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THINK ALUMINIUM THINK AL CIRCLE
This week the primary aluminium industry witnessed some prominent events. From top companies like Ma'aden, Nalco and Hydro announcing their fourth-quarter results to LME aluminium price hitting a 5-week low due to rising stockpiles in LME-approved warehouses dampened investor mood. As per the results, Ma'aden, the state-owned mining firm of Saudi Arabia with its headquarters in Riyadh, announced an increase in net profit of more than 87% for the entire year of 2022, boosted by increased sales and higher average prices. National Aluminium Company Ltd (Nalco), a state-owned integrated aluminium corporation in India, reported a net profit of INR 274 crore for Q3 FY 2022–2023 on February 10, 2022, an increase of 61% over the prior quarter. Apart from the financial results, another significant event was the appointment of Rajesh Kumar as the new CEO and Whole-Time Director of Bharat Aluminium Company Ltd (BALCO). Rajesh Kumar has a plethora of expertise in managing complex projects, organisational excellence, and plant commissioning.
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The Saudi state-owned mining company headquartered in Riyadh, Ma'aden, had reported a more than 87 per cent leap in its full-year 2022 net profit, enhanced by higher sales and higher average prices. On February 13, 2023, the largest multi-traded mining company in the Middle-East region, Ma’aden, during filing to the Tadawul stock exchange, stated that the company posted $3.23 billion (Saudi riyals 12.13 billion) in net profit in 12 months to the end of December.
To know more: https://www.alcircle.com/news/gulfs-biggest-miner-maaden-reports-87-leap-in-net-profit-for-2022-89981
On February 10, 2022, the Indian state-owned integrated aluminium company, National Aluminium Company Limited (Nalco), reported a net profit of INR 274 crore in Q3 FY 2022–2023, a rise of 61% from the previous quarter. According to the reviewed financial results for the third quarter of FY 23 that the Board considered on February 11, 2023, in Bhubaneswar, the Navaratna CPSE company recorded a net profit of INR 274 crores, up from INR 170 crores in the previous fiscal quarter.
To know more: https://www.alcircle.com/news/nalco-posts-inr-274-crores-net-profit-in-q3-fy23-up-61-89962
On Monday, February 13, aluminium prices reached five-week lows as rising stockpiles in LME-approved warehouses dampened investor mood. As per the data, both LME aluminium cash bid price and LME aluminium official settlement price plunged by US$52.5 per tonne or 2.19 per cent and 2.15 per cent to come in at US$2,381.50 per tonne and US$2,382.50 per tonne.
India’s iconic aluminium producer and a subsidiary of Vedanta Aluminium Business, Bharat Aluminium Company Limited (BALCO), appointed Rajesh Kumar as its new Chief Executive Officer (CEO) and Whole Time Director (WTD).
To know more: https://www.alcircle.com/news/tata-steel-s-rajesh-kumar-appointed-balco-s-new-ceo-wtd-91002
Under its Responsible Products Framework, the Green Building Council of Australia's Green Star (GBCA) acknowledged Aluminium Stewardship Initiative's V3 Performance Standard certification (ASI V3). This was carried out after a benchmarking review with GBCA in 2022. Green Star uses industry-standard programmes and efforts to validate how environmentally friendly a product is.
The largest aluminium producer in India, Vedanta Aluminium, hosted the first edition of the International Aluminium Conference 2023 (IAC 2023) held on February 9-10, 2023 at its operations in Jharsuguda, Odisha in partnership with the Aluminium Association of India, concluded with a high hope by bringing India closer to become the "Aluminium Capital of the World".
To know more: https://www.alcircle.com/news/vedanta-hosted-iac-2023-concludes-leaders-from-13-countries-across-the-world-in-attendance-90993
Fast Forward Zero, a climate and sustainability company, launched its services to help businesses transform into net zero, circular and inclusive operating models. Empowering business transformations with real climate impact, Fast Forward Zero will also help investors and other business leaders build collaborative coalitions to shape better systems and solve complex problems.
According to a report on February 16, South32 is in talks with Eskom, a South African electricity public utility, to source nuclear power for its Hillside Aluminium. Graham Kerr, CEO of South32, said the company had been seeking nuclear power for its smelter to make the production sustainable because, in his view, Europe would only consume green aluminium in the future. He also said bringing Eskom to an agreement was critical.
To know more: https://www.alcircle.com/news/south32-seeks-nuclear-power-for-its-hillside-aluminium-smelter-already-in-talks-with-eskom-91005
On Friday, February 17, China’s A00 aluminium ingot price gained RMB 30 per tonne to stand at RMB 18,460 per tonne. However, on a W-o-W calculation, the aluminium ingot price has plunged by RMB 110 per tonne from RMB 18,570 per tonne recorded on February 10.
On Thursday, February 16, China’s aluminium billet inventory slumped by 12,100 tonnes from 214,400 tonnes recorded the previous week. The inventory settled at 202,300 tonnes. After earlier halting the increasing trend, there were two weeks of fall.
To know more: https://www.alcircle.com/news/aluminium-billet-inventories-in-china-drop-by-12-100-tonnes-to-202-300-tonnes-91001
According to the Shanghai Metals Market data, China’s social inventories of primary aluminium had extended W-o-W growth but at a slower rate than the previous week. SMM data stated the inventories have amounted to 1.22 million tonnes across eight major consumption areas, including SHFE warrants, registering an increase of 26,000 tonnes than a week ago and 177,000 tonnes a year earlier.
Hydro entered the year 2022 amid a strong aluminium market but soon was dominated by a devastating war in Europe, an energy crisis, inflation, and a global economic slowdown, including a significant fall in demand. But amid all this, the company succeeded in delivering record results for the year, as posted in its annual report.
One of North America’s fastest-growing and leading producers of aluminium billet and slab, Matalco, announced the completion of its new facility in Franklin, Kentucky. The new facility began operations in December 2022 and is known for producing aluminium ingot slabs from secondary aluminium.
To know more: https://www.alcircle.com/news/matalcos-new-facility-in-kentucky-can-produce-135-000-tonnes-of-aluminium-slabs-annually-89994
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