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THINK ALUMINIUM THINK AL CIRCLE
The global primary aluminium segment remained highlighted this week definitely due to the price factor but also for multiple reasons. The Pennsylvania-USA based Alcoa is gearing up to resume its idled aluminium smelter in Brazil, as it smelled the prices of aluminium sky-rocketing and production curb in China. However, another development has come from the American aluminium producer Alcoa that its senior executives are planning to invest more in 2022 to sustain their existing facilities, while they will be observing for acquisitions and anticipate the projected returns of growth projects to develop. On the other side, the aluminium producers in India raised their hands in regards to the supply shortage of thermal coal, which has already dented their production. In New Zealand, the Rio Tinto’s Tiwai Point aluminium smelter appointed Chris Blenkiron, as the new chief executive officer nearly three years before the smelter is due for shut down.
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According to the International Aluminium Institute, world primary aluminium production in August 2021 amounted to 5.699 million tonnes, a decrease of 0.60 per cent from 5.733 million tonnes in July 2021. But on a year-on-year basis, the output in August stood 3.15 per cent higher than 5.525 million tonnes.
The American industrial corporation and the world's eighth-largest producer of aluminium, with corporate headquarters in Pittsburgh, Pennsylvania, Alcoa’s senior executives are planning to invest more in 2022 to sustain their existing facilities. However, they will be observing for acquisitions and anticipate the projected returns of growth projects to develop.
To know more: https://www.alcircle.com/news/pittsburgh-based-alcoa-to-invest-more-on-stability-in-2022-says-bill-oplinger-70447
The Indian aluminium producers have urged Coal India Ltd for immediate resumption of coal supplies to the metal industry as they are countering an extreme dearth of thermal coal that has initiated to impede their operations for the production of aluminium. The production of aluminium is a constant process-deployed highly power-intensive industry, where coal reckons for around 40% cost of aluminium production.
The leading aluminium producer Alcoa Corporation has tooled up on a project to restart an idled aluminium smelter in Brazil following the hike in aluminium prices to a 13-year high and Chinese output reduction. The Pittsburgh headquartered aluminium producer and its partner South32 Ltd. will expend around $75 million, including approx. $10 million in capital expenditures to restart Alumar in north-eastern Brazil said in a statement. The fully retrenched aluminium smelter since 2015 is set to deliver its first molten metal in Q2 2022.
To know more: https://www.alcircle.com/news/global-aluminium-price-hike-triggers-alcoa-to-restart-alumar-smelter-in-brazil-70429
The Cameroon government agency, the National Institute of Statistics published a report which revealed that the country exported 14,925 tonnes of aluminium in H1-2021 compared to the 22,869 tonnes exported in 2020 during the same period. This shows a year-on-year decline of 34.70%. One of the main reasons for the decline of aluminium export by Cameroon was due to the financial trouble which ALUCAM was countering, while it is the only producer of aluminium in the CEMAC region.
To know more: https://www.alcircle.com/news/national-institute-of-statistics-data-reveals-cameroons-aluminium-export-dropped-by-34-7-70434
According to the Shanghai Metals Market, social inventories of primary aluminium rose 23,000 tonnes on the week across eight major consumption areas, including SHFE warrants. SMM data showed the inventories as of Thursday, September 23, came in at 789,000 tonnes. The increase was mostly contributed by Wuxi, Nanhai, and Gongyi. Last week, on September 16, primary aluminium inventories stood at 766,000 tonnes by gaining 15,000 tonnes from the previous week.
Domestic primary aluminium production in the United States in July 2021 stood at 73,000 tonnes, reflecting a month-on-month increase of only 1,000 tonnes but a year-on-year downfall of 9,000 tonnes from 82,000 tonnes, showed the US Census Bureau.
A00 aluminium ingot price has nosedived by RMB 400 per tonne on Friday, September 24, after hiking by RMB 500 per tonne on the previous day. According to the Shanghai Metals Market, the price has thus come in at RMB 22,920 per tonne, with average prices expected to range between RMB 22,900 per tonne and RMB 22,940 per tonne. The spot contract is likely to be traded at a premium price of RMB 20-20 per tonne.
Three-month LME aluminium opened at $2,932.5 per tonne yesterday and rose to $2,977.5 per tonne before closing at $2,956per tonne, an increase of $19 or 0.65%. Open interest rose 1,590 lots to 308,000 lots, and trading volume was 161,000 lots.
To know more: https://www.alcircle.com/news/lme-aluminium-price-surges-by-1-73-higher-at-us2-937-t-shfe-price-plunges-by-us17-t-70449
Hindalco Industries Limited has increased its aluminium ingot and aluminium products prices for the second day in a row by INR 3,750 per tonne on Friday, September 24. The latest hike has brought the company’s aluminium ingot price at INR 249,500 per tonne, up by INR 3,750 per tonne or 1.53 per cent from INR 245,750 per tonne on September 23.
According to the latest data shown by the General Administration of Customs on Saturday, September 18, China imported 247,547 tonnes of unwrought aluminium and aluminium products, which also included primary metal. That was 20.7 per cent lower than 312,086 tonnes in July and down 42.4 per cent from a year ago.
The largest aluminium producer in Egypt and one of the largest in Africa, Egyptalum shifted to make net profits of EGP 28.27 million during the fiscal year 2020-21, against net losses of EGP 1.67 billion in FY 2019-20, as disclosed by the adjusted unaudited financial results.
To know more: https://www.alcircle.com/news/egyptalum-shifts-to-profit-in-fy-2020-21-70448
The former British Chancellor of the Exchequer George Osborne has cracked his first deal as an investment banker with the metal company that was once chaired by Russian oligarch and industrialist Oleg Deripaska.
Rio Tinto’s Tiwai Point aluminium smelter in New Zealand has appointed Chris Blenkiron, as the new chief executive officer and general manager nearly three years before the smelter is due for shut down. On 21st September 2021, the company announced that the newly appointed CEO will begin his role in early 2022.
According to a recent report, Anil Agarwal-led Vedanta Limited’s investment proposal worth INR 1,240 crore to expand the capacity of an aluminium smelter in Jharsuguda has been rebuffed by an expert panel of the Union ministry of environment, forests and climate change (MoEF&CC).
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