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THINK ALUMINIUM THINK AL CIRCLE
New coronavirus variant Omicron seems to have started creating an impact on the global aluminium prices already, and this has been the highlight of the week. As reported on Thursday, December 2, the LME aluminium price recorded a fall of 0.9 per cent to US$2,640.50 per tonne at 0704 GMT before closing the day at US$2,655 per tonne. However, so far, the LME aluminium prices were partially offset by LME aluminium inventories, which dropped to 893,775 tonnes, the lowest since September 2007 and down by 55 per cent from March.
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That’s not all. Agonies hovering around the possible economic impact due to the onset of new coronavirus variant have also hit the SHFE market. The most-traded January aluminium contract on the Shanghai Futures Exchange also closed down by 1.2 per cent to RMB 18,765 (US$2,944.87) per tonne on December 2. During November 29 to December 1, the SHFE aluminium price increased from US$2,956 per tonne to US$2,977 per tonne. But on December 2, the price fell by U$8 per tonne to US$2,969 per tonne, and further plunged on December 3 by US$33 per tonne to US$2,936 per tonne.
LME aluminium price started the week on November 29 at US$2,650 per tonne, which fell the next day by US$15 per tonne to US$2,635 per tonne. On Wednesday, December 1, the price increased to US$2,669.50 per tonne but shrank on Thursday December 2, by US$33 per tonne to stand at US$2,655 per tonne.
A00 aluminium ingot price in China plunged on Monday, November 29, by US$430 per tonne to US$18,810 per tonne, but climbed up through the next three days to RMB 18,900 per tonne. On Friday, December 30, the price closed the week lower at US$18,690 per tonne, found the Shanghai Metals Market.
Rusal, the Russian aluminium giant, made it to the news this week by contributing $105 million (eight billion Russian Rubles) to fight against COVID-19 and support regional healthcare systems across Russia to combat the pandemic. The aluminium company also donated over $52 million (four billion Russian Rubles) to build the centres comprising all equipment required to treat patients such as computer tomographs, high-tech ultrasound devices, oxygen stations, laboratory and functional diagnostics devices.
To know more: https://www.alcircle.com/news/rusal-bestows-over-105-million-to-fight-against-the-covid-19-pandemic-73017
Emirates Global Aluminium signed an official contract with General Electric Co. (GE) to reduce greenhouse gas emissions at its plants in the United Arab Emirates. The companies will reportedly chalk out a plan to cut emissions from GE’s natural gas turbines by exploring hydrogen as a fuel, as well as carbon capture, utilization, and storage solutions.
To know more: https://www.alcircle.com/news/emirates-global-aluminium-together-with-general-electric-to-cut-greenhouse-gas-emissions-72993
The globally recognized largest producer of low carbon aluminium En+ Group achieved the winning position in the Green Light awards organised by Schneider Electric. The award was to honour the Group’s contribution towards the strongest improvement in ESG performance over the last three years and to acknowledge its commitment to delivering a low-carbon economy.
To know more: https://www.alcircle.com/news/en-group-bags-green-light-award-organised-by-schneider-electric-73009
Two sources directly involved in quarterly price discussions stated on Tuesday, November 30, that one major aluminium manufacturer offered Japanese customers premiums of US$195 per tonne for January-March (Q1 2022) primary aluminium metal shipments, down 11 percent from the Q4 2021. Previously for aluminium shipments for the Q4 2021, the amount of premium paid was recorded at US$220 per tonne. For the Q3 quarter, Japanese aluminium purchasers paid US$185 for shipments.
To know more: https://www.alcircle.com/news/japanese-aluminium-shipments-premium-for-q1-2022-finalised-at-us195-t-down-11-q-o-q-73012
According to the International Aluminium Institute (IAI), primary aluminium production in North America in October 2021 stood at 318,000 tonnes, flaunting an increase of 14,000 tonnes or 4.61 per cent month-on-month. On a year-on-year calculation, the output stood 4.79 per cent or 16,000 tonnes lower than 334,000 tonnes.
On Wednesday, December 1, Aluminium Bahrain B.S.C (Alba), the world’s largest smelter outside China, held its Board of Directors (BoD) meeting in person for Q4 2021. The following things were approved by the BoD in the meeting: Marketing Plan for 2022, Annual Operating Plan for 2022, and South32’s offtake deal for the delivery of alumina over ten years from 2023 to 2032.
China’s social inventories of primary aluminium continued to decrease for the second week in a row ending December 2, 2021, by 15,000 tonnes, found the Shanghai Metals Market. SMM data showed the inventories declined across eight major consumption areas, including SHFE warrants, to come in at 1 million tonnes, as of Thursday, December 2.
Hindalco Industries Limited grew its aluminium ingot and aluminium products prices on December 2, a day after it reduced the prices by INR 1,250 per tonne. With effect from December 2, the company’s aluminium ingot price saw an increase of INR 2,250 per tonne to INR 234,000 per tonne, backed on the rise in the LME aluminium benchmark price on December 1.
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