Primary Aluminium Weekly Recap: Vedanta Aluminium becomes India’s largest green power purchaser; QAMCO reports a net profit of QR 288 million for H1 2021
Primary aluminium sector witnessed some major developments last week. The week saw some of the biggest aluminium producers- Hindalco, NALCO and Qatalum announcing their financial results. Let's explore:
Vedanta Aluminium Business purchased 354 million units of solar and non-solar renewable energy primarily from Green Term-Ahead Market (GTAM) at IEX. The renewable energy will be used for its aluminium production unit at Jharsuguda, in Odisha.
Century Aluminum Industry has reported net sales of $528 million for the second quarter of 2021 ended on June 30, an increase of 19 per cent from $444 million driven by higher aluminum prices and increased regional premiums.
Vedanta Limited has continued to decrease its aluminium ingot and aluminium product prices for the second straight day by INR 2,000 per tonne. With effect from Thursday, August 5, Vedanta’s aluminium ingot price has been reduced to INR 222,500-235,500 per tonne from INR 224,500-237,500 per tonne a day ago.
According to the Shanghai Metals Market, China’s social inventories of primary aluminium have continued to fall on Thursday, August 5, albeit slower than the previous week. SMM found the inventories fell 26,000 tonnes week-on-week across China’s eight major consumption areas, including SHFE warrants, to come in at 732,000 tonnes.
On 5th August 2021, Qatar Aluminum Manufacturing Company, a 50% joint venture partner in Qatar Aluminum Company (Qatalum), reported a net profit of QR 288 million for H1 2021, with earnings per share (EPS) of QR 0.052.
To know more: https://www.alcircle.com/news/qamco-reports-a-net-profit-of-qr-288-million-for-h1-2021-69032
National Aluminium Company Limited (NALCO) published results for the quarter ended June 2021. The company’s net profit increased by 981.97% to INR 347.48 crore in the June quarter. Net profit was INR 16.69 crore during the previous quarter ended June 2020.
To know more: https://www.alcircle.com/news/nalco-reports-77-26-hike-in-income-for-june-quarter-69043
On 6th August 2021, the flagship metal arm of Aditya Birla Group, Hindalco Industries stated that the company has reported an all-time high consolidated Q1 net profit at INR 2,787 crore, as compared to a loss of INR 709 crore in Q1FY21.
On 3rd August 2021, AlCircleBiz, the world’s premier online marketplace for the global Aluminium Industry was exhibited across all the top media networks in India. The portal dedicated to the global aluminium industry is a first-of-its-kind in this sector, which is one of the fastest-growing due to its various applications across construction, automotive, aerospace, communication, and other key industries.
The Australian energy and emissions reduction minister, Angus Taylor has alerted that the European Union is attempting to implement a carbon tax on imports, which would be unfavourable to Australia’s export industry.
The global leading aluminium giant, RUSAL, has been listed among the top 100 Best Emerging Market performers ranking by a global leader in ESG assessments, data, research, benchmarks and analytics, V.E (Vigeo Eiris) based on its sustainability credentials.
To know more: https://www.alcircle.com/news/rusal-listed-among-top-100-best-emerging-market-esg-performers-ranking-by-vigeo-eiris-69030
Aluminium Stewardship Initiative has reportedly certified Ma’aden Aluminium against the Performance and Chain of Custody Standard Certification for its vertically integrated aluminium facilities. The news came after ASI announced that it successfully certified the Middle East-based company for its bauxite mining at the Al Ba’itha mine in Qassim Province, alumina refining and smelting, aluminium remelting, and casting and rolling operations at Ras Al Khair Industrial City.
Vedanta Aluminium Business has won three Gold Awards at the SEEM National Energy Management Awards (SNEMA) 2020 for excellence in energy management at its Aluminium Smelters I & II and 1215MW Captive Power Plant at Jharsuguda, Odisha.
To know more: https://www.alcircle.com/news/vedanta-aluminium-business-wins-three-gold-awards-at-snema-2020-69041
The fourth-largest iron ore producer globally with its headquarter in Australia, Fortescue Metals has inked a partnership agreement with a tribal group in New Zealand to evaluate the possibilities of developing a hydrogen project fuelled by renewable energy with the first production as early as 2025.
Gillespie & Powers Inc. is pleased to announce it has entered into an agreement with Ellwood Aluminum for the supply of one 200,000 Lb. Batch Homogenizing Furnace for their Phase-II expansion in Hubbard OH. This equipment will be operational in 2022.
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