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In reaction to the escalating geopolitics between the United States and Russia, the administration of the world's largest economy said on February 24, 2023, that starting on March 10, 2023, it would impose a 200 per cent import duty on aluminium and derivatives made in Russia. The London Metal Exchange (LME) reported that it would immediately stop issuing warrants for aluminium metal with a Russian provenance from the exchange's storage facilities in the US. On the other hand, Rio Tinto issued a warning that the globe is having difficulty developing renewable energy sources quickly enough to replace fossil fuels and at the necessary scale to meet aggressive emissions objectives. Hydro, one of the leading Norwegian aluminium companies, developed a groundbreaking technology called HalZero, which holds the potential to provide zero-carbon primary aluminium pilot production by 2030 with this effort.
On February 24, 2023, the United States administration declared the imposition of a 200 per cent import tariff on aluminium and derivatives produced in Russia from March 10, 2023, in response to the ongoing Ukraine-Russia geopolitical, the world's largest economy retains towards compression of Russia's revenue.
To know more: https://www.alcircle.com/news/us-declares-a-200-tariff-on-russian-aluminium-effective-march-10-91095
Rio Tinto warned the world is struggling to build enough renewable energy to replace fossil fuels, and at the speed needed, to hit aggressive emissions targets, as the miner confronts the challenge of sourcing cleaner power for its Australian aluminium smelters.
To know more: https://www.alcircle.com/news/rio-tinto-warns-the-world-about-the-struggle-to-replace-fossil-fuels-with-renewable-energy-91099
Aluminium without CO2 emission can be touted as one of the most crucial aspects of climate goals. Developing zero-emission technology for aluminium production can be called the need of the hour in which Hydro has developed a groundbreaking technology called HalZero, which can help produce primary aluminium without greenhouse gas emissions.
To know more: https://www.alcircle.com/news/hydro-on-track-to-deliver-pilot-production-of-zero-carbon-primary-aluminium-by-2030-91143
The London Metal Exchange (LME) announced that it will suspend the issuance of warrants for aluminium metal of Russian origin from the exchange's warehouses in the United States immediately.
To know more: https://www.alcircle.com/news/lme-bars-russian-aluminium-in-the-us-warehouses-91144
The Aluminum Association, a trade association for the aluminum production, fabrication and recycling industries and their suppliers, flagged a warning of the worldwide ripple effects due to the Russia-Ukrain geopolitical conflict.
To know more: https://www.alcircle.com/news/aluminum-association-supports-the-us-decision-of-a-new-200-tariff-on-russian-aluminium-91112
The Singaporean-based Swiss multinational commodity trading company Trafigura is in the discussion stage to procure aluminium from the Russian aluminium giant Rusal, as reported by one of the globally renowned media houses.
To know more: https://www.alcircle.com/news/trafigura-in-discussions-to-procure-aluminium-from-rusal-91109
According to our report from the MENA region, over $2 billion in industrial agreements were signed in Amman, the capital and the largest city of Jordan, at the third Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development, a regional initiative involving the UAE, Egypt, Jordan, and Bahrain.
The President of the United States of America, Joe Biden's administration, announced a new round of measures to mark the first anniversary of the Ukraine-Russia geopolitical crisis. The statement said, "The measures will significantly increase costs for aluminium smelted or cast in Russia to enter the US market."
To know more: https://www.alcircle.com/news/white-house-announces-new-tariffs-on-russian-metals-including-aluminium-91093
Aluminium Stewardship Initiative (ASI) announced the joining of Qinghai Baihe Aluminium Industrial Co., Ltd as the new Production and Transformation member. The enterprise has the largest electrolytic aluminium manufacturing site in Qinghai Province, with a total design production capacity of 700,000 tonnes.
To know more: https://www.alcircle.com/news/qinghai-baihe-aluminium-joins-asi-as-the-new-production-and-transformation-member-91131
The BMW Landshut light metal foundry uses solar-powered aluminium in addition to recycling waste metal that is recovered during the casting process. As per reports, the Landshut light metal foundry has been recertified by the impartial party for its sustainable use of aluminium.
To know more: https://www.alcircle.com/news/asi-recertifies-bmws-landshut-facility-in-germany-for-sustainable-use-of-aluminium-91128
The Indonesian company engaged in the activity of bauxite mining PT Cita Mineral Investindo Tbk. (CITA) delivered guarantees to associated companies PT Kalimantan Aluminum Industry (KAI) and PT Kaltara Power Indonesia (KPI) worth US$249.5 million (IDR 3.8 trillion).
On Friday, March 3, A00 aluminium ingot price in China moved up by RMB 20 per tonne to stand at RMB 18,550 per tonne. The average prices for the same are likely to range between RMB 18,530 per tonne and RMB 18,570 per tonne, with the spot contract price to be traded at a discount price of RMB 100 to RMB 60 per tonne.
LME aluminium cash bid price and LME aluminium official settlement price continued to grow but at a much lower rate. The former grew by only US$3.50 per tonne to stand at US$2,365.50 per tonne as of March 2 and the latter inched up by US$2.50 per tonne to close at US$2,366.50 per tonne.
The Chicago Mercantile Exchange (CME), the world's largest derivatives marketplace, reported that participation in aluminium futures is likely to have a strong start in 2023. As per the reports, the average daily volumes (ADV) for aluminium futures in February recorded a four-fold Y-o-Y surge of 300 per cent to 3,161 contracts.
To know more: https://www.alcircle.com/news/aluminium-futures-volume-and-open-interest-reach-record-levels-in-february-says-cme-91150
On February 23, Century Aluminum declared its financial results ended December 31, 2022, revealing an increase in annual net sales by 87.45 per cent from US$2,212.50 million in FY21 to US$2,777.30 million in FY2022. But that during Q4 2022 stood down by 16.84 per cent at US$529.9 million versus US$637.2 million in Q4 FY21.
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