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THINK ALUMINIUM THINK AL CIRCLE
World primary aluminium market marked some significant events this week. To start with Hydro Husnes has resumed full operation for the first time in more than a decade. CEO Hilde Merete Aasheim, the mayor of Kvinnherad Municipality, and representatives from Industri Energi and Norsk Industri visited Hydro this week to mark the full operation of the plant with their presence. 200 electrolysis cells are now put into operation for producing 195,000 tonnes of aluminium per year.
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On June 22, Vedanta stated that the coal block which has been allotted would deliver fuel security, enhance power availability and also strengthen the aluminium operations, once it becomes fully functional. Vedanta released the statement immediately after it emerged as the successful bidder for the Kuraloi (A) North coal block located in Jharsuguda district, Odisha.
World primary aluminium production in May 2021 rebounded at 5.744 million tonnes, reflecting an increase of 3.63 per cent from 5.543 million tonnes in April. On a year-on-year calculation, the production in May edged up 5.78 per cent than 5.430 million tonnes. In the first five months of the year, output totalled 27.942 million tonnes, up by 4.35 per cent from 26.777 million tonnes during the same period last year, found IAI.
China will publicly auction 100,000 tonnes of non-ferrous metals early next month, according to the announcement made by China’s state reserves administration. In three separate notices, the National Food and Strategic Reserves Administration said that it would auction 20,000 tonnes of copper, 30,000 tonnes of zinc, and 50,000 tonnes of aluminium on July 5-6. Only aluminium processing and manufacturing enterprises will be eligible to bid from 8 AM to 12 PM (0000-0400 GMT) and 1 PM to 6 PM (0500-1000 GMT) on both the days.
Russian government is gearing to impose new export taxes for aluminium, steel products, nickel and copper, which will cost their producers $2.3 billion between 1st August and 31st. Russia wants to safeguard its defence and construction industries from a further rise in raw materials costs as prices for metals has boomed at a global high level.
LME aluminium cash (bid) price and LME official settlement price trended up this week during June 21-24 from US$ 2,353.50 per tonne to US$ 2,397.50 per tonne. 3-months bid price and 3-months offer price rose to US$ 2,424 per tonne, while Dec 22 bid price and Dec 22 offer price increased to US$ 2,406 per tonne.
A00 aluminium ingot price in China started the week on Monday, June 21, at RMB 18,380 per tonne, which grew 2.12 per cent to end the week on Friday, June 25, at RMB 18,770 per tonne, found the Shanghai Metals Market.
China’s social inventories of primary aluminium continued to decline this week ending on Thursday, June 24, across the eight major consumption areas, including SHFE warrants. SMM data found the inventories fell 16,000 tonnes to come in at 874,000 tonnes compared to 890,000 tonnes last week on June 17.
To know more: https://www.alcircle.com/news/primary-aluminium-inventories-in-china-fall-16-000-tonnes-this-week-to-874-000-tonnes-smm-67659
The UAE’s sovereign investor Mubadala Investment Company said it acquired a fresh 2.6% stake in Russian aluminium giant and leading low-carbon aluminium producer En+. Mubadala's total ownership in En+, following the deal now stands at 2.86%, which the investment firm stated on June 23, 2021.
To know more: https://www.alcircle.com/news/mubadala-investment-company-acquires-2-6-stake-in-low-carbon-aluminium-producer-en-67654
National Aluminium Company Limited (NALCO) slashed its aluminium ingot and aluminium product prices by INR 6,250 per tonne with effect from June 22. That brought the company’s aluminium ingot price at INR 199,450-202,950 per tonne compared to 205,650-209,150 per tonne on June 11.
To know more: https://www.alcircle.com/news/nalco-sharply-cuts-its-aluminium-ingot-price-by-inr6250-t-with-effect-from-june-22-67653
Emirates Global Aluminium is in discussion with banks to refinance and transpose the terms of a loan of about $6 billion that it secured in 2019, as reported on June 23 by close references on this matter. The references stated that the UAE based company equally owned by Abu Dhabi state fund Mubadala and the Investment Corporation of Dubai is soliciting to elongate the tenor and lower the pricing of the seven-year loan through a refinancing facility to grab the benefit of low rates.
To know more: https://www.alcircle.com/news/ega-in-talks-with-banks-to-refinance-6-billion-loan-it-secured-in-2019-67652
Hindalco Industries Limited increased its aluminium ingot price back-to-back with effect from June 23 and June 24. Hindalco is at present selling its aluminium ingot at INR 205,500 per tonne with effect from June 24 after increasing it by INR 1,750 per tonne from the previous day. On June 23, Hindalco’s aluminium ingot price stood at INR 203,750 per tonne, up by INR 1,500 per tonne from INR 202,250 per tonne on June 22.
The buzzer is on, the final call is ringing, what are you waiting for? AlCircle warmly welcomes you all to its second virtual event “AlCircle Expo 2021”. This time the list of exhibitors has expanded, and so has the list of sponsors for ‘AlCircle Expo 2021’. More Exhibitors and more Sponsors on board resemble the opportunity for more business networking, meeting more people (virtually), and gathering more knowledge.
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