LME aluminium prices advanced on October 28, with cash and three-month contracts posting gains. The Asian Reference Price moved lower, while exchange opening stocks and cancelled warrants declined. Alumina Platts prices recorded a stronger increase. The cash bid rose 0.73 per cent to USD 3,100 per tonne from USD 3,077.50 per tonne. The cash offer increased 0.75 per cent to USD 3,101 per tonne on October 28 from USD 3,078 per tonne previously. Three-month aluminium prices also moved higher. The bid climbed 0.70 per cent to USD 3,083.50 per tonne from USD 3,062 per tonne, while the offer advanced 0.65 per cent to USD 3,084 per tonne from USD 3,064 per tonne. Explore the production, demand and consumption forecasts of bauxite and alumina in our report: " Global Bauxite & Alumina Market...
Copper could climb towards USD 16,000 per tonne over the next six to 12 months, while aluminium may offer a shorter-term trading opportunity following its recent correction, according to Navneet Damani, senior group vice-president and head of research for commodities and currency. Speaking on BusinessLine’s Trending Commodity Picks programme, Damani said copper continued to benefit from supply constraints and demand from emerging industries, while aluminium’s price trajectory had been influenced by fluctuations in energy costs and changing supply conditions. Damani said aluminium had climbed from around USD 3,100 to USD 3,600 per tonne earlier in 2026, supported by increases in electricity, crude oil and coal prices. The metal subsequently corrected towards USD 3,300 per tonne, although...
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Among all the verticals of the aluminium value chain, primary aluminium has been one of the busiest this week. New appointments at global giants, financial results, and project announcements made significant headlines in the primary aluminium sector. What created a buzz in the industry was the decision of Hydro’s CEO & President Hilde Merete Aasheim of leaving the company after 5 years. Eivind Kallevik, who is currently an Executive Vice President and Head of Hydro's Aluminium Metal business area, would succeed Ms Aasheim as the new President and CEO, with an effect from May 13, 2024. To know more: https://www.alcircle.com/news/eivind-kallevik-succeeds-hilde-merete-aasheim-as-the-new-president-and-ceo-of-hydro-110191 Sohar Aluminium announced that it appointed Matt Liddy as its Business...
The Norwegian government, industry associations, and trade unions have agreed on the future of the Norwegian CO2 compensation scheme, which will be valid from 2024 until 2030. This agreement involves the Norwegian government, Norsk Industri, Energi & Forbundet for ledelse og teknikk, Fellesforbundet, LO, and NHO. It sets an annual maximum CO2 compensation for eligible industries at NOK 7 billion. 2022 CO2 quota price floor to be removed Additionally, the CO2 quota price floor, introduced in 2022 and further increased for 2023, will be removed entirely. The compensation cap will be adjusted for inflation annually. As part of the updated CO2 compensation scheme, industries must implement emission reduction and energy efficiency measures equivalent to 40 per cent of the CO2 compensation they...
According to a report on March 14, Norsk Hydro will soon begin upgrading the remaining 120 electrolytic cells at Hydro Husnes Line A with state-of-the-art technology, investing NOK 225 million. This is the final stage of upgradation that started with Husnes' Line B and continued with 80 out of 200 electrolytic cells in Line A. Now, the turn has come for the remaining 120 cells, which when completed, Hydro Husnes will become one of the most modern and energy-efficient primary aluminium-producing plants in the world. Johan Berg, Head of Hydro's aluminium operations in Norway, said: With this investment, we are realizing the full technological potential of the electrolysis by upgrading the remaining 120 cells. We are gearing up for the future." Hydro Husnes reached its production milestone...
The Ministry of Mines, Govt. of India, has suspended Radhashyam Mahapatro, NALCO's Director (HR), citing disciplinary reasons. The state-owned integrated aluminium company, NALCO, revealed in a recent exchange filing on March 14, 2024, that it received notification from the ministry confirming Mahapatro's immediate suspension. "The Competent Authority in the exercise of the powers conferred by Rule 23 of NALCO Conduct, Discipline and Appeal Rules, 1984, has placed Radhashyam Mahapatro, Director (HR), under suspension with immediate effect," NALCO informed the bourses. The ministry has appointed Jagdish Arora, currently serving as Director (Projects & Technical), to also assume the role of Director (HR) with effect from March 14 for the duration of the suspension period or until further...
Vedanta's proposal to split its businesses into distinct entities may encounter resistance from minority shareholders and creditors, as per a report. On September 29, 2023, the mining and metal giant unveiled intentions to separate five crucial sectors, such as aluminium, oil and gas, and steel, into individual listed companies. CreditSights, a FitchSolutions Company, revealed in its latest report by stating, "We maintain our view that Vedanta Ltd's planned demerger of its other businesses could face major hurdles from minority shareholders and/or creditors, which may delay or derail the deal. There have been few updates on the demerger progress since it was announced in September 2023." According to the report, Hindustan Zinc Ltd (HZL), a subsidiary of the Vedanta Group, may face hurdles...
EPIQ Machinery, a renowned Canadian equipment designer, has undertaken a significant multi-million dollar initiative to establish Bahrain as the central hub for its expansion into the Middle East. Vivek Kumar, the company's Regional Director for the Middle East and North Africa (MENA), emphasised EPIQ's extensive track record of supplying crucial equipment to major aluminium smelters across the region. Mr Kumar highlighted that adopting a 'customer-centric' approach further solidifies EPIQ's dedication to the MENA region. The team at EPIQ Machinery Services, based in Bahrain, will be strategically placed to deliver efficient sales and after-sales support and guarantee client satisfaction. This newly established facility within the kingdom is poised to cater to the needs of the aluminium...
Hindalco Industries Limited has reduced its aluminium ingot and aluminium products prices on Thursday, March 15, in line with the LME aluminium price drop. Like other Indian aluminium companies, Hindalco links its aluminium prices to the three-month futures of aluminium on the London Metal Exchange. On Thursday, March 14, the LME aluminium benchmark price decreased by US$19 per tonne, and in response, Hindalco Industries Limited cut its aluminium prices by INR 1,750 per tonne or 0.8 per cent on March 15. On March 14, Hindalco increased its aluminium prices by INR 1,750 per tonne in tandem with the LME aluminium benchmark price rise by US$10.50 per tonne on March 13. This indicates that Hindalco's aluminium prices lost what they gained the previous day. With the latest cut on March 15,...
LME aluminum opened at US$2,261 per tonne on Thursday, March 14, with high and low at US$2272.50 per tonne and US$2244.50 per tonne, respectively, before closing at US$2,256 per tonne, down US$6.50 per tonne or 0.29 per cent. LME aluminium cash bid price and LME aluminium official settlement price plunged by US$19 per tonne overnight to stand at US$2,204 per tonne and US$2,205 per tonne, respectively, as of March 14. However, despite the latest downfall, the LME aluminium benchmark price stood 0.50 per cent higher M-o-M than US$2,194 per tonne but down W-o-W by 0.23 per cent from US$2,210 per tonne. On the same day, 3-month bid price and 3-month offer price declined by US$14.50 per tonne and US$15 per tonne, respectively, amounting to US$2,254.50 per tonne and US$2,255 per tonne. December...
Century Aluminum Company, a global producer of primary aluminium, has reportedly signed a memorandum of understanding with MX Holdings to form a joint venture firm for manufacturing and marketing low-carbon secondary billet. MX Holdings is a global leader in the purchasing, processing, and manufacturing of non-ferrous metals. According to the report, the new JV will produce and supply highly engineered and technically advanced aluminium alloys made of increased recycled content produced with low-carbon processes. Under the new agreement, Century Aluminum and MX Holdings have also decided to produce billet at their existing, wholly-owned Pennex facilities. Each company will produce various alloys to meet specific customer needs. Matt Rohm, CEO of MX Holdings, parent company to Metal...
The market dynamics of the aluminium industry in North America are gradually displaying a positive change, with a demand recovery in Q4 2023, as indicated by the preliminary estimates of the Aluminum Association. Even the beginning of 2024 has set a progressive tone, as the association’s index of net new orders of aluminium bill products hit 114.5 (baseline index of 100), the highest level since June 2022. Market Analysis Until the third quarter of 2023, aluminium demand in North America was sluggish, contracting by 4.4 per cent year-on-year to about 20,908 million pounds. That led to a downfall in the full-year demand by about 3.9 per cent, totalling 26,271 million pounds, compared to 27,337 million tonnes a year ago. The recovery in Q4 slightly offset the annual fall. Charles Johnson,...
Norsk Hydro ASA, a leading Norwegian aluminium and renewable energy company, announced that it appointed Eivind Kallevik as the new President and CEO, who would succeed Hilde Merete Aasheim. The appointment will be effect from May 13, 2024. The news came after Dag Mejdell, chairperson of Hydro's Board of Directors, officially announced the appointment of Mr Eivind Kallevik, as Hilde Merete Aasheim has decided to step down after five years. Dag Mejdell said, "I am pleased to announce that Eivind Kallevik has accepted the job as President and CEO of Hydro. Throughout his more than 30 years of experience from Norwegian and international finance and industry, Eivind has a strong track record of developing the business, capturing opportunities, and maneuvering the industrial landscape and...
According to a recent report by the Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO), Iran's four leading aluminium production firms manufactured 54,893 tonnes of aluminium ingots in February 2024. This marked an increase from the 51,416 tonnes produced in February 2023, as disclosed by IMIDRO. Over the span of 11 months in the current Iranian calendar year (March 21, 2023, to February 22, 2024), these major aluminium producers collectively yielded 582,200 tonnes of aluminium ingots . Moreover, during the same timeframe, the Iran Alumina Company contributed significantly to the production landscape, generating over 206,000 tonnes of alumina powder and over 347,000 tonnes of aluminium hydrates.
LME aluminium opened at US$2,261 per tonne on Wednesday, with its high and low at US$2,274.5 per tonne and US$2,254 per tonne, respectively, before closing at US$2,262.5 per tonne, down US$0.5 per tonne or 0.02 per cent. On Wednesday, March 13, both LME aluminium cash bid price and LME aluminium official settlement price increased by US$10 per tonne or 0.45 per cent and US$10.5 per tonne or 0.47 per cent to settle at US$2,223 per tonne and US$2,224 per tonne. As per the LME data, the 3-month bid price and 3-month offer price went up by US$7 per tonne or 0.30 per cent to settle at US$2,269 per tonne and US$2,270 per tonne. December 25 bid price and December 25 offer price gained US$12 per tonne or 0.48 per cent to reside at US$2,480 per tonne and US$2,485 per tonne. LME aluminium opening...
At the end of last week on March 7, China's domestic aluminium ingots and aluminium billets inventory showed a downtrend with the arrival of the traditional peak season. According to SMM, aluminium ingots inventory in China's eight major consumption areas stood at 821,000 tonnes, up 3,000 tonnes from March 4 and 33,000 tonnes higher than the pre-Chinese New Year holidays during February 10-15. Compared to the past seven months of the same period, the inventory reflected a slow growth and remained at the lowest. The fall in ingot inventory was primarily driven by the significant rise in outflows from warehouses by about 17,7000 tonnes week-on-week in the second week after CNY, amounting to 98,800 tonnes. The inventory performance after CNY this year is similar to last year. SMM suggests...
The Volta Aluminium Company (VALCO) recently inaugurated a cutting-edge steam boiler to enhance the factory's power generation operations. Valued at approximately $300,000, this new equipment is poised to ramp up the production of carbon anodes, a crucial component in the primary aluminium manufacturing process. Function of the boiler The steam boiler's primary function is to support the production of green anodes, an essential element of the aluminium smelting process. Noteworthy features include an economiser that enhances fuel efficiency and a dual-fuel burner compatible with Residual Fuel Oil (RFO) and natural gas. This dual-fuel capability is expected to facilitate a smooth transition towards increased natural gas usage. During a ceremony held in Tema on March 8, VALCO CEO Daniel Nii...
Primary aluminium production across Europe (including Russia) totalled 579,000 tonnes during January 2024, reflecting a rise of 3,000 tonnes from 576,000 tonnes in December 2023 and a hike of 5,000 tonnes from 574,000 tonnes in January 2023. The production improved for the second straight month as the energy crisis started easing, implied by the fact that European Commission softened the stringent policy of 15 per cent gas consumption curb. EU diplomats even said in recent statements that some countries view the policy as no longer necessary since the peak of Europe's energy crisis has passed. Production in Russia and Eastern Europe The primary aluminium production rise in Russia & Eastern Europe for the second consecutive month during January 2024 further underscores the fact that the...
LME aluminum opened at US$$2,250 per tonne on Tuesday, March 12, with high and low at US$2,270 per tonne and US$2,242.50 per tonne, respectively, before closing at US$2,263 per tonne, up US$11 per tonne or 0.49 per cent. On Tuesday, March 12, LME aluminium cash bid price and LME aluminium official settlement price built up by US$11.50 per tonne or 0.52 per cent to stand at US$2,213 per tonne and US$2,213.50 per tonne, marking about a six-week high. Aluminium demand in the global market has recovered in the ongoing traditional peak season, but supplies from top producers in China are yet to fill the gap. In addition, a firmer US currency after inflation data above consensus also added pressure to industrial metals. 3-month bid price and 3-month offer price moved up by US$20 per tonne to...
Discussions are underway regarding the premium on aluminium stocked in Japan for the April to June period, involving overseas producers, domestic consumers, and major trading companies. Producers suggest a premium between $145 and $155 per tonne, indicating a substantial 61-72 per cent increase from the previous quarter. If consumers accept these terms, it will mark the first time in three quarters that the premium falls within the $100 per tonne range. The tightening of domestic supply and demand is influencing producer prices. Combined port inventories at Yokohama, Nagoya, and Osaka have exceeded 300,000 tonnes since the beginning of the year, serving as a crucial indicator for supply and demand. Despite this, a source from a trading company noted, "While the figures for port...
