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 Limited has further trimmed its aluminium ingot and aluminium products prices, following a major cut on the preceding day, May 10. As per the revised prices revealed on May 11, Hindalco has cut its aluminium ingot price by INR 2,500 per tonne to INR 239,750 per tonne. On Tuesday, May 10, the price stood at INR 242,250 per tonne, seeing a slash of INR 8,500 per tonne. Hindalco back-to-back cuts its aluminium prices in response to the lowest LME aluminium price in five-month time. On Tuesday, May 10, the LME aluminium benchmark price declined by US$33 per tonne from the previous day to US$2,677 per tonne as funds were being bet on lower prices due to decreasing demand. On a month-on-month calculation, the price stood around 17 per cent down from US$3,234.50 per tonne....
LME aluminium opened at US$2,748 per tonne on Tuesday and closed at US$2,770 per tonne, an increase of US$21 per tonne or 0.76 per cent. However, LME aluminium cash bid price stood at US$2,676 per tonne, with a fall of 1.14 per cent or US$31 per tonne, as of May 10. LME aluminium official settlement price also experienced a decline of US$31 per tonne to stand at US$2,677 per tonne. LME aluminium prices declined to the five-month low because funds were being bet on lower prices due to decreasing demand but in near future the disturbances regarding output cuts in Europe because of high power costs may counterbalance the LME price. 3-month bid price and 3-month offer price slumped by 1.27 per cent or US$35 per tonne to US$2,713 per tonne and US$2,715 per tonne, respectively. December 23 bid...
As of Monday, May 9, social inventories of primary aluminium dipped over the weekend by 3,000 tonnes but rose week-on-week by 43,000 tonnes, found the Shanghai Metals Market data. Thus, the inventories came in at 1.03 million tonnes across eight major consumption areas, including SHFE warrants. The chart below indicates the current status of primary aluminium inventories across China in more details: Except all the Chinese provinces, Gongyi saw an increase of 10,000 tonnes in inventories over the week to 112,000 tonnes owing to the arrivals of delayed shipments from Xinjiang and decline in cargo pick-up from local warehouses caused by the holidays. In Wuxi, inventories decreased by 6,000 tonnes from that on May 5 to stand at 479,000 tonnes. Cargo pick-up was normal while arrivals were...
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On Wednesday, May 11, China’s A00 aluminium ingot price has surged by RMB 480 per tonne, after witnessing downfall since May 5, says SMM data. The price for today has been recorded at RMB 20,120 per tonne, with average price expected to range between RMB 20,100 per tonne and RMB 20,140 per tonne and spot contract to be traded at a discount price of RMB -50 to RMB -10 per tonne. For the same day, Foshan has witnessed the highest surge of RMB 510 per tonne to RMB 20,240 per tonne, followed by Wuxi, where the price has augmented by RMB 490 per tonne to RMB 20,130 per tonne. The price in Hangzhou and Chongqing has soared up by RMB 470 per tonne and RMB 480 per tonne to peg at RMB 20,180 per tonne and RMB 20,220 per tonne. In Shenyang and Tianjin the price has grown by RMB 410 per tonne and...
The Chief Executive Officer of Dubal Holding, Ahmad Hamad Bin Fahad and Denis Mazerolle, the President of Nature Alu, Canada based high purity aluminium producer have inked a Memorandum of Understanding (MoU) to materialise the first high purity aluminium facility in UAE. The primary focus of this project will be on producing aluminium of grade 4N and higher. Dubal Holding is the investment arm of the Government of Dubai while Nature Alu (NA) is the only North-American producer of high-purity aluminium. Bonded by MoU, both the companies now wish to lay out a framework for the feasibility study stressing the technical, commercial, operational and regulatory details. They will also merge into a joint venture to further acknowledge the project’s future investments and implementations. Both...
The first aluminium smelter in the Middle East which has started its commercial operations back in 1971, Aluminium Bahrain B.S.C. (Alba) pursues to lead in sustainability as it has been acknowledged as the top company in Bahrain on the Environmental, Social and Governance (ESG) rating list by ESG Invest - the investment research arm of ‘Sustainability Excellence’, which provides comprehensive ratings that quantify ESG performance of companies in the Arab World. Al Baqali, Alba's Chief Executive Officer, expressed his views on this occasion by saying, “We view ESG as central to Alba’s mission -- being a responsible corporate citizen, we want to create value for all our stakeholders and society. “ “We are pleased to be selected as the Number One Company for ESG in Bahrain, for the third...
On Tuesday, May 10, Vedanta Aluminium, India’s largest aluminium producer, has announced the signing of a Memorandum of Understanding (MoU) with the National Forensic Sciences University (NFSU) to conduct research, training and academic activities for its security professionals. The news came after Mr. Avtar Singh, Chief Security and Intelligence Officer of Vedanta’s Aluminium Business and Prof. (Dr.) Purvi Pokhariyal, Campus Director of NFSU, signed the MoU in the presence of Dr. J.M. Vyas, Hon. Vice Chancellor of NFSU. In partnership with NFSU, Vedanta Aluminium looks forward to give opportunities to its security professionals to learn from the world’s most renowned and the one and only Forensic Science University and induce a transformational shift in the company’s security and...
According to the Shanghai Metals Market data, China’s aluminium production in April 2022 stood at 3.298 million tonnes, registering an increase of 1.47 per cent year-on-year but a marginal drop from the previous month. However, the daily average output grew by 3,000 tonnes month-on-month to 109,900 tonnes. On a year-on-year calculation, the output recorded a rise of 1,600 tonnes. From January to April 2022, China’s aluminium production totalled 12.763 million tonnes, a decrease of 1.13 per cent on the year. The decline in China’s monthly aluminium output during April 2022 could be attributed to the slower resumption of domestic production or commencement of new capacity in the said month compared with the first quarter. The new production, production capacity replacement, and production...
Unwrought aluminium and aluminium semis exports were roughly 596,900 tonnes in April 2022, up 0.42 per cent M-o-M and 36.49 per cent Y-o- Y, finds the latest figures from the General Administration of Customs. On a Y-o-Y calculation, unwrought aluminium and aluminium semis export for January to April 2022 surged by 29.2 per cent for the same period last year. The amount for January to April 2022 settled at 2,225,200 tonnes. The SHFE and LME aluminium price ratio was somewhat mended in April, whereas local aluminium export profits contracted. Due to the pandemic and low transportation efficiency, the domestic aluminium export business got affected. As a result, overall aluminium exports in April did not considerably increase. Domestic and international aluminium prices both fell...
According to the data revealed for 2021 by Federal Competitiveness and Statistics Centre (FCSC), a government center affiliated with the Ministry of Cabinet Affairs in the United Arab Emirates, the value of trade exchange between the UAE and Greece soared by 67%, comprising to over AED2 billion, when compared to AED1.2 billion in 2020. As indicated in the figures, the top five commodities imported from Greece in 2021 comprised petroleum and oils obtained from minerals worth AED510 million, tobacco for AED134 million, aluminium sheets and plates for AED77 million, building stones for AED67 million, and medicines for AED65 million. Last year, raw aluminium topped the list of top five commodities exported to Greece, valued at AED244 million, while telephones, including those used for...
LME aluminium opened at US$2,748 per tonne on Monday and closed at US$2,742 per tonne, down US$7 per tonne or 0.25 per cent. LME aluminium cash bid price collapsed to US$2,707 per tonne with a 4.41 per cent or US$125 per tonne decline. The LME aluminium official settlement price halted at US$2,708 per tonne, experiencing a downfall of 4.39 per cent or US$124.50 per tonne, on 9 th May. The 3-month bid price and the 3-month offer price slumped by 4.18 per cent or US$120 per tonne to US$2,748 per tonne and US$2,750 per tonne, respectively. December 23 bid price stood at US$2,715 per tonne, falling 3.48 per cent or US$98 per tonne. The December 23 offer price closed at US$2,720 per tonne, going down by US$98 per tonne or 3.48 per cent. LME aluminium opening stock continued to decrease by 0.62...
A00 aluminium ingot price in China has decreased for the fourth day in a row by RMB 140 per tonne to stand at RMB 19,640 per tonne as of Tuesday, May 10, according to the Shanghai Metals Market data. The average prices are estimated to range between RMB 19,620 per tonne and RMB 19,660 per tonne, with spot contract to be traded at a premium price of RMB 50-10 per tonne. In Gongyi, A00 aluminium ingot price has seen the highest decline of RMB 180 per tonne to RMB 19,690 per tonne, followed by the plunge of RMB 140 per tonne in Hangzhou and Wuxi to RMB 19,710 per tonne and RMB 19,640 per tonne, respectively. In Foshan and Linyi, the primary aluminium ingot price has slipped by RMB 110 per tonne and RMB 100 per tonne to come in at RMB 20,333 per tonne and RMB 19,840 per tonne, while the price...
On May 8th, Egypt Aluminum (Egyptalum), the largest aluminium producer in Egypt and one of the largest in Africa reported that it had become profitable for the first nine months of the company's fiscal year (FY) 2021 to 2022. The Egyptian financial year runs from 1st July to 30th June. The corporation achieved a net profit after tax of EGP 1.68 billion in the nine months ended March 31st, compared to a net loss of EGP 347.72 million in the same period of FY 2020 to 2021. The report was shared in an unaudited financial income statement filed with the Egyptian Exchange (EGX). During the period from July 1st 2021 until March 31st 2022, the company's revenue grew to EGP 10.76 billion from EGP 8.14 billion in the same period of FY 2020 to 2021. The firm had a net profit after tax of EGP...
LME aluminium opened at US$2,936 per tonne last Friday and closed at US$2,835 per tonne, down US$101 per tonne or 3.44 per cent. LME aluminium cash bid price and official settlement price halted at US$2,832 per tonne and US$2,832.50 per tonne, respectively, both experiencing a decrease of 2.9 per cent or US$84.50 per tonne, on 6th May. The 3-month bid price shrank by 2.61 per cent or US$77 per tonne to US$2,868 per tonne. The 3-month offer price came in at US$2,870 per tonne after a fall of 2.61 per cent or US$77 per tonne. December 23 bid price had gone down by US$60 per tonne or 2.09 per cent to close at US$2,813 per tonne. The December 23 offer price stopped at US$2,818 per tonne with a 2.08 per cent or US$60 per tonne cut. LME aluminium opening stock continued to decrease by 0.31 per...
China’s A00 aluminium ingot price has closed at RMB 19,780 per tonne, after witnessing a plunge of RMB 520 per tonne. The average price for today is expected to range between RMB 19,760 per tonne and RMB 19,800 per tonne, with spot contract to be traded at a discount price of RMB -50 to RMB -10 per tonne. As per SMM, the price in Wuxi and Hangzhou has plummeted by RMB 520 per tonne to halt at RMB 19,780 per tonne and RMB 19,850 per tonne, respectively. On the same day in Chongqing and Tianjin, the price closed at RMB 19,830 per tonne. The price for the same has slumped by RMB 540 per tonne in Chongqing and RMB 520 per tonne in Tianjin. The A00 aluminium ingot price in Gongyi and Foshan has declined by RMB 530 per tonne and RMB 490 per tonne to stop at RMB 19,870 per tonne and RMB 19,840...
The primary aluminium industry had witnessed a plunge in LME aluminium price by US$127.5 per tonne to close at US$2,911.50 per tonne on Tuesday, May 3, which increased by 0.60 percent or US$17.50 per tonne to settle at US$2,929 per tonne on Wednesday, May 4. The official settlement price for Thursday, May 5 had declined by 0.41 percent or US$12 per tonne to halt at US$2,917 per tonne. Apart from this, the price of A00 aluminium ingot had decreased from RMB 20,720 per tonne to RMB 20,300 per tonne. Hydro's adjusted EBITDA increased from NOK 9,011 million in Q4 to NOK 11,165 million in the first quarter of 2022, according to reports. Rio Tinto, an Anglo-Australian mining and metals conglomerate, indicated on May 5, 2022 that any sanctions imposed on Russian aluminium producer Rusal in...
Hindalco Industries’ aluminium ingot and aluminium products prices again saw a cut on Friday, May 6, but at a lower rate compared to the previous day. According to the latest price list, the company reduced its aluminium ingot price by INR 2,250 per tonne or 0.87 per cent to INR 255,500 per tonne. On a day ago, May 5, the ingot price stood at INR 257,750 per tonne, experiencing a slash of INR 9,000 per tonne. Hindalco’s aluminium wire rod price also saw a cut of INR 2,250 per tonne to INR 266,600 per tonne, with effect from May 6, to be sold at INR 266,600 per tonne. Aluminium billets price came in at INR 269,600 per tonne, down by 0.83 per cent or INR 2,250 per tonne as well from INR 271,850 per tonne. Hindalco further cut its aluminium prices on May 6 in tandem with the decline in the...
Shri Dharmendra Pradhan, India's Union Minister in conversation with Cabinet colleague and Coal Minister Pralhad Joshi, on Thursday, May 5, requested the centres' involvement in the transfer of aluminium through trucks in Angul and Kulad. He made Joshi familiar with the problems faced by the truckers' association in the two areas and also discussed the expansion of the Nalco’s aluminium smelting plant at Angul. During the meeting, Pradhan talked about many coal-related challenges that the state is facing. He also demanded suggestions of the state’s high-level committee for a significant increase in the daily salaries of contract miners in the state be implemented. Pradhan desired the Mines Minister's personal involvement in assuring the development of Odisha's people. Joshi informed...
