Fire crews responded to a molten aluminium spill at Bridgnorth Aluminium on September 14 afternoon after the incident caused several small fires at the facility. Crews from Bridgnorth and Much Wenlock arrived shortly before 4 pm on September 14. The incident was recorded as a building fire, and operations officers also attended. Firefighters dealt with the fires caused by the molten aluminium spill. The incident also shows the role fire crews can play when such an incident occurs at a production facility. Molten aluminium is handled at very high temperatures, so a quick response is important when a spill leads to fire. Firefighters are trained to deal with these situations and can provide industries with support when an unexpected incident takes place. Prompt actions play a key role in...
Futures: The most-traded SHFE aluminium 2610 contract closed at RMB 24,150 per tonne, up RMB 110 or 0.46 per cent from yesterday's settlement price. It opened at RMB 24,120 per tonne during the day and fluctuated in the range of RMB 24,075-24,195 per tonne. Prices traded below MA5 (24,205.00) and MA10 (24,312.50), and above MA30 (24,065.00) and MA60 (23,616.83). The short-term rebound structure has been partially repaired, while the consolidation pattern continues, with short-term moving averages above forming key resistance. The MACD DIF (123.0407) is below DEA (150.9039), and the MACD green bar stands at -55.7263, indicating bulls' momentum remains weak. The suggested core trading range for SHFE aluminium is RMB 23,800-24,600 per tonne. The LME aluminium 3M contract settled at USD 3,249...
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The Indonesian leader of coal-related operations, Adaro Energy, is toiling hard to collect enough funding for the actualisation of its US$2 billion aluminium project since environmentalists worldwide have started to accuse the firm and its partner, Hyundai of “greenwashing”. The Indonesian billionaire Garibaldi Thohi owns the mother company of Adaro Minerals, Adaro Energy which has been keen on advertising this particular project as a green-renewable one even though it requires the inclusion of a 2.2GW coal power plant. The project in North Kalimantan would be crucial for the Electric Vehicle (EV) industry. The stocks of Adaro Minerals were soaring 1,595 per cent up above the ground the last year after being just listed in January 2022. The company is positive about making a diversion...
According to our report from the United States, the White House is ready to slap a 200 per cent tariff on aluminium produced in Russia as early as this week in order to maintain pressure on Russia as the Ukraine-Russia geopolitical crisis crossed its first anniversary. The geopolitical crisis has created an enormous impact globally, propelling energy prices and, as a result, denting the manufacturing sector's production. According to our source, the decision has been under consideration for months, who wanted to remain anonymous while speaking about internal discussions. Russian aluminium metal is also being targeted by the US due to the perception that Russia is dumping aluminium on the US market, which is injuring US companies. A tariff of this magnitude would effectively end US metal...
LME aluminium opened at US$2,571 per tonne on Monday and dropped in European trading hours to a low of US$2,503 per tonne before closing at US$2,544 per tonne, down 0.86 per cent. On February 6, Monday, the LME aluminium cash bid price plummeted by US$72 per tonne or 2.8 per cent to stop at US$2,486 per tonne, and the LME aluminium official settlement price dropped by US$73.50 per tonne or 2.87 per cent, settling at US$2,486.50 per tonne. The LME aluminium prices have been on a downward trajectory excluding the first day of the month when the price stood at US$2,611 per tonne. The 3-month bid price has plunged by US$68 per tonne or 2.6 per cent, officially closing at US$2,525 per tonne, and the 3-month offer price has lost US$67 per tonne or 2.58 per cent, resting at US$2,527 per tonne....
China’s social inventories of primary aluminium have built-up by 96,000 tonnes over the weekend ended February 6, 2023, across eight major Chinese consumption areas, including SHFE warrants, to stand at 1.14 million tonnes, found the Shanghai Metals Market data. On a week-on-week basis, the inventories have recorded a surge of 158,000 tonnes from 986,000 tonnes. SMM data has also shown an increase of 278,000 tonnes compared to the same period last year. Currently, the social inventory is still in the seasonal accumulation cycle, which historically lasts for an average of 3-4 weeks post the Chinese New Year holiday. To know the present status of primary aluminium inventories across China, refer to the chart below: According to SMM data, Wuxi has witnessed the highest growth in primary...
On Thursday, February 2, China's aluminium billet inventories closed at 209,400 tonnes after recording a weekly surge of 42,200 or 25.3 per cent across five major consumption areas. In the first trading week following the CNY holiday in 2022 and 2021, the billet inventory had weekly gains of 25,000 tonnes and 18,000 tonnes, respectively. Most downstream businesses in east China restarted production, and recent transactions have been relatively busy. South China's output resumed quite slowly, which put much strain on inventories. Next week, it's anticipated that the social inventory will continue to rise but more slowly. The figure below provides further information on the current state of aluminium billet inventories in China: In particular, the inventory in Foshan hiked by 27,500 tonnes...
LME aluminium fell to around US$2,570 per tonne after opening at US$2,607 per tonne last Friday and closed at US$2,566 per tonne, down 1.48 per cent. On Friday, February 3, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$14 per tonne or 0.54 per cent and US$12.5 per tonne or 0.48 per cent to stand at US$2,558 per tonne and US$2,560 per tonne. 3-month bid price and 3-month offer price slipped by US$14 per tonne or 0.53 per cent and US$15 per tonne or 0.57 per cent to peg at US$2,593 per tonne and US$2,594 per tonne. December 24 bid price and December 24 offer price dipped by US$13 per tonne or 0.46 per cent to score at US$2,755 per tonne and US$2,760 per tonne. LME aluminium opening stock settled at 395250 tonnes. Live warrants and Cancelled...
A00 aluminium ingot price has slumped by RMB 130 per tonne, halting at RMB 18,750 per tonne, as the Shanghai Metals Market recorded on February 6. The average prices are expected to range between RMB 18,730 per tonne and RMB 18,770 per tonne, with spot contracts trading at discount prices of RMB 90 per tonne and RMB 50 per tonne. The eight provinces in China all have witnessed slashing prices today, with the aluminium price plunging the highest in Foshan by RMB 140 per tonne, stopping at RMB 18,780 per tonne. In Hangzhou and Wuxi both, the aluminium prices halted at RMB 18,885 per tonne, with a loss of RMB 135 per tonne and RMB 125 per tonne, respectively. The price of aluminium in Linyi has declined by RMB 130 per tonne, officially closing at RMB 18,750 per tonne. Other than that, the...
The global industry leader in aluminium, alumina and bauxite, Alcoa Corporation, announced that most of the workers at its San Ciprián complex in Spain had consented an upgraded plan to reactivate the aluminium smelter in 2024. Alcoa announced a two-year hiatus in December 2021 to focus on developing ideas for a more robust smelting operation, which sky-high energy costs had challenged. The company signed two long-term wind power purchase agreements (PPAs) in 2022, securing up to 75 per cent of the smelter's requirements at total capacity. The approval and construction of the wind farms will determine the energy supply. Under the revised agreement with the workforce, a step-by-step timeline for the restart process, which will start in January 2024, is provided. The deal also includes...
Vedanta Limited reduced its aluminium ingot and aluminium products prices by INR 3,000 per tonne on Friday, February 3, following an increase of INR 7,000 per tonne on the previous day. On February 3, Vedanta’s aluminium ingot price came in at INR 242,500-255,500 per tonne, compared to INR 245,500-258,500 per tonne on February 2. Vedanta’s aluminium wire rod price ranged between INR 250,000-257,500 per tonne as of February 3, also down by INR 3,000 per tonne from INR 253,000-260,500 per tonne on the previous day. Aluminium billet price stood at INR 251,500 per tonne versus INR 254,500 per tonne. Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which decreased by US$51 per tonne from US$2,611 per tonne on...
The aluminium industry and its urge to move towards a low-carbon-induced environment can be considered one of the most critical concerns. The government of New South Wales pledged to collaborate with the region's most emission-prone sectors to transform them into low-carbon facilities. Apart from this, aluminium companies like Alba, MYTILINEOS also announced their full-year financial results. Alba released its Q4 and full-year 2022 financial results, which revealed a significant decline of 78% in Q4 year over year from BD181.2 million (US$481.8 million) to BD39.4 million (US$104.9 million). For MYTILINEOS, the company had recorded a net profit (after taxes and minority interest) of €466 million compared to €162 million in 2021. Another significant achievement can be the recent...
On Friday, February 3, Qatar Aluminium Manufacturing Company, a Qatari Public Shareholding Company, popularly known as QAMCO, announced its financial result for 2022 ended December 31, reporting a record net profit of QR919 million, up by 10.13 per cent from QR 834.5 million in 2021. The company’s basic and diluted earnings per share also rose to QR0.165 per share to QR0.150 per share. In regards to this financial performance, Mr Abdulrahman Ahmad Al-Shaibi, Chairman of the Board of Directors of QAMCO, commented: “While macroeconomic context remained uneven, we continued our focus on operational excellence, cost optimization, operational flexibility, safety & sustainability, which resulted in an excellent set of financial results. Our firm belief and commitment to HSE has successfully...
According to the Shanghai Metals Market, China's primary aluminium inventories massively increased by 113,000 tonnes on a weekly basis across eight major consumption areas, including SHFE warrants. On Thursday, February 2, the inventories totalled 104,70,00 tonnes, which in comparison with the last Monday of the previous month, January 30, escalated by 61,000 tonnes. However, the inventories in China recorded a surge of 181,000 tonnes from the same period last year. This can entirely be attributed to the reopening of the metal market after the elongated Chinese New Year Holidays. Actually, most of the downstream units will not regain full production rate until the Lantern Festival is over, leaving the prevailing trading arena for the basic traders. As SMM claims, some of the cargoes are...
A surge in demand for aluminium is augmenting the revenue accumulation of Press Metal Aluminium Holdings Bhd, giving the company the best benefits of a structural demand shift in Malaysia's economy, as was noted by the country's indigenous research lobby, RHB. A company statement said: "We expect the current supply tightness caused by the continued Russia-Ukraine war, the matured stage of the monetary cycle, and the reopening of China's economy to continue lending support to aluminium prices." RHB states that despite a subtle topline growth in Q4 2022 to 1 per cent Y-o-Y considering the linear aluminium prices, core earnings should spike to 16 per cent owing to the reducing alumina price. In January, the average alumina-to-alumina cost proportion halted at 13.8 per cent, widely retaining...
According to a recent report, the State Administration for Market Regulation (SAMR), the ministerial-level agency directly under the State Council of China, together with the Standardization Administration of the People’s Republic of China, has issued energy consumption ceilings for aluminium and alumina production per unit of product. This will come into effect from January 1, 2024. Aluminium, being an energy-intensive metal, consumes the lion’s share of power, with thermal being the dominant source. Its production process is accompanied by high energy consumption and high carbon emissions. Following China’s “dual carbon” goal (carbon peak and carbon neutrality), the country’s aluminium production capacity contracted, with constrained capacity utilization rates. SMM data showed China’s...
In a remark, the CEO and Managing Director at Alumina Ltd., Mike Ferraro, explained why the Australian Government should follow the footsteps of the US, which 12 months earlier included aluminium in the list cataloguing 50 critical metals of the nation. Mike believes Australia should act according to the memorandum laid out by the US, Canada and Europe, subtly depending on the World Bank and the International Energy Agency. He claims this would place Australia at the peak of its capacity, with the country realising the emerging need for bauxite, alumina and aluminium, increasing the possibility of clean energy transformation. "It is an opportunity the nation cannot afford to miss," Ferraro began. He further commented: "Aluminium is, and will continue to be, one of the most widely used...
National Aluminium Company Limited (NALCO) has slightly increased its aluminium ingot and aluminium products prices, with effect from February 1, in line with a slow growth rate of the LME aluminium benchmark price between January 26 and February 1. According to the new price chart revealed, NALCO has lifted its aluminium ingot price by INR 1,100 per tonne to bring it to INR 243,950-247,450 per tonne versus INR 242,850-246,350 per tonne on January 26. NALCO’s aluminium billets price has also experienced an increase of INR 1,100 per tonne reaching INR 248,400-251,050 per tonne as of February 1 versus INR 247,300-249,950 per tonne as of January 26. Aluminium wire rod price has come in at INR 248,450-252,800 per tonne, up by 0.44 per cent from INR 247,350-251,700 per tonne last week. NALCO...
On Thursday, February 2, Aluminium Bahrain B.S.C. (Alba) reported its fourth quarter and full-year 2022 financial results, announcing a sharp downfall of Q4 profit by 78 per cent year-on-year from BD181.2 million (US$481.8 million) to BD39.4 million (US$104.9 million). For the full year, Alba posted an 8 per cent fall in profit from BD451.9 million (US$1,201.8 million) to BD416.2 million (US$1,106.8 million). The company’s profit experienced a slowdown due to surging production costs caused by energy price rise and higher interest rates. The company also reported a drop in its Basic and Diluted Earnings per Share to Fils 28 for Q4 2022 from Fils 28 for the same period in 2021. Basic and Diluted Earnings per Share during 2022 stood at fils 294 versus fils 319 in 2021. Alba’s comprehensive...
China’s A00 aluminium ingot price has slipped by RMB 130 per tonne to close at RMB 18,880 per tonne as of Friday, February 3. The spot contract price is expected to be traded at a discount price of RMB 100 to RMB 60 per tonne, and the average price may range between RMB 18,860 per tonne and RMB 18,900 per tonne. However, as per the SMM data, the price in Tianjin has surged by RMB 870 per tonne to halt at RMB 19,900 per tonne, followed by a growth of RMB 60 per tonne to peg at RMB 19,020 per tonne. In other provinces like Foshan and Chongqing, the price has dipped by RMB 140 per tonne to score at RMB 18,920 per tonne and RMB 18,900 per tonne. A00 aluminium ingot price in Wuxi has gone down by RMB 125 per tonne to halt at RMB 18,885 per tonne. As per the SMM data, prices in Gongyi and...
