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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At the 2023 annual Advanced Collective and Outstanding Individual Recognition Conference held in the Shanzhou District of Sanmenxia City, Henan, Henkang Aluminum Co., LTD. (referred to as "Hengkang Aluminum") was honoured with the "Technological Transformation Award" and the "Tax Contribution Award." Hengkang Aluminum closely aligns itself with the development trajectory of the Yidian Group, aiming to enhance quality, reduce consumption, and improve efficiency. The company actively engages in technological innovation, converting scientific achievements into the driving force behind enhanced production efficiency. In 2023, Hengkang Aluminum sustained steady growth in its business performance, contributing over 22 million yuan in taxes and playing a positive role in the economic and social...
Norsk Hydro has reportedly appointed Trond Olaf Christophersen as an interim or acting CFO. He will act in the role only for a period of time until a new CFO is hired. Trond Olaf Christophersen replaces CFO Pål Kildemo, who will bid farewell to Hydro by August 31 at the latest to join one of the competitors. However, Trond Olaf Christophersen will perform in the new role with effect from March 6, 2024. Mr Christophersen is Hydro's Executive Vice President for Corporate Development. He will remain in his current role and act as CFO for an interim period. A report says the search for a new CFO has already started. On March 1, Hydro announced the resignation of Pål Kildemo, who is joining Emirates Global Aluminium (EGA) as a new Chief Financial Officer. Until he takes a leave, scheduled on...
According to a report, on March 6, 2024, Vedanta Aluminium announced that it appointed Pankaj Surekha as its new chief human resource officer at Jharsuguda. Mr Surekha has prior work experience at Reliance Industries for 11 years, leading the rewards team, which takes care of compensation design and implementation for employees, including expats. Surekha has 15 years of total work experience in compensation design, employee engagement, and learning and development. He has also worked at Wipro Technologies and Dr. Reddy’s Laboratories. He holds an M.A. degree from the Tata Institute of Social Sciences and a Bachelor of Technology from the Indian Institute of Technology, Roorkee. He announced his new job on LinkedIn, writing, “I’m happy to share that I’m starting a new position as Chief...
LME aluminium opened at US$2,237 per tonne yesterday, with its high and low at US$2,241.5 per tonne and US$2,223 per tonne, respectively, before closing at US$2,226.5 per tonne, down US$7.5 per tonne or 0.34 per cent. On Tuesday, March 5, both LME aluminium cash bid price and LME aluminium official settlement price added US$9 per tonne or 0.41 per cent to settle at US$2,191 per tonne and US$2,191.50 per tonne. As per the London Metal Exchange (LME) data, the 3-month bid price and 3-month offer price ascended by US$8 per tonne or 0.35 per cent to clock at US$2,233 per tonne and US$2,234 per tonne. December 25 bid price and December 25 offer price moved up by US$10 per tonne or 0.41 per cent to peg at US$2,443 per tonne and US$2,448 per tonne. LME aluminium opening stock halted at 583700...
Emirates Global Aluminium has reportedly announced its competitive financial and operational results for 2023, revealing the highest-ever production across the value chain. The company posted that it produced 2.66 million tonnes of primary aluminium in 2023 at Al Taweelah and Jebel Ali versus 2.65 million tonnes in 2022. Alumina output stood at 2.48 million tonnes in 2023 compared to 2.43 million tonnes a year ago, with Al Taweelah refinery continued to grow its production beyond nameplate capacity. The refinery alone met 48 per cent of EGA’s alumina needs in 2023. The production of CelestiAL solar aluminium also edged an increase of 9,000 tonnes Y-o-Y from 57,000 tonnes to 66,000 tonnes. Sales & exports EGA also announced record sales of cast metal at 2.75 million tonnes in 2023, up by...
On Monday, March 4, Aluminium Bahrain B.S.C. (Alba), one of the world’s largest aluminium smelters, signed an Associate Centre Partnership Agreement with the World Economic Forum (WEF) under the Advanced Manufacturing Industries Cluster. The signing ceremony was led by Alba’s Chief Executive Officer Ali Al Baqali and WEF’s Head of Global Partner Development and Member of the Executive Committee Alexandre Raffoul at Alba premises. Other key representatives who attended the signing ceremony included Chief Supply Officer Waleed Tamimi and Operational Excellence Manager Ahmed Bahar from Alba, as well as the Regional Manager—Business engagement, Middle East and Africa, Joanna Lahham, and Community Curator, Advanced Manufacturing and Supply Chains, Ian Cronin, from WEF. This partnership is...
In the initial quarter of 2024, Huaihua initiated 65 significant projects, amounting to a total investment of RMB 15.484 billion. These projects are part of an annual planned investment totalling RMB 7.8 billion, showcasing a substantial commitment to development and growth in the region. The production project for aluminium electrolytic capacitors by Qingyuan Science and Technology at the Huaihua Land Port involves a total investment of RMB 200 million. Scope of construction and primary project components Rent the vacant warehouse in the E-3 building at Wulingshan Commercial Logistics City, covering approximately 20,000 square meters. The plan is to establish a capacitor production facility to combine solder and bolt capacitors. This facility will include 30 production and assembly lines...
There has been a significant challenge facing EU initiatives to tax carbon-intensive imports starting in 2026, as only a minority of companies have met the early reporting deadline for their carbon-intensive imports. The EU's carbon border adjustment mechanism (CBAM) represents a pioneering effort to impose a tax on carbon-intensive imports, aiming to prevent an influx of inexpensive goods from nations with highly polluting industries, which could undercut the bloc's heavily regulated sectors. However, recent data from Germany's emissions trading authority, shared with the one of the world's leading business news organisations, Financial Times, indicates that less than 10 per cent of the anticipated 20,000 companies in Germany complied with the reporting requirements by the early...
LME aluminum opened at US$2,235 per tonne on Monday, March 4, with high and low at US$2,242 per tonne and US$2,216.50 per tonne, respectively, before closing at US$2,238 per tonne, down 0.31 per cent. The LME aluminium cash bid price and LME aluminium official settlement price dipped by US$1 per tonne to come around the same prices as the previous month. While the former derived at US$2,182 per tonne on March 4, the latter came in at US$2,182.50 per tonne. During the same period last year, the LME aluminium benchmark price was at a similar level at US$2,183.50 per tonne. But compared to the same period in January, the benchmark price stood 2.37 per cent lower than US$2,235.50 per tonne. On a year-on-year basis, the LME aluminium benchmark price on March 4 marked about a 7.5 per cent fall....
The global aluminium industry is cautious about the potential competition between the United States and European buyers for Middle Eastern aluminium if the European Union bans Russian metal, leading to price hikes to the 2018 level when sanctions were imposed on Rusal. As an impact of the possible aluminium price hikes due to the intense race for aluminium from the Middle Eastern countries, including the United Arab Emirates and Bahrain, product costs will inflate for Western companies from the transport, packaging, and construction industries, fuelling an additional challenge besides high energy costs. Although, as per the last report, the European Union may refrain from banning Russian aluminium, the bloc is expected to soon propose another package with new import bans, resulting in a...
Australia's largest aluminium smelter, Tomago Aluminum in Newcastle, will be caught up in the play going down by its part-owner. CSR (Colonial Sugar Refining), an Australian conglomerate, is bought out by French conglomerate Saint-Gobain. The deal will be completed later this year and is said to be worth just under US$3 billion. CSR has been a minority shareholder in Tomago since its start more than 40 years ago. CSR now holds about 25 per cent stake in Tomago, which it holds through its subsidiary company, GOve Aluminium Finance (GAF). Tomago operates as an "unincorporated joint venture", meaning that the standard rules of majority ownership don't apply. Tomago is operated by the three main owners - Rio Tinto, Hydro, and GAF. It's highly unlikely that anything will change with the change...
LME aluminium opened at US$2,224.50 per tonne last Friday, with high and low at US$2,248.50 per tonne and US$2,208 per tonne, respectively, before closing at US$2,236 per tonne, up 0.36 per cent. LME aluminium cash bid price and LME aluminium official settlement price added US$20.50 per tonne or 0.95 per cent to close the week at US$2,183 per tonne and US$2,183.50 per tonne, respectively. As per the historical data shown on AL Circle LME chart , the LME aluminium benchmark price was month-on-month down by US$29 per tonne or 1.31 per cent from US$2,212.50 per tonne. 3-month bid price and 3-month offer price increased by US$14.50 per tonne and US$15 per tonne, respectively, to stand at US$2,221 per tonne and US$2,222 per tonne. On the same day, December 25 bid price and December 25 offer...
In 2024, the market outlook for primary aluminium is forecasted to be mixed, with both upside and downside. The persistent global economic uncertainty is poised to exert a sustained influence on the outlook of the aluminium industry. As per AL Circle's report, "Global Aluminium Industry Outlook 2024," primary aluminium production is estimated to increase by about 1.82%, reaching 70.3 million tonnes in 2023. Grab a copy of AL Circle's "Global Aluminium Industry Outlook 2024" report to know how the primary aluminium industry will function. Below is a list of the top news that created a buzz in the industry throughout the week: New Zealand Aluminium Smelters (NZAS) signed an agreement with Meridian Energy to offer 20MW of electricity to the national grid if required over 12 weeks this...
As forecasted by several research-based organisations prior to the onset of 2024, the projections regarding the demand and pricing of aluminium align with reality. Despite the passage of the first two months of the year, indications of improvement remain minimal. According to the latest industry-focused report from AL Circle, titled "Global Aluminium Industry Outlook 2024," findings resonate with those of Antaike . This Chinese state-backed research firm suggests a sluggish growth trajectory for China's aluminium consumption this year. Additionally, the research arm of Kenanga Investment Bank in Malaysia has reported expectations of sustained pressure on aluminium prices throughout 2024. Various factors, including the challenging conditions in the Chinese building and construction sector...
In the face of Nigeria's foreign exchange crisis and other economic challenges leading many multinational companies to exit the country, the Managing Director of the Aluminium Smelter Company of Nigeria (ALSCON), Mr Dmitriy Zaviyalov, remains optimistic about the company's future. Zaviyalov has stated that ALSCON is actively working towards restarting production in the country, undeterred by the prevailing economic conditions. He expressed hope that Nigeria's economy will improve in due course. Steps needed to restart production He disclosed that ALSCON requires approximately $500 million to kickstart its production operations. He elaborated that a significant portion of this amount will be allocated towards reviving dormant equipment that has been idle for a decade. Additionally, funds...
On Friday, March 1, Vedanta Aluminium announced that it is very close to its goal of having 30 per cent female employees in the workforce. The company is hopeful of achieving this milestone by the end of FY2025, much ahead of the original timeline of 2030 set by Vedanta. CEO John Slaven said Vedanta Aluminium's current headcount is over 25,000, including direct and indirect employees, of which 22 per cent are women (direct employees). This indicates the company is on track to achieve 30 per cent of women employment in its payroll by the end of the next financial year. "The company is on track to achieve a ratio of 30 per cent women employees on its rolls by the end of FY25. Notably, the milestone is set to arrive five years sooner than the company's stated target of 2030, with women...
LME aluminium opened at US$2,193.5 per tonne on Thursday, with its high and low at US$2,230.5 per tonne and US$2,186 per tonne, respectively, before closing at US$2,225 per tonne, up US$34 per tonne or 1.55 per cent. On Thursday, February 29, both LME aluminium cash bid price and LME aluminium official settlement price hiked by US$33 per tonne or 1.54 per cent to stand at US$2,162.50 per tonne and US$2,163 per tonne. 3-month bid price and 3-month offer price grew by US$26.5 per tonne or 1.21 per cent and US$26 per tonne or 1.19 per cent to US$2,206.50 per tonne and US$2,207 per tonne. On the same day, December 25 bid price and December 25 offer price ascended by US$22 per tonne or 0.91 per cent to clock at US$2,420 per tonne and US$2,425 per tonne. LME aluminium opening stock came in at...
Aluminium producers worldwide have proposed premiums to Japanese buyers ranging from $145 to $155 per tonne for primary metal shipments from April to June, marking a substantial increase of 61 per cent to 72 per cent compared to the current quarter. This information was disclosed by three sources intimately engaged in the quarterly pricing negotiations on February 29, 2024. As a significant importer of aluminium in Asia, Japan's agreed premiums for quarterly primary metal shipments over the London Metal Exchange (LME) cash price serve as the standard for the region. During the January-March quarter, Japanese buyers consented to a $90 per ton premium (PREM-ALUM-JP), marking a 7 per cent decrease from the previous quarter. This significant reduction coincides with a tightening of supply in...
