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THINK ALUMINIUM THINK AL CIRCLE
Supply disruptions, high logistical costs driven by Russia-Ukraine conflict and several international sanctions on Russia were some of the concerns in the global primary aluminium market, resulting in rallied metal prices. Starting the week on February 28 at US$3,450 per tonne, LME aluminium benchmark price surged through the week to stand at an all-time high of US$3,728.50 per tonne. 3-month bid price and 3-month offer price closed the week higher at US$3,703.50 per tonne and US$3,704 per tonne, respectively.
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Alcoa’s chief financial officer Willian Oplinger also predicted this week that aluminum prices would continue to inflate while alumina supply to become tighter as a result of international sanctions imposed on Russia due to its military invasion of Ukraine. Market demand for aluminum is likely to remain unfulfilled in Europe and the US by the Russian aluminum producers, resulting in heightening pressure on the recent high level of premiums in both regions, pointed out Oplinger.
In response to the surge in global aluminium price, National Aluminium Company Limited (NALCO) hiked its aluminium ingot and aluminium products prices, with effect from March 1, 2022. The company increased the aluminium ingot price by INR 8,800 per tonne or 2.93 per cent to INR 309,250-312,750 per tonne from INR 300,450- 303,950 per tonne on February 28.
Hindalco Industries Limited’s aluminium ingot price mounted to INR 320,750 per tonne, with effect from Friday, March 4, from INR 310,750 per tonne on March 3. The company increased its aluminium ingot price in line with the LME aluminium price hike to an all-time high at US$3,728.50 per tonne on March 3.
To know more: https://www.alcircle.com/news/hindalcos-aluminium-ingot-price-mounts-to-inr320750-t-with-effect-from-march-4-76771
On March 2, the Indian stock market demonstrated upward movement of the share prices of Indian metal companies in a weak market, following the Russia Ukraine combat, which generated opportunities for the metal firms to boost their export, as imposed sanctions and intensifying ties with nations would hugely impact Russia’s overall trade.
On the earlier day, Switzerland headquartered Anglo-Swiss multinational commodity trading and mining company Glencore stated that it is evaluating all its business activities in Russia comprising equity stakes in aluminium and hydropower group giant En+ Group among other firms in different sectors. Glencore holds a 10.5% stake in En+ Group, the dominion shareholder of the Russian aluminium giant. Glencore also has a 0.57% stake in Rosneft.
The Norwegian aluminium and renewable energy giant, Norsk Hydro declared to not sign any fresh agreements with the Russian organisations. The Oslo-headquartered multination aluminium company by all accounts is re-examining options for existing commitments and is assessing an inherent confine of commercial alliance with Russian businesses.
The chief executive officer of Tomago Aluminium, Matt Howell, expressed his intent to step down after over eight years of his service as a top executive, with effect of May 2022.
To know more: https://www.alcircle.com/news/matt-howell-to-step-down-as-ceo-of-tomago-aluminium-after-eight-years-76753
This week, the largest primary aluminium in the GCC region and the biggest non-oil industrial entity of UAE, Emirates Global Aluminium (EGA) booked a record whopping 1,140% rise in net profits for 2021 to $1.5 billion. The company earning depicts a bulls-eye of sharp turn following the disruptions rooted in the COVID-19 pandemic in 2020.The adjusted EBITDA more than doubled to AED 9.0 billion ($2.5 billion) from AED 4.1 billion ($1.1 billion) in 2020.
According to the Shanghai Metals Market, social inventories of primary aluminium continued to grow week-on-week to total 1.12 million tonnes. This week, as of March 3, the inventories grew by 21,000 tonnes from 1.1 million tonnes on last Thursday across eight major consumption areas, including SHFE warrants. In Wuxi, primary aluminium inventories have surged by 23,000 tonnes from the previous week to stand at 418,000 tonnes, while inventories in Nanhai have built up by 12,000 tonnes W-o-W to come in at 261,000 tonnes.
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