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 Industries’ aluminium ingot and aluminium products prices further trended up by INR 2,750 per tonne or 1 per cent, with effect from Tuesday, May 25. That brought the company’s aluminium ingot price to INR 264,500 per tonne versus INR 261,750 per tonne on May 21. Hindalco’s aluminium wire rod price came in at INR 275,600 per tonne, seeing a rise from INR 272,850 per tonne on the previous day. Aluminium billets price stood at INR 278,600 per tonne, in contrast to INR 275,850 per tonne on May 21. Hindalco continued to grow its aluminium ingot and products prices in response to the LME aluminium benchmark price rally by US$32 per tonne from US$2,931 per tonne on May 22 to US$2,963 per tonne on May 23. Aluminium operations of the company, excluding those of its US arm Novelis Inc.,...
In the face of rising energy prices, Europe's major aluminium smelters are continuing to reduce output. Over the last year, the region's output of light metal has decreased by an annualised 550,000 tonnes, with the decline continuing. With European smelters already grappling with the rising electricity costs, the geopolitical crisis has further worsened the region's energy crisis, with forward electricity prices hitting new highs regularly. The cost of operating Europe's aluminium smelters is constantly growing, with no prospect of respite in sight. According to the International Aluminium Institute's latest estimate, Western European primary aluminium output was 244,000 tonnes in April. Since the beginning of 2022, aluminium output in Eastern Europe has also decreased. April output was...
Three-month LME aluminium opened at US$2,957 per tonne on Tuesday and closed at US$2,877 per tonne, down US$78 per tonne or 2.64 per cent. Both LME aluminium cash bid price and LME aluminium official settlement price decreased on Tuesday, May 24, after two consecutive days of hike. While the former slumped by US$81.50 per tonne or 2.75 per cent to come in at US$2,880.50 per tonne, the latter plummeted by US$82 per tonne or 2.77 per cent to settle at US$2,881 per tonne. 3-month bid price and 3-month offer price also recorded a sharp downfall of US$66 per tonne and US$67 per tonne to close at US$2,907 per tonne and US$2,908 per tonne, respectively. December 23 bid price and December 23 offer price slipped by US$32 per tonne or 1.12 per cent to record at US$2,823 per tonne and US$2,828 per...
The Norwegian aluminium company, Norsk Hydro has stated by delivering a statement that there is a possibility to shut down its majority-owned aluminium smelter in Slovakia without the government in the nation coming out to support financially through the carbon compensation scheme. The Slovalco aluminium smelter is 55.3% owned by Norsk Hydro and the remaining 44.7% is held by Penta Investments Group, with the capacity to produce 175,000 tonnes per year of aluminium already operating only at a 60% capacity of 105,000 tonnes. Due to record high electricity prices, aluminium smelters in Europe have reduced production by 800,000 to 900,000 tons annually in recent months. As a result, the transport, packaging, and construction industries have experienced deficits and higher prices for...
The Gulf aluminium giant, Emirates Global Aluminium (EGA) and the American energy technology company, GE Power, have successfully collaborated on the up-gradation of four readily installed GE 9F gas turbines at the EGA’s Al Taweelah power plant. This notion will help contain the severity of the greenhouse gas emissions, aiding UAE in achieving its proposed Net-Zero strategic initiative by 2050. With a similar amount of fuel utilised, the upgraded facilities will generate 72 megawatts (MW) more power than what they used to produce with those four turbines. Greenhouse gas emissions would be lessened by 74,000 tonnes annually to yield the previous power output of 920 MW which is parallel to the removal of 16,000 cars from the roads of the UAE. Ge Power’s Advanced Gas Path (AGP) enhancement...
The General Administration of Customs found China’s total exports of prebaked anode reached 185,500 tonnes in April 2022, which were 8.22 per cent higher month-on-month and 63.86 per cent year-on-year. Export value amounted to US$192 million, with a unit price of $1,035.81 per tonne. China exported its lion share of prebaked anode to Malaysia in April 2022, a volume of 48,700 tonnes which accounted for 26 per cent of the country’s total export volume. The value of the export to Malaysia stood at almost US$42 million, with a unit price at US$855.24 per tonne. Norway was the second leading destination for China’s prebaked anode exports, securing 33,600 tonnes. That accounted for 18 per cent of China’s total exports, with a value of US$36.5 million and a unit price of US$1,087.18 per tonne....
According to the Shanghai Metals Market, social inventories of primary aluminium in China decreased by 42,000 tones week-on-week across eight major consumption areas, including SHFE warrants, to come in at 942,000 tonnes as of Monday, May 23. Compared to last Thursday, May 19, primary aluminium inventories declined by 23,000 tonnes and from the end of April shrank by 21,000 tonnes. Low arrivals of stocks and normal shipments out of warehouses caused the decline in inventories. The chart below indicates the current status of primary aluminium inventories across China in more details: In terms of region, Wuxi and Gongyi contributed most of the decline on Monday, May 23. In Wuxi, inventories plunged by 14,000 tonnes from Thursday and 28,000 tonnes from last Monday to stand at 427,000 tonnes,...
LME aluminium opened at US$2,975 per tonne on Monday and closed at US$2,955 per tonne, down US$14.5 per tonne or 0.49 percent. On Monday, May 23, both LME aluminium cash bid price and LME aluminium official settlement price hiked by US$32 per tonne or 1.09 per cent to settle at US$2,962 per tonne and US$2,963 per tonne, respectively. 3-month bid price and 3-month offer price also soared up by US$40 per tonne or 1.36 per cent to score at US$2,973 per tonne and US$2,975 per tonne. December 23 bid price and December 23 offer price increased by US$10 per tonne or 0.35 per cent to record at US$2,855 per tonne and US$2,860 per tonne. LME aluminium opening stock came in at 497250 tonnes. Live warrants and Cancelled warrants for the same day scored at 194175 tonnes and 303075 tonnes. LME...
In April 2022, primary aluminium production in Africa stood at 131,000 tonnes, registering a month-on-month downfall of 6,000 tonnes or 4.38 per cent, showed the International Aluminium Institute data. In March, primary aluminium output was 137,000 tonnes, seeing a hike of 11.38 per cent from 123,000 tonnes in February. On a year-on-year basis, primary aluminium production in Africa during April’22 stood only 1,000 tonnes higher than 130,000 tonnes. In total four months of the year 2022, Africa produced 528,000 tonnes of primary aluminium, up by 2.52 per cent or 13,000 tonnes from 515,000 tonnes of output during the same period last year. World primary aluminium production during January-April 2022 amounted to 22.148 million tonnes, down by 1.06 per cent from 22.385 million tonnes during...
On 22 nd May 2022, the Micro, Small and Medium Enterprises (MSME) sector players of India praised the government’s decision to lessen the duty on raw materials for steel and plastics in a way to reduce the prices. However, the sector owners stated that to ensure Indian exporters are not outbid by rivals on the international market and more efforts need to be made to ensure local supply chains remain competitive. “The government should have cut import duty on aluminium, primary steel, copper and plastics to nil, only then inflation could be contained in a meaningful way”, said Anil Bhardwaj, the Secretary-General of the Federation of Indian Micro and Small & Medium Enterprises (FISME). "The way duties have been reduced on petrol and diesel. There is a need to effect similar duty cuts on...
Three-month LME aluminium price opened at US$2,935 per tonne last Friday and closed at US$2,969.50 per tonne, an increase of US$63 per tonne or 2.17 per cent. On Friday, May 20, both LME aluminium cash bid price and LME aluminium official settlement price skyrocketed by over US$100 per tonne after an intermittent drop on the previous day. While the former came in at US$2,930 per tonne, seeing a surge of US$104.50 per tonne, the latter closed at US$2,931 per tonne, witnessing a jump of US$105 per tonne. 3-month bid price and 3-month offer price augmented by US$93.50 per tonne and US$95 per tonne, respectively, to settle at US$2,933 per tonne and US$2,935 per tonne. December 23 bid price and December 23 offer price totalled at US$2,845 per tonne and US$2,850 per tonne. LME aluminium opening...
This week the global primary aluminium sector witnessed a lot of major happenings. Many new projects and agreements were unlocked. To begin with, Hydro announced its plan to invest NOK 320 million in the Karmøy aluminium smelter. The project will start in the fourth quarter of 2022 and terminate in the fourth quarter of 2024. Apart from this, the Odisha government had cleared a budgetary allocation of INR 428.95 crore for the establishment of a giant aluminium park in Angul. Vedanta Aluminium signed a long-term contract with the National Highways Authority of India (NHAI) for the construction of greener roads in Odisha using fly-ash. Furthermore, the benchmark aluminium price for SHFE opened the week on Monday with a surge of US$3,044 per tonne, which went on to decline the next day to...
After more than a week, National Aluminium Company Limited (NALCO) has revised its aluminium selling prices in accordance with the LME aluminium benchmark price trend. As the LME price has been on an upswing spree, NALCO has decided to expand its aluminium ingot and aluminium products prices. So, with effect from May 19, NALCO has raised its aluminium ingot price by INR 16,200 per tonne or 6.7 per cent to INR 255,850 – 259,350 per tonne versus INR 239,650 – 243,150 per tonne on May 10. NALCO’s aluminium wire rod price has also been sharply increased by INR 16,200 per tonne to INR 258,350 – 262,700 per tonne as of May 19. Aluminium billets price has amounted to INR 259,300 – 261,950 per tonne, seeing a raise of IR 16,200 per tonne too from the previous day. The LME aluminium benchmark...
A00 aluminium ingot price has increased by RMB 260 per tonne to come in at RMB 20,770 per tonne on Friday, May 20, marking the third consecutive day of rise, found the Shanghai Metals Market (SMM). The average prices are estimated to range between RMB 20,750 per tonne and RMB 20,790 per tonne, with spot contracts to be trade at a discount price of RMB 30 per tonne and a premium price of RMB 10 per tonne. A00 aluminium ingot price has risen the highest in Gyongyi by RMB 270 per tonne, settling at RMB 20,780 for the day. Wuxi and Hang Zhou have recorded RMB 260 per tonne hikes resulting in the ingot prices at RMB 20,770 per tonne and RMB 20,820 per tonne, respectively. Primary aluminium ingot price in Foshan has escalated by RMB 240 per tonne to come in at RMB 20,760 per tonne, while the...
World primary aluminium production in the first quarter of 2022 totalled 16.549 million tonnes, registering a quarter-on-quarter downfall of 0.53 per cent from 16.637 million tonnes, found the International Aluminium Institute (IAI). On a year-on-year calculation, the output in Q1 2022 also recorded a decline by about 1.40 per cent from 16.786 million tonnes. The data revealed as IAI published that world primary aluminium production in March 2022 came in at 5.739 million tonnes compared to 5.150 million tonnes in February. That was a month-on-month increase of 11.44 per cent in March, following a decline in the previous month by about 9.01 per cent from 5.660 million tonnes in January. On a year-on-year basis, world primary aluminium output in March 2022 stood 0.70 per cent less than...
LME aluminium opened at US$2,825 per tonne on Thursday and closed at US$2,938 per tonne, an increase of US$113 per tonne or 4 percent. On Thursday, May 19, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$19 per tonne or 0.66 per cent after experiencing a hike for four consecutive days. The former settled at US$2,825.50 per tonne, and the latter stopped at US$2,826 per tonne. 3-month bid price and 3-month offer price also declined by US$33.5 per tonne or 1.16 per cent and US$35 per tonne or 1.21 per cent to peg at US$2,839.50 per tonne and US$2,840 per tonne. LME aluminium opening stock halted at 511675 tonnes. Live warrants and Cancelled warrants for the same day stopped at 194175 tonnes and 317500 tonnes. LME aluminium 3-month Asian Reference...
Vedanta Limited has continued to expand its aluminium ingot and aluminium products prices as the LME aluminium benchmark price records an interrupted growth. With effect from Wednesday, May 18, Vedanta has raised its aluminium ingot price by INR 4,750 per tonne or 1.9 per cent to INR 253,750 – 289,450 per tonne. On the previous day, May 17, the company’s ingot price ranged between INR 249,000 - 284,700 per tonne, seeing a hike of INR 5,750 per tonne. Vedanta’s aluminium wire rod price has also been grown by INR 4,750 per tonne, with effect from May 18, from INR 256,500 – 264,000 per tonne to INR 261,250 – 268,750 per tonne. Aluminium billet price is no exception but seen a rise by the same amount or 1.84 per cent to become saleable at INR 261,750 per tonne. Vedanta increased its aluminium...
On May 19, Hydro reported that it is planning an investment of NOK 320 million in Karmøy aluminium smelter. The plant's 22 kV switchgear will be replaced as part of this investment. The project will begin in the fourth quarter of 2022 and is expected to be completed by the end of 2024. The project, which is slated to be finished in 2024, will include both internal Hydro resources and foreign suppliers. The investment is contingent on a final construction decision in autumn 2022. Apart from this, the investment also includes modernising and upgrading the power supply system as well as the anode rodding facility, which will help the factory maintain its position as a low-carbon aluminium supplier to the European market. “We are investing in the future of Hydro Karmøy, demonstrating our...
