London Metal Exchange (LME) aluminium prices rebounded on September 16, with cash and forward contracts moving higher from the previous session. Warehouse stocks edged down, while the Asian reference price and alumina Platts price also increased. The LME aluminium cash bid and offer price rose 1.53 per cent. The cash bid rose to USD 3,309.50 per tonne from USD 3,260 per tonne , while the cash offer rose to USD 3,310 per tonne from USD 3,260 per tonne. The three-month aluminium bid price climbed 1.64 per cent to USD 3,288 per tonne from USD 3,235 per tonne. The offer price also rose 1.64 per cent to USD 3,289 per tonne from USD 3,236 per tonne. The Dec-27 bid and offer prices both rose 1.55 per cent from the previous session, with the bid increasing to USD 3,202 per tonne from USD 3,153...
The Aluminium Federation (ALFED) has launched a new Reindustrialising UK Aluminium briefing, developed through its Trade Committee, setting out the immediate trade and industrial priorities facing the UK aluminium sector. The briefing comes as aluminium takes on increasing strategic importance within UK Government policy. Aluminium is recognised within the UK’s Critical Minerals framework and as a Growth Mineral, reflecting its importance to future UK manufacturing and economic growth. Government’s Critical Minerals Strategy describes critical minerals as foundational inputs to the Industrial Strategy’s growth-driving sectors. ALFED’s latest economic modelling estimates that the UK aluminium industry supports a wider economic footprint of £8.18 billion (USD 11.03 billion) in GVA and...
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The world's largest aluminium flat-rolled products maker and aluminium recycler, Hindalco Industries' board has approved fundraising of up to INR 700 crore by issuing non-convertible debentures (NCDs) on a private placement basis. Hindalco Industries stated while filing in the exchange, "The capital raising committee of the company's board of directors at its meeting held on January 10, 2023, approved the issuance of non-convertible debentures (NCDs) on private placement basis, for an amount not exceeding Rs 700 crore." On November 11, 2022, the company's board of directors approved borrowing up to INR 1,000 crore through loans, issuance of bonds, notes, debentures, or other securities to banks, financial institutions, or other eligible investors. The Aditya Birla Group's flagship company...
Hindalco Industries Limited has hiked its aluminium ingot and aluminium products prices for the second day in a row on January 11, 2023. With the recent price rise, the company’s aluminium ingot price has come in at INR 226,750 per tonne per tonne, up by INR 5,000 per tonne or 2.25 per cent from INR 221,750 per tonne on January 10. Hindalco’s aluminium wire rod price has also seen a lift of INR 5,000 per tonne on January 11 to stand at INR 237,850 per tonne versus INR 232,850 per tonne on January 10. Hindalco’s aluminium billets price has also been raised by INR 5,000 per tonne to INR 240,850 per tonne on January 11, following a hike of INR 7,750 per tonne from INR 228,100 per tonne on January 7 to INR 235,850 per tonne on January 10. Hindalco has back-to-back increased its aluminium...
On December 10, 2023, the global industry leader with a vision to reinvent the aluminium industry for a sustainable future, Alcoa Corporation, announced a restructuring of its 'Executive Leadership Team' to further improve the Company's rigorous focus on operational excellence, cost, and innovation. However, the changes will come into effect from February 1, 2023, including reassigning responsibilities for two existing 'Executive Leadership Team' members and appointing a new Chief Financial Officer. William F. Oplinger, currently Executive Vice President (EVP) and Chief Financial Officer, will become EVP and Chief Operations Officer. Senior Vice President and Controller Molly Beerman have been appointed EVP and Chief Financial Officer. She will also be the executive member to oversee...
According to the Shanghai Metals Market data, China’s aluminium production in December 2022 (31 calendar days) was recorded at 3.44 million tonnes – 2.99 per cent more than 3.34 million tonnes in the previous month and 8.18 per cent higher than 3.14 million tonnes a year earlier. The cumulative production during January-December 2022 amounted to 40.08 million tonnes, up by 4.13 per cent from 38.49 million tonnes during the corresponding period of the previous year. Despite the increase in monthly production, the average daily output in December 2022 dropped 300 tonnes M-o-M from 111,200 tonnes to 110,900 tonnes. On a year-on-year basis, daily production hiked by 8.3 per cent from 102,400 tonnes. The domestic operating capacity of aluminium in December declined slightly month-on-month as...
LME aluminium opened at US$2,423 per tonne on Tuesday and closed at US$2,458 per tonne, an increase of US$19.8 per tonne or 0.8 per cent. On January 10, Tuesday, LME aluminium cash bid price floated up by US$59 per tonne or 2.52 per cent, closing at US$2,395 per tonne and the LME aluminium official settlement price saw an increase of US$60.50 per tonne or 2.59 per cent to rest at US$2,397 per tonne. The 3-month bid price and the 3-month offer price both witnessed a spike of US$62 per tonne or 2.62 per cent to rest at US$2,430 per tonne and US$2,432 per tonne, respectively. December 24 bid price and December 24 offer price stood at US$2,612 per tonne and US$2,617 per tonne on Tuesday, with a gain of US$67 per tonne or 2.63 per cent. LME aluminium opening stock plunged by 3,200 tonnes or...
The A00 aluminium ingot price on Wednesday, January 11, has increased by RMB 110 per tonne to halt at RMB 18,110 per tonne, with the spot contract price expected to be traded at a discount price of RMB 90 to RMB 50 per tonne. The average may range between RMB 18,090 per tonne and RMB 18,130 per tonne. In Tianjin and Shenyang, the prices have surged by RMB 175 per tonne and RMB 155 per tonne to settle at RMB 18,125 per tonne and RMB 18,155 per tonne. The A00 aluminium ingot price in Chongqing has ascended by RMB 140 per tonne to peg at RMB 18,180 per tonne. On the same day, the prices in Foshan and Hangzhou climbed up by RMB 130 per tonne to score at RMB 18,150 per tonne and RMB 18,140 per tonne. As per the SMM data, the price in Gongyi settled at RMB 17,960 per tonne after recording a...
The first aluminium smelter in the Sultanate of Oman, Sohar Aluminium, announced the appointment of Ricardo Fontes Santana as Chief Financial Officer (CFO). In his position, Ricardo will head the finance, information technology, and supply chain management departments while championing the financial strength business strategy target. He holds a Bachelor's degree in Economics from the State University of Rio de Janeiro and an MBA from Brazil's Universidade Federal Fluminense. He has held senior executive positions in global aluminium and oil and gas companies in Brazil, Australia, Singapore, and the Netherlands in finance, financial compliance, business evaluation, risk management, information technology, supply, and reporting activities.
Duan Xiangdong is appointed as the new chairman of the state-owned Aluminum Corp. of China, the largest producer of aluminium in the world. From October 2021 until this month, Duan served as general manager, deputy party secretary, and director of China First Heavy Sectors Co. Ltd., a state-owned business (SOE) that makes heavy machinery for the mining, petrochemical, and steelmaking industries. According to a notification posted on the business' website, Duan Xiangdong also accepted the position of party secretary of Chinalco on Friday, January 6. Aluminum Corporation of China Limited (also known as "Chalco") was established in China on September 10, 2001, and Aluminum Corporation of China (also known as "Chinalco") is the company's controlling shareholder. Aluminum Corporation of China,...
Multiple Chinese aluminium smelters in Guangdong are shutting down prior to the Spring Festival holiday this year, whereas other players are recalibrating their output goals for the prevailing times. All this is due to a plunge in the domestic demand for aluminium in the recent weeks. Even though Beijing has discarded the rigid COVID-19 protocols, which were the main reason for downgrading manufacturing rates in the country, increasing infection percentage and a downturn in the construction sector have levied heavily on aluminium demands. Also, international trade has dwindled, creating a dent in the market. A zinc-alloy producer from Guangdong has notified sources about the falling production rate of metals in the Chinese province. “Our orders are cut by 30% as our customers, namely...
The United States domestic primary aluminium production in October 2022 stood at 64,000 tonnes, registering an increase of 3,000 tonnes month-on-month from 61,000 tonnes in September, found the US Census Bureau data. But on a year-on-year calculation, the output decreased by 12,000 tonnes or 15.8 per cent from 76,000 tonnes. The United States average daily production of primary aluminium was 2,050 tonnes in October 2022, slightly more than in September 2022 and 16.67 per cent less than 2,460 tonnes in October 2021. Total aluminium recovered from scrap in October 2022 was 283,000 tonnes, up by 3,000 tonnes or 1.07 per cent from 280,000 tonnes a month ago and 14,000 tonnes or 5.20 per cent higher than 269,000 tonnes a year earlier. Of the total scrap recovered, 154,0000 tonnes of aluminium...
Vedanta Limited has lifted its aluminium ingot and aluminium products prices by INR 7,750 per tonne, with effect from Tuesday, January 10. That has brought the company’s aluminium ingot price to INR 222,750-253,250 per tonne versus INR 215,000-245,500 per tonne on January 7. Vedanta’s aluminium wire rod price has come in at INR 230,250-237,750 per tonne, with the latest raise, compared to INR 222,500-230,000 per tonne last week. Aluminium billet price has mounted to INR 231,750 per tonne from INR 224,000 per tonne on January 7. Vedanta has increased its aluminium ingot and aluminium products prices in response to the hike of the three-month futures of aluminium on the London Metal Exchange. On January 9, the LME aluminium benchmark price surged by US$94 per tonne to settle at US$2,336.50...
Slovakia's sole aluminium producer, Slovalco, is closing its smelters after 70 years of operation. Slovalco, based in the central Slovak town of Žiar nad Hronom, stated that after decades of operation, it could no longer afford to operate its last ten remaining furnaces. However, Slovakia will be forced to procure aluminium from foreign sources in the absence of the producer. According to the Hydro majority-owned aluminium producer, the company had gradually reduced production due to the surging energy prices. Slovalco initially operated 226 furnaces, but just over a year ago, the number of furnaces in use dropped by 40 per cent due to high energy expenses. Among all industrial operations, the smelting of aluminium is the most energy-intensive industrial manufacturing process. Milan...
LME aluminium opened at US$2,313 per tonne on Monday and closed at US$2,425 per tonne, an increase of US$129.5 per tonne or 5.64 per cent. On Monday, January 9, both LME aluminium cash bid price and LME aluminium official settlement price expanded by US$94 per tonne or 4.19 per cent to settle at US$2,336 per tonne and US$2,336.50 per tonne. 3-month bid price and 3-month offer price shot up by US$94 per tonne or 4.13 per cent and US$95 per tonne or 4.17 per cent to stand at US$2,368 per tonne and US$2,370 per tonne. December 24 bid price and December 24 offer price surged by US$85 per tonne to halt at US$2,545 per tonne and US$2,550 per tonne. LME aluminium opening stock came in at 422075 tonnes. Live warrants and Cancelled warrants clocked at 200300 tonnes and 221775 tonnes. 3-month Asian...
A00 aluminium ingot price has escalated by RMB 140 per tonne, resting at RMB 18,000 per tonne, as the Shanghai Metals Market recorded on Tuesday, January 10. The average prices are expected to range between RMB 17,980 per tonne and RMB 18,020 per tonne, with spot contracts trading at discount prices of RMB 90 per tonne and RMB 50 per tonne. The provinces in China all have seen elevating prices today, with the aluminium price rising the highest in Foshan by RMB 170 per tonne, closing at RMB 18,020 per tonne. In Wuxi, the price of aluminium has spiked by RMB 145 per tonne to halt at RMB 17,995 per tonne. The price of aluminium in Hangzhou has shot up by RMB 120 per tonne, stopping at RMB 18,010 per tonne. In Gongyi and Chongqing, the prices of aluminium have gained RMB 110 per tonne,...
According to the Shanghai Metals Market, social inventories of primary aluminium accumulated 46,000 tonnes over the weekend across the eight major Chinese consumption areas, including SHFE warrants, as of Monday, January 9. The inventories have come in at 622,000 tonnes versus 576,000 tonnes on Thursday, January 5. On a week-on-week basis, primary aluminium inventories edge 61,000 tonnes higher than 561,000 tonnes on January 3 and 128,000 tonnes up from the end of December. This indicates the primary aluminium inventory has entered a season growth cycle, with a cumulative increase of 145,000 tonnes in four weeks. The chart below indicates the current status of primary aluminium inventories across China in more details: Wuxi has contributed most to the growth on Monday, building up 17,000...
Gulf Cooperation Council's largest premium aluminium producer has adopted Vectra's technology to identify real threats and their advancement through the cyber kill network so that quick action can be taken to detect an attack and stop a vital breach. This modernist approach, along with a substantial decrease in false optimism, has enabled a single security analyst to store and manage the SOC operations of that individual firm. An operative from the aluminium plant mentioned: "When it comes to protecting against attacks, the key challenge we faced was visibility — silos and isolated networks exist across the environment, and it was difficult to control it completely." "We also struggled with alert fatigue — we used to have a SIEM and antivirus solutions, and we would get a lot of alerts,...
Hydro Rein and Atlas Renewable Energy’s joint venture to build the Boa Sorte solar park in Paracatu, Minas Gerais, has secured financial aid, according to the report published on January 6. Hydro said the JV obtained the first US dollar indexed loan executed by Banco Nacional de Desenvolvimento Econômico e Social (BNDES), the Brazilian Development Bank. The joint venture between Hydro Rein and Atlas Renewable Energy was formed in May 2022 to develop the solar project in Brazil. Albras Alumínio Brasileiro S.A. (ALBRAS), the second-largest aluminium producer in Brazil, is expected to procure power from this solar park to feed its smelter in the state of Para, Brazil. BNDES, for the first time, executed US dollar indexed loan worth $210 million to a renewable energy project after the new...
LME aluminium opened at US$2,259.5 per tonne last Friday and closed at US$2,308 per tonne, an increase of US$52.5 per tonne or 2.33 per cent. On January 6, Friday, LME aluminium cash bid price plunged by US$26 per tonne or 1.15 per cent, closing the week at US$2,242 per tonne and the LME aluminium official settlement price dropped by US$27.50 per tonne or 1.21 per cent to rest at US$2,242.50 per tonne. The 3-month bid price and the 3-month offer price witnessed a decline of US$29 per tonne or 1.26 per cent to close at US$2,274 per tonne and US$2,275 per tonne, respectively. December 24 bid price and December 24 offer price stood at US$2,460 per tonne and US$2,465 per tonne on Friday, with a loss of US$33 per tonne or 1.32 per cent. LME aluminium opening stock plummeted by 7,975 tonnes or...
