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Uniprom has closed the last 12 electrolysis cells at KAP in Montenegro, ending 52 years of aluminium production. The plant will continue producing logs and alloys by importing metal. It has been reported that Shandong Nanshan of China plans to transform its Indonesian alumina refinery site into a $6 billion aluminium smelting complex by 2028, which would be a significant foreign investment in the country. The LME aluminium price chart has seen restrained growth through most of May, with the aluminium spot price rising around US$2,300 per tonne at the most. However, this week there has been a sudden surge of US$51.50 per tonne or 2.28 per cent from Monday (US$2,260.50 per tonne) to Thursday (US$2,312 per tonne) in the LME aluminium price index. On the other hand, SHFE has maintained a subtle stagnancy in May, with the highest to lowest price ranging between US$2,683 per tonne and US$2,593 per tonne. This week there has been an overall 0.65 per cent or US$17 per tonne growth in SHFE aluminium prices from Monday (US$2,593 per tonne) to Friday (US$2,610 per tonne).
According to the National Bureau of Statistics, China's aluminium production in April 2023 (30 calendar days) fell 1.2 per cent month-on-month at 3.33 million tonnes.
Ma'aden, a Saudi state-owned mining company headquartered in Riyadh, is acquiring a 9.9 per cent stake in Vancouver's Ivanhoe Electric for $126.5 million.
To know more: https://www.alcircle.com/news/maaden-buys-9-9-stake-in-ivanhoe-electric-and-forms-jv-to-undertake-exploration-programmes-94907
As of May 11, the domestic aluminium billet social inventory closed at 168,600 tonnes, up 10,900 tonnes from the previous week. Inventory grew as a result of continuous cargo arrivals and low downstream consumption.
To know more: https://www.alcircle.com/news/aluminium-billet-inventories-in-china-expand-by-10-900-tonnes-w-o-w-94914
Last week, both Hindalco and Vedanta back-to-back cut their aluminium prices on May 11 and 12 in response to the LME aluminium price fall of US$92 per tonne in just two days.
To know more: https://www.alcircle.com/news/hindalco-vedanta-slashed-their-aluminium-ingot-prices-by-over-3-during-may-10-12-94925
According to local media reports on Wednesday, Uniprom, a company in Montenegro, has closed down the last 12 electrolysis cells at KAP (Aluminium Plant Podgorica), ending aluminium production at the plant after 52 years.
To know more: https://www.alcircle.com/news/uniprom-kap-shuts-down-primary-aluminium-production-in-montenegro-after-52-years-94916
Aluminium alloy ingot (ADC12) prices remained stable W-o-W at INR 199,000 per tonne exw Faridabad due to limited transactions in the market.
To know more: https://www.alcircle.com/news/indias-aluminium-ingot-adc12-price-remains-stable-w-o-w-due-to-limited-trade-activities-94926
On May 16, the National Bureau of Statistics of China's data revealed that China's primary aluminium output in April 2023 declined by 1.2 per cent when analyzed with March 2023 due to an energy restriction policy in southwest China that restrained aluminium production.
To know more: https://www.alcircle.com/news/power-rationing-hit-china-s-primary-aluminium-production-by-1-24-in-april-dipping-mom-94934
According to our source, China's Shandong Nanshan wants to expand its new Indonesian alumina refinery site to a USD$6 billion aluminium smelting complex by 2028, making it one of the most significant foreign investments in the country.
The platform that offers to transform, decarbonize, and future-proof economies UAE Climate Tech brings together over 1,500 leaders from technology giants, major industries, finance, government, civil society, and the energy sector in Abu Dhabi.
To know more: https://www.alcircle.com/news/technology-can-transform-challenges-into-opportunities-uae-climate-tech-9487
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