Impact Minerals Limited has raised approximately AUD 2.2 million (USD 1.56 million) before costs through a renounceable rights issue, providing additional funding to advance its two high-purity alumina projects in Australia. The company issued nearly 69 million new shares and approximately 46 million options under the capital raising, which was launched in August. Impact Minerals said the offer received strong participation from existing shareholders, including full take-up by its major German family office investor. Any remaining shortfall shares may be placed within three months, subject to the allocation policy outlined in the offer. Funding targets pilot and customer qualification work The fresh capital will support development of Impact Minerals’ Lake Hope and Alluminous high-purity...
The USD 4 billion Oklahoma aluminium smelter project planned by Emirates Global Aluminium (EGA) and Century Aluminum is facing a new hurdle in Inola, where the city council has extended a moratorium on smelter permits and called a referendum on the proposed facility. The 750,000-tonne-per-year aluminium smelter, announced in January, is expected to more than double current US primary aluminium production and would be the first new primary aluminium smelter in the country in almost 50 years. It would also become the largest source of primary aluminium in the Western Hemisphere. The project has taken on added importance as the US imports roughly 60 per cent of the primary aluminium it uses. Aluminium is essential to transportation, defence, aerospace and electrical infrastructure, making...
Grow with
AL Circle
Amidst the geopolitical and the Energy crisis in Europe, Russia has cancelled the start of its gas supply at the Nord Stream 1 after apparently citing an oil leak in the turbine. This will thrust the entire energy-based economy into a completely dark zone, and disputes have already started taking place between big companies like Gazprom and Siemens Energy, with Europe under the fear of an industrial breakdown. LME benchmark aluminium price began the week of September 5 with an US$18.50 per tonne slump resting at US$2,290.50 per tonne and had downward luck all week with prices gradually declining. On September 9, there was, however, a sudden US$24 per tonne boost, with the official aluminium price docking at US$2,280 per tonne, experiencing a 0.46 per cent drop overall this week. SHFE...
The LME aluminium benchmark price has slumped this the week by US$34.50 per tonne. On Monday, September 5, LME aluminium cash bid price and LME aluminium official settlement price decreased by US$18 per tonne and US$18.50 per tonne to stand at US$2,290 per tonne and US$2,290.50 per tonne, respectively. The next day, the prices lost US$32 per tonne and US$30.50 per tonne, arriving at US$2,258 per tonne and US$2,260 per tonne. On Wednesday, September 7, LME aluminium cash bid price reached US$ 2,230 per tonne, seeing a fall of US$28 per tonne, while LME aluminium office settlement price parked at US$2,230.50 per tonne, rolling down by US$29.50 per tonne. The prices continued to decline further on September 8 to rest at US$2,255.50 per tonne and US$2,256 per tonne, respectively. However, on...
According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a decrease of 11,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, September 8, the inventories totalled 672,000 tonnes, which in comparison with the month’s first Monday, September 5, shrunk by 9,000 tonnes. As of now, the inventories in September dropped by 73,000 tonnes as recorded in the same period last year. Wuxi, Foshan and Gongyi were all subjected to small-scale destocking. Though the market sell-out in China’s Gongyi had downsized this week, but some downstream companies began to stockpile due to the upcoming Mid-Autumn Festival, resulting in a mild inventory drop. Output cut in Sichuan was the reason for inventory decline in...
On Thursday, September 8, China's aluminium billet inventories plunged by 2,100 tonnes W-o-W across four major consumption areas. All other regions showed a reduction in their inventories, except Foshan, which had a build-up. Due to rising aluminium prices, downstream purchasers stocked at reduced prices, which aided in the destocking process and Yunnan's power difficulties and the impending holiday. The figure below provides further information on the current state of aluminium billet inventories in China: The inventory in Foshan has hiked by 3,000 tonnes to close at 78,200 tonnes from 75,200 tonnes recorded last week. The inventory in Foshan increased due to significant arrivals and a minimal improvement in downstream demand. As a result, the inventory in Wuxi dropped by 2,700 tonnes to...
After two weeks of price hike on August 26, National Aluminium Company Limited’s (NALCO) both aluminium ingot and aluminium products prices have seen a sharp cut, with effect from Friday, September 9. NALCO has axed its aluminium ingot price by INR 15,900 per tonne or 7 per cent to INR 210,150- 213,650 per tonne. NALCO's aluminium wire rod price has also been chopped by INR 15,900 per tonne from INR 229,550-233,900 per tonne on August 26 to INR 213,650- 218,000 per tonne. Seeing a cut of the same amount, NALCO’s aluminium billets price is ranging between INR 214,600- 217,250 per tonne versus INR 230,500-233,150 per tonne two weeks ago. NALCO has sharply cut its aluminium ingot and aluminium products prices in response to the downtrend of the LME aluminium benchmark price. Between August...
On Thursday, September 8, Alcoa Corporation announced it received certification from the Aluminium Stewardship Initiative (ASI) for its remaining Poços de Caldas operation in Brazil. Now, all of Alcoa’s Brazil operations are ASI-certified, bringing the total number of the company’s ASI Performance Standard certifications to 17. Alcoa’s Poços de Caldas site is the company’s first site in Brazil, founded in 1965, comprised of a bauxite mine, alumina refinery, and aluminium casthouse. All of them passed the required criteria to earn the ASI Performance Standard certification. Poços de Caldas is also Alcoa’s sole producer of aluminium power. “This certification marks an important milestone in our efforts to ensure that all of our Brazilian operations adhere to the highest sustainability...
The Chief Executive Officer of EPIQ Machinery, Éloïse Harvey, and the Chief Executive Officer of DTA, Miguel de Sebastian Merello, have announced their recent teaming agreement. This close collaboration between EPIQ Machinery and DTA is full of potential, bringing an array of AGVs possibilities to the international aluminium market. With over 20 years of experience in designing and supplying heavy-duty vehicles, EPIQ Machinery has an in-depth knowledge of the aluminium industry and its challenges. Since 2016, the company has been investing in Research and Development to design the safest and the most reliable Electrical auto-guided vehicle to be operated in aluminium smelter potrooms. Following the AGV TEAM prototype launch in 2018, the first North American electrical auto-guided Molten...
On 8th September 2022, India's significant rating agency, ICRA, stated that the country's primary aluminium producers operating margins are likely to contract by 400-500 basis points (BPS) consecutively in the second quarter of 2022-23 on the aspect of high production cost. ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency. ICRA said, "Owing to a twin onslaught of correction in aluminium prices and elevated input costs, the estimated operating profitability of ICRA's sample set of domestic players is likely to contract sequentially by almost 400-500 bps in...
LME aluminium opened at US$2,284 per tonne on Thursday and closed at US$2,277 per tonne. LME aluminium cash bid price and LME aluminium official settlement price both witnessed an US$25.50 per tonne or 1.14 per cent hike to rest at US$2,255.50 per tonne and US$2,256 per tonne on Thursday, September 8. 3-month bid price ascended by 1.34 per cent or US$30 per tonne to stand at US$2,267 per tonne, while the 3-month offer price witnessed a similar spike closing at US$2,268 per tonne. December 23 bid price and December 23 offer price gained 1.51 per cent or US$35 per tonne stopping at US$2,347 per tonne and US$2,352 per tonne, respectively. LME aluminium opening stock continued to decline by 0.15 per cent or 475 tonnes, from 309,500 tonnes to 309,025 tonnes as of September 8. Live warrants...
A00 aluminium ingot price in China soared up by RMB 340 per tonne to settle at RMB18,800 per tonne. The average price for the same is likely to orbit between RMB 18,780 per tonne and RMB 18,820 per tonne, with spot contracts to be traded at a discount price of RMB 80 to RMB 40 per tonne. The aluminium ingot price has shown growth in all the major provinces. In Foshan, the price has spiked by RMB 380 per tonne to record at RMB 18,770 per tonne. In Wuxi, Hangzhou and Chongqing, the price has ascended by RMB 340 per tonne to close at RMB 18,780 per tonne, RMB 18,380 per tonne and RMB 18,820 per tonne. On the same day, in Shenyang and Gongyi, the price halted at RMB 18,780 per tonne and RMB 18,700 per tonne after experiencing a hike of RMB 320 per tonne, respectively. As per the SMM data, the...
Vedanta Limited has again reduced its aluminium ingot and aluminium products prices, with effect from Wednesday, September 7, following an intermittent raise on September 3. With the latest cut, the company’s aluminium ingot price has come in at INR 209,250- 238,750 per tonne, down by INR 4,000 per tonne or 2 per cent from INR 213,250-242,750 per tonne. Vedanta’s aluminium wire rod price has also experienced a cut of INR 4,000 per tonne from INR 220,750-228,250 per tonne on September 3 to INR 216,750- 224,250 per tonne on September 7. Aluminium billet price is now ranging between INR 218,250 per tonne versus INR 222,250 per tonne on September 3. Vedanta has again cut its aluminium prices, linked to the three-month futures of aluminium on the London Metal Exchange. Over the past three...
The Ukraine-Russia conflict has caused relentless aluminium production cuts at European smelters this year. In addition, the indefinite suspension of the “North Stream No. 1” gas pipeline in Russia, coupled with the electricity price surge, has worsened the situation further. It is reported that the largest aluminium smelter in Europe will step up its output cut next week. European aluminium production capacity cut has already reached beyond 1 million tonnes to date and is likely to be reduced further before winter. But due to relatively a smaller size of production capacity of about 4.8 million tonnes in Europe, the output cuts have had limited impact on the total supply so far, resulting in global aluminium price boost. Since the electricity supply in Europe is primarily dependent on...
A00 aluminium ingot price has heightened by RMB 60 per tonne to close at RMB 18,460 per tonne, as the Shanghai Metals Market recorded on Thursday, September 8. The average prices are expected to range between RMB 18,440 per tonne and RMB 18,480 per tonne, with spot contracts trading at discount prices of RMB 60 per tonne and RMB 20 per tonne. The provinces in China have witnessed a hike in aluminium prices today, with A00 aluminium ingot price increasing the highest in Linyi by RMB 110 per tonne to RMB 18,510 per tonne, followed by an RMB 90 per tonne rise in Tianjin to RMB 18,510 per tonne. The prices of aluminium in Chongqing and Foshan have recorded an RMB 70 per tonne upward strike to settle at RMB 18,480 per tonne and RMB 18,390 per tonne. The aluminium prices have seen a spike of...
LME aluminium opened at $2,263 per tonne on Wednesday and closed at $2,241 per tonne. On Wednesday, September 7, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$28 per tonne or 1.24 per cent and US$29.5 per tonne or 1.30 per cent to settle at US$2,230 per tonne and US$2,230.50 per tonne. On the same day, 3-month bid price and 3-month offer price slumped by US$25 per tonne or 1.10 per cent to score at US$2,237 per tonne and US$2,238 per tonne. December 23 bid price and December 23 offer price slipped by US$13 per tonne or 0.55 per cent to stop at US$2,312 per tonne and US$2,317 per tonne. LME aluminium opening stock halted at 309500 tonnes. Live warrants and Cancelled warrants closed at 229075 tonnes and 80425 tonnes. LME aluminium 3-month Asian...
The insurmountable energy price has hit another European aluminium company – Speira GmbH. On Wednesday, September 7, Speira, a Germany-based global aluminium company, has announced its decision to reduce 50 per cent of its aluminium production at Rheinwerk smelter in Neuss until further notice. Going ahead, the company will cut its output to 70,000 tonnes of primary aluminium per year. The production curtailment process will start in early-October 2022 and is likely to be completed in November. Speira has planned to meet the future demand with external metal supplies in place of its in-house metal. Speira CEO Einar Glomnes commented, “We are facing similar challenges as many other European aluminium smelters. Energy prices have reached too high levels over the last months, and we don´t...
The Aluminium Association of India (AAI) has once again attempted to bring the Prime Minister’s attention to the shortage of coal, seeking his immediate intervention for the resumption of sufficient coal supplies to the domestic non-power sector. In a letter to the PMO office, the association has mentioned that around 6,233 railway rakes, representing 25 million tonnes, is due as long-pending supplies to the non-power industries. AAI has also noted that challenges due to coal shortage have continued to hit the non-power sector despite improvements in Coal India’s production performance. Previously, AAI had written a letter to the PMO when Coal India decided to restrict coal deliveries to the non-power sector in March, asking for an immediate supply of coal to the highly energy-intensive...
SMM found that operating rates at primary aluminium alloy facilities in China in August were 42.64 per cent, a decline of 8.08 percentage points from the previous year but an increase of 1.3 points from the last month. Since August is typically the off-season for producing primary aluminium alloys, facilities reported weak downstream demand and exceedingly slow output and sales in August compared to July. Fortunately, the alloy makers were spared mainly by the covid-19 outbreak, electricity restriction, and natural calamity that plagued the home market. Several businesses indicated that orders had climbed M-o-M with a seasonal rebound in September, the regular high season. However, most industry insiders believe the seasonal demand recovery this year will be slower than in previous years...
Vedanta Aluminium has set another national benchmark, and this time it is all about water efficiency. On Tuesday, September 6, the company declared its Aluminium Smelter-I at Jharsuguda (Odisha) substantially reduced Specific Water Consumption (water consumed per unit of metal produced) by around 11 per cent in FY2022 compared to the previous fiscal for producing more than 17,400 tonnes of aluminium over the year. Vedanta Aluminium at Jharsuguda has two state-of-the-art aluminium smelters. The Smelter-II (SEZ) reduced Specific Water Consumption by 8 per cent in FY22, while producing 2 lakh tonnes of aluminium more than the previous year. Overall, Vedanta’s Jharsuguda site recycled around 5 billion litres of water for inhouse consumption in the last fiscal, marking a significant step...
