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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Hindalco’s Managing Director, Satish Pai, assured reporters by saying Indian aluminium makers are not going to downsize or diminish the usual aluminium production rate any time soon, even though their contemporaries worldwide decide to do so. While addressing the reporters, Satish Pai narrated: “We are seeing enough demand in India, approximately 8-9 per cent rise for the ongoing financial year. We just can’t shut down capacities like that. Would like to watch out for LME prices for more than a year to initiate any such supply-related adjustment.” After explaining the above reason, Satish Pai went on to discuss the LME price, which according to him, has approached a balanced quotient that will prevent further falls. Though the prices have a wide range of ups and downs, Satish Pai is...
LME aluminium opened at US$2,468 per tonne on Wednesday and rose to US$2,500 per tonne following the release of US CPI. LME aluminium closed at US$2,496.5 per tonne, an increase of 0.99 per cent. On Wednesday, August 10, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$25 per tonne or 1 per cent and US$25.5 per tonne or 1.02 per cent to rest US$2,462 per tonne and US$2,462.50 per tonne. 3-month bid price and 3-month offer price slipped by US$25 per tonne or 1.01 per cent and US$24.5 per tonne or 0.99 per cent to close at US$2,448 per tonne and US$2,449 per tonne. December 23 bid price and December 23 offer price also shrunk by US$25 per tonne or 0.99 per cent to come in at US$2,483 per tonne and US$2,488 per tonne. LME aluminium opening stock...
A00 aluminium ingot price has refrained from showing any change today, staying stagnant at RMB 18,790 per tonne, as the Shanghai Metals Market recorded on Thursday, August 11. The average prices were stuck between RMB 18,770 per tonne and RMB 18,810 per tonne, with spot contracts trading at discount prices of RMB 180 per tonne and RMB 140 per tonne. The provinces in China have also seen negligible alterations when it comes to aluminium prices, with Linyi losing RMB 30 per tonne to RMB 18,710 per tonne, followed by RMB 20 per tonne growth in Foshan and Shenyang to rest at RMB 18,630 per tonne and RMB 18,710 per tonne, respectively. The primary aluminium prices in Gongyi, Wuxi, Hangzhou, Chongqing and Tianjin have shown no change in data from the previous day. In China, the domestic price...
On Monday, August 8, China’s social inventories of primary aluminium recorded a W-o-W hike yet again for three weeks in a row since July 25, 2022. According to the Shanghai Metals Market, inventories across eight major consumption areas, including SHFE warrants, totalled 687,000 tonnes witnessing an increase of 9,000 tonnes from 678,000 tonnes last Monday, August 1. Inventories have been growing since July-end as shipments from warehouses have remained weak, with a drop of 5,000 tonnes on a weekly basis to 128,300 tonnes last week. The chart below indicates the current status of primary aluminium inventories across China in more details: Among the major Chinese provinces, Gongyi saw the highest increase in inventories of 11,000 tonnes over week to 85,000 tonnes versus 74,000 tonnes on...
Century Aluminum Company, a US-based primary aluminium producer, announced its second quarter 2022 results on Tuesday, August 9, reporting a 14 per cent quarter-on-quarter increase in net sales from $753.6 million to $856.6 million, attributable to higher realised LME prices and regional premiums. As a result, net income rose 19.7 per cent sequentially from $17.7 million to $37.4 million. Century Aluminum also posted a rise in its primary aluminium shipments by 1 per cent from 211,411 tonnes in Q1 to 214,084 tonnes in Q2. But the company’s Adjusted EBITDA for the second quarter of 2022 was $18.9 million down from the prior quarter to $86.6 million, driven by higher raw materials costs and energy, partially offset by higher LME and regional premiums. The second quarter was also negatively...
LME aluminium opened at US$2,448 per tonne on Tuesday and rose to US$2,507 per tonne before closing at US$2,472 per tonne, an increase of 1.31 per cent. LME aluminium cash bid price stopped at US$2,487 per tonne, with a 2.13 per cent or US$52 per tonne escalation on Tuesday, August 9, while LME aluminium official settlement price rested at US$2,488 per tonne, experiencing a price hike of US$52.50 per tonne or 2.15 per cent. 3-month bid price grew by 1.68 per cent or US$41 per tonne to stand at US$2,473 per tonne, while the 3-month offer price witnessed a US$39.50 per tonne or 1.62 per cent boost to US$2,473.50 per tonne. December 23 bid price and December 23 offer price climbed up the graph by US$33 per tonne or 1.3 per cent to rest at US$2,508 per tonne and US$2,513 per tonne,...
On Wednesday, August 10, China’s A00 aluminium ingot price surged by RMB 310 per tonne to rest at RMB 18,790 per tonne. The average price for the same is expected to range between RMB 18,770 per tonne and RMB 18,810 per tonne, with spot contracts to be traded at a discount price of RMB 140 to RMB 100 per tonne. As per the SMM data, the A00 aluminium ingot price has hiked in all the major Chinese provinces. In Wuxi and Hangzhou, the price has witnessed the highest expansion of RMB 310 per tonne to settle at RMB 18,750 per tonne and RMB 18,800 per tonne. The price in Foshan has expanded by RMB 300 per tonne to settle at RMB 18,610 per tonne for the same day. In Shenyang, the price has grown by RMB 290 per tonne to stand at RMB 18,690 per tonne. On the same day, the price in Gongyi,...
According to the Shanghai Metals Market, China’s aluminium production stood at 3.5 million tonnes in July (31 calendar days), reflecting a year-on-year increase of 6.74 per cent. That brought the total volume of output in the first seven months of the year to 23.059 million tonnes, up by 1.4 per cent over the year. In July, a rise in total domestic operating capacity of aluminium with the resumption of production and release of new capacities in Gansu and Yunnan pushed the output up. Daily output stood at 112,900 tonnes, increasing by 862 tonnes on the month and 7,113 tonnes on the year. In July, domestic proportion of aluminium liquid grew by 0.2 per cent M-o-M to 66.64 per cent. In Guangxi, however, the production resumption slowed down, while in Sichuan and Shandong, the output...
The Indian state-owned integrated aluminium company National Aluminium Company (Nalco) has reported a 60.6 per cent rise in consolidated net profit to around $70 million (INR 557.91 crore) on a 52.9 per cent increase in net sales to $475.33 million (INR 3783.32 crore) in Q1 FY23 over Q1 FY22. In a regulatory filing, the public sector company had posted a consolidated profit of $43.64 million (INR 347.48 crore) in the year-ago phase. The segmental revenue from Chemicals was $43.60 million (INR1,199 crore), an increase of 12.3% year-over-year, while aluminium revenue was $374.18 million (INR2,980 crore), an increase of 71.5% year-over-year. Total expenditure soared by 55 per cent Y-o-Y to $368.58 million (INR 2935.38 crore) during the quarter due to sharp rises in raw material costs (up...
LME aluminium opened at US$2,418 per tonne on Monday and closed at US$2,440 per tonne, up 0.78 per cent. On Monday, August 8, both LME aluminium cash bid price and LME aluminium official settlement price climbed down the graph by US$12 per tonne or 0.49 per cent to settle at US$2,435 per tonne and US$2,435.50 per tonne. 3-month bid price and 3-month offer price went down by US$8 per tonne or 0.32 per cent and US$7 per tonne or 0.28 per cent to rest at US$2,432 per tonne and US$2,434 per tonne. December 23 bid price and December 23 offer price also descended by US$10 per tonne or 0.40 per cent to score at US$2,475 per tonne and US$2,480 per tonne. LME aluminium opening stock settled at 287425 tonnes. Live warrants and Cancelled warrants closed at 154800 tonnes and 132625 tonnes. LME...
A00 aluminium ingot price has grown by RMB 80 per tonne to close at RMB 18,480 per tonne, as the Shanghai Metals Market recorded on Tuesday, August 9. The average prices are expected to range between RMB 18,460 per tonne and RMB 18,500 per tonne, with spot contracts trading at discount prices of RMB 110 per tonne and RMB 70 per tonne. The provinces in China have witnessed a hike in aluminium prices today, with A00 aluminium ingot price rising the highest in Shenyang by RMB 100 per tonne to RMB 18,400 per tonne, followed by RMB 85 per tonne growth in Hangzhou to RMB 18,490 per tonne. The primary aluminium prices in Wuxi and Chongqing have escalated by RMB 80 per tonne to close at RMB 18,440 per tonne and RMB 18,380 per tonne. The primary aluminium price in Foshan has gained RMB 70 per...
LME aluminium opened at US$2,403 per tonne last Friday and rose to US$2,454 per tonne before closing at US$2,421 per tonne. LME aluminium cash bid price stopped at US$2,447 per tonne, with a 3.1 per cent or US$73.50 per tonne escalation on Friday, August 5, while LME aluminium official settlement price rested at US$2,447.50 per tonne, experiencing a similar price hike. 3-month bid price grew by 2.84 per cent or US$67.50 per tonne to stand at US$2,440 per tonne, while the 3-month offer price witnessed a US$68 per tonne or 2.86 per cent boost to US$2,441 per tonne. December 23 bid price and December 23 offer price climbed up the graph by US$68 per tonne or 2.81 per cent to rest at US$2,485 per tonne and US$2,490 per tonne, respectively. LME aluminium opening stock continued to decrease by...
A00 aluminium ingot price in China has seen a decline of RMB 120 per tonne since Monday, August 8, to settle at RMB 18,400 per tonne. The average price for the same is expected to range between RMB 18,380 per tonne and RMB 18,420 per tonne. The spot contracts may be traded at a discount price of RMB 110 to RMB 70 per tonne. As per the SMM data, the price in Gongyi, Wuxi and Linyi has gone down by RMB 120 per tonne to close at RMB 18,280 per tonne, RMB 18,360 per tonne and 18,400 per tonne. On the same day, the price in Chongqing and Shenyang decreased by RMB 110 per tonne and RMB 120 per tonne to rest at RMB 18,300 per tonne. The A00 aluminium ingot price in Foshan and Hangzhou has dropped by RMB 130 per tonne and RMB 135 per tonne to come in at RMB 18,240 per tonne and RMB 18,405 per...
Russian oligarch Oleg Deripaska is keen on building a business relationship with India, similar to the country has with Europe, aided by connectivity, capital markets, and financial infrastructure. Impending fraudulence charges on GFG Alliance have resulted in the plunder of wealth at Lochaber aluminium smelter that has been subjected to a £586 million Scottish Government guarantee, estimating a loss of more than £4 million in the financial year 2020-21. LME aluminium official settlement price opened the week with a growth of US$17.50 per tonne, to rest at US$2,469.50 per tonne, which on Tuesday declined by US$21 per tonne to halt at US$2,448.50 per tonne, respectively. China's A00 aluminium ingot price started the week with an augmentation of RMB 320 per tonne, halting at RMB 18,620 per...
The impact of digital transformation has been prominent and widespread across the world. Over the years, digitalization has significantly evolved and brought about advanced technologies like Artificial Intelligence, Robotics, IoT, and many others. Among some of the leading global industries, aluminium is the one that has been prompt in adopting these advanced digital technologies to transform its businesses into Smart Enterprises. To throw a light more on this revolutionary change in the aluminium industry, AlCircle is working on launching its eleventh e-Magazine - "Digital Transformation in the Aluminium Industry: Drivers & Change Makers of 2022". Through this magazine, we will explore how digitalization will give a new edge to the aluminium industry in 2022. Digital transformation is...
According to news reports, the GFG Alliance-owned Lochaber aluminium smelter, also subject to a £586 million Scottish Government guarantee, counted a loss of more than £4 million in FY20-21. As part of the Government's agreement with GFG Alliance, the company has been required to meet specific conditions. This release comes just weeks after the company was revealed unable to meet those conditions. According to the accounts show, the last British aluminium smelter made an operating loss of £4,051,284 in FY20-21; despite statements aroused, the smelter was "performing profitably". However, the losses were primarily imputed to higher raw material costs and diminished demand for the products at the aluminium smelter due to the impact of the Covid pandemic. Even though the smelter spent more...
LME aluminium opened at US$2,385 per tonne on Thursday and closed at US$2,403 per tonne, an increase of US$18 per tonne or 0.75 per cent. On Thursday, August 4, both LME aluminium cash bid price and LME aluminium official settlement price decreased by US$29 per tonne or 1.20 per cent to rest at US$2,373.50 per tonne and US$2,374 per tonne. 3-month bid price and 3-month offer price went down by US$27.5 per tonne or 1.14 per cent and US$28 per tonne or 1.16 per cent to stand at US$2,372.50 per tonne and US$2,373 per tonne. December 23 bid price and December 23 offer price climbed down the graph by US$28 per tonne or 1.14 per cent to settle at US$2,417 per tonne and US$2,422 per tonne. LME aluminium opening stock stood at 290675 tonnes. Live warrants and Cancelled warrants halted at 154800...
A00 aluminium ingot price has seen an RMB 130 per tonne rise to close the week at RMB 18,520 per tonne, as recorded by the Shanghai Metals Market on Friday, August 5. The average prices are expected to range between RMB 18,500 per tonne and RMB 18,540 per tonne, with spot contracts trading at a discount price of RMB 90 per tonne and RMB 50 per tonne. The provinces in China have witnessed a hike in aluminium prices today, with A00 aluminium ingot price rising the highest in Wuxi and Hangzhou by RMB 130 per tonne to RMB 18,480 per tonne and RMB 18,540 per tonne, followed by RMB 90 per tonne hike in Gongyi to RMB 18,400 per tonne. The primary aluminium price in Foshan has also escalated by RMB 90 per tonne to close at RMB 18,370 per tonne. The primary aluminium prices in Shenyang, Tianjin...
