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...
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LME aluminium opened at US$2,289.50 per tonne on Tuesday and closed at US$2,260.50 per tonne. LME aluminium cash bid price halted at US$2,258 per tonne, striped down by 1.4 per cent or US$32 per tonne on Tuesday, September 6, while LME aluminium official settlement price rested at US$2,260 per tonne, experiencing a drop of 1.33 per cent or US$30.50 per tonne. 3-month bid price descended by 1.18 per cent or US$27 per tonne to stand at US$2,262 per tonne, while the 3-month offer price witnessed a similar slump closing at US$2,263 per tonne. December 23 bid price shed 0.94 per cent or US$22 per tonne closing at US$2,325 per tonne, while December 23 offer price lost 0.93 per cent or US$22 per tonne coming in at US$2,330 per tonne. LME aluminium opening stock increased for the first time in a...
On Wednesday, September 7, the A00 aluminium ingot price in China reflected no change to settle at RMB 18,400 per tonne, with the average prices ranging between RMB 18,380 per tonne and RMB 18,420 per tonne and the spot contract price expected to be traded at a discount price of RMB 60 per tonne to RMB 20 per tonne. As per the SMM data, the price in Shenyang and Tianjin has increased by RMB 25 per tonne and RMB 20 per tonne to close at RMB 18,405 per tonne and RMB 18,420 per tonne. The price in other provinces like Gongyi and Foshan has shown no change settling at RMB 18,340 per tonne and RMB 18,320 per tonne. On the same day, the price in Wuxi and Hangzhou stood at RMB 18,380 per tonne and RMB 18,430 per tonne. Chongqing and Linyi's price has reflected no change to record at RMB 18,410...
Aluminium Dunkerque, the biggest aluminium smelter in France previously owned by a unit under GFG Alliance, has decided to curtail production by one-fifth of its capacity to battle rising energy prices in Europe, as was reported by an internal source. The new authority, private equity firm American Industrial Partners (AIP), will utilise this strategy until the beginning of 2023. The equity firm took over the smelter after the previous owner was charged with a debt default. Just like Aluminium Dunkerque, other European aluminium or metallurgical organisations have decreased their production rate, unable to balance the augmenting energy prices with the net cost of their finished products. Aluminium Dunkerque is situated near the northern French port of Dunkirk, boasting of being Europe's...
A00 aluminium ingot price has dropped RMB 20 per tonne to close at RMB 18,400 per tonne, as the Shanghai Metals Market recorded on Tuesday, September 6. The average prices are expected to range between RMB 18,380 per tonne and RMB 18,400 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 plunge in aluminium prices today, with A00 aluminium ingot price decreasing the highest in Linyi by RMB 70 per tonne to RMB 18,400 per tonne, followed by an RMB 60 per tonne slump in Gongyi to RMB 18,340 per tonne. The price of aluminium in Tianjin has recorded an RMB 50 per tonne downfall to settle at RMB 18,400 per tonne, while the aluminium price has seen a dip of RMB 40 per tonne in Shenyang to rest at RMB 18,380...
Norsk Hydro, one of the largest aluminium companies in the world, announced on Tuesday, September 6, that due to a drop in demand for aluminium, the company has decided to keep a small portion of its aluminium capacity in Norway out of service, following maintenance. Out of the 1.1 million tonnes the firm produces in Norway each year, Hydro has opted not to begin smelting pots at its Karmøy and Husnes facilities, reducing output by a few tens of thousands of tonnes. "The main reason is lower demand for aluminium. We're not actively shutting down but we're holding off on restarts after maintenance this is within what we would call normal variations," said Hydro spokesperson Halvor Molland. Although it played a role in the choice, the rising cost of energy was not the main factor because...
According to the union, the National Union of Metalworkers of South Africa (Numsa) and South32's wage negotiations reached a standstill over the weekend. Members of Numsa who work at the KwaZulu-Natal province's Hillside aluminium smelter are involved in the conflict. South32's suggestion that Numsa submits a monetary bid "across the board" was rejected by Numsa. The Commission for Conciliation, Mediation, and Arbitration oversaw the meetings (CCMA). “So in this instance, South 32 is offering 3.1% increase across the board. And then on top of that it is offering a once-off increase of 4% which is paid for only one month in cash. South32 has not been fair in its approach to wage talks. They have already offered white collar workers, who earn much more than ordinary blue collar workers,...
LME aluminium opened at US$2,302 per tonne on Monday and closed at US$2,288 per tonne. On Monday, September 5, both LME aluminium cash bid price and LME aluminium official settlement price slumped by US$18 per tonne or 0.77 per cent and US$18.5 per tonne or 0.80 per cent to settle at US$2,290 per tonne and US$2,290.50 per tonne. 3-month bid price and 3-month offer price slipped by US$11 per tonne or 0.47 per cent to rest at US$2,289 per tonne and US$2,290 per tonne. December 23 bid price and December 23 offer price went down by US$10 per tonne or 0.42 per cent to stop at US$2,347 per tonne and US$2,352 per tonne. LME aluminium opening stock closed at 277050 tonnes. Live warrants and Cancelled warrants settled at 193600 tonnes and 83450 tonnes. LME aluminium 3-month Asian Reference Price...
Social inventories of primary aluminium in China have dropped over the weekend ended Monday, September 5, across eight major consumption areas, including SHFE warrants, following rises last week. Shanghai Metals Market data shows inventories have totalled 681,000 tonnes, down by 2,000 tonnes over the weekend and 1,000 tonnes compared to the last Monday. On Thursday, September 1, China’s primary aluminium inventories stood at 683,000 tonnes, accumulating 4,000 tonnes week-on-week. On Monday, August 29, the inventories amounted to 682,000 tonnes, gaining 3,000 tonnes over the weekend. The decrease in inventories over the weekend is primarily backed by Tianjin, Nanhai, and Chongqing as shown in the below chart: According to SMM, primary aluminium inventories in Tianjin have decreased by...
After Sichuan, another southwestern Chinese province that emerges as being affected by hydropower shortages is Yunnan, triggering concerns over potential output reduction in the province. According to the latest survey by Shanghai Metals Market, many smelters in Yunnan have expressed concerns over power supply, though having normal operations to date. A possible production cut in Yunnan, a major aluminium producing province leveraging hydropower, is anticipated to be adversely impactful for the entire aluminium industry. Yunnan, for having substantial hydropower resources and favourable policies for smelting, could manage to attract a sizeable amount of aluminium capacity over a few years. As per the current data, the installed aluminium capacity in Yunnan currently stands at around 5.63...
According to our report from the Gulf region, the Crown Prince and Prime Minister of Bahrain Salman bin Hamad Al-Khalifa, has issued an order to restructure the board of sovereign wealth fund Mumtalakat Holding with Finance Minister Salman bin Khalifa Al-Khalifa as its chairman. Mumtalakat reported its standalone annual results in June 2022, which revealed a rise in profit for 2021 from a loss in 2020. Further, Mumtalakat has slightly more than $18 billion in assets under management. The investment holding company’s strategic investments division holds a portfolio of Bahrain-based strategic investments in companies like Gulf Aluminium Rolling Mill Company (GARMCO). Today, with an annual production capacity of over 165,000 tonnes, it ranks as one of the region's largest manufacturers of...
LME aluminium opened at US$2,310.5 per tonne last Friday and closed at US$2,305 per tonne. On the bright side power supply at Sichuan province has increased leading to a recovery of balance in the economy with aluminium production rising up. LME aluminium cash bid price stopped at US$2,308 per tonne, with a 0.11 per cent or US$2.50 per tonne hike on Friday, September 2, while LME aluminium official settlement price rested at US$2,309 per tonne, experiencing an increase of US$3 per tonne or 0.13 per cent. 3-month bid price witnessed a 0.02 per cent or 50¢ per tonne slump to stand at US$2,300 per tonne and the 3-month offer price also had a similar percentage subtracted from it, arriving at US$2,301 per tonne. December 23 bid price and December 23 offer price expanded by US$5 per tonne or...
A00 aluminium ingot price in China has hiked by RMB 310 per tonne to settle at RMB 18,420 per tonne. The average price for the same is expected to range between RMB 18,400 per tonne and RMB 18,440 per tonne, with spot contracts to be traded at a discount price of RMB 50 to RMB 10 per tonne. The A00 aluminium ingot price has expanded in all the major provinces. To begin with, the price in Gongyi has recorded a rise of RMB 330 per tonne to score at RMB 18,400 per tonne.On the same day, the price in Foshan, Wuxi and Hangzhou increased by RMB 300 per tonne to rest at RMB 18,330 per tonne, RMB 18,400 per tonne and RMB 18,450 per tonne. In Chongqing and Linyi, the price has hiked by RMB 290 per tonne and RMB 280 per to stand at RMB 18,430 per tonne and RMB 18,470 per tonne. A00 aluminium ingot...
IMIDRO reported that its subsidiaries had produced 222,053 tonnes of primary aluminium in the current fiscal year's first four months (March 21-July 22) to register a 27% increase in production compared with the same phase of the previous fiscal year. The Iranian Mines & Mining Industries Development & Renovation, known as IMIDRO, is a major state-owned holding company active in the mining sector in Iran. The South Aluminum Company contributed 95,853 tonnes to the total output. Iran Aluminum Company followed it with 61,478 tonnes, Almahdi Aluminum Company with 52,456 tonnes and Iran Alumina Company with 12,266 tonnes. Iran Alumina Company produced 80,986 tonnes of alumina powder in four months, the sole producer of alumina powder in Iran. The output increased by 7% compared to 75,396...
The supply resumption of one of Russia's main gas routes to Europe on 3rd September 2022 was scraped, which sparked fears of winter fuel shortages. It highlighted a dispute between Gazprom and Siemens Energy over repairs to the pipeline. After its short maintenance, the Nord Stream 1 pipeline was expected to resume its flow this week as European governments battle to control soaring gas prices. In spite of this, Russia abruptly cancelled the restart, citing an oil leak in a turbine. In the aftermath of the Russia-Ukraine geopolitical crisis, Europe has accused Russia of weaponizing energy supplies, whereas Moscow blames Western sanctions and technical difficulties. Nord Stream's latest shutdown, which Russia says will last for as long as necessary to complete repairs, has added to fears...
This week, the primary aluminium industry has been in the news for multiple reasons. To begin with, China, the largest user of primary aluminium raw materials worldwide, expressed concern about the likelihood of a global recession and economic stagnation and warned of the prospect of reduced market size. As a result, the industry's purchasing power decreased significantly. Due to this, LME aluminium official price nosedived by US$88.5 per tonne to settle at US$2,406.50 per tonne. Besides this, on Thursday, the LME aluminium benchmark price fell to its lowest level in 16 months as new concerns about poor demand arose in the wake of disappointing economic data. On the other hand, rising energy prices caused Alcoa to reduce the output at the Lista aluminium smelter by one-third. Apart from...
Vedanta Limited further reduced its aluminium ingot and aluminium products prices on September 2, in line with the continued downfall of the global aluminium price on LME. As per the revised price list shared by the company, Vedanta cut its aluminium ingot price by INR 6,250 per tonne to INR 212,000-241,500 per tonne. Vedanta’s aluminium wire rod price also saw an increase of INR 6,250 per tonne from INR 225,750-233,250 per tonne on September 1 to INR 219,500-227,000 per tonne on September 2. Aluminium billet price also experienced a back-to-back slash on September 2 to come in at INR 221,000 per tonne. Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which slid by US$62.50 per tonne or 2.64 per cent on...
Hulamin, a South African aluminium supplier and exporter, announced robust earnings, with a hike of 147 per cent for the first half of 2022 ended June 30. Revenue rose by 45 per cent to R7.9 billion, and operating profit surged by 144 per cent to R223 million amid the challenges posed on working capital by a record high LME aluminium price during the said period. Outgoing Hulamin CEO Richard Jacob said: “… 2022 began with solid demand, firmer prices than in recent years, and a weaker rand/dollar exchange rate. Turnover increased by 45 percent, and profits increased by 144 percent, despite the constraints experienced at Durban Port; the impact on the automotive market due to the KwaZulu-Natal floods; and the challenges posed on working capital by the record-high LME Aluminium prices...
One of the largest manufacturers of aluminium in the world, Novelis Inc., stated that it will not take Russian aluminium in any prospective new contracts to supply its European facilities in the coming years. This decision might set the tone for future contract discussions throughout the sector. Russia is a major producer of aluminium, nickel, and copper, all of which have not been sanctioned by Europe or the United States. Although many in the industry, particularly in Europe, have avoided Russian metal since the Ukraine invasion, global trade continues through multi-year or annual deals already in place when the conflict began. As one of the world's major aluminium manufacturers, Novelis has placed a bid on 2023 supply to its European plants that prohibits any Russian metal from being...
