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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According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a sharp decline of 68,000 tonnes week-on-week. Therefore, as of Thursday, June 16, the inventories totalled 785,000 tonnes, which in comparison with Monday, June 13, dwindled by 40,000 tonnes. Last week, on June 9, primary aluminium inventories fell by 29,000 tonnes from the earlier week across eight major consumption areas, including SHFE warrants, to come in at 853,000 tonnes. This reflects an increased rate of downfall in inventories, attributing to the active transactions amid falling aluminium prices. The chart below indicates the current status of primary aluminium inventories across China in more details: Among eight major Chinese provinces, Wuxi experienced the highest fall on June 16, as...
LME aluminium opened at US$2,619 per tonne on Thursday and closed at US$2,521.5 per tonne, down US$93.5 per tonne or 3.58 per cent. On Thursday, June 16, both LME aluminium cash bid price and LME aluminium official settlement declined by US$79 per tonne or 3.06 per cent and US$79.5 per tonne or 3.08 per cent to settle at US$2,500 per tonne and US$2,500.50 per tonne. 3-month bid price and 3-month offer price plunged by US$70 per tonne or 2.69 per cent and US$69.5 per tonne or 2.67 per cent to close at US$2,524 per tonne and US$2,525 per tonne. December 23 bid price and December 23 offer price also went down by US$62 per tonne to halt at US$2,518 per tonne and US$2,523 per tonne. LME aluminium opening stock stopped at 411575 tonnes. Live warrants and Cancelled warrants recorded at 172000...
Germany is known as the home of Automotive Engineering. Aluminium alloy ingots are extensively used in the sand casting process for making critical components of various Engineering and Automotive Industries. Popular components like Aluminium alloy wheels of cars and the oil sump of auto engines are made using this alloy. The largest manufacturing economy in Europe, Germany imported 4.07 million tonnes of aluminium alloy ingots during 2019-21, incurring a revenue outflow of around $7.01 billion for the import. In 2019, the Western European nation, Germany imported 1.2 million tonnes of aluminium alloy ingot, which counted an expenditure of $1.99 billion, whereas, in 2020, the import witnessed a growth of 7.50%, as the import volume excelled to 1.29 million tonnes, while expenditure sunk...
A00 aluminium ingot price in China has extended its rise for the second day in a row by RMB 90 per tonne to RMB 20,160 per tonne, found the Shanghai Metals Market. The average prices are expected to range between RMB 20,140 per tonne and RMB 20,180 per tonne, with spot contract to be traded at a discount price of 20 and a premium price of RMB 20 per tonne. In Foshan, the primary aluminium ingot price has recorded a maximum hike of RMB 150 per tonne to RMB 20,210 per tonne, followed by the increase of RMB 80 per tonne in Wuxi to RMB 20,170 per tonne. In Hangzhou and Chongqing, A00 aluminium ingot price has escalated by RMB 70 per tonne and RMB 60 per tonne to come in at RMB 20,170 per tonne and RMB 20,220 per tonne, respectively, while the price in Shenyang and Tianjin has expanded by RMB...
LME aluminium opened at US$2,567 per tonne on Wednesday and closed at US$2,615 per tonne, up US$57 per tonne or 2.23 per cent. But LME aluminium cash bid price and LME aluminium official settlement price continued to drop on June 15, marking the fifth consecutive day of downfall. Both the prices experienced a fall of US$8 per tonne to come in at US$2,579 per tonne and US$2,580 per tonne, respectively. 3-month bid price and 3-month offer price stood at US$2,594 per tonne and US$2,594.50 per tonne, down by US$16 per tonne and US$16.50 per tonne, respectively. December 23 bid price and December 23 offer price closed at US$2,580 per tonne and US$2,585 per tonne, seeing a fall of 0.31 per cent from the previous day. LME aluminium opening stock further decreased to 416125 tonnes as of June 15....
Hindalco Industries Limited continued to trim its aluminium ingot and aluminium products prices in line with the downtrend price on the London Metal Exchange. With effect from June 14, Hindalco slashed its aluminium ingot price by INR 8,000 per tonne or 3.3 per cent to INR 234,750 per tonne. On June 11, the company’s aluminium ingot price stood at INR 242,750 per tonne, seeing a cut of INR 5,500 per tonne or 2.22 per cent. Hindalco Industries also reduced its aluminium wire rod price by INR 8,000 per tonne from INR 253,850 per tonne on June 11 to INR 245,850 per tonne on June 14. Aluminium billets price was no exception but experienced a cut by the same amount to INR 248,850 per tonne. With effect from June 11, the price came in at INR 256,850 per tonne, down by 2 per cent from the...
LME aluminium opened at US$2,637 per tonne on Tuesday and closed at US$2,558 per tonne, down US$79 per tonne or 3 per cent. LME aluminium cash bid price collapsed to US$2,587 per tonne with a 0.08 per cent or US$2 per tonne decline, according to London Metal Exchange. The LME aluminium official settlement price halted at US$2,588 per tonne, experiencing a downfall of 0.06 per cent or US$1.50 per tonne, on June 14. The 3-month bid price and the 3-month offer price escalated by 0.19 per cent or US$5 per tonne to US$2,610 per tonne and US$2,611 per tonne, respectively. December 23 bid price stood at US$2,588 per tonne, rising 0.5 per cent or US$13 per tonne. The December 23 offer price closed at US$2,593 per tonne, going up by US$13 per tonne or 0.5 per cent. LME aluminium opening stock...
The international energy, real estate and transport law firm, Watson Farley & Williams (“WFW”) has advocated Greenalia on the negotiation and execution of a long-term power purchase agreement (“PPA”) to supply up to 183 MW of baseload wind energy to Alcoa’s San Ciprián aluminium smelter in Spain. The A Coruña, Spain headquartered independent renewable energy producer, Greenalia is operating across Europe, especially the Iberian Peninsula, the Canary Islands, and the United States. In all areas where it operates, the company uses wind, solar, and biomass energy from certified plants to make electricity, creating green jobs and bringing innovation. The electricity will come from a group of up to 29 wind farms Greenalia plans to install in the northern region of Galicia, with a focus on...
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On Wednesday, June 15, the A00 aluminium ingot price in China halted at RMB 20,070 per tonne, after witnessing a hike of RMB 150 per tonne. As per the SMM data, the average price is expected to stand between RMB 20,050 per tonne and RMB 20,090 per tonne, with spot contract to be traded at a premium price of RMB 70 per tonne to RMB 110 per tonne. The primary aluminium ingot price in Hangzhou and Chongqing has hiked by RMB 170 per tonne to settle at RMB 20,150 per tonne and RMB 20,120 per tonne. On the same day, the price in Gongyi and Foshan has surged by RMB 210 per tonne and RMB 200 per tonne to stop at RMB 20,260 per tonne and RMB 20,060 per tonne. The price in Wuxi and Shenyang has ascended by RMB 160 per tonne and RMB 120 per tonne to halt at RMB 20,090 per tonne. As per the SMM data,...
Vedanta Limited has more significantly reduced its aluminium ingot and aluminium products selling prices, with effect from June 14, in response to the LME aluminium price plunge for the third consecutive day. Vedanta has notified a cut of INR 8,000 per tonne or 3 per cent on its aluminium ingot to sell it at INR 234,500- 267500 per tonne versus INR 242,500 -275,500 per tonne on June 11. Vedanta’s aluminium wire rod price has also suffered a loss of INR 8,000 per tonne, ranging between INR 242,000- 249,500 per tonne, with effect from June 14. On June 11, the company’s aluminium wire rod price stood at INR 250,000-257500 per tonne after being reduced by INR 5,500 per tonne. Aluminium billets price has come in at INR 243,500 per tonne, also down by INR 8,000 per tonne from INR 251,500 per...
China’s social inventories of primary aluminium decreased over the weekend by 28,000 tonnes across eight major consumption areas, including SHFE warrants, to come in at 825,000 tonnes on Monday, June 13, found the Shanghai Metals Market. On a week-on-week calculation, the inventories recorded a plunge of 49,000 tonnes or 5.61 per cent, showed SMM. This fall indicates the fact that the actual transaction situation is not as strong as the destocking trend. The chart below indicates the current status of primary aluminium inventories across China in more details: In Nanhai and Wuxi, primary aluminium inventories plummeted by 16,000 tonnes and 15,000 tonnes over the weekend to stand at 203,000 tonnes and 333,000 tonnes, respectively. Over the week, the inventories in those two provinces...
LME aluminium opened at US$2,674 per tonne on Monday and closed at US$2,637 per tonne, down US$45.5 per tonne or 1.7 per cent. On Monday, June 13, both LME aluminium cash bid price and LME aluminium official settlement price dropped majorly by US$105.5 per tonne or 3.91 per cent, due to the sluggish economic development resulting in reduced market demand for the metal. The price for the same closed at US$2589 per tonne and US$2589.50 per tonne. 3-month bid price and 3-month offer price plunged by US$104.5 per tonne or 3.85 per cent and US$104 per tonne or 3.83 per cent to halt at US$2,605 per tonne and US$2,606 per tonne. December 23 bid price and December 23 offer price declined by US$83 per tonne to come in at US$2,575 per tonne and US$2,580 per tonne. LME aluminium opening stock...
Ghana, popularly known for abundant bauxite reserves, is now reportedly aiming at creating an integrated aluminium industry in the country, said Ghana Lands and Natural Resources minister Samuel Jinapor on Monday, June 13. With that aim, Ghana is running campaigns and trying its best to find a strategic partner which would help upgrade a state-owned Volta Aluminium Company’s (VALCO) aluminium smelter, said Jinapore on the same day at the Africa CEO Forum conference in Abidjan. "Today we are insisting ... that exploration, prospecting, mining, refining, smelting, the downstream industry, all of it must be in Ghana," Jinapor said. Ghana’s move to turn the country into an integrated aluminium producer and expand domestic processing capabilities looks like Africa’s another top bauxite...
Hindalco Industries Limited narrowed down its aluminium ingot and aluminium products prices, with effect from Saturday, June 11, following a hike on June 9. Hindalco’s aluminium ingot price came in at INR 242,750 per tonne, seeing a cut of INR 5,500 per or 2.22 per cent from INR 248,250 per tonne. Hindalco’s aluminium wire rod price also experienced a slash of INR 5,500 per tonne from INR 259,350 per tonne on June 9 to INR 253,850 per tonne on June 11. Hindalco’s aluminium billets price was no exception but also underwent a cut by the same amount to stand at INR 256,850 per tonne. Hindalco reduced its aluminium ingot and aluminium products prices on Saturday in response to the back-to-back downfall in the LME aluminium benchmark price on June 9 and 10 by US$70.50 per tonne to hit...
The subsidiary of Vedanta Aluminium Business and India’s iconic aluminium producer, Bharat Aluminium Company Limited (BALCO) is using biomass briquettes as a fuel mix, to improve the sustainability of thermal power generation. The Korba-Chhattisgarh-based aluminium producer is utilizing 40-50 tonnes of biomass briquettes per day and further plans to augment the quantum of biomass consumption to scale down its dependency on fossil fuel. As a result of this initiative, BALCO's GHG emissions are expected to be diminished by 4.3 lakh tonnes of CO2 equivalent each year, showing a clear path towards Vedanta Aluminium's net-zero carbon target by 2050. Additionally, since these biomass briquettes are made from agricultural waste, under guidelines issued by the Ministry of Power, Government of...
LME aluminium opened at US$2,760 per tonne last Friday and closed at US$2,682.5 per tonne, a drop of US$77.5 per tonne or 2.81 per cent. LME aluminium price has decreased exponentially due to weak economic growth diminishing the metals’ demand in the market. Moreover, the second round of Covid-19 lockdowns in China has been instrumental in the interest rate hike. LME aluminium cash bid price and LME aluminium official settlement price plunged to the lowest in six months on Friday, June 10, by US$57.50 per tonne or 2.09 per cent to stand at US$2,694.50 per tonne and US$2,695 per tonne, respectively. The 3-month bid price fell 2.71 per cent or US$ 75.50 to close at US$ 2,709.50 per tonne, followed by the 3-month offer price losing US$76 per tonne or 2.73 per cent to settle at US$2,710 per...
On Monday, June 13, A00 aluminium ingot price in China halted at RMB 20,100 per tonne, falling sharply by RMB 400 per tonne, as shown in the SMM data. The average price is expected to hover between RMB 20,080 per tonne and RMB 20,120 per tonne, with spot contract to be traded at a discount price of RMB -50 per tonne and RMB -10 per tonne. As per the SMM data, the price in Foshan and Hangzhou has plummeted by RMB 400 per tonne to settle at RMB 20,010 per tonne and RMB 20,150 per tonne, respectively. In Gongyi and Wuxi, the price has plunged by RMB 370 per tonne and RMB 390 per tonne to record at RMB 20,180 per tonne and RMB 20,100 per tonne. The A00 aluminium ingot price in Shenyang and Tianjin has slumped by RMB 400 per tonne and RMB 420 per tonne to stop at RMB 20,100 per tonne and RMB...
The global aluminium primary aluminium segment witnessed a lot of significant changes. To begin with, the news that garnered the most attention this week was the appointment of Satish Pai as the new board chairman of the International Aluminium Institute. Satish Pai is the Managing Director of Hindalco Industries, one of the world’s largest integrated aluminium producers. Also on the occasion of World Environment Day, Vedanta Aluminium’s CEO Rahul Sharma stated that the company's climate measures resulted in a 12% reduction in carbon emissions intensity at several of its smelters in FY2022. Under the market forefront, China produced 3.435 million tonnes of aluminium in May (31 days), up 4.15 per cent over the previous month's 3.298 million tonnes (30 days), says the data from SMM. On...
