Primary aluminium weekly recap: LME warehouse in South Korea receives Russian-origin aluminium from Glencore; US sanctions speculation called 'irresponsible' by En+ Group chairman
The ongoing Russia-Ukraine has changed a lot in the global primary aluminium industry. To begin with, on Tuesday, October 18, the London Metal Exchange (LME) registered warehouses in Gwangyang, South Korea, received significant shipments of Russian-origin aluminium from the Anglo-Swiss multinational commodities trading and mining corporation Glencore, which has its headquarters in Switzerland. Christopher Burnham, the chairman of En+ Group, called the Bloomberg report on the US sanctions rumours published on October 12, 2022, "irresponsible." Rusal, the group's metal division, is the largest independent renewable energy source and the world's top producer of low-carbon aluminium. Due to significant deliveries to London Metal Exchange (LME)-approved warehouses, the LME aluminium cash bid price and LME aluminium official settlement price fell by US$69.50 per tonne and US$69 per tonne, respectively, to start the week on Monday, October 17.
_0_0.png)
The chairman of En+ Group, Christopher Burnham, stated that the article published by Bloomberg on 12th October 2022 on the US sanctions speculations was ‘irresponsible’. The group’s metal arm is the world’s leading producer of low-carbon aluminium (Rusal) and the most significant independent renewable energy generator.
To know more: https://www.alcircle.com/news/us-sanctions-speculation-called-irresponsible-by-en-group-chairman-85845
The aluminium conglomerate in the Middle-east region, Emirates Global Aluminium (EGA), with interests in bauxite, alumina and primary aluminium smelting, diagnosed millions of dirhams of annual procurement spending are accounted on imported goods, that the aluminium producer counts be manufactured domestically, thus contributing to the UAE's Operation 300bn industrial growth strategy and economic growth.
On Tuesday, October 18, Switzerland-headquartered Anglo-Swiss multinational commodity trading and mining company Glencore shipped substantial volumes of Russian-origin aluminium to London Metal Exchange (LME) registered warehouses in Gwangyang, South Korea.
To know more: https://www.alcircle.com/news/lme-warehouse-in-south-korea-receives-russian-origin-aluminium-from-glencore-85865
Bharat Aluminium Company (BALCO), Vedanta's subsidiary company, was declared the successful bidder for the Barra Coal Block, situated in the Raigarh district of Chhattisgarh under Tranche IV of the commercial coal block auction conducted by the Ministry of Coal, Govt. of India.
Alro S.A. decided to abide by the Emergency Ordinance (EO) to compensate for the indirect emission costs embedded in the electricity price. The Romanian vertically integrated aluminium producer is keen on implementing the EO to compete with its fellow European counterparts.
As the global economy is driving through a challenging situation, the aluminium sector witnessed’s price drop amidst the alleged dumping of Russian aluminium, weakening the demand for metal and propelling the cost of production.
On 20th October 2022, the Aluminum Association, the aluminium industry's leading voice in the United States of America, released the updated environmental product declarations (EPDs) that show reductions in the environmental impact of aluminium product types including primary aluminium ingot, recycled aluminium ingot, aluminium extrusion products and aluminium sheet products.
Aluminerie Alouette, one of the largest aluminium smelters in America, received the Aluminium Stewardship Initiative (ASI) Chain of Custody Standard (CoC) certification for its aluminium smelter and casthouse in Sept-Îles, Quebec. In July 2020, the business received Performance Standard Certification.
To know more: https://www.alcircle.com/news/aluminerie-alouette-achieves-asi-chain-of-custody-standard-certification-85875
Malaysia-based Press Metal Aluminium Holdings Bhd has retrieved 123.59 million shares from the market, selling almost a 1.5 per cent stake in the company amounting to RM605.59 million, as was recorded in the local bourse board.
To know more: https://www.alcircle.com/news/press-metal-founding-members-sell-1-5-stake-worth-rm605-59-million-85894
On October 20, Thursday, LME aluminium cash bid price elevated by US$45.50 per tonne or 2.1 per cent to peg at US$2,213.50 per tonne, and the LME aluminium official settlement price also went up by US$45 per tonne or 2.07 per cent to rest at US$2,214 per tonne.
To know more: https://www.alcircle.com/news/lme-benchmark-aluminium-price-gains-us45-t-arriving-at-us2214-t-shfe-records-1-1-boost-85883
DTE, an Icelandic metal innovator, signed a US$1.85 million treaty with Nordural Grundartangi ehf (Nordural), a fully-owned subservient of Century Aluminium Company, to meet the growing demand for low-carbon aluminium products. DTE will utilise its flagship chemical composition analysis solution to enhance the four skimming units of the new low-carbon billet casthouse.
China’s primary aluminium inventories fall 19,000 tonnes W-o-W due to lower cargo arrivals
Next articleGlobal trade leader in refined metals inks $800 million loan agreement backed by the German government
Grow with
AL Circle
