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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Vedanta Limited expanded its aluminium ingot and aluminium products prices, with effect from Tuesday, May 31, following a cut last week on May 26. The company heightened its aluminium ingot price by INR 2,750 per tonne or 1 per cent to the range of INR 255,500 – 291,200 per tonne versus INR 252,750- 288,450 per tonne on May 26. Vedanta’s aluminium billets price came in at INR 263,500 per tonne, 260750 on May 31, experiencing an increase of INR 2,750 per tonne from INR 260,750 per tonne. Aluminium wire rod price also witnessed a rise by the same amount to stand at INR 263,000 – 270,500 per tonne. Vedanta Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which during May 26-30 trended up by US$37.50 per...
LME aluminium opened at US$2,885 per tonne on Tuesday and closed at US$2,789 per tonne, experiencing a sharp downfall of $91 per tonne or 3.16 per cent. On Tuesday, May 31, LME aluminium cash bid price witnessed a plunge of US$46 per tonne, while LME aluminium official settlement price slumped by US$46.50 per tonne. That brought the prices to US$2,816 per tonne and US$2,816.50 per tonne, respectively, for the day. 3-month bid price and 3-month offer price also saw a considerable downfall of US$42 per tonne and US$41 per tonne to come in at US$2,848 per tonne and US$2,850 per tonne. December 23 bid price and December 23 offer price experienced a fall of US$40 per tonne to US$2,805 per tonne and US$2,810 per tonne, respectively. LME aluminium opening stock further declined to 458875 tonnes...
LME aluminium opened at US$2,885 per tonne on Monday and closed at US$2,880 per tonne, an increase of US$11.5 per tonne or 0.4 per cent. On Monday, May 30, LME aluminium cash bid price and LME aluminium official settlement price settled at US$2,862 per tonne and US$2,863 per tonne, after witnessing a hike of US$39.5 per tonne or 1.39 per cent and US$40 per tonne or 1.41 per cent. 3-month bid price and 3-month offer price went on to ascend by US$45 per tonne or 1.58 per cent and US$44 per tonne or 1.54 per cent to peg at US$2,890 per tonne and US$2,891 per tonne. As per the LME price sheet, December 23 bid price and December 23 offer price, both of them experienced a growth of US$40 per tonne or 1.42 per cent to halt at US$2,845 per tonne and US$2,850 per tonne. LME aluminium Opening stock...
LME aluminium opened at US$2,867 per tonne last Friday and closed at US$2,868.5 per tonne, an increase of US$2.5 per tonne or 0.09 per cent. LME aluminium cash bid price and LME aluminium official settlement price settled at US$2,822.50 per tonne and US$2,823 per tonne, respectively, both experiencing a decrease of US$2.5 per tonne or 0.08 per cent, as of May 27, Friday. 3-month bid price and 3-month offer price for the same day declined by US$11 per tonne or 0.38 per cent, and US$10 per tonne or 0.35 per cent to score at US$2,845 per tonne and US$2,847 per tonne, respectively. December 23 bid price and December 23 offer price shrank by US$8 per tonne or 0.28 per cent to stop at US$2,805 per tonne and US$2,810 per tonne. LME aluminium opening stock dropped by 4575 tonnes or 0.96 per cent...
On 27 th May 2022, the first aluminium smelter in the Middle East, Aluminium Bahrain (Alba), as a part of the effort to increase its presence in the Asian-Pacific market, opened a sales office in Singapore. An official inauguration took place for the new sales office and was done by the Chairman of Alba’s Board of Directors, Shaikh Daij bin Salman bin Daij Al Khalifa, during a ceremony that was held in the presence of Alba’s Chief Executive Officer, Ali Al Baqali, as well as its Chief Marketing Officer, Khalid A. Latif, and Director Marketing MEA – Asia, Hisham Al Kooheji as well as VAP Marketing Manager Shoji Takeuchi who looks after the operations of the Singaporean office. Shaikh Daij bin Salman bin Daij Al Khalifa, while speaking at this event said, “Our expansion into Singapore marks...
The aluminium industry is slowly taking its step toward a greener and more sustainable environment. For example, to minimize greenhouse gas emissions, GE Power had signed a contract to upgrade Emirates Global Aluminium’s (EGA) Al Taweelah power plant gas turbines. This idea will assist the UAE to achieve its intended Net-Zero strategic objectives by 2050 by limiting the severity of greenhouse gas emissions. Not only this, EGA had also hosted a meeting with the global aluminium industry executives to explore how to decarbonize electrical generation and achieve net-zero emissions by 2050. Under the market forefront, on Monday, May 23, the benchmark aluminium price for SHFE increased by US$39 per tonne to US$3,129 per tonne, and then dropped by US$9 per tonne the next day to US$3,120 per...
The LME aluminium benchmark price has showcased a downswing this week after a prolonged period of hikes. Although both the LME aluminium cash bid price and LME aluminium official settlement price started the week on Monday, May 23, with a jump of US$32 per tonne to US$2,962 per tonne and US$2,963 per tonne, the prices began to decrease from the next day US$81.50 per tonne and US$82 per tonne, respectively, to come in at US$2,880.50 per tonne and US$2,881 per tonne. On Wednesday, May 25, both LME aluminium cash bid price and LME aluminium official settlement price extended decline to US$2,829 per tonne and US$2,829.50 per tonne and moved further down to US$2,825 per tonne and US$2,825.50 per tonne on Thursday, May 26. On Friday, May 27, both the LME prices slipped to US$2,822.50 per tonne...
A00 aluminium ingot price in China has declined by RMB 250 per tonne to close the week, ending June 17, lower than RMB 20,000 per tonne. According to the Shanghai Metals Market, the price has precisely settled at RMB 19,910 per tonne, with average prices estimated to range between RMB 19,890 per tonne and RMB 19,930 per tonne and spot contracts to be traded at a discount price of 20 and a premium price of RMB 20 per tonne. In Tianjin, the primary aluminium ingot price has recorded the maximum decrease of RMB 280 per tonne to RMB 19,880 per tonne, followed by an RMB 270 per tonne cut in Shenyang to RMB 19,870 per tonne. In Hangzhou and Foshan, the A00 aluminium ingot price has nosedived by RMB 250 per tonne to come in at RMB 19,970 per tonne and RMB 19,960 per tonne, respectively. The...
LME aluminium opened at US$2,875 per tonne on Thursday and closed at US$2,866 per tonne, down US$2 per tonne or 0.07 percent. On Thursday, May 26, both LME aluminium cash bid price and LME aluminium official settlement price moved down for the third day to settle at US$2,825 per tonne and US$2,825.50 per tonne, after witnessing a drop of US$4 per tonne or 0.14 percent. 3-month bid price and 3-month offer price also went down by US$1.5 per tonne or 0.05 percent and US$1 per tonne or 0.03 percent to score at US$2,856 per tonne and US$2,857 per tonne. December 23 bid price and December 23 offer price declined by US$9 per tonne or 0.31 percent to total at US$2,813 per tonne and US$2,818 per tonne. For the same day, LME aluminium opening stock halted at 475650 tonnes. Live warrants and...
National Aluminium Company Limited (NALCO) further increased its aluminium ingot and aluminium products prices, although at a much slower rate than the previous time, in tandem with the growth in the LME aluminium benchmark price during May 19-24. With effect from Wednesday, May 25, NALCO raised its aluminium ingot price by INR 3,200 per tonne to INR 259,050 – 262,550 per tonne, as against INR 255,850 – 259,350 per tonne on May 19. NALCO’s aluminium billets price also saw an increase of INR 3,200 per tonne to INR 262,500 – 265,150 per tonne on May 25 from INR 259,300 – 261,950 per tonne on May 19. With the latest rise, the company’s aluminium wire rod price has been ranging between INR 261,550 – 265,900 per tonne in contrast to INR 258,350 – 262,700 per tonne. During May 19-24, the LME...
Social inventories of primary aluminium in China have decreased by 28,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants, found the Shanghai Metals Market. That brought the inventories to 937,000 tonnes on Thursday, May 26, which compared to Monday, May 23, were down by 5,000 tonnes. Weak arrivals of stocks against stable outflows led to the further decline in primary aluminium inventories. The chart below indicates the current status of primary aluminium inventories across China in more details: The decline in inventories this we led by Wuxi, wherein stocks have plunged by 26,000 tonnes week-on-week to come in at 415,000 tonnes, followed by the decrease of 8,000 tonnes in Gongyi to 77,000 tonnes. In Shanghai and Chongqing, primary aluminium inventories...
According to preliminary estimates released by the Aluminum Association, as part of its Aluminium Situation report, North American (U.S. and Canada) aluminium demand in the first quarter of 2022 (1Q2022) had increased by 5.3 percent. This comes after an expected 8.2 percent increase in demand through the end of 2021 (up from 7.7 percent before), and amid a period of strong investment by aluminium producers, fabricators, and recyclers in the United States. “The picture for the U.S. aluminum industry remains very strong. Economic recovery, demand for recyclable and sustainable materials and robust trade enforcement are all making America a very attractive place to make aluminum – as evidenced by the fastest pace of investment for the industry in decades,” said Charles Johnson, president &...
The money set aside by the owners of Tiwai Point aluminium smelter for the shutting and cleaning up of the smelter has nearly doubled to $687 million. The main reason for this price jump was to get rid of more than 200,000 tonnes of spent cell lining waste that contains cyanide and toxic fluoride by 2029. The hike in funding from $352 million to $687 million appears to be a positive gesture to the government and community organisations that had previously expressed their reservations about the government's commitment to a complete clean-up. The smelter's owners are discussing with Meridian Energy, the smelter's primary power supplier, about the price of energy the smelter will have to pay to stay open beyond 2024, a trend that has reduced their profit for the year. However, Pacific...
On 25 th May 2022, the leader in the global commodity sector, Trafigura Group Pte Ltd. adhered as a founding member of the First Movers Coalition, which is led by the World Economic Forum and the US government, the First Movers Coalition (FMC) aims the heavy industry and long-distance transport sectors responsible for 30% of global emissions – a proportion expected to inflate to over 50% by mid-century without urgent progress on clean technology innovation. However, the announcement of a vital expansion of the First Movers Coalition was compelled by John Kerry, the US Special Presidential Envoy for Climate alongside Bill Gates, the founder of Breakthrough Energy, at a press briefing hosted by the World Economic Forum at its Annual Meeting 2022. The US President Biden launched the...
On Wednesday, May 25, National Aluminium Company Limited (NALCO), the Navratna CPSE, announced its fiscal report for 2021-22, revealing robust performances and surpass of several milestones. The company said in a regulatory filing that it achieved the best ever annual production and sales during FY2022 and therefore earned highest revenue from operations and highest net profit of INR 14,181 crore and INR 2,952 crore, respectively. Soaring aluminium prices and uptick in global demand led to this multi-fold increase in turnover and consequent profit that soared by 227 per cent year-on-year. For the last quarter ended March 31, the company reported a consolidated profit of INR 1,025.46 crore, an increase of 9.5 per cent from INR 935.74 crore during the corresponding period of the previous...
A00 aluminium ingot price has declined by RMB 30 per tonne to settle at RMB 20,500 per tonne on Thursday, May 26, dropping for the third day, as noted by the Shanghai Metals Market (SMM). The average prices are estimated to range between RMB 20,480 per tonne and RMB 20,520 per tonne, with spot contracts trading at a discount price of RMB 30 per tonne and a premium price of RMB 10 per tonne. Only in Tianjin the primary aluminium ingot price has witnessed a rise of RMB 40 per tonne to RMB 20,520 per tonne, today. The other provinces in China, Hang Zhou, Chong Qing and Shenyang, have suffered an RMB 30 per tonne cut. The price of aluminium ingots in Hang Zhou has stopped at RMB 20,550 per tonne, followed by RMB 20,500 per tonne at Chong Qing and RMB 20,450 per tonne at Shenyang. In Gyongi...
LME aluminium opened at US$2,889.5 per tonne on Wednesday and closed at US$2,868 per tonne, down US$9 per tonne or 0.31 per cent. On Wednesday, May 25, both LME aluminium cash bid price and LME aluminium official settlement price dropped for the second day by US$51.5 per tonne or 1.78 per cent to settle at US$2,829 per tonne and US$2,829.50 per tonne. 3-month bid price and 3-month offer price declined by US$49.5 per tonne or 1.70 per cent and US$50 per tonne or 1.71 per cent to score at US$2,857.50 per tonne and US$2,858 per tonne. December 23 bid price and December 23 offer price also inched down by US$1 per tonne or 0.03 per cent to close at US$2,822 per tonne and US$2,827 per tonne. LME aluminium opening stock halted at 481650 tonnes. Live warrants and Cancelled warrants for the same...
On Wednesday, May 25, Emirates Global Aluminium (EGA) greeted aluminium industry leaders from all over the world in Dubai at the 50th-anniversary meeting of the International Aluminium Institute (IAI). The International Aluminium Institute brings together the global aluminium industry to promote industry’s activities and responsibilities towards the production of green aluminium and its sustainable usage. IAI has members from all verticals of the industry like bauxite, alumina, and aluminium. The activities of the association are monitored by a Board of Directors, with each member company represented at a senior executive level. After the meet and greet, IAI board members paid a visit to Dubai Electricity and Water Authority’s Mohammad bin Rashid Al Maktoum Solar Park to hear about the...
