Scanty stockpiles of coal in India have reportedly put aluminium producers into a critical situation. As rightly described by India’s apex industry body, the Federation of Indian Mineral Industries (FIMI), the situation is like aluminium producers are “swimming in a rough ocean”. This has been one of the top news in the global primary aluminium industry this week.
To know more: https://www.alcircle.com/news/coal-stockpiles-for-only-one-to-two-days-aluminium-production-to-slash-fimi-70573
{alcircleadd}
Aside this, a key development in the industry has also gained our attention. The world's leading diversified natural resource company, Vedanta with its headquarters in Mumbai is desirous to explore business augmentation opportunities in the Middle East region, comprising establishing a regional base in the UAE or Saudi Arabia.
According to the report, the Anil Agarwal-led company is ambitious to showcase “India’s capabilities” over the next six months.
To know more: https://www.alcircle.com/news/vedanta-keen-to-explore-business-expansion-opportunities-in-the-middle-east-70539
Rio Tinto Kitimat strike ends and workers attain a new labour agreement. So, Rio Tinto is now anticipating to restart full operations for production at its Kitimat aluminium smelter and the Kemano hydropower facility in British Columbia.
Last month, the Anglo-Australian multinational miner that it reached an in-principle agreement on a new collective labour agreement for BC Works with labour union Unifor Local 2310. In the same agreement, the parties have given consent for a new way of working together and on a comeback to work protocol.
To know more: https://www.alcircle.com/news/rio-tinto-kitimat-smelter-strike-ends-70557
The global aluminium benchmark price on the London Metal Exchange has moved up this week by US$27 per tonne. Starting the week on Monday, October 4, at US$ 2,889 per tonne, the price grew by US$5.50 per tonne to stand at US$2.894.50 per tonne on October 5. However, on Wednesday, October 6, the LME aluminium price declined to US$2,880 per tonne but rose again on Thursday to close at US$2,916 per tonne.
National Aluminium Company Limited has increased its aluminium ingot and aluminium products prices this week, following a decline of INR 1,400 per tonne on October 1. With effect from October 7, NALCO’s aluminium ingot price has come in at INR 247,550- 251,050 per tonne, up by INR 2,600 per tonne from INR 244,950-248,450 per tonne on the previous day.
NALCO’s aluminium wire rod and billets prices have also witnessed a hike of INR 2,600 per tonne this week.
To know more: https://www.alcircle.com/news/nalco-grows-its-aluminium-ingot-price-by-inr2600-t-w-e-f-october-7-after-a-cut-last-week-70570
RUSAL and PJSC TransContainer (part of the DELO group) have joined the bandwagon to lower greenhouse gas emission and save the environment from its negative impact. Both of them have signed an agreement of intent on strategic cooperation to reduce carbon content in the field of aluminium raw materials and aluminium products shipments. RUSAL’s General Director Evgenii Nikitin and President of PJSC TransContainer Alexander Isurin were a part of the ceremony.
Alcoa Corporation, the United States' largest aluminium producer, has taken a a pledge to curb greenhouse gas emissions and reduce environmental impact. Like many other companies, Alcoa has also reportedly set a goal to be carbon neutral, and the timeline is 2050.
Alcoa will cut 30 per cent of direct and indirect emissions known as Scope 1 and Scope 2 from aluminium smelting and alumina refining operations by 2025 and decrease 50 per cent by 2030 from 2015 levels. Alcoa’s primary intention is to increase the use of renewable energy and expand low-carbon assets.
The official association of primary aluminium producers, American Primary Aluminum Association (APAA), which is dedicated towards protecting the long-term interest of the U.S. primary aluminium industry and its workers has come out in support of the continuation of the Section 232 aluminium program.
In order to preserve the importance of the Section 232 program, the domestic primary aluminium industry is seen supporting the tariff-rare quota (TRQ) for the European Union in contrary to the claims made by the associations representing foreign producers.
To know more: https://www.alcircle.com/news/apaa-in-strong-support-of-section-232-aluminium-program-70554
Sanjeev Gupta chaired GFG Alliance has confirmed that it will initiate legal action against any attempts by the US private equity fund, AIP, to seize the power of the Dunkirk aluminium smelter, which is part of GFG’s ALVANCE aluminium business.
AIP bought out a chunk of the ALVANCE debts from its previous lenders earlier in 2021. The initial discussions also took place between GFG and AIP regarding a potential future sale of these assets but these discussions were briskly concluded by GFG due to précised concerns over the negotiations, and the gross under-market valuation AIP put on the business.
To know more: https://www.alcircle.com/news/guptas-gfg-scathe-legal-action-against-the-acquisitive-exploits-of-aip-70552
Responses
