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THINK ALUMINIUM THINK AL CIRCLE
Sanctions on Russia for its invasion of Ukraine, resulting in supply disruptions and metal price rally, has been occupying the news headlines in the global aluminium industry for over a week now. This week, the LME aluminium benchmark price touched a new high US$3,984.50 per tonne on March 7 but stepped down the next day to US$3,500.50 per tonne. However, on the two following days, the LME price rose to US$3,532 per tonne and US$3535 per tonne, which closed the week lower on March 11 by US$63 per tonne to US$3,472 per tonne.
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But A00 aluminium ingot price in China mostly saw declines through the week. It started with a hike of RMB 420 per tonne on March 7 to stand at RMB 23,860, but sharply fell by RMB 1,140 per tonne to RMB 22,720 per tonne on March 8. The price continued to plunge on March 9 to score at RMB 22,060 per tonne, and fell further on Thursday, March 10, to come in at RMB 21,500 per tonne. However, on Friday, March 11, China’s A00 aluminium ingot price built up by RMB 380 per tonne to settle at RMB 21,880 per tonne.
To know more: https://www.alcircle.com/press-release/chinas-a00-aluminium-ingot-price-augments-to-rmb-21-880-t-after-a-three-day-fall-77811
In line with the price rally to LME aluminium benchmark price, Indian aluminium major National Aluminium Company Limited (NALCO) exponentially raised its aluminium ingot price by INR 37,200 per tonne or 12 per cent to the range of INR 346,450-349,950 per tonne, with effect from March 8, 2022. NALCO’s aluminium wire rod and billets prices saw an increase by the same amount to stand at INR 348,950 – 353,300 per tonne and INR 349,900- 352,550 per tonne, respectively.
The administration of Joe Biden, the President of the United States of America, was advocated by the top members of the ‘House of Representatives Financial Services Committee’ towards reimposement of economic sanctions on Russian oligarch Oleg Deripaska's United Company Rusal, the Russian aluminium giant. But an industry expert close to Rusal cautioned that reimposing sanctions on the metal giant would strikingly unsettle the supply of aluminium and seed new cost-push pressure in the United States.
To know more: https://www.alcircle.com/news/joe-bidens-administration-pressed-to-reimpose-sanctions-on-rusal-77805
The National Development and Reform Commission (NDRC) stated in a report at the National People’s Congress that they will closely observe the availability and pricing of some raw materials as well as tighten commodities reserves of aluminium to maintain supply chain security. In addition to this, NDRC has also decided to come up with a forewarning against the risks involved in industrial and supply chains, as well as speed up the construction of national commodities reserves for aluminium and transportation base.
This week, Gregory Leonard George Barker (Lord Barker) stepped down as Chairman of En+ Group, the parent company of Russian aluminium giant. On March 7, the ex-energy minister during the regime of former British Prime Minister David Cameron declared his resignation from the board of En+ Group. Since 2017, he joined the position of Chairman, and in 2019 he became the Executive Chairman of the Group.
To know more: https://www.alcircle.com/news/lord-barker-resigns-from-the-chairmanship-of-en-group-76790
China’s aluminium production in 28 calendar days of February 2022 reflected a positive trend with a daily average output of 105,000 tonnes, up by 2,000 tonnes from 103,000 tonnes a month earlier. Total production in the month came in at 2.95 million tonnes versus 3.204 million tonnes in January (31 days).
However, on a year-on-year basis, the output dipped 2.3 per cent from 3.02 million tonnes, showed the Shanghai Metals Market data. Output in the past two months of 2022 amounted to 6.15 million tonnes, which was also down by 3 per cent from 6.34 million tonnes of production during the same period last year.
According to the Shanghai Metals Market, social inventories of primary aluminium built up by 20,000 tonnes this week across eight major consumption areas in China, including SHFE warrants. Data showed inventories came in at 1.14 million tonnes on March 10 compared to 1.12 million tonnes last Thursday, March 3. Smelters and traders were in a rush to sell aluminium ingots due to growing aluminium prices, but downstream buyers showed a strong wait-and-watch sentiment.
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