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, the A00 aluminium ingot price has declined by RMB 250 per to stop at RMB 22,480 per tonne. The average price for the same is expected to range between RMB 22,460 per tonne and RMB 22,500 per tonne, with spot contract to be traded at a premium price of RMB 110-70 per tonne. For the same day, the price in Foshan and Wuxi has fallen down by RMB 250 per tonne to come in at RMB 22,150 per tonne and RMB 22,480 per tonne. In Gongyi and Chongqing the price has plunged by RMB 260 per tonne and RMB 240 per tonne to score at RMB 22,370 per tonne and RMB 22,450 per tonne. In Hangzhou and Shenyang the price has declined by RMB 110 per tonne and RMB 230 per tonne to record at RMB 22,630 per tonne and RMB 22,430 per tonne. The A00 aluminium ingot price in Tianjin...
Vedanta Limited reduced its aluminium ingot and aluminium products prices for the second time in a row in the new financial year 2022-23. With effect from April 5, the company cut its aluminium ingot selling price by INR 4,250 per tonne or 1.4 per cent to INR 297,000-344,500 per tonne. On April 2, the price ranged between INR 301,250 per tonne and INR 348,750 per tonne, seeing a trimming of INR 2,000 per tonne. Like any other Indian aluminium producers, Vedanta Limited links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange. So, in tandem with the continuous downfall in LME aluminium benchmark price from US$3,483 per tonne on April 1 to US$3,415 per tonne on April 5, Vedanta cut its aluminium prices. On a month-on-month...
Three sources have confirmed that some Japanese aluminium buyers have agreed with at least two global producers on the premium payment of $172 per tonne for June shipments, compared to $177 million in the previous quarter. That reflects a quarter-on-quarter downfall of $5 per tonne or 2.8 per cent from $177 per tonne. The decline of premium for the June quarter marks a second consecutive quarterly drop, even less than initial offers of $195-250 per tonne made by producers. In the last quarter, the premium of aluminium shipments to Japan had seen a significant fall of 20 per cent on the ease of local spot premiums and overseas prices, recording a first quarterly decline in six months. In the December quarter of 2021, the premium was set at $220 per tonne. Japan is Asia’s biggest importer...
On Sunday, April 3, an explosion in an aluminium plant in the Guangdong province city of Qingyuan took the lives of 4 workers. As per the local media, the explosion may have caused a liquid aluminium spill, posing a serious threat to the workers there. “The explosion may trigger a liquid aluminum leak and relevant departments are now dealing with the accident,” says Daily Global Times. However, this is not the first time that something like this has happened in China. In 2007, a molten aluminium leak had taken the life of 14 people and wounded 59 at a plant in east China's Shandong Province.
As the fiscal year 2022 ends, National Aluminium Company Limited (NALCO) further chops its aluminium ingot and aluminium products prices, with effect from April 1 FY2023. The company’s aluminium ingot price has seen a sharp cut of INR 13,000 per tonne or 4.20 per cent to INR 296,250- 299,750 per tonne. The previous price cut was on March 30 by INR 8,200 per tonne to the range of INR 309,250- 312,750 per tonne. Vedanta’s aluminium wire rod price has also been reduced by INR 13,000 per tonne, with effect from April 1, to come in at INR 298,750- 303,100 per tonne. Aluminium billets price is hovering around INR 299,700- 301,200 per tonne versus INR 312,700- 315,350 per tonne on March 30, meaning the product saw a cut of INR 13,000 per tonne as well over the two days. NALCO links its aluminium...
The global aluminium sector has been in highlights again due to the Ukraine-Russia stand-off. In 2021 the aluminium industry countered Covid pandemic challenges following the coup in Guinea, the leading bauxite exporter in the world. This did not end soon, but new difficulties aroused like a surge in gas prices and an energy crisis that led to an axe in the production of aluminium. Now, the military conflict between the two neighbouring nations has driven the industry's situation to a more complex one. The Russian aluminium giant suspended alumina shipments from its Nikolaev refinery in Ukraine, which triggered a rise in supply disruptions across the alumina and aluminium sector. The Norwegian aluminium company, Hydro affirmed that its pre-booked Russian aluminium of 4000 tonnes was on...
On Monday, April 4, 2022, mining giant Vedanta Limited announced that its aluminium and zinc production grew by 8 per cent in the fourth quarter ended March 31, while the output of iron ore increased by 18 per cent, as compared to the figure in the same period last year. From 531,000 tonnes in Q4 FY2021, the company’s cast metal aluminium production in Q4 FY2022 improved to 572,000 tonnes, bringing the total output in FY2022 to a record high of 2.268 million tonnes. That was an increase of 15 per cent year-on-year from 1.969 million tonnes, said Vedanta in a BSE filling. As the miner’s zinc production also saw a rise of 8 per cent in the March quarter, the output stood at 211,000 tonnes compared to 195,000 tonnes a year ago. Its integrated zinc output in FY2022 came in 776,000 tonnes...
On Monday, 4 th of April, LME aluminium cash bid price stopped at US$3,443.50 per tonne and LME aluminium official settlement price was last recorded at US$3,444 per tonne, with a 1.12 per cent downfall, in comparison with the records of the previous week, both witnessed a decline of US$39 per tonne. We have reached the 40 th day of the Russia-Ukraine conflict and US president Joe Biden has already called against Putin, branding him a war criminal. Certainly due to the rising tension between the two nations, Ukraine was unable to address the UN officially till date. But now there are reports of Ukrainian President Volodymyr Zelenskyy finally breaking his silence and speaking to the UN Council. Progress in the peace talks might eventually standardise the price of commodity products,...
On Friday, April 1, the London Metal Exchange had halted the shipment of some Russian-produced metals to its permitted warehouse in the United Kingdom, although no Russian metals are currently stored in its facilities. The decision was taken in response to Russia’s invasion of Ukraine earlier this year. The exchange, which is run by Hong Kong Exchanges and Clearing Ltd, said in a statement that there was a substantial possibility that anybody acquiring such metal from British storage would face exorbitant extra expenses. One of the extra levies mentioned by the LME is the 35 per cent tax imposed two weeks ago on copper, lead, basic aluminium, and aluminium alloy. Some LME members have urged for Russian metals to be banned from the exchange's system, but the world's largest and oldest...
South32, hailing from Perth, Australia is a mining and metals company that declared on the 30 th of March, that there has been a delay in their possession of additional shares in Mozal aluminium from MCA Metals Holding GmbH (Mitsubishi). However, once the approval of the Competition Regulatory Board in Mozambique is availed, the acquisition would not take more than mid-2022 while previously it was anticipated to be over by March 2022. The group was not very keen on sharing any more details. The agreement incorporates some valid points, while one of them is, that the companies are going to share the profit it makes with Mitsubishi from the period of 1 st July 2021until the transaction is accomplished. South32, Mitsubishi, the Industrial Development Corp of South Africa and the Mozambique...
In February 2022, primary aluminium production in North America stood at 291,000 tonnes, compared to 321,000 tonnes in January. That was a downfall of 30,000 tonnes or 9.35 per cent month-on-month, found the International Aluminium Institute. Also, on a year-on-year calculation, the output in February edged a decline of 5.52 per cent from 308,000 tonnes. In the first two months of the year, primary aluminium production in North America totalled 612,000 tonnes, down by 5.56 per cent or 36,000 tonnes from 648,000 tonnes. South America’s primary aluminium production also recorded a month-on-month downfall in February 2022. From 102,000 tonnes in January, the output in South America slipped to 91,000 tonnes. That was a decline of 11,000 tonnes or 10.78 per cent, found the IAI data, On a...
On Sunday, April 2, Brazilian aluminium manufacturer Companhia Brasileira de Alumínio (CBA) announced that its controlling shareholder, conglomerate Votorantim SA, will sell 34 million shares in the firm in a follow-on offering. Votorantim SA has a 75.9% interest in CBA, says data from Refinitiv Eikon. Last week, the company said it was considering a secondary offering to increase the liquidity of CBA's stock. The move would also fit perfectly with Votorantim's portfolio diversification plan. If demand allows, CBA said the offering might be raised by up to 85 per cent, or 28.9 million shares. It will also contain a price-stabilization greenshoe option of up to 5.1 million shares. On April 6, the offering will be priced. If all of the extra shares and greenshoe are sold, CBA will raise...
In April 2020, Alcoa announced the suspension of its Ferndale smelter in Washington, following diminishing demand and dropping metal prices. However, war-related sanctions on Russia that had caused aluminium spot price to reach a record high, has boosted the reopening campaign of the Alcoa Intalco Works aluminium smelter. The new owners of the idled Alcoa Intalco Works smelter in Ferndale, Washington, have received $10 million in government funding to restore the decades-old facility. The smelter, on the other hand, consumes a lot of energy to run. And it is now the main issue. A proposal for reduced-rate power to operate the large plant was denied by the Bonneville Power Administration due to high stakes. The restarting of the smelter has suffered a setback, as policymakers are worried...
As observed by market experts, China is boosting its aluminium export volume to balance the supply gaps in Western markets. In February, China exported 26,378 tonnes of primary aluminium in February, the highest monthly since 2010, turning into a net exporter for the first time since November 2019. China has brought in a shift in its trade patterns. From being a significant importer during 2020 and 2021 as domestic production failed to match demand, China has moved on to being an exporter as production in Europe is affected by the soaring LME aluminium price and physical premiums. The slower production resulting in a supply crunch in the Western countries has thus led to the surge in export flow of Chinese semi-manufactured products to Western markets. But on the other hand, this is...
LME aluminium opened at US$3,540 per tonne on Thursday and closed at US$3,468 per tonne, down US$78.5 per tonne or 2.21 per cent. On Friday, LME aluminium cash bid price stood at US$3,482.50 per tonne and LME aluminium official settlement price halted at US$3,483 per tonne, with a fall of 0.56 per cent and 0.57 per cent respectively, in comparison with the records of the previous day. The 3-month bid price of aluminium decreased by US$20 per tonne or 0.57 per cent to rest at US$3,497 per tonne. Meanwhile, 3-month offer price had a 0.54 per cent fall resting at US$3,499 per tonne. From data collected the same day, December 23 bid price stood at US$3,350 per tonne and December23 offer price at US$3,355, both witnessing a downward swing of 0.50 per cent or US$17 per tonne. LME aluminium...
The largest aluminium producer in the GCC region, Emirates Global Aluminium (EGA) has inked a memorandum of understanding (MoU) with PT Inalum (Persero), the largest primary aluminium producer in Indonesia, concerning a strategic alliance to upgrade Inalum's aluminium by 400,000 tonnes per year. However, this needs to be realised that the memorandum of understanding is a make-sure action to Indonesian President Joko Widodo's visit to UAE in November 2021. Husin Bagis, the Indonesian Ambassador to UAE down rightly appreciated the signing of the cooperation between the two aluminium production giants of the two nations. The Ambassador in his official statement said, “The EGA-Inalum cooperation is highly expected because the President has declared the importance of mineral down streaming for...
As Russia retreats its military activities in some areas of Ukraine, allowing the resumption of alumina refineries and aluminium smelters, the LME aluminium benchmark price begins downsizing throughout the week with the hope of supply chain recovery. Starting at US$3,606 per tonne on Monday, March 28, LME aluminium price on March 29 shrank by US$23 per tonne to stand at US$3,583 per tonne. On Wednesday, March 30, the price plunged by US$75 per tonne to come in at US$3,508 per tonne, and further inched down the next day by US$5 per tonne to US$3,503 per tonne. To know more: https://www.alcircle.com/news/lme-aluminium-price-on-decline-recording-us3-503-t-due-to-russian-retreat-shfe-rises-to-us3-590-t-77981 China’s domestic price of A00 aluminium ingot also downsized through the week from...
According to the Shanghai Metals Market, social inventories of primary aluminium in China totalled 1.04 million tonnes this week, as of March 31, 2022, across eight major consumption areas, including SHFE warrants. Compared to a week ago, March 24, primary aluminium inventories built up by 2,000 tonnes this week, but down by 11,000 tonnes from Monday, March 28. On Monday, inventories in China gained 13,000 tonnes from 1.039 million tonnes on March 24 to come in at 1.052 million tonnes, found SMM. But with no easing of the pandemic in sight any soon, China’s primary aluminium inventories are expected to dip next week amid the on-going production and supply disruptions. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi,...
