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THINK ALUMINIUM THINK AL CIRCLE
Amidst a tumultuous turn of events, the price of aluminium has witnessed a surge propelled by speculations of imminent US sanctions against Russia, with the metal industry likely to be a focal point. However, the price gained momentum and dropped again later in the week. The ambiguity surrounding the precise sectors to be impacted has instilled unease among investors, heightened by President Joe Biden's allusion to a forthcoming "major" sanctions package scheduled for unveiling on February 23, 2024. The most recent industry-focused report by AL Circle, titled "Global Aluminium Industry Outlook 2024," provides forecasts for various aspects of the aluminium industry, encompassing primary and secondary aluminium production, as well as consumption and usage across different segments. Here are the best news of the week, which created buzz in the industry:
The ongoing group attacks on commercial vessels navigating through the Red Sea have prompted some shipowners to opt for the longer and costlier route via Southern Africa instead of the Suez Canal and the Red Sea. The recent intensification of these attacks has heightened concerns, with tensions showing no signs of abating. This reluctance among shipowners has disrupted the flow of steel and aluminium into Europe, typically transiting through the Suez Canal, by 775,000 tonnes per month, equivalent to 9.3 million tons per year, as reported in some industry data. Maersk and Hapag-Llyod, two leading global shipping companies, have also expressed concerns about the industry.
To know more: https://www.alcircle.com/news/uncertainty-looms-container-shipping-and-logistics-giants-forewarn-lengthy-red-sea-crisis-107980
In a warning echoing the echoes of the COVID-19 crisis, Norsk Hydro, Europe's largest aluminium producer, reveals a significant downturn in the construction sector in some of the continent's major countries. Pål Kildemo, the CFO of Norsk Hydro, points to a 50% decline in building and construction demand year-over-year in specific regions, reminiscent of the challenges faced during the pandemic. The construction crash, driven by high rates and escalating building costs, has severely affected the aluminium sector. Aluminium, extensively used in facades and skyscraper frames, sees 25 per cent of its global demand tied to the construction industry, according to the Russian aluminium giant.
To know more: https://www.alcircle.com/news/norsk-hydro-rings-the-warning-bell-for-european-aluminium-amidst-construction-slump-107965
In a volatile twist, aluminium prices experienced a surge driven by speculations of impending US sanctions against Russia, potentially targeting the metal industry. The uncertainty surrounding the specific industries to be affected has left investors on edge, with President Joe Biden hinting at a "major" sanctions package set to be unveiled on Friday. Aluminium previously surged to a record above US$4,000 a tonne in the aftermath of Russia's full-scale invasion of Ukraine in February 2022. This event led to widespread economic restrictions on Russia, impacting large segments of its economy and prominent officials.
The technology leader in electrification and automation, enabling a more sustainable and resource-efficient future, disclosed its agreement to acquire a global, energised asset optimisation leader focused on optimising asset safety, reliability, and maintenance for more than 800 active clients operating in multiple industries and markets worldwide. The acquisition will enhance the company's Electrification Service portfolio, providing customers with enhanced expertise in predictive, preventive, and corrective maintenance, electrical safety, renewable energy, and asset management advisory services. The Swedish-Swiss multinational corporation headquartered in Västerås, Sweden, and Zürich, Switzerland ABB has agreed to acquire Beachwood, Ohio, headquartered SEAM Group, a prominent provider of energised asset management and advisory solutions for industrial and commercial building sectors. This acquisition is set to enhance ABB’s Electrification Service portfolio, augmenting its capabilities in predictive, preventive, and corrective maintenance, electrical safety, renewables, and asset management advisory services.
To know more: https://www.alcircle.com/news/electrification-leader-sparks-transformation-with-asset-performance-acquisition-107995
Prime Minister Sheikh Mohammed bin Rashid al-Maktoum announced on February 18, 2023, that the United Arab Emirates achieved a historic milestone in its non-oil trade, reaching around $952.93 billion (3.5 trillion dirhams) in 2023. This remarkable accomplishment underscores the nation's commitment to diversifying its economy and reducing its dependence on oil. The UAE's diversifying service sectors encompass travel and tourism, information and communication technology, and financial and professional services. Its primary non-oil exports are gold, aluminium, jewellery, copper wire, and ethylene polymers.
To know more: https://www.alcircle.com/news/uae-s-non-oil-trade-reaches-new-heights-tops-953-billion-in-2023-107942
he National Bank of Oman (NBO) agreed to provide a working capital facility worth US$50 million to Sohar Aluminium Co. LLC for its operational requirements. The news came after Abdullah Al Hinai, Chief Executive Officer at the National Bank of Oman, and Engr Said Mohamed Al Masoudi, CEO of Sohar Aluminium, signed an agreement to attain mutually advantageous goals while contributing to the overall economic development of the Sultanate. The agreement represents NBO's commitment to help its corporate clients with banking and financial services. A working capital facility valued at US$50 million will substantially elevate Sohar Aluminium's operational capabilities.
South Korea acquired 3,000 tonnes of high-grade primary aluminium ingots of Malaysian origin through a tender process, as announced by the state-operated Public Procurement Service on February 14, 2024. According to the OECD, South Korea's per capita aluminium consumption was predicted to be the highest globally by 2023, thanks to its expansive automobile and electrical sectors. As of 2022, South Korea's per capita aluminium consumption is 42.76 kg. However, because South Korea is not one of the top aluminium-producing countries, imports fill its metal requirement.
To know more: https://www.alcircle.com/news/south-korea-procures-3000-tonnes-of-aluminium-ingot-in-january-107958
Century Aluminium Company announced its fourth quarter and full-year results for 2023, revealing net sales of $512.3 million in Q4 2023 and $2,185.4 million in the entire year. Both in Q4 and full-year, Century's net sales experienced a downfall of 6.03 per cent (sequentially) and 21.31 per cent (Y-o-Y), respectively, from $545.2 million and $2,777.3 million. Net sales in the fourth quarter fell despite a 1 per cent Q-o-Q rise in primary aluminium shipments from 171,995 tonnes to 173,871 tonnes. Shipments in full-year stood at 700,680 tonnes, down by 8.85 per cent from 768,691 tonnes. Century's fourth quarter results were primarily impacted by $9.2 million of net exceptional items, in particular $7.4 million related to the power equipment failure at Jamalco, $2.9 million of unrealized losses on forward derivative contracts (net of tax), and $1.3 million increase in share-based compensation costs driven by market inputs, partially offset by $3.0 million of lower cost or net realizable value adjustment (net of tax).
To know more: https://www.alcircle.com/news/century-aluminum-in-fy2023-net-sales-fall-21-3-y-o-y-in-line-with-shipment-fall-107991
NTPC Limited, India's leading integrated power utility, and National Aluminium Company Limited (NALCO), a prestigious Navaratna Company, have entered a non-binding Memorandum of Understanding (MoU). This non-binding agreement embarks on a journey of exploration across diverse energy landscapes, including coal-based thermal, solar PV, wind, and other renewable energies, alongside innovative energy storage solutions. The objective is to provide approximately 1200 MW of uninterrupted, round-the-clock power to meet NALCO's requirements for expanding its smelter plant capacity in Angul, Odisha.
To know more: https://www.alcircle.com/news/ntpc-to-supply-1200-mw-of-uninterrupted-power-for-nalcos-upcoming-smelter-107936
Contact Energy Limited, a New Zealand electricity generator, natural gas wholesaler, and electricity retailer, has experienced phenomenal financial growth in six months, ending December 31, 3023, buoyed by potential deals with aluminium smelters. As per the report, Contact Energy has earned a net profit of $153 million, up 70 per cent from the previous year and the highest in the past four years, despite extreme market volatility. Factors like increased energy costs and higher wholesale prices enabled the company to grow this spectacular profit. The need to “firm” intermittent renewable generation and high construction costs for thermal generation, particularly gas and wind power, contributed to the unexpected energy prices.
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