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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China, one of the world's leading primary aluminium producers, has achieved a new record in April after restrictions on power production were relaxed, allowing smelters to boost operations. As per the National Bureau of Statistics, the primary aluminium output in China closed at 3.36 million tonnes, up by 0.3 per cent Y-o-Y for the same month. In March 2022, the average aluminium production closed at 112,000 tonnes per day, up from 106,453 tonnes per day in March and a new high. China produced 13.01 million tonnes of aluminium in the first four months of 2022, down 0.2 per cent from the same period last year. In the first quarter, output was slowed by power usage restrictions aimed at ensuring enough supply to critical users. By April, however, curbs had loosened dramatically, allowing...
China’s A00 aluminium ingot price has hiked by RMB 400 per tonne to close at RMB 20,510 per tonne, says SMM. The average price for the same is expected to range between RMB 20,490 per tonne and RMB 20,530 per tonne, with spot contract expected to be traded at a premium price of RMB 0-40 per tonne. The price in Tianjin has witnessed the highest surge at RMB 470 per tonne, with the amount closing at RMB 20,530 per tonne. On the same day in Shenyang, the price has soared up by RMB 420 per tonne to come in at RMB 20,510 per tonne. In Foshan and Chongqing, the price has augmented by RMB 400 per tonne to score at RMB 20,520 per tonne. In Hangzhou and Gongyi, the price has closed at RMB 20,560 per tonne and RMB 20,440 per tonne after witnessing an increase of RMB 400 per tonne and RMB 350 per...
Three-month LME aluminium opened at US$2,785 per tonne last Friday and closed at US$2,828 per tonne, an increase of US$42 per tonne or 1.51 per cent. On Friday, May 13, LME aluminium cash bid price and LME aluminium official settlement price rose for an alternate day by US$35 per tonne to stand at US$2,721 per tonne and US$2,723 per tonne, respectively. That made the prices closed higher at the end of the week by US$15 per tonne compared to the prices of Monday, May 9. 3-month bid price and 3-month offer price grew by US$26 per tonne and US$27 per tonne, respectively, to come in at US$2,748 per tonne and US$2,750 per tonne on the same day. Dec-23 bid price and Dec-23 offer price settled at US$2,723 per tonne and US$2,728 per tonne, up by US$25 per tonne from Thursday, May 12. LME...
The British businessman, Sanjeev Gupta owned GFG Alliance, which acquired the Locabher aluminium smelter, the last aluminium smelter in Britain and the hydropower plant from the global mining and metal giant Rio Tino in a £330 million deal in 2016, is encountering a bankruptcy battle in a UK court. The multinational metal group owned by Sanjeev Gupta has been experiencing a crisis since the fall out of its primary lender Greensill Capital in the previous year, which had financed GFG, with as much as £3.5 billion. The Swiss investment banking and financial services firm, Credit Suisse was approached with offers of mediation while the French police performed raids at the company’s office. The fate of ‘saviour of steel’ Sanjeev Gupta now resides in the decision of a British Judge. By...
Vedanta Limited has increased its aluminium ingot and aluminium products prices, with effect from Saturday, May 14, as the LME aluminium benchmark price regained by US$35 per tonne on Friday, May 13. On Thursday, Vedanta’s aluminium prices were slashed by INR 3,000 per tonne in response to the LME price fall by US$49 per tonne on the previous day. The company’s aluminium ingot price has witnessed a growth of INR 2,000 per tonne from INR 241,250-276,950 per tonne to INR 243,250-278,950 per tonne as of May 14. Vedanta’s aluminium wire rod price has also been raised by INR 2,000 per tonne, with effect from May 14, to stand at INR 250,750-258,250 per tonne versus INR 248,750-256,250 per tonne on May 13. Vedanta’s aluminium billet price has come in at INR 251,250 per tonne, seeing the same...
This week, the global primary aluminium sector recorded a lot of positive events. To begin with, New Zealand Aluminium Smelters Limited (NZAS), which owns the Tiwai Point Aluminium Smelter, is now focused on guaranteeing the future beyond its 2024 closure date. On the market forefront, this week, LME aluminium benchmark price SHFE dropped by US$96 per tonne on Monday, May 9, to US$2,957 per tonne, before falling further by US$17 per tonne the next day to US$2,940 per tonne. The Tiwai Point Aluminium Smelter, owned by New Zealand Aluminium Smelters Limited (NZAS), is now focused on securing the future beyond its closing date in 2024. On Tuesday, May 10, NZAS chief executive Chris Blenkiron said in a community forum that he is seeking a pathway for the smelter to enable it to continue its...
On May 13, Emirates Global Aluminium (EGA) announced that they have successfully started their DX+ Ultra reduction cell technology with a modified liner at 500kA, the first time this amperage has reached the Middle East. When compared to the existing maximum working amperage in EGA, increasing the amperage to 500kA is predicted to increase aluminium output by 5 per cent. This milestone was achieved in the Eagle research and development section of EGA in Jebel Ali. It is a part of the feasibility study for EGA's potline 3 in Al Taweelah, which contains 444 DX+ and 14 DX+ Ultra pots, to update 458 reduction cells. “Reaching 500kA for the first time is a great achievement and I congratulate our Research & Development team who are continuously improving the performance of our proprietary...
The LME aluminium benchmark price increased this week by US$15 per tonne but touched the five-month for an intermittent period. On Monday, May 9, LME aluminium cash bid price and LME aluminium official settlement price started the week with a decline to US$2,707 per tonne and US$2,708 per tonne and extended downfall the next day to US$2,676 per tonne and US$2,677 per tonne, the lowest in the past five months. On Wednesday, May 11, the prices grew by US$60 per tonne or 2.24 per cent to rest at US$2,736 per tonne and US$2,737 per tonne but again fell Thursday, May 12, by over 1.5 per cent to settle at US$2,686 per tonne and US$2,688 per tonne, respectively. However, on Friday, May 13, both LME aluminium cash bid price and LME aluminium official settlement price rebounded at US$2,721 per...
Aluminium Bahrain B.S.C. (Alba) announced its financial results for the first quarter (Q1) 2022. As per the results, Alba, the world’s largest single-site aluminium smelter outside of China, earned a profit of BD146.8 million (US$390.4 million) in Q1’22, which on a Y-o-Y value went up by 181% from BD52.2 million (US$138.8 million) in the same period of 2021. Based on the same period in 2021, the company reported basic and diluted earnings per share of fils 104 versus fils 37. For Q1'22 the total comprehensive income settled at BD156 million (US$415 million), up 167% from BD58.4 million (US$155.4 million) in the same quarter of 2021. Gross profit in 2022 surged by 121% from BD80.5 million (US$214.1 million) in the same quarter of 2021. The gross profit for 2022 closed at BD178 million...
A00 aluminium price in China has declined by RMB 160 per tonne on Friday, May 13, to settle at RMB 20,110 per tonne, according to the data collected from the Shanghai Metals Market. The average aluminium prices are expected to range between RMB 20,090 per tonne and RMB 20,130 per tonne, while spot contracts to be traded at a discount price of RMB 20 per tonne and a premium price of RMB 20 per tonne. On Friday, the aluminium ingot price has declined nationwide in China. In Wuxi, the price has plunged by RMB 170 per tonne to stop at RMB 20,100 per tonne, and in Hangzhou, it has decreased by RMB 160 per tonne coming in at RMB 20,160 per tonne. In both the Chinese provinces, Gongyi and Shenyang, the aluminium ingot price has fallen by RMB 160 per tonne to halt at RMB 20,090 per tonne, while...
According to the Shanghai Metals Market, social inventories of primary aluminium continued to decrease across eight major consumption areas, including SHFE warrants. On a weekly basis, inventories decreased by 30,000 tonnes, while on a year plunged by 58,000 tonnes to come in at 1 million tonnes on May 12, 2022. Inventories dropped as traders were motivated to sell, and shipments were smooth across several regions. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, primary aluminium inventories plunged by 16,000 tonnes week-on-week to stand at 469,000 tonnes due to active sales and slower arrivals. Inventories in Nanhai and Hangzhou decreased by 8,000 tonnes and 7,000 tonnes, respectively, to settle at 214,000 tonnes and...
LME aluminium opened at US$2,778 per tonne on Thursday and closed at US$2,786 per tonne, an increase of US$4.5 per tonne or 0.16 per cent. On May 12, LME aluminium cash bid price closed at US$2,686 per tonne, and LME aluminium official settlement price halted at US$2,688 per tonne. The former had witnessed a drop of US$50 per tonne or 1.82 per cent, while the latter had gone down by US$49 per tonne or 1.79 per cent. 3-month bid price and 3-month offer price had descended by US$48 per tonne or 1.73 per cent and US$49 per tonne or 1.76 per cent. The price for the same had closed at US$2,722 per tonne and US$2,723 per tonne. On the same day, December 23 bid price and December 23 offer price had dipped by US$47 per tonne to close at US$2,698 per tonne and US$2,703 per tonne. LME aluminium...
On 11th May 2022, Australian Prime Minister, Scott Morrison visited Hunter to acknowledge the $50 million investment for a new business and research coalition with the University of Newcastle and the University of New South Wales. Hunter is a town located in Greene County, New York, United States. They are going to discover ways around the hydrogen fuel plus storage sector, zero-emission aviation and economic solar panel industries. The trio will emphasise on producing green aluminium along with other metals. When aluminium is produced using a range of renewable energy resources, like, wind, it is known as green aluminium. Aluminium is one of the world’s most sustainable materials which can either be extracted through processing bauxite or by simply recycling aluminium scrap. A variety of...
The Tiwai Point Aluminium Smelter, owned by New Zealand Aluminium Smelters Limited (NZAS), is now focused on securing the future beyond its closing date in 2024. On Tuesday, May 10, NZAS chief executive Chris Blenkiron said in a community forum that he is seeking a pathway for the smelter to enable it to continue its operations beyond 2024, for which he intends to meet energy generators to achieve power supply for the smelter before the end of 2022. According to him, it is important to get clarity about the future to avoid ambiguity among people. He said, “My biggest impact on morale is to get a future beyond 2024 and to get clarity. A lot of people get impacted by the ambiguity, it impacts Southland in general saying ‘are we open or are we closed’... for me that’s the focus, to get rid...
LME aluminium opened at US$2,758 per tonne on Wednesday and closed at US$2,781.5 per tonne, an increase of US$11.5 per tonne or 0.42 per cent. On 11th May, the LME aluminium cash bid price finally hiked by 2.24 per cent or US$60 to stop at US$2,736 per tonne. LME official settlement price trekked higher at US$2,737 per tonne, experiencing a similar change of 2.24 per cent or US$60 per tonne. 3-month bid price stopped at US$2,770 per tonne while 3-month offer price halted at US$2,772 per tonne, with a uniform escalation of 2.1 per cent or US$57 per tonne each. On the same day, December 23 bid price and December 23 offer price settled at US$2,745 per tonne and US$2,750 per tonne, respectively, both with a 1.85 per cent or US$50 per tonne upsurge. LME aluminium opening stock continued to...
A00 aluminium ingot price in China has extended growth by RMB 150 per tonne on Thursday, May 12, to stand at RMB 20,270 per tonne, found the Shanghai Metals Market. The average prices are estimated to range between RMB 20,250 per tonne and RMB 20,290 per tonne, with spot contract to be traded at a discount price of RMB 30 per tonne and a premium price of RMB 10 per tonne. The price hike is supported by normal resumption of production at most of the aluminium enterprises. As the impact of the pandemic has subsided, more enterprises are resuming their operations, boosting the market trading confidence. In Wuxi and Hangzhou, the primary aluminium ingot price has increased by RMB 140 per tonne to hover around RMB 20,270 per tonne and RMB 20,320 per tonne, followed by a hike of RMB 130 per...
During the recent discussion on escalating the bilateral and trade relations, the Gulf nation UAE and the EU nation Germany discussed strategies to co-operate in multiple areas that will benefit both the large economies. On 10 th May 2022, it was reported that discussions were held during a visit to Berlin by a high-level delegation from UAE led by Dr Sultan Al Jaber, the Minister of Industry and Advanced Technology. Dr Jaber said, “Co-operation in the sectors discussed will contribute to sustainable economic growth.” The UAE delegates were hosted by Robert Habeck, the Vice-Chancellor and Economy Minister of Germany. On the agenda, the sectors discussed were energy, specifically wind and solar advanced industries, artificial intelligence, infrastructure, tourism and agriculture, as well...
National Aluminium Company Limited has sharply axed its aluminium ingot and aluminium products prices for the third consecutive time since April 28, in response to the continued downfall in the LME aluminium benchmark price for over a week. More so, on Tuesday, May 10, the LME aluminium benchmark price declined by US$31 per tonne to record a 5-month low at US$2,677 per tonne. Since the beginning of May, the LME price has registered a downfall of US$234.50 per tonne from US$2,911.50 per tonne. In response to this, NALCO has chopped its aluminium ingot selling price by 10 per cent or INR 27,200 per tonne to INR 239,650 – 243,150 per tonne. The last cut on May 1 was by INR 5,800 per tonne to INR 266850-270,350 per tonne. NALCO’s aluminium wire rod and billets prices have also witnessed a cut...
