Primary aluminium weekly recap: Rio Tinto's Chairman pivots towards aluminium, promising a bright future for the metal

The Rio Tinto chairman, Dominic Barton, indicated on October 6, 2023, that customers are increasingly willing to pay extra for eco-friendly, sustainable products. In addition, he spoke about the company's desire to participate in the growing lithium market. On Friday, October 6, mining giant Vedanta Limited established Vedanta Aluminium Metal, a new wholly-owned subsidiary for its aluminium operations. The newly established subsidiary will be registered in Maharashtra, India, with an authorised and subscribed capital of INR 1,00,000, reflecting a share of Re 1 each. On October 12, National Aluminium Company Limited (NALCO) announced the appointment of Jagdish Arora as Projects and Technical Director. Arora, a highly skilled official with over 34 years of experience, assumed his duties on October 11, as per the order issued the day before.

The rush to discover additional ventures in transition materials instigated a reassessment of strategy at Rio Tinto. This involves an inclination towards smaller mining operations and potentially exploring more precarious, less-established locations.

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On Friday, October 6, mining company Vedanta Limited formed a new wholly-owned subsidiary for its aluminium business named Vedanta Aluminium Metal. Registered in Maharashtra, India, the newly incorporated subsidiary will have authorised and subscribed capital of INR 1,00,000, representing a share of Re 1 each.

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On October 12, National Aluminium Company Limited (NALCO) declared the latest positioning of Jagdish Arora as the Projects and Technical Director of the Company. A highly proficient official with an experience of more than thirty-four years, Arora took up his responsibilities on October 11, as per the order released the previous day.

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The European Commission's decision to turn down the Greek government's proposal to consolidate the electricity demands of major industrial consumers, such as those in the aluminium and chemical sectors, to reduce their operational expenses disappointed the metal industry.

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On Friday, October 13, China's A00 aluminium ingot price nosedived by RMB200 per tonne to close at RMB 19,050 per tonne, with the average prices standing between RMB 19,030 per tonne and RMB 19,070 per tonne. The spot contract price may be traded at a discount price of RMB 10 per tonne and a premium price of RMB 30 per tonne.

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LME aluminium opened at US$2,215 per tonne on Thursday, with its high and low at US$2,228.5 per tonne and US$2,195 per tonne, respectively, before closing at US$2,201per tonne, a decrease of US$12.5 per tonne or 0.56 per cent.

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China’s domestic aluminium production in September 2023 was recorded at 3.523 million tonnes, marking a year-on-year increase of 5 per cent but a month-on-month fall of 2.76 per cent. However, the daily average production grew over a month by 554 tonnes to 117,400 tonnes in September 2023.

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According to a report on Tuesday, October 10, the share of Russian aluminium stocks in London Metal Exchange-approved warehouses fell to 76 per cent in September 2023 from 81 per cent in August. The actual amount of Russian stocks on the LME warrant decreased from 183,650 tonnes in August to 132,475 tonnes in September.

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Jiayuguan City has vigorously implemented key industry upgrading actions, increased effective investment in leading industries, comprehensively improved the ability of innovation drive, intelligent transformation, structural optimisation, and chain extension, and made every effort to build a high-quality development engine in recent years.

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The aluminium industry is witnessing promising development as Emirates Global Aluminium and PT Indonesia Asahan Aluminium (INALUM) announce the successful start-up of five pilot reduction cells at INALUM's Kuala Tanjung aluminium smelter, which was upgraded with EGA's technological expertise.

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