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Kenanga Investment Bank Bhd, a financial institution in Malaysia that offers investment management services, reiterated its "neutral" stance on the carbon emissions tax imposed on the seaports and logistics sectors. Rio Tinto is upgrading its casting facility to add new, cutting-edge machinery such as furnaces, a casting pit, coolers, handling, inspection, sawing, and packing systems. The Egyptian business for Metal Construction (Metalco), according to a report on April 14, 2023, is thinking of constructing a smelter to satisfy domestic and international demand, the company's chief stated in a statement on Friday. Prices for non-ferrous metals on the London Metal Exchange (LME) finished with a mixed trend on April 11, 2023. The price of zinc dropped 0.4 per cent to $2,779/t, while the price of the three-month contract for aluminium dropped 1.3 per cent to $2,302/t.
A Malaysian financial company providing investment management services, Kenanga Investment Bank Bhd, reasserted its “neutral” stand on the carbon emissions tax levied upon the seaports and logistical sectors.
To know more: https://www.alcircle.com/news/kenanga-bank-keeps-neutral-stance-on-cbam-affecting-seaports-and-logistics-92571
According to a report on Thursday, April 12, Rio Tinto has started the construction work for a capacity increase to casting low-carbon, high-value aluminium billets by 202,000 tonnes at Alma smelter, Quebec. Rio Tinto is expanding its existing casting centre to include new state-of-the-art equipment such as furnaces, a casting pit, coolers, handling, inspection, sawing and packaging systems.
According to a report on April 14, 2023, the Egyptian company for Metal Construction (Metalco) is contemplating building a smelter to meet local and overseas demand, its chief said in a statement on Friday. The project will cost about $2.7 billion for building a capacity of 600,000 tonnes, said Metalco’s CEO Mohammed Al-Saadawi.
The domestic prices of aluminium alloy ingot ADC12 in India remained stable w-o-w at INR 197,000/t. Despite the start of the new fiscal year, the stability was attributed to modest buying demand.
To know more: https://www.alcircle.com/news/indias-aluminium-alloy-ingot-adc12-price-remains-stable-w-o-w-93593
On April 13, Thursday, the LME aluminium cash bid price came in at US$2,329 per tonne, with a noticeable augmentation of US$71 per tonne or 3.14 per cent and the LME aluminium official settlement price settled at US$2,330 per tonne, heightening by US$71.50 per tonne or 3.16 per cent.
According to the Shanghai Metals Market survey, China’s aluminium production in March 2023 (31 calendar days) stood at 3.41 million tonnes, registering an increase of 10.35 per cent month-on-month from 3.09 million tonnes.
To know more: https://www.alcircle.com/news/chinas-aluminium-production-in-1q2023-improves-4-8-y-o-y-to-9-92-million-tonnes-smm-93589
On April 11, 2023, the non-ferrous metals prices on the London Metal Exchange (LME) closed a mixed trend. The three-month aluminium futures contract fell 1.3 per cent to $2,302/t, while zinc prices fell 0.4 per cent to $2,779/t. Lead dropped 0.4% to $2,087/t.
To know more: https://www.alcircle.com/news/prices-of-non-ferrous-metals-reflect-mixed-results-93585
According to a recent report, Egypt Aluminium, popularly known as Egyptalum, has set a target for the fiscal year 2023-24, which includes a plan to achieve EGP 3.12 billion in net profit after tax. This marks an increase of 3.31 per cent from the previous year’s target of 3.02 billion.
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