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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On September 1, 2022, Aluminium Bahrain B.S.C. (Alba) emerged as the first smelter in the region to achieve a historic milestone of 30 Million Safe Working Hours without Lost Time Injury (LTI). This is the best milestone in Safety achieved to date, and it reflects Alba’s commitments and efforts towards strong safety culture and value. According to Ali Al Baqali, Alba’s Chief Executive Officer, there is no better policy than ensuring safety of employees. The aim should be to achieve more than this milestone, hit higher benchmarks, and accomplish zero-accident work environment. Mr Baqali said: “30 Million Safe Working Hours without LTI is a legacy for future generations not just in Alba but also in the Region. Achieving such a historic Safety record alongside our best-ever financial...
LME aluminium opened at US$2,310.5 per tonne on Thursday and closed at US$2,316.5 per tonne, an increase of US$11.5 per tonne or 0.5 per cent. On Thursday, the price of aluminium fell to its lowest level in 16 months as new concerns about poor demand arose in the wake of disappointing economic data. As per the data, both LME aluminium cash bid price and LME aluminium official settlement price nosedived by US$62.5 per tonne or 2.63 per cent to settle at US$2,305.50 per tonne and US$2,306 per tonne. 3-month bid price and 3-month offer price also plunged by US$55.5 per tonne or 2.35 per cent to rest at US$2,300.50 per tonne and US$2,301.50 per tonne. December 23 bid price and December 23 offer price tumbled by US$53 per tonne or 2.20 per cent and 2.19 per cent to score at US$2,352 per tonne...
A00 aluminium ingot price has plummeted by RMB 240 per tonne to close at RMB 18,110 per tonne, as the Shanghai Metals Market recorded on Friday, September 2. The average prices are expected to range between RMB 18,090 per tonne and RMB 18,130 per tonne, with spot contracts trading at discount prices of RMB 50 per tonne and RMB 10 per tonne. The provinces in China have witnessed a plunge in aluminium prices today, with A00 aluminium ingot prices dropping the highest in Wuxi and Hangzhou by RMB 240 per tonne to RMB 18,100 per tonne and RMB 18,150 per tonne, respectively. The prices of aluminium in Foshan, Chongqing and Linyi recorded an RMB 210 per tonne downfall to settle at RMB 18,030 per tonne, RMB 18,140 per tonne and 18,190 per tonne. The primary aluminium prices in Gongyi and Shenyang...
The United States’ domestic primary aluminium production in June 2022 stood at 78,000 tonnes, bringing the total output of the first half of the year to 485,000 tonnes, showed the US Census Bureau. The United States’ primary aluminium production in June reflected a decrease of 6,000 tonnes or 7.14 per cent from 84,000 tonnes. In the second quarter of 2022 (from April to June), the United States churned out 244,000 tonnes of primary aluminium – 1.24 per cent or 3,000 tonnes higher than 241,000 tonnes in Q1 2022. The daily averageproduction in June 2022 was 2,620 tonnes, down by 2.96 per cent from 2,700 tonnes in May but 9 per cent higher than in June 2021. Total aluminium recovered from scrap in June 2022 was 286,000 tonnes – 6,000 tonnes or 2.05 per cent less than 292,000 tonnes in May...
Through the first half of 2022, the North American aluminium industry (U.S. and Canada) recorded a year-to-date growth of 6.6 per cent, said the monthly Aluminium Situation report released by the Aluminum Association. This is an addition to a nearly 8 per cent year-over-year growth predicted for 2021, based on demand levels expected for the first quarter. Since 2021, the Aluminium Association member firms have announced more than $3.7 billion in domestic manufacturing activities, including the first brand-new greenfield U.S. sites. Over $4 billion in new aluminium investments have been reported by other companies in recent months. “We are seeing strong demand and truly unprecedented levels of investment in the U.S. aluminum industry today. America is one of the best places in the world to...
According to the Shanghai Metals Market, social inventories of primary aluminium across eight major Chinese consumption areas, including SHFE warrants, have gained 4,000 tonnes over the week ended Thursday, September 1, to reach 683,000 tonnes. From Monday, August 29, the inventories are up by 1,000 tonnes; and higher by 5,000 tonnes than at the beginning of August. The week-on-week increase in inventories on September 1 has primarily been contributed by Wuxi, while other provinces have either recorded downfall or remained restrained. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, primary aluminium inventories have surged by 16,000 tonnes week-on-week to stand at 216,000 tonnes as of September 1, but that in Nanhai and...
A00 aluminium ingot price in China has gone down by RMB 90 per tonne to settle at RMB 18,350 per tonne. The average price for the same is expected to range between RMB 18,330 per tonne and RMB 18,370 per tonne, with spot contracts to be traded at a discount price of RMB 60 to RMB 20 per tonne. On Thursday, September 1, the aluminium ingot price in Tianjin descended by RMB 110 per tonne to rest at RMB 18,370 per tonne. The price in Gongyi and Chongqing has decreased by RMB 90 per tonne to settle at RMB 18,270 per tonne and RMB 18,350 per tonne. As per the SMM data, both Shenyang and Linyi experienced the same price cut to stand at RMB 18,350 per tonne and RMB 18,400 per tonne. In Wuxi and Hangzhou, the price slipped by RMB 80 per tonne to stop at RMB 18,340 per tonne and RMB 18,390 per...
Mr. Anthony Tropeano, a distinguished expert in the aluminium industry, joins AlCircle as the North American Strategic Advisor. Currently, Mr. Tropeano serves as the President of TT Consulting Inc., a US-based firm that provides management consulting services in the metals, mining, and contracting sectors. Having worked in the ferrous and non-ferrous industries for 40 years, Mr. Tropeano retired from FATA S.p.A. (part of the Danieli Group) in February 2018. As Chief Executive Officer of FATA, he successfully led its two operating divisions, FATA Hunter (engineering and equipment supplier for aluminium flat rolled products) and FATA EPC (supplier of complete plants on an LSTK-EPC basis). Before joining FATA, Mr. Tropeano served as Executive V.P. and COO of Italimpianti of America, Inc. -...
LME aluminium opened at US$2,390 per tonne on Wednesday and closed at US$2,363 per tonne, down US$21 per tonne or 0.88 per cent. LME aluminium cash bid price stopped at US$2,368 per tonne, with a decline of 1.58 per cent or US$38 per tonne hike on Wednesday, August 31, while LME aluminium official settlement price rested at US$2,368.50 per tonne, experiencing a similar price dip. 3-month bid price witnessed a 2.02 per cent or US$48.50 per tonne drop to stand at US$2,356 per tonne and the 3-month offer price also had a fall of 2 per cent or US$48 per tonne, arriving at US$2,357 per tonne. December 23 bid price and December 23 offer price plunged by US$47 per tonne or 1.91 per cent to rest at US$2,405 per tonne and US$2,410 per tonne, respectively. LME aluminium opening stock continued to...
Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from Wednesday, August 31, in line with a startling fall of the LME aluminium benchmark price. As per the price update, Hindalco’s aluminium ingot has witnessed a sharp price cut of INR 8,000 per tonne or 3.45 per cent to INR 223,750 per tonne. Aluminium wire rod price has also experienced a cut of INR 8,000 per tonne to stand at INR 234,850 per tonne on August 31 versus INR 242,850 per tonne on August 27. Suffering the same amount of loss, aluminium billet price has come in at INR 237,850 per tonne with effect from August 31, compared to INR 245,850 per tonne on August 27. Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium...
LME aluminium opened at US$2,475 per tonne on Tuesday and closed at US$2,384 per tonne, down $106 per tonne or 4.26 per cent. On Tuesday, August 30, both LME aluminium cash bid price and LME aluminium official settlement price plummeted by US$87 per tonne or 3.48 per cent and US$88.5 per tonne or 3.54 per cent, to settle at US$2,406 per tonne and US$2,406.50 per tonne, after a long weekend. China, the largest user of primary aluminium raw materials worldwide, had already expressed concern about the likelihood of a global recession and economic stagnation and the prospect of reduced market size. As a result, the industry's purchasing power decreased significantly. On the same day, 3-month bid price and 3-month offer price dropped by US$80 per tonne or 3.21 per cent and US$80.5 per tonne or...
A00 aluminium ingot price in China has plunged by RMB 120 per tonne on August 31, Tuesday. According to the Shanghai Metals Market, the price has accurately settled at RMB 18,440 per tonne, with average prices estimated to range between RMB 18,420 per tonne and RMB 18,460 per tonne and spot contracts to be traded at a discount price of RMB 60 per tonne and RMB 20 per tonne. The Chinese provinces have shown falling prices today, with Shenyang witnessing the highest decline of RMB 140 per tonne to settle at RMB 18,440 per tonne. The aluminium ingot prices in Wuxi and Hangzhou have recorded an RMB 120 per tonne drop to rest at RMB 18,420 per tonne and RMB 18,470 per tonne, respectively. The primary aluminium ingot prices in Gongyi and Foshan have decreased by RMB 110 per tonne, closing at...
Alcoa has decided to decrease one-third production capacity of the Lista aluminium smelter in Norway because of the aggravating energy prices in Europe and also for the heightened operational costs of the particular site. The Lista smelter houses three potlines with an annual net yield of 94,000 tonnes and easing the capacity of one potline producing 31,000 tonnes would be achieved immediately within a time span of 14 days at the most. Alcoa claims that 65 per cent of its international smelting grounds are powered by long-term energy agreements with the London Metal Exchange aluminium pricing structure, 30 per cent of which is either fixed priced or self-generated rates. Others are exposed to short-term market outputs just like the Lista smelter, making operations quite difficult at the...
China customs data revealed last week that the country’s prebaked anode export volume rebounded to the 200,000 tonnes level in July 2022, attaining 206,500 tonnes. This is the second time this year that China’s prebaked anode export has exceeded 200,000 tonnes, driven by strong demand from overseas aluminium smelters. On a month-on-month basis, the export volume in the said month edged 57.32 per cent higher, while 24.93 per cent more than a year ago. In June, China’s prebaked anode export volume stood the lowest this year at 131,000 tonnes. Yet the export price per unit elevated to a record number of US$1,316.67 per tonne. During January-July 2022, China’s total prebaked anode export volume achieved 1.22 million tonnes, reflecting a 255,500 tonnes increase over the year. Malaysia topped...
Social inventories of aluminium ingot across eight major Chinese consumption areas, including SHFE warrants, grew by 3,000 tonnes over the weekend to stand at 682,000 tonnes as of Monday, August 29, found the Shanghai Metals Market. But week-on-week, the inventories stood 1,000 tonnes lower than 683,000 tonnes on August 22. On Thursday, August 25, China’s primary aluminium inventories also lost 1,000 tonnes over a week to clock at 679,000 tonnes. The increase in inventories on Monday was contributed by low buying interest due to domestic price rally last week. However, going ahead, accumulation of inventories is likely to slow down as the production cut in Sichuan has affected the supply of aluminium ingots. The chart below indicates the current status of primary aluminium inventories...
On August 29, an INR 2005.89 crore investment accord was inked by the Government of Odisha to set up ten industrial projects employing more than 3,545 people in the Indian state. The principal approvals were made for the metal industry following its downstream activities, along with citing proposals for the pharmaceutical, chemical, infrastructure, and tourism sectors. The State Level Single Window Clearance Authority (SLSWCA) committee, chaired by Chief Secretary S C Mohapatra, signed off on these investments to build a commercial ground in the state. During the electrolysis phase, carbon electrodes are used in the Hall–Héroult production process, and at present, it is the only procedure followed by aluminium smelting industries. The SLSWCA committee allotted an investment of INR 205.44...
The high possibility of global recession and economic stagnation has already alarmed countries like China, the world’s largest consumer of primary aluminium raw materials, flagging the risk of downsized markets. China, who has been battling with increased energy costs and heat wave, previously reported some aluminium and alumina capacity cut at Sichuan and Chongqing provinces. According to a report last week, the aluminium production cut in Sichuan became intense from 395,000 tonnes to 777,000 tonnes, with mere residual capacity at 230,000 tonnes out of total installed capacity at 1.07 million tonnes. Chongqing was no exception but experienced a production cut due to high temperature, despite smelters having more dependence on thermal power, whereby heat energy is converted to electrical...
On Monday, August 29, the benchmark aluminium price for SHFE slipped down the graph by US$53 per tonne or 1.93 per cent to stand at US$2,694 per tonne. The most-traded SHFE 2210 aluminium contract opened at RMB 18,675 per tonne last night and rose to RMB 18,755 per tonne before closing at RMB 18,680 per tonne, up RMB 5 per tonne or 0.03 per cent. The most-traded SHFE 2210 aluminium closed down 0.64 per cent or RMB 120 per tonne to RMB 18,675 per tonne, with open interest up 6,223 lots to 171,655 lots. The energy supply crunch in Sichuan is now gradually easing down owing to sufficient rainfall in China. Slowly the smelters are also travelling towards recovery; mainly, those in Guangyuan city are gaining their average speed. The domestic supply shortcomings were also being met. In the...
