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THINK ALUMINIUM THINK AL CIRCLE
Amidst the geopolitical and the Energy crisis in Europe, Russia has cancelled the start of its gas supply at the Nord Stream 1 after apparently citing an oil leak in the turbine. This will thrust the entire energy-based economy into a completely dark zone, and disputes have already started taking place between big companies like Gazprom and Siemens Energy, with Europe under the fear of an industrial breakdown. LME benchmark aluminium price began the week of September 5 with an US$18.50 per tonne slump resting at US$2,290.50 per tonne and had downward luck all week with prices gradually declining. On September 9, there was, however, a sudden US$24 per tonne boost, with the official aluminium price docking at US$2,280 per tonne, experiencing a 0.46 per cent drop overall this week. SHFE other than the mid-week plunge had a stable growth this week, with primary aluminium price settling at US$2,709 per tonne on September 9, gaining 2.23 per cent over Monday’s US$2,650 per tonne. Lower demand for aluminium has compelled an established organisation like Norsk Hydro to temporarily curtail production at its Karmøy unit in Norway. Other European companies to measure their production rates are Aluminium Dunkerque in France and Speira GmbH, Germany, with the latter expecting to decrease 50 per cent of its aluminium production at Rheinwerk smelter in Neuss. On the brighter side, EPIQ Machinery and DTA have collaborated to introduce a variety of AGVs possibilities to the international aluminium market.
After its short maintenance, the Nord Stream 1 pipeline was expected to resume its flow this week as European Governments battle to control soaring gas prices. In spite of this, Russia abruptly cancelled the restart, citing an oil leak in a turbine. It highlighted a dispute between Gazprom and Siemens Energy over repairs to the pipeline.
To know more: https://www.alcircle.com/news/russian-gas-pipeline-remains-shut-energy-intensive-aluminium-industry-cuts-production-83479
According to our report from the Gulf region, the Crown Prince and Prime Minister of Bahrain Salman bin Hamad Al-Khalifa, has issued an order to restructure the board of sovereign wealth fund Mumtalakat Holding with Finance Minister Salman bin Khalifa Al-Khalifa as its chairman.
To know more: https://www.alcircle.com/news/bahrain-to-reorganize-the-board-of-sovereign-wealth-fund-mumtalakat-holding-83484
According to the union, the National Union of Metalworkers of South Africa (Numsa) and South32's wage negotiations reached a standstill over the weekend. Members of Numsa who work at the KwaZulu-Natal province's Hillside aluminium smelter are involved in the conflict. South32's suggestion that Numsa submits a monetary bid "across the board" was rejected by Numsa.
To know more: https://www.alcircle.com/news/numsa-and-south32-in-deadlock-as-wage-talks-fall-apart-83494
Norsk Hydro, one of the largest aluminium companies in the world, announced on Tuesday, September 6, that due to a drop in demand for aluminium, the company has decided to keep a small portion of its aluminium capacity in Norway out of service, following maintenance.
To know more: https://www.alcircle.com/news/hydro-s-karmoy-facility-operations-on-hold-due-to-low-demand-for-aluminium-83496
Aluminium Dunkerque, the biggest aluminium smelter in France previously owned by a unit under GFG Alliance, has decided to curtail production by one-fifth of its capacity to battle rising energy prices in Europe, as was reported by an internal source.
To know more: https://www.alcircle.com/news/aluminium-dunkerque-retrenches-aluminium-production-for-europes-rising-energy-cost-83508
Vedanta Aluminium has set another national benchmark, and this time it is all about water efficiency. On Tuesday, September 6, the company declared its Aluminium Smelter-I at Jharsuguda (Odisha) substantially reduced Specific Water Consumption (water consumed per unit of metal produced) by around 11 per cent in FY2022 compared to the previous fiscal for producing more than 17,400 tonnes of aluminium over the year.
The Aluminium Association of India (AAI) has once again attempted to bring the Prime Minister’s attention to the shortage of coal, seeking his immediate intervention for the resumption of sufficient coal supplies to the domestic non-power sector.
The insurmountable energy price has hit another European aluminium company – Speira GmbH. On Wednesday, September 7, Speira, a Germany-based global aluminium company, has announced its decision to reduce 50 per cent of its aluminium production at Rheinwerk smelter in Neuss until further notice.
The Ukraine-Russia conflict has caused relentless aluminium production cuts at European smelters this year. In addition, the indefinite suspension of the “North Stream No. 1” gas pipeline in Russia, coupled with the electricity price surge, has worsened the situation further. It is reported that the largest aluminium smelter in Europe will step up its output cut next week.
On Thursday, September 8, Alcoa Corporation announced it received certification from the Aluminium Stewardship Initiative (ASI) for its remaining Poços de Caldas operation in Brazil. Now, all of Alcoa’s Brazil operations are ASI-certified, bringing the total number of the company’s ASI Performance Standard certifications to 17.
To know more: https://www.alcircle.com/news/alcoa-earns-asi-certification-for-its-oldest-aluminium-site-in-brazil-pocos-de-caldas-83543
The Chief Executive Officer of EPIQ Machinery, Éloïse Harvey, and the Chief Executive Officer of DTA, Miguel de Sebastian Merello, have announced their recent teaming agreement. This close collaboration between EPIQ Machinery and DTA is full of potential, bringing an array of AGVs possibilities to the international aluminium market.
To know more: https://www.alcircle.com/press-release/epiq-machinery-and-dta-collaborate-to-serve-aluminium-producers-better-83542
IMIDRO reported that its subsidiaries had produced 222,053 tonnes of primary aluminium in the current fiscal year's first four months (March 21-July 22) to register a 27% increase in production compared with the same phase of the previous fiscal year.
After Sichuan, another southwestern Chinese province that emerges as being affected by hydropower shortages is Yunnan, triggering concerns over potential output reduction in the province. According to the latest survey by Shanghai Metals Market, many smelters in Yunnan have expressed concerns over power supply, though having normal operations to date.
SMM found that operating rates at primary aluminium alloy facilities in China in August were 42.64 per cent, a decline of 8.08 percentage points from the previous year but an increase of 1.3 points from the last month. Since August is typically the off-season for producing primary aluminium alloys, facilities reported weak downstream demand and exceedingly slow output and sales in August compared to July.
Vedanta Limited has again reduced its aluminium ingot and aluminium products prices, with effect from Wednesday, September 7, following an intermittent raise on September 3. With the latest cut, the company’s aluminium ingot price has come in at INR 209,250- 238,750 per tonne, down by INR 4,000 per tonne or 2 per cent from INR 213,250-242,750 per tonne.
To know more: https://www.alcircle.com/news/vedantas-aluminium-ingot-price-sees-a-cut-of-inr4000-t-with-effect-from-september-7-83531
On 8th September 2022, India's significant rating agency, ICRA, stated that the country's primary aluminium producers operating margins are likely to contract by 400-500 basis points (BPS) consecutively in the second quarter of 2022-23 on the aspect of high production cost.
After two weeks of price hike on August 26, National Aluminium Company Limited’s (NALCO) both aluminium ingot and aluminium products prices have seen a sharp cut, with effect from Friday, September 9. NALCO has axed its aluminium ingot price by INR 15,900 per tonne or 7 per cent to INR 210,150- 213,650 per tonne.
To know more: https://www.alcircle.com/news/nalco-sharply-cuts-its-aluminium-ingot-price-by-inr15900-t-with-effect-from-september-9-83545
According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a decrease of 11,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, August 8, the inventories totalled 672,000 tonnes.
The LME prices continued to decline further on September 8 to rest at US$2,255.50 per tonne and US$2,256 per tonne, respectively. However, on Friday, both LME aluminium cash bid price and LME aluminium official settlement price grew by US$24 per tonne to close the week at US$2,279.50 per tonne and US$2,280 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-price-edges-us34-50-t-lower-this-week-to-us2-280-t-shfe-grows-to-us2709-t-8355
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