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One of the major highlights that grabbed the attention of the primary aluminium industry this week was the written recommendation by India’s ministry of mines for the raise of import tariff on primary aluminium products. Early this week, the ministry of mines recommended the ministry of finance to increase the tariff from the existing 7.5 per cent to 10 per cent, in a bid to discourage cheap imports of primary aluminium into the country and ramp-up the use of domestic metal.
To know more: https://www.alcircle.com/news/india-ministry-of-mines-recommend-additional-10-import-duty-on-primary-aluminium-products-73131
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The other news that created a buzz was the World Bureau of Metal Statistics (WBMS) report, which revealed a shortage of 1.366 million tonnes of global primary aluminium supply from January to October 2021, in contrast to the metal surplus of 1.271 million tonnes in 2020.
The global demand for primary aluminium from January to October 2021 totalled 57.62 million tonnes, an increase of 4.42 million tonnes a year ago. Global production rose 4.1 per cent during January-October compared to the same period last year. As a result, inventory at the end of October was 1.359 million tonnes lower than the level at the end of 2020.
To know more: https://www.alcircle.com/news/higher-demand-leads-to-the-shortage-of-global-primary-aluminium-supply-during-jan-oct-2021-74155
Aluminium Bahrain B.S.C (Alba) commissioned its Spent Pot Lining (SPL) Treatment Plant, a US$37.5 million zero-waste plant that is the first of its kind in the region. The news came after Shaikh Daij bin Salman bin Daij Al Khalifa, Chairman of the Board of Directors announced the news on December 9.
The commissioning event was attended by Alba's Chief Executive Officer Ali Al Baqali, Chief Operations Officer Dr. Abdulla Habib, and the Executive Management team.
Vedanta Aluminium Business launched its Sustainable Development Report (SDR) titled, ‘Nature, Nurture, Future’, for FY2020-21 on World Energy Conservation Day in the campus connect programme with TERI School of Advanced Studies. The report summarises the company's performance in key sustainability areas such as energy and climate change management, water management, biodiversity management, air quality and emissions control, health and safety, social impact and governance, and so on for the fiscal year 2020-21.
Mubadala Investment Company backed Emirates Global Aluminium (EGA) announced that Chief Commercial Officer and architect of the marketing strategy that made EGA the biggest ‘premium aluminium’ producer in the world, Walid Al Attar is to step down after 37 years of service to the company.
However, Walid Al Attar will pursue to deliver his expertise as a senior advisor to EGA’s Chief Executive Officer Abdulnasser Bin Kalban.
Social inventories of primary aluminium in China extended the fall this week to stand at 910,000 tonnes, as of December 16. According to the Shanghai Metals Market, the inventories plunged by 42,000 tonnes across eight major consumption areas, including SHFE warrants, contributed mainly by Wuxi.
In Wuxi, primary aluminium inventories plummeted by 24,000 tonnes from the previous week to stand at 354,000 tonnes, while the inventories in Nanhai declined by 9,000 tonnes to settle at 211,000 tonnes.
The LME aluminium benchmark price opened the week on Monday, December 13, at US$2,677 per tonne, which decreased the next day by US$41 per tonne to stand at US$2,636 per tonne. On Wednesday, December 15, LME aluminium price further plunged by US$39 per tonne to peg at US$2,597 per tonne but hiked on December 16 by US$33 per tonne to US$2,630 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-price-hikes-by-us33-t-to-close-at-us2-630-t-shfe-price-moves-up-by-us71-t-74154
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