Primary Aluminium Weekly Recap: LME aluminium price trended up this week to US$2449/t; South32 reported a 3% Q-o-Q rise in aluminium production in 4QFY21
The world primary aluminium market has been eventful this week right from reporting a hike in the LME aluminium benchmark price to marking five successful decades of the Gulf Aluminium Industry.
Both LME aluminium cash (bid) price and LME official settlement price increased this week starting at US$ 2,425 per tonne on July 19. On Tuesday, July 20, the prices inched down marginally by US$ 0.50 per tonne to stand at US$ 2,424.50 per tonne. On Wednesday and Thursday, both the prices grew to US$ 2,432 per tonne and US$ 2,449 per tonne, respectively.
China’s A00 aluminium price, on the other hand, trended down this week to RMB 19,060 per tonne, as of Thursday, July 22, but rebounded to RMB 19,330 per tonne on Friday, July 23. The price on Tuesday declined by RMB 290 per tonne to come in at RMB 19,040 per tonne but rose on Wednesday to RMB 19,090 per tonne. On Thursday, the price again slipped by RMB 30 per tonne to RMB 19,060 per tonne.
To know more: https://www.alcircle.com/news/chinas-aluminium-price-jumps-by-rmb-270-t-aluminium-alloy-adc12-price-rises-to-rmb-18850-t-68899
The Gulf Aluminium Industry has marked a legacy of 5 long decades, housing 6 world-leading aluminium smelters. From 1971 to present, GCC countries have made a way to have proudly listed some of the largest, ultra-modern, state of art technology-driven and environmentally friendly aluminium production facilities. In 2020, the Gulf region collectively produced 6 million tonnes of primary aluminium.
To know more: https://www.alcircle.com/news/the-gulf-aluminium-industry-a-legacy-of-5-successful-decades-6-aluminium-smelters-68897
South32 Ltd announced a 3 per cent quarter-on-quarter rise in aluminium production in the June quarter. The output stood at 246,000 tonnes in 4QFY2021, bringing the total production of FY21 to 982,000 tonnes. Hillside Aluminium saleable production decreased by 1,000 tonnes to 717,000 tonnes in FY21 as the smelter continued to test its maximum technical capacity, despite the impact to production from increased load-shedding.
To know more: https://www.alcircle.com/news/south32-reports-aluminium-production-of-246-000-tonnes-in-4q21-68890
South32 Limited also announced long-term energy supply agreement finalized for its Hillside Aluminium smelter. As South Africa’s National Energy Regulator has approved a deal between Eskom Holdings SOC Limited (Eskom) and Hillside, the smelter will receive energy until 2031.
Social inventories of primary aluminium in China continued to fall this week by 23,000 tonnes across eight major consumption areas, including the SHFE warrants, to stand at 809,000 tonnes as of Thursday, July 22.
According to a report this week, China National Food and Strategic Reserves Administration will release 90,000 tonnes of aluminium from state reserves in the second batch on July 29. Companies can apply for the bidding during July 21-26.
To know more: https://www.alcircle.com/news/china-to-release-90-000-tonnes-of-aluminium-in-the-second-batch-on-july-29-68881
World primary aluminium production in June 2021 stood at 5.549 million tonnes, bringing the total output during the second quarter of the year to 16.842 million tonnes, found the International Aluminium Institute.
Production in June reflected a month-on-month decrease of 3.50 per cent from 5.750 million tonnes, while the output in Q2 edged a quarter-on-quarter increase of 1.12 per cent from 16.655 million tonnes.
Rusal, the world's leading aluminium producer, has presented its annual Sustainability Report for 2020, highlighting that the COVID-19 pandemic reaffirmed the company’s commitment to its sustainable development agenda and also prepared the firm to respond to global challenges by offering timely and effective assistance to local communities.
The report also highlighted the launch of a pilot site with inert anodes cells at the Krasnoyarsk Aluminium Smelter. The first batches of aluminium with the lowest carbon footprint in the world were produced at this site.
The London Metal Exchange (LME) has announced the launch of a six new cash-settled futures contracts. The new cash-settled futures include lithium hydroxide, two regional steel scrap contracts, European HRC, aluminium scrap, and a duty paid European aluminium premium contract.
The Greece-based industrial conglomerate MYTILINEOS made public the signing of the agreement with PPC for power supply at its metallurgy business unit Aluminum of Greece. The agreement denotes the magnificent liaison of the two leading companies of Greece and their commitment to competitive electricity costs for the energy-intensive industry, in the context of the national industrial policy to safeguard the competitiveness of Greek companies for the benefit of the national economy.
Century Aluminum Company’s wholly-owned subsidiary, Norðurál Grundartangi ehf, has reportedly reached an agreement with Landsvirkjun, the National Power Company in Iceland, to extend its 161MW power contract for the next three years till 2026.
On July 20, the world’s largest producer of low carbon aluminium, En+ Group, published its 2020 sustainability report, tracking the progress of ongoing initiatives and programmes, and outlining significant short-term sustainability targets and long-term ambitions.
National Aluminium Company Limited (NALCO) has decreased its aluminium ingot price by INR 4,000 per tonne with effect from Friday, July 23. This has brought the price to INR 211,250-214,750 per tonne versus INR 215,250- 218,750 per tonne on last Saturday, July 17.
Grow with
AL Circle
