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THINK ALUMINIUM THINK AL CIRCLE
The main attraction for this week’s global primary aluminium segment was RUSAL’s sustainability report. RUSAL, one of the world's largest aluminium manufacturers, released its 2021 annual sustainability report with special attention on ‘Human Focus.’ The report highlights RUSAL’s commitment towards greener aluminium and how the company is taking steps to achieve the same. Apart from this, Aluminium Bahrain (Alba), the Middle East's first aluminium smelter, opened a sales office in Singapore on May 27, 2022, as part of its endeavour to expand its footprint in the Asian-Pacific region. On Monday, LME aluminium official settlement price opened the week with a hike of US$40 per tonne to settle at US$2,863 per tonne, which went on to decline the next day by US$46.50 per tonne to close at US$2,816.50 per tonne. However, on the other hand, the benchmark aluminium SHFE price on Monday 30 had surged by US$38 per tonne, which the next day dropped by US$8 per tonne. The prices for the same were recorded at US$3,123 per tonne and US$3,115 per tonne. On Wednesday, June 1, the benchmark aluminium price for SHFE plummeted by US$99 per tonne or 3.18 per cent to settle at US$3,016 per tonne.
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The independent commodity analyst CRU has published a new report for the European aluminium industry pointing out the negative impacts of a wrongly designed Carbon Border Adjustment Measure (CBAM). According to CRU, if CBAM covers indirect emissions and removes existing carbon leakage measures, European aluminium smelters will become cost uncompetitive. The study contains the complexities of CBAM regulation and forecasts the aluminium production cost to rise by 24 to 31 per cent.
On 1st June 2022, the globally renowned diversified mining and metals company, South32 Limited announced that it has completed the acquisition of an additional 16.6% shareholding and related rights in Maputo, Mozambique based Mozal Aluminium from MCA Metals Holding GmbH (Mitsubishi).
To know more: https://www.alcircle.com/news/south32-successfully-acquires-additional-shareholdings-in-mozal-aluminium-80586
RUSAL, one of the leading global aluminium producers, has published its annual sustainability report for 2021. The subject title of the report is "Human focus.” RUSAL has been identifying goals for further ESG business transformation over the last year after the announcement of a strategy to achieve carbon neutrality by 2050 (Net Zero) in February 2021.
To know more: https://www.alcircle.com/news/rusal-reveals-its-2021-sustainability-report-with-special-attention-on-human-focus-80585
On 27th May 2022, the first aluminium smelter in the Middle East, Aluminium Bahrain (Alba), as a part of the effort to increase its presence in the Asian-Pacific market, opened a sales office in Singapore.
To know more: https://www.alcircle.com/news/alba-expands-its-presence-in-the-asia-pacific-region-with-a-new-sales-office-in-singapore-80556
On Monday, LME aluminium official settlement price opened the week with a hike of US$40 per tonne to settle at US$2,863 per tonne, which went on to decline the next day by US$46.50 per tonne to close at US$2,816.50 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-price-plummets-by-us115-t-to-us2701-50-t-shfe-price-ascends-by-us35-t-80587
According to the Shanghai Metals Market, China’s social inventories of primary aluminium extended decline on Thursday, June 2, across eight major consumption areas, including SHFE warrants. As per the data found, the inventories fell sharply by 55,000 tonnes over the week and 151,000 tonnes from the beginning of May to come in at 882,000 tonnes.
To know more: https://www.alcircle.com/news/chinas-primary-aluminium-inventories-sharply-fall-by-55000-tonnes-w-o-w-on-june-2-80600
National Aluminium Company Limited reduced its aluminium ingot and aluminium products prices, with effect from Saturday, May 28, following two hikes on May 19 and May 25. Since the last cut, NALCO’s aluminium ingot price has come in at INR 254,250 – 257,750 per tonne, down by INR 4,800 per tonne or 1.85 per cent from INR 259,050 – 262,550 per tonne on May 25.
To know more: https://www.alcircle.com/news/nalco-reduces-aluminium-ingot-price-by-inr4800-t-or-2-with-effect-from-may-28-80599
Vedanta Limited expanded its aluminium ingot and aluminium products prices, with effect from Tuesday, May 31, following a cut last week on May 26. The company heightened its aluminium ingot price by INR 2,750 per tonne or 1 per cent to the range of INR 255,500 – 291,200 per tonne versus INR 252,750- 288,450 per tonne on May 26.
To know more: https://www.alcircle.com/news/vedanta-heightens-its-aluminium-ingot-price-by-inr2750-t-or-1-with-effect-from-may-31-80574
A00 aluminium ingot price in China has gained RMB 350 per tonne, following a sharp decline of RMB 570 per tonne on the previous day. According to the Shanghai Metals Market data, the price has come in at RMB 20,540 per tonne as of June 2, with average prices estimated to range between RMB 20,520 per tonne and RMB 20,560 per tonne.
In partnership with GEAR India (Gemini Equipment and Rentals Private Limited), Vedanta Aluminium, one of the largest producers of aluminium in India, stated that it has put in place India’s largest electric fleet of 27 forklifts at its Jharsuguda aluminium smelter in Odisha, which is the world's largest single-location aluminium smelter, ex-China. The forklifts were sent last month and are now operational.
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To know more: https://www.alcircle.com/news/vedantas-jharsuguda-aluminium-smelter-receives-27-electric-forklifts-80589
Hellenic Cables S.A., one of Europe's major cable makers with a significant presence in renewable energy transmission and distribution, received low-carbon EcoLum™ aluminium from Alcoa Corporation. The EcoLum brand is part of Alcoa's Sustana™ family of low-carbon goods and has a carbon footprint of around 3.5 times lower than the industry average.
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