news/ega-commences-early-expansion-of-al-taweelah-aluminium-smelters-second-phase-68794
Rusal announced the appointment of Irina Bakhtina as the Director of Sustainable Development. She will focus on the further implementation of Rusal’s sustainable development strategy across all divisions.
'Metalworld', the flagship magazine of a leading media business house in the Asian metallurgical domain, produces B2B trade shows on a regular basis for more than two decades. The conferences are for various verticals like aluminium, foundry, special steels, sponge iron, which are well appreciated and participated by the industry.
The Cameroonian aluminium producer ALUCAM on 13th July 2021 puts suspension on its declared around 8% price rise which was effective from 12th July 2021.
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