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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During the World Economic Forum conference in Davos last month, the First Movers Coalition (FMC) announced a pledge for buyers of low carbon and recycled aluminium. The FMC mainly focuses on the seven most difficult to abate industrial sectors like aluminium, aviation, chemicals, concrete, shipping, steel, and trucking, as well as the advancement of Carbon Removal technology, which accounts for 30 per cent of the worldwide GHG emissions. FMC signatories are also asked to take on an optional commitment to purchase at least 50 per cent of all aluminium from recycled sources by 2030, in addition to the basic commitment to purchase aluminium. This is in line with the increase from 33 per cent necessary today to the world average by 2050 for the whole industry under a 1.5-degree scenario. To...
LME aluminium opened at US$2,491 per tonne on Wednesday and closed at US$2,472.5 per tonne, down US$14.5 per tonne or 0.58 per cent. LME aluminium cash bid price stood at US$2,451 per tonne, with a 1.92 per cent or US$48 per tonne slump, according to London Metal Exchange. LME aluminium official settlement price halted at US$2,452 per tonne, experiencing a similar downfall of 1.92 per cent or US$48 per tonne on June 29. 3-month bid price and 3-month offer price demoted by 1.96 per cent or US$49.5 per tonne to rest at US$2,470 per tonne and US$2,470.50 per tonne, respectively. December 23 bid price stood at US$2,500 per tonne, dropping by 1.77 per cent or US$45 per tonne. December 23 offer price closed at US$2,505 per tonne, moving down by US$45 per tonne or 1.76 per cent. LME aluminium...
On Thursday, June 30, China’s A00 aluminium ingot price has slipped by RMB 140 per tonne to settle at RMB 19,230 per tonne, says the Shanghai Metals Market. The average price for the same is expected to hover between RMB 19,210 per tonne and RMB 19,250 per tonne, with spot contracts to be traded at a discount price of RMB -40 per tonne and a premium price of RMB 0 per tonne. The A00 aluminium ingot price has experienced a downfall in almost all the major provinces, except Wuxi and Hangzhou, where the price has escalated by RMB 110 per tonne to score at RMB 19,340 per tonne and RMB 19,400 per tonne. In Gongyi and Chongqing, the price has declined by RMB 140 per tonne to settle at RMB 19,070 per tonne and RMB 19,210 per tonne. As per the SMM data, the price in Foshan has plunged by RMB 150...
Some Japanese aluminium buyers have reportedly agreed to pay a premium of $148 per tonne over the benchmark price for the shipments in the September quarter. Compared to the premium payment of $172 per tonne in the ongoing quarter, it is down by 14 per cent. The news came on Wednesday, June 29, after two sources involved in the pricing talks reported. As per the calculation, the premium price for 3Q2022 has marked a downfall for the third consecutive quarter. In Q2 2022, ending in June, the price has recorded a quarterly drop of $5 per tonne or 2.8 per cent from $177 per tonne in 1Q2022. The premium for 3Q2022 is also lower than the initial offers of $172-$177 made by some producers. In the first quarter of the year, the premium of aluminium shipments to Japan had seen a significant fall...
Step towards a sustainable future of the aluminium industry is expanding across the world. Such was the event in Saxony-Anhalt when alliance partners Aluminum Germany, IG Metall, IG BCE, the Ministry for Science, Energy, Climate Protection and the Environment, and the Ministry for Economics, Tourism, Agriculture and Forestry of the State signed a joint declaration at Novelis in Nachterstedt for a sustainable future of the industry in German state. The news came after the signing of declaration on Tuesday, June 27, which marks a strong commitment of the alliance partners to successfully transform the aluminium industry in Saxony-Anhalt to a sustainable one and strengthen the competitiveness of the industry. Saxony-Anhalt is an important location of aluminium production, with Novelis...
A00 aluminium ingot price has further heightened by RMB 110 per tonne for the third consecutive day to come in at RMB 19,370 per tonne, as recorded by the Shanghai Metals Market on Wednesday, June 29. The average prices are expected to range between RMB 19,350 per tonne and RMB 19,390 per tonne, with spot contracts to be traded at a discount price of RMB 30 per tonne and premium price of RMB 10 per tonne. The provinces in China have measured upstream prices today, with A00 aluminium ingot price rising the highest in Wuxi, Hangzhou and Tianjin by RMB 110 per tonne to RMB 19,340 per tonne, RMB 19,400 per tonne, and RMB 19,330 per tonne. The primary aluminium price in Foshan has gained RMB 80 per tonne to rest at RMB 19,330 per tonne, while the price in Chongqing and Gongyi has grown by RMB...
LME aluminium opened at US$2,488 per tonne on Tuesday and closed at US$2,487 per tonne, down US$1 per tonne or 0.04 per cent. On June 28, both LME aluminium cash bid price and LME aluminium official settlement price hiked by US$46.5 per tonne or 1.89 per cent and US$47 per tonne or 1.91 per cent, to settle at US$2,499 per tonne and US$2,500 per tonne. 3-month bid price and 3-month offer price also surged by US$40.5 per tonne or 1.63 per cent and US$40 per tonne or 1.61 per cent to close at US$2,519.50 per tonne and US$2,520 per tonne. December 23 bid price and December 23 offer price soared up by US$45 per tonne or 1.79 per cent to halt at US$2,545 per tonne and US$2,550 per tonne. LME aluminium opening stock settled at 380675 tonnes. Live warrants and Cancelled warrants for the same day...
The United States has elevated its tariffs on aluminium imports from Russia to 35% from 10.5%-11.0%, taking effect in 30 days. Aluminium product details subject to these new tariffs have not yet been announced. However, it would not influence the MW premium, but it would have a bullish impact on spot billet, PFA, and slab premiums. Tariffs were raised on certain Russian imports by the US on 27th June 2022, including aluminium. The President of the United States Joe Biden delivered a presidential proclamation announcing a 35% tariff on certain US imports from Russia. While the day’s proclamation did not provide details about products, USTR Katherine Tai confirmed in a statement that aluminium is among the products covered by this decision. The official detailed information is yet to be...
Century Aluminum facility in Hawesville has already started its idling process from Monday, June 27. According to Mike Baker, Director of Economic Development for the Industrial Foundation, the shut down of the plant is hurting a lion share of revenue in the region, besides creating unemployment. To support this belief, Baker has further noted that Century Aluminum accounts for nearly $1 million of the country’s tax revenue. ”Hopefully this will be a temporary set back. Obviously we count on our industry for financial support for this community. Our industrial base is the economic engine of our community,” said Baker. Although Century officials are projecting the shutdown to last for nine to twelve months, Baker is worried about the future. According to him, “That’s a long time for a...
Hindalco Industries Limited has again increased its aluminium ingot and aluminium products prices, with effect from Tuesday, June 28, following an intermittent cut of INR 3,500 per tonne on May 25. Today, on June 28, Hindalco’s aluminium ingot price has seen a rise of INR 1,250 per tonne or 0.56 per cent to INR 223,500 per tonne. After a deduction on the previous day, May 25, the price stood at INR 222,250 per tonne. Hindalco’s aluminium wire rod price has also experienced a rise of INR 1,250 per tonne on June 28 to come in at INR 234,600 per tonne versus INR 233,350 per tonne on June 25. The company's aluminium billets price has recorded no exception but a growth of INR 1,250 per tonne to settle at 237,600 per tonne today, as against INR 236,350 per tonne on May 25. Hindalco links its...
LME aluminium opened at US$2,455 per tonne on Monday and closed at US$2,488 per tonne, up US$38 per tonne or 1.55 per cent. LME aluminium cash bid price stood at US$2,452.50 per tonne, with a 0.7 per cent or US$17 per tonne escalation on Monday, June 27. LME aluminium official settlement price halted at US$2,453 per tonne, experiencing an upward strike of 0.7 per cent or US$17 per tonne. 3-month bid price grew by 1.18 per cent or US$29 per tonne to stand at US$2,479 per tonne, while the 3-month offer price experienced a US$29.50 per tonne or 1.2 per cent hike to begin the week at US$2480 per tonne. December 23 bid price stood and December 23 offer price climbed up by US$38 per tonne or 1.54 per cent to rest at US$2,500 per tonne and US$2,505 per tonne, respectively. LME aluminium opening...
On Tuesday, June 28, China’s A00 aluminium ingot price has hiked by RMB 70 per tonne to settle at RMB 19,260 per tonne, with the average price expected to range between RMB 19,240 per tonne and RMB 19,280 per tonne and spot contract to be traded at a discount price of RMB -20 and a premium price of RMB 20 per tonne. The A00 aluminium ingot price has grown in almost all the provinces in China, except in Linyi, where the price has remained restrained to score at RMB 19,310 per tonne. The price in Chongqing and Shenyang has surged the highest by RMB 110 per tonne to settle at RMB 19,310 per tonne and RMB19,230 per tonne. The price in Tianjin has moved up by RMB 30 per tonne to settle at RMB 19,220 per tonne. On the same day in Gongyi and Foshan, the price has experienced a growth of RMB 10...
Today, Emirates Global Aluminium (EGA), the largest industrial organisation in the United Arab Emirates (UAE), excluding oil and gas, declared that the company is attaching wearable technologies to its employees under its ‘Beat the Heat’ programme. This move is to diminish heat-induced illnesses amongst industrial workers in the hot summers of the UAE. This year, fifty volunteers who were sweating their way around EGA’s potlines were tagged with devices to monitor critical health indicators like heart rate, sweating rate and core body temperature. Real-time data would get conveyed to supervisors and EGA’s in-house health team, who warn the authorities of possible threats to an individual’s health. By using this technology, the company will detect the emerging signs of serious health...
On June 21, Rocky Mountain Institute (RMI) announced that three of the world's largest lenders to the aluminium industry, Citi, ING, and Societe Generale, will collaborate with the centre for climate-aligned finance of RMI to support the decarbonisation of the industry. The new Aluminum Climate-Aligned Finance Working Group, of which Aluminium Stewardship Initiative (ASI) is a member, intends to establish uniformity and openness in reporting and monitoring progress toward climate commitments. The purpose of the Aluminum Climate-Aligned Finance Working Group is to develop collective climate-aligned finance (CAF) framework that specifies how lenders might assist in the decarbonisation of the aluminium sector, which is responsible for 2% of all yearly greenhouse gas emissions. “In order to...
Qatalum, a joint venture aluminium smelter between Qatar Petroleum and Norsk Hydro, has reportedly bagged dual certifications from the Aluminium Stewardship Initiative. For primary aluminium smelting and manufacturing foundry alloys & extrusion ingots at Mesaieed Industrial City, Qatar, the smelter has received both the Performance Standard and Chain of Custody Standard certifications. Qatalum has an annual production capacity of 660,000 tonnes of primary aluminium, foundry alloy and extrusion ingots, destined for a variety of industries like automotive, construction, engineering, and consumer goods manufacturing. The ASI Performance Standard certification acknowledges 59 environmental, social and governance principles and criteria, aiming at addressing sustainability issues in the...
A00 aluminium ingot price has heightened by RMB 30 per tonne to begin the week at RMB 19,190 per tonne, as recorded by the Shanghai Metals Market on Monday, June 27. The average prices are supposed to range between RMB 19,170 per tonne and RMB 19,210 per tonne, with spot contracts trading at a premium price of RMB 0-40 per tonne. The provinces in China have measured several inconsistencies today, with primary aluminium ingot prices declining the highest in Gongyi by RMB 100 per tonne to stop at RMB 19,160 per tonne. The primary aluminium price in Foshan has gained RMB 30 per tonne to rest at RMB 19,160 per tonne, while the prices in Wuxi and Hangzhou have witnessed a rise of RMB 20 per tonne to halt at RMB 19,190 per tonne and RMB 19,230 per tonne, respectively. Tianjin, on the other...
LME aluminium opened at US$2,468 per tonne last Friday and closed at US$2,450 per tonne, down US$18 per tonne or 0.73 per cent. On Friday, June 24, both LME aluminium cash bid price and LME aluminium official settlement price inclined downwards by US$42.5 per tonne or 1.71 per cent and US$44 per tonne or 1.77 per cent. As per the data, LME aluminium cash bid price settled at US$2,435.50 per tonne, and LME aluminium official settlement price closed at US$2,436 per tonne. 3-month bid price and 3-month offer also drifted downwards by US$43 per tonne or 1.72 per cent and US$43.5 per tonne or 1.74 per cent to record at US$2,450 per tonne and US$2,450.50 per tonne. December 23 bid price and December 23 offer price plunged by US$38 per tonne to score at US$2,462 per tonne and US$2,467 per tonne....
Vedanta Limited reduced its aluminium ingot and aluminium products prices on an alternate day after escalating the prices on Friday, June 24. With effect from Saturday, June 25, Vedanta’s aluminium ingot price saw a slash of INR 3,750 per tonne or 1.66 per cent to INR 222,000-255,000 per tonne. On the previous day, the price stood at INR 225,750- 258,750, up by INR 2,250 per tonne from INR 223,500-256,500 per tonne on June 23. Vedanta also cut its aluminium billet price by INR 3,750 per tonne on June 25 to sell the product at INR 231,000 per tonne versus INR 234,750 on June 24. Aluminium wire rod price came in at INR 229,500- 237,000 per tonne, with effect from June 25, seeing a deduction by the same amount from 233,250- 240,750 on June 24. Vedanta Limited links its aluminium ingot and...
