Primary aluminium weekly recap: Odisha government approves INR 428.95 crore budget for a mega aluminium park in Angul; Hydro plans to invest NOK 320 million in Karmøy aluminium smelter
This week the global primary aluminium sector witnessed a lot of major happenings. Many new projects and agreements were unlocked. To begin with, Hydro announced its plan to invest NOK 320 million in the Karmøy aluminium smelter. The project will start in the fourth quarter of 2022 and terminate in the fourth quarter of 2024. Apart from this, the Odisha government had cleared a budgetary allocation of INR 428.95 crore for the establishment of a giant aluminium park in Angul. Vedanta Aluminium signed a long-term contract with the National Highways Authority of India (NHAI) for the construction of greener roads in Odisha using fly-ash. Furthermore, the benchmark aluminium price for SHFE opened the week on Monday with a surge of US$3,044 per tonne, which went on to decline the next day to settle at US$3,019 per tonne. On the other hand, the LME aluminium price on Monday, witnessed a surge of US$68 per tonne to settle at US$2,791 per tonne, which the next day moved upwards to come in at US$2,836 per tonne.
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Vedanta Aluminium had scored a hat-trick at Mission Energy Foundation’s 11th Fly Ash Utilization Conference Expo Awards for effective fly-ash management. Vedanta’s Jharsuguda Power Plant in Odisha has won in the category of >=500 MW and =500 MW, while its Chhattisgarh-based affiliate BALCO received an award under the Captive Power Plant classification.
To know more: https://www.alcircle.com/news/vedanta-aluminium-scores-hat-trick-at-11th-fly-ash-utilization-conference-expo-awards-80454
Emirates Global Aluminium has announced on Thursday, May 19, that its Al Taweelah site has again bagged the Aluminium Stewardship Initiative’s Performance Standard Certification for sustainable performance. The recertification covers EGA’s port, power generation, carbon plant, potlines, casthouse, and waste management including spent pot lining and dross.
To know more: https://www.alcircle.com/news/egas-al-taweelah-again-wins-asi-performance-standard-certification-80471
The benchmark aluminium price for SHFE opened the week on Monday with a surge of US$3,044 per tonne, which went on to decline the next day to settle at US$3,019 per tonne. On the other hand, the LME aluminium price on Monday, witnessed a surge of US$68 per tonne to settle at US$2,791 per tonne, which the next day moved upwards to come in at US$2,836 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-price-drops-by-us19-t-to-us2826-t-shfe-price-grows-by-us62-t-80478
According to the Shanghai Metals Market, social inventories of primary aluminium have decreased by 38,000 tonnes week-on-week across eight major consumption areas in China, including SHFE warrants, to come in at 965,000 tonnes as of Thursday, May 19.
To know more: https://www.alcircle.com/news/chinas-primary-aluminium-inventories-decline-further-by-38-000-tonnes-w-o-w-smm-80474
On May 19, Hydro reported that it is planning an investment of NOK 320 million in Karmøy aluminium smelter. The plant's 22 kV switchgear will be replaced as part of this investment. The project will begin in the fourth quarter of 2022 and is expected to be completed by the end of 2024.
To know more: https://www.alcircle.com/news/hydro-plans-to-invest-nok-320-million-in-karmoy-aluminium-smelter-80475
According to a report on Wednesday, May 18, the Odisha government has approved a budgetary provision of INR 428.95 crore for the development of a mega aluminium park in Angul. The state cabinet members took the decision at a meeting chaired by Odisha Chief Minister Naveen Patnaik.
To know more: https://www.alcircle.com/news/odisha-government-approves-inr-428-95-crore-budget-for-a-mega-aluminium-park-in-angul-80470
According to a recent report, Vedanta Aluminium has signed a long-term contract with the National Highways Authority of India (NHAI) to construct greener roads with fly-ash in Odisha.
The British businessman, Sanjeev Gupta owned GFG Alliance, which acquired the Locabher aluminium smelter, the last aluminium smelter in Britain and the hydropower plant from the global mining and metal giant Rio Tino in a £330 million deal in 2016, is encountering a bankruptcy battle in a UK court.
To know more: https://www.alcircle.com/news/sanjeev-guptas-gfg-alliance-facing-insolvency-hearings-in-a-uk-court-80431
After more than a week, National Aluminium Company Limited (NALCO) has revised its aluminium selling prices in accordance with the LME aluminium benchmark price trend. As the LME price has been on an upswing spree, NALCO has decided to expand its aluminium ingot and aluminium products prices.
To know more: https://www.alcircle.com/news/nalcos-aluminium-ingot-price-sees-a-sharp-rise-of-more-than-6-to-inr255850-259350-t-80482
A00 aluminium ingot price has increased by RMB 260 per tonne to come in at RMB 20,770 per tonne on Friday, May 20, marking the third consecutive day of rise, found the Shanghai Metals Market (SMM). The average prices are estimated to range between RMB 20,750 per tonne and RMB 20,790 per tonne.
World primary aluminium production in the first quarter of 2022 totalled 16.549 million tonnes, registering a quarter-on-quarter downfall of 0.53 per cent from 16.637 million tonnes, found the International Aluminium Institute (IAI). On a year-on-year calculation, the output in Q1 2022 also recorded a decline by about 1.40 per cent from 16.786 million tonnes.
To know more: https://www.alcircle.com/news/world-primary-aluminium-production-dips-1-4-y-o-y-to-16-549-mt-in-1q2022-80479
Vedanta Limited has continued to expand its aluminium ingot and aluminium products prices as the LME aluminium benchmark price records an interrupted growth. With effect from Wednesday, May 18, Vedanta has raised its aluminium ingot price by INR 4,750 per tonne or 1.9 per cent to INR 253,750 – 289,450 per tonne.
Hong Leong Investment Bank Bhd (HLIB) has maintained its “buy” rating on Press Metal Aluminium Holdings (PMetal) at RM5.28, with a lower target price of RM7.59 (down from RM7.71). HLIB forecasted a net profit of between RM420 million and RM470 million for Press Metal in 1Q2022, up 47 per cent to 64 per cent quarterly and 104 per cent to 128 per cent year-on-year.
To know more: https://www.alcircle.com/news/hlib-holds-buy-rating-on-press-metal-aluminium-at-a-lower-target-price-of-rm7-59-80472
According to the government data, China’s aluminium import ratio tumbled by 37.7% in April 2022, compared with the first month of Q1 2021. The cause of this plunge is rooted in the aluminium price hike in the global market and the declining domestic consumption rate in China.
To know more: https://www.alcircle.com/news/demand-decline-reduces-aluminium-import-to-china-in-april-by-38-y-o-y-80468
On May 16, Romanian integrated aluminium company ALRO S.A. released its Interim Condensed Consolidated Financial Statements for the first quarter of 2022 (1Q2022). ALRO, one of the largest aluminium producers in Europe, registered a turnover of RON 1.1 billion in the first quarter of 2022, up 48 per cent from the first quarter of 2021 when it was RON 744 million.
To know more: https://www.alcircle.com/news/alros-consolidated-turnover-augments-by-48-y-o-y-in-1q2022-driven-by-higher-lme-prices-80451
Aluminium supplies to Europe to fill the scarcity in the region will further lower the aluminium inventories in LME-approved warehouses over the coming days and weeks from its current 17-year low.
To know more: https://www.alcircle.com/news/aluminium-scarcity-in-europe-will-further-erode-17-year-low-lme-stocks-80448
Aluminium stocks in the London Metal Exchange have decreased to a record low but the sign of supply shortages has yet not wobbled the bearish sentiment of the global metal price anticipating weaker demand in the near future.
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China, one of the world's leading primary aluminium producers, has achieved a new record in April after restrictions on power production were relaxed, allowing smelters to boost operations. As per the National Bureau of Statistics, the primary aluminium output in China closed at 3.36 million tonnes, up by 0.3 per cent Y-o-Y for the same month.
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