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THINK ALUMINIUM THINK AL CIRCLE
This week the primary aluminium sector faced major market-related ups and down, with Rusal chief executive Evgenii Nikitin warning the deputy prime minister of Ireland, Leo Varadkar, on the boycott of Russian aluminium and its harrowing effects on the EU’s national economy. On December 5, the International Aluminium Institute (IAI) posted a report tracing the current contributions of the aluminium sector to the United Nations Sustainable Development Goals (UN SDGs). Sohar International Bank took part in the inauguration of Sanvira Carbon FZC LLC (SCL), an important manufacturing project financed by the Omani investment group under the esteemed patronage of H.E. Salim bin Nasser bin Said Al Aufi, Minister of Oil and Gas. The LME benchmark aluminium price clocked at US$2448.50 per tonne on December 2, Friday, opening the week with US$36.5 per tonne or 1.49 per cent escalation on Monday, December 5. The price kept growing at a subtle pace closing the week at US$2468.50 per tonne on December 8, Thursday with an overall weekly surge of 0.82 per cent or US$20 per tonne. On the other hand, the A00 aluminium ingot price in China slumped by 1.33 per cent or RMB 260 per tonne on a weekly basis from RMB 19,520 per tonne on Monday, December 5, to RMB 19,260 per tonne on Friday, December 9.
Sustainability, or the urge to shift towards a greener environment, has become the need of the hour. Top companies and individuals, including the aluminium sector, are leaving no page unturned to shift towards this greener industry. Aluminium, also known as green metal, is considered one of the most environmentally friendly and sustainable metals.
According to the government's official accounts, the Scottish Government spent £350 million on unsuccessful deals and endeavours during the most recent fiscal year. Its main source of concern stems from its contentious deal with Sanjeev Gupta, who acquired the Lochaber aluminium smelter in 2016.
Leo Varadkar, the deputy prime minister of Ireland, was told by Rusal chief executive Evgenii Nikitin that a boycott of his company's aluminium would have "significant systemic effects" on the European manufacturing sector.
To know more: https://www.alcircle.com/news/russian-aluminium-boycott-will-be-detrimental-to-the-eu-s-economy-rusal-warns-varadkar-87321
Sohar International Bank is committed to driving sustainable growth and supports key national projects that add value to the Sultanate of Oman's economy. Thus, the bank participated in the opening ceremony of Sanvira Carbon FZC LLC (SCL), a large-scale manufacturing project financed by Sohar International Bank and Sohar Islamic.
Saudi Arabian Mining Company (Ma’aden) is among one of the most swiftly evolving mining companies globally and the biggest multi-commodity mining and metals enterprise in the Middle East. During its participation in Arabal 2022, important officials representing Ma’aden’s aluminium and smelter department proudly led panels.
To know more: https://www.alcircle.com/news/maaden-envisions-to-be-listed-among-the-top-10-international-aluminium-producers-87344
On December 5, the International Aluminium Institute (IAI) published a report illustrating the recent contributions of the aluminium industry to the United Nations Sustainable Development Goals (UN SDGs). The report also traces the estimated future grants to be orchestrated by the aluminium sector.
The European Union's politically independent executive arm, the European Commission, is planning to bring a proposal for a ban on new investments in Russia's mining sector as part of a new package of sanctions for the Russia-Ukraine geopolitical crisis.
To know more: https://www.alcircle.com/news/eu-plans-to-propose-sanctions-against-russia-s-mining-industry-87364
According to a report published on December 6, 2022, by the Swedish Defense Research Agency (FOI), Russian corporations pose a threat to the nation's security. There are 128 Russian-owned companies in Sweden, four of which are on the EU sanctions list, while one is on the US and UK blacklists.
To know more: https://www.alcircle.com/news/russian-firms-pose-a-security-risk-to-the-country-swedish-defence-research-agency-87369
On November 21, 2022, Aluminium Bahrain B.S.C. (Alba) received two major awards – ‘Gold’ Green World Award and Green World Leader for 2022, from the Green Organisation as announced in the Green Apple Awards ceremony held at the Palace of Westminster, London, UK.
To know more: https://www.alcircle.com/news/alba-wins-two-major-environmental-awards-from-the-green-organization-87379
The Russian aluminium giant Rusal, which is also among the biggest producers of aluminium worldwide, has risen to the top of the annual Donor Forum association ranking for corporate social responsibility.
The Aluminum Association has released its preliminary estimates in the monthly Aluminum Situation report, stating that aluminium demand in North America (US and Canada) has recorded a 6.3% year-to-date growth through the third quarter of 2022 ended September 30.
To know more: https://www.alcircle.com/news/aluminium-demand-in-north-america-grows-6-3-ytd-through-3q2022-amounting-to-21-bln-lb-87314
Vedanta Limited continued to increase its aluminium ingot and aluminium product prices on Tuesday, December 6. The company expanded its aluminium ingot price by INR 4,500 per tonne or 1.96 per cent to sell the products at INR 233,750-264750 per tonne. On December 3, the price had settled at INR 229,250-260,250 per tonne after witnessing a growth of INR 1,500 per tonne.
To know more: https://www.alcircle.com/news/vedanta-expands-its-aluminium-ingot-price-by-inr4500-t-on-december-6-87357
With smelters in Gansu and Inner Mongolia starting to begin output, aluminium prices recorded a fall on Wednesday, December 7. The recent bulls have been priced in by investors, who have since begun to fret about the speed of US rate hikes and the prospects for Chinese demand.
To know more: https://www.alcircle.com/news/aluminium-prices-drop-as-smelters-in-gansu-and-inner-mongolia-resume-production-87378
A World Trade Organization (WTO) panel has ruled in favour of Norway against the United States in a dispute Norway brought over U.S. import duties imposed on aluminium and steel in 2018. Former U.S. President Donald Trump issued a memorandum setting responsibilities in March 2018.
To know more: https://www.alcircle.com/news/wto-rules-in-favour-of-norway-rejects-us-imports-duties-on-aluminium-and-steel-87384
On December 8, Thursday LME aluminium cash bid price escalated by US$17.50 per tonne or 0.71 per cent, closing at US$2,467.50 per tonne and the LME aluminium official settlement price surged by US$18 per tonne or 0.73 per cent, settling at US$2,468.50 per tonne.
To know more: https://www.alcircle.com/news/lme-benchmark-aluminium-price-expands-by-us18-t-shfe-marks-us7-t-loss-87381
On Friday, December 9, China’s A00 aluminium ingot price has declined by RMB 90 per tonne to settle at RMB 19,260 per tonne, with the average prices ranging between RMB 19,240 per tonne to RMB 19,280 per tonne. The spot contract price is expected to be traded at a discount price of RMB 10 to a premium price of RMB 30 per tonne.
National Aluminium Company Limited (NALCO) has elevated its aluminium ingot and aluminium products prices, effective from December 7, in line with the LME aluminium price hike over a week. NALCO has significantly increased its aluminium ingot price by INR 14,700 per tonne or 6.6 per cent from INR 220,450-223,950 per tonne on November 29 to INR 235,150-238,650 per tonne on December 7.
To know more: https://www.alcircle.com/news/nalcos-aluminium-ingot-price-ascends-by-inr14700-t-with-effect-from-december-7-87391
On Monday, December 5, 2022, representatives from Bechtel and Aluminium Bahrain B.S.C. (Alba), one of the biggest aluminium smelters in the world, met virtually to discuss many issues of relevance to both parties. Alba granted International Bechtel Co. Ltd. (Bechtel) the contract to carry out the feasibility study for the Line 7 Project at the virtual meeting.
To know more: https://www.alcircle.com/news/bechtel-to-carry-out-the-feasibility-study-for-albas-line-7-project-87332
Chris Blenkiron, the chief executive of New Zealand Aluminium Smelters Limited (NZAS), stated that smelting is better for the environment than a "green hydrogen" plant since it employs more people and generates more income per unit of electricity used. However, if a new power supply agreement with power producers is not reached by the end of 2024, the Tiwai Point Aluminium Smelter, owned by NZAS will have to shut down.
To know more: https://www.alcircle.com/news/tiwai-aluminium-smelter-ceo-chris-blenkiron-hopeful-of-continuing-operations-beyond-2024-87389
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