The week remained heavily prosperous for the primary segment of the global aluminium industry. The global rise of the aluminium price has climbed to a 10 year’s high, due to the limited production in China. The Indian primary aluminium producers have delivered a notable performance in the Q1 of 2021-22 and furthermore, all three of the industries are going for the expansion process. In the Gulf region, EGA reported strong half-year financial performance ever and the company’s profit stood at AED 1.74 billion ($473 million) in the first half of 2021.
Hindalco Industries Limited has decreased its aluminium ingot and aluminium products prices with effect from Thursday, September 2, after increasing them for three consecutive times from August 24-28. From today, Hindalco is selling its aluminium ingot at INR 225,750 per tonne, down by INR 4,000 per tonne from INR 229,750 per tonne on August 28.
National Aluminium Company Limited (NALCO) has decreased its aluminium ingot and aluminium products prices with effect from Wednesday, September 1. After rebounding by INR 8,000 per tonne on August 25, NALCO’s aluminium ingot price has reduced by INR 2,000 per tonne or 0.88 per cent from INR 226,750-230,250 per tonne on August 25 to INR 224,750-228,250 per tonne on September 1.
To know more: https://www.alcircle.com/news/nalcos-aluminium-ingot-selling-price-drops-by-inr2000-t-with-effect-from-september-1-70269
On 30th August, the apex body representing the entire spectrum of the Indian Aluminium Industry, Aluminium Association of India (AAI) seeks intervention of the government-owned coal mining and refining corporation, CIL to normalise the uncertain situation that has emerged due to the interruption of coal supplies and rakes for captive power plants, resulting in a dearth of dry-fuel for the aluminium sector.
To know more: https://www.alcircle.com/news/aluminium-association-of-india-seeks-cils-intervention-to-normalize-coal-supply-70239
The sharp spike in aluminium prices to the 10-year high due to limited production in China, the world’s largest aluminium producer, for restricted-energy usage is reportedly rippling through the cost of end-user products, right from Heineken cans to kitchen wrap. Until now this year, the global aluminium prices have climbed by over 30 per cent from US$ 2013.50 per tonne to US$ 2673.50 per tonne.
To know more: https://www.alcircle.com/news/global-aluminium-price-rally-to-10-year-high-lifts-aluminium-product-cost-70244
The largest aluminium producer in Brazil, Companhia Brasileira de Alumínio (CBA) has accomplished the acquisition of a 49% stake in a 171.6-MW wind portfolio from VTRM Energia, the collaboration formed by Votorantim Energia and Canada Pension Plan Investment Board (CPPIB). The $11.40 million deal was executed directly by CBA and indirectly via CBA's subsidiary CBA Itapissuma Ltda that produces aluminium sheets and foils.
According to a recent report, five Chinese aluminium smelters will require to reduce production starting from this month as a prefecture in the Xinjiang region has imposed output limits to stamp out illegal production, which sent Shanghai aluminium prices to a 13-year high. Reuter’s calculations have found that monthly limits across five smelters will reduce 10 per cent of the total production in the first seven months of the year.
To know more: https://www.alcircle.com/news/xinjiang-prefecture-directs-five-chinese-aluminium-smelters-to-reduce-production-70219
Emirates Global Aluminium reported strong half-year financial performance ever. The company’s profit stood at AED 1.74 billion ($473 million in the first half of 2021. Adjusted EBITDA came in at AED 3.49 billion ($950 million), an increase of 111 per cent year-on-year. “Some 86 per cent of the company’s metal sales were value-added products compared to 75 per cent in H2 2020 and 69 per cent in H1 2020,” EGA said.
Sohar Aluminium Company, the first aluminium smelter in the Sultanate of Oman, has reportedly overcome all the challenges posed by the COVID-19 pandemic since early 2020 and has successfully achieved an annual primary aluminium production of 396,929 tonnes. That exceeded the smelter’s production capacity of 395,000 tonnes, primarily driven by the proactive and timely measures taken by the management of the company. So far, this year is also witnessing a similar trend in production and other overall Key Performance Indicators (KPIs).
A joint research study by two European climate think tanks clearly stated that the European Union’s proposal of the world’s first carbon tax is likely to strike Russia hefty while China remains fairly unscratched. In July, the EU proposed a Carbon Border Adjustment Mechanism (CBAM), or we can commonly say CO2 tariff, on highly emitting products from 2026, pushing some businesses importing into the EU, will be forced to pay carbon costs at the border on carbon-intensive products such as aluminium and steel.
On 31st August 2021, a group of high-level Australian delegates spearheaded by the High Commissioner of Australia to India, Barry O’Farrell visited NALCO’s corporate office in Bhubaneswar, Odisha. The Australian delegates during the visit conversed with NALCO’s CMD, Sridhar Patra and the members of the Navratna CPSE Company’s management team.
Vedanta Limited, the mining and metal giant has released the sixth edition of its ‘Tax Transparency Report’ for fiscal 2020-2021. The company is also well recognised as India's biggest producer of aluminium and one of the largest power generators in India.
To know more: https://www.alcircle.com/news/vedanta-releases-6th-edition-of-its-tax-transparency-report-for-fy-20-21-70262
According to the Shanghai Metals Market, social inventories of primary aluminium across eight major Chinese consumption areas have fallen this week by 5,000 tonnes after recording hikes for the past three consecutive weeks. SMM data shows the inventories have come in at 749,000 tonnes as of September 2, compared to 753,000 tonnes last week.
On Monday, August 30, the China Nonferrous Metals Industry Association (CNIA) held a meeting attended by the country’s top aluminium smelters to discuss the continuous surge in aluminium prices, both on the Shanghai Futures Exchange and the London Metal Exchange.
To know more: https://www.alcircle.com/news/top-chinese-smelters-assure-to-stabilise-aluminium-prices-from-new-highs-cnia-70253
LME aluminium benchmark price closed 1 per cent higher on Thursday, September 2. LME aluminium cash (bid) price and LME official settlement price increased by US$27 per tonne to stand at US$2,694.50 per tonne on Thursday, September 2, following a decline of US$46.50 per tonne on the previous day.
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