Saudi Arabia’s aluminium consumption could climb to as much as 1.8 million tonnes a year by 2030, as the Kingdom ramps up infrastructure and industrial development ahead of the 2034 FIFA World Cup. Ahmad Al-Alshaikh, executive vice president of Maaden’s Aluminum Business Unit, said demand is expected to reach at least 1.6 million tonnes annually by 2030, up from around 1 million tonnes currently. Consumption could potentially double over the next five to seven years, he said. Speaking on the sidelines of the Fastmarkets International Aluminium Conference in Budapest, Al-Alshaikh said construction of 15 new stadiums for the football tournament is helping to support aluminium demand, Reuters reported. Major exhibitions and preparations for the World Cup are also expected to contribute to...
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...
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After two consecutive days of cut this week, Hindalco Industries Limited increased its aluminium ingot and aluminium products prices on Thursday, March 17, relating to the recovery in LME aluminium benchmark price. Hindalco raised its aluminium ingot price by INR 6,750 per tonne to INR 288,500 per tonne, with effect from March 17. On March 16, the price stood at INR 281,750 per tonne, seeing a slash of INR 15,500 per tonne. Hindalco’s aluminium billets price also saw a hike of INR 6,750 per tonne on March 17 from INR 295,850 per tonne on March 16 to INR 302,600 per tonne. The company’s aluminium wire rod price saw a jump to INR 299,600 per tonne from INR 292,850 per tonne. Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London...
A00 aluminium ingot price in China has surged for the second day in a row by RMB 440 per tonne to close the week on Friday, March 18, at RMB 22,520 per tonne, found the Shanghai Metals Market. Recovery in the downstream purchase, resulting in the fall in primary aluminium inventories this week, could be attributed to the continued rise in ingot price. The average prices are expected to range between RMB 22,500 per tonne and RMB 22,540 per tonne, with spot contract to be traded at a premium price of RMB 60-20 per tonne. In Tianjin, A00 aluminium ingot price has hiked by RMB 490 per tonne to stand at RMB 22,620 per tonne, followed by the increase of RMB 445 per tonne in Hangzhou to RMB 22,525 per tonne and RMB 440 per tonne in Wuxi and Shenyang to settle at RMB 22,515 per tonne and RMB...
LME aluminium opened at US$3,250 per tonne on Thursday, touching the highest and lowest at US$3,409 per tonne and US$3,250 per tonne respectively, and closed at US$3,383 per tonne, up US$117.5 per tonne or 3.6%. Following a hike in price on Wednesday, March 16, both LME aluminium cash bid price and LME aluminium official settlement price declined by US$17.5 per tonne or 0.52% and US$18 per tonne or 0.54% to peg at US$3,287.50 per tonne and US$3,288 per tonne on Thursday, March 17. 3-month bid price and 3-month offer price also dropped by US$10 per tonne or 0.30% to peg at US$3,315 per tonne and US$3,317 per tonne. For the same day, December 23 bid price and December 23 offer price also moved down by US$12 per tonne or 0.38% to total at US$3,110 per tonne and US$3,115 per tonne. LME...
Social inventories of primary aluminium in China have decreased after six consecutive weeks of rising, owing to the improved buying sentiment among the downstream market. According to the Shanghai Metals Market, aluminium inventories have dwindled by 53,000 tonnes across eight major Chinese consumption areas, including SHFE warrants, to come in at 1.09 million tonnes versus 1.14 million tonnes last Thursday, March 10. In the spot market, the goods holders actively made shipments amid falling futures prices, along which the downstream demand picked up, reviving the tractions of aluminium ingot. Primary aluminium social inventories are expected to drop further, and the market shall watch if the resurging of COVID-19 would affect market arrivals and shipments. The chart below indicates the...
LME aluminium opened at US$3,288 per tonne on Wednesday, March 16, and closed at US$3,265.50 per tonne, down by US$33.50 per tonne or 1.02 per cent. After the three consecutive days of decline from US$3,535 per tonne to US$3,217.50 per tonne, LME aluminium prices recorded a rise on Wednesday, March 16. Both LME aluminium cash bid price and LME aluminium official settlement price augmented by US$88.50 per tonne to stand at US$3,305 per tonne and US$3,306 per tonne, respectively. On the same day, 3-month bid price and 3-month offer price rose by US$73 per tonne to settle at US$3,325 per tonne and US$3,327 per tonne. December 23 bid price and December 23 offer price showed no exception but edged a hike of US$29 per tonne to close at US$3,122 per tonne and US$3,127 per tonne. LME aluminium...
According to the Shanghai Metals Market, the A00 aluminium ingot price has elevated by RMB 310 per tonne to total at RMB 22,080 per tonne as stimulus pledge boosted investors confidence. The average prices for the same is expected to hover between RMB 22,060 per tonne and RMB 22, 100 per tonne with spot contract to be traded at a premium price of RMB 40-0 per tonne. The anticipated stimulus measures in China, helped calm worries of the new COVID-19 outbreak there. Vice Premier Lie He of China has encouraged the government agencies to implement friendly policies and ‘cautiously’ propose measures that create a less harmful impact on the market. The A00 aluminium ingot price in provinces like Foshan and Tianjin has gone up by RMB 330 per tonne and RMB 320 per tonne to close at RMB 22,130 per...
National Aluminium Company Limited has reduced its aluminium ingot and aluminium products prices for the second time in a row, with effect from Wednesday, March 16, 2022, in line with the continued sharp decline in LME aluminium price. With the latest cut, NALCO’s aluminium ingot price has come in at INR 281,050-284,550 per tonne, down by INR 24,800 per tonne from INR 305,850-309,350 per tonne on March 11. Aluminium wire rod price has also seen a slash of INR 24,800 per tonne on March 16 to range between INR 283,550-287,900 per tonne. Since the previous cut by INR 40,600 per tonne on March 11, NALCO’s aluminium wire rod price was being sold at INR 308,350-312,700 per tonne. With effect from March 16, aluminium billets price is standing at INR 284,500-287,150 per tonne versus INR...
Last week, Germany’s BGA trade association’s survey showed that German businesses abetted Berlin’s economic sanctions against Russia for its invasion of Ukraine, knowing the ensuing economic slowdown that it could usher or threaten the supply of aluminium. German companies are joining each other in support of imposing sanctions on Russia. While corresponding with the press about the survey, BGA President Dirk Jandura pointed out that the constriction in the aluminium supply chain could turn the industry economic growth, as was predicted earlier, upside down. BGA added about two-thirds of its members expect an economic slowdown due to the sanctions. Although Germany’s trade with Russia accounts for only 3 per cent of its total overseas trading yet it is facing a challenge due to...
LME aluminium opened at US$3,315 per tonne on Tuesday and closed at US$3,299 per tonne, down US$16 per tonne or 0.48%. As supply was interrupted by the increased Russia-Ukraine conflict, aluminium prices had reached a new high at around US$4,000 per tonne in early March. However, going by the recent graph, there had been a sudden dip in prices owing to the prolepsis of stock release in the market. On Tuesday, March 15, both LME aluminium cash bid price and LME aluminium official settlement price witnessed a sharp decline of US$181.5 per tonne to close at US$3,216.50 per tonne and US$3,217.50 per tonne. 3-month bid price and 3-month offer price further declined by US$158 per tonne or 4.63% and US$157 per tonne or 4.60% to score at US$3,252 per tonne and US$3,254 per tonne. For the same...
Hindalco Industries Limited cuts its aluminium ingot and aluminium products prices for the third time in a row, with effect from Tuesday, March 15, as LME aluminium benchmark price slid further by US$73 per tonne on March 14. Hindalco has reduced its aluminium ingot price by INR 5,250 per tonne to INR 297,250 per tonne vs INR 302,500 per tonne on March 12. The company has also slashed its aluminium wire rod price by INR 5,250 per tonne from INR 313,600 per tonne on March 12 to INR 308,350 per tonne on March 15. The latest cut has brought Hindalco’s aluminium billets price to INR 311,350 per tonne, down by INR 5,250 per tonne or 1.66 per cent from INR 316,600 per tonne on March 12. Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on...
According to the data released by the National Bureau of Statistics, China’s aluminium output in the first two months of 2022 totalled 6.33 million tonnes, which reflected a year-on-year downfall of 1.4 per cent. During the corresponding period last year, China’s aluminium production had amounted to 6.45 million tonnes. NBS data also showed that the daily average output in January and February combined was 107,288 tonnes, the highest since June 2021, according to Reuters' calculations. Daily output rose to its highest since mid-2021 despite production curbs in the heating season and during the Winter Olympics, as smelter hubs located away from the capital Beijing maintained operations. Also, production restrictions due to the energy crisis created no impact on the daily output. China had...
Three-month LME aluminium opened at US$3,497 per tonne on Monday, March 14, and closed at US$3,315 per tonne, down by US$165 per tonne or 4.74 per cent. On Monday, March 14, LME aluminium prices continued to decline for the second day in a row, based on the anticipation of stock release in the market. On March 13, Hydro confirmed 4000 tonnes of Russian aluminium to arrive at its Karmøy facility. On the said date, LME aluminium cash bid price fell by US$72 per tonne or 2.07 per cent to stand at US$3,398 per tonne, while LME aluminium official settlement price decreased by US$73 per tonne or 2.10 per cent to settle at US$3,399 per tonne. 3-month bid price and 3-month offer price plunged by US$89.5 per tonne and US$89 per tonne to peg at US$3,410 per tonne US$3,411 per tonne, respectively....
On Tuesday, March 15, A00 aluminium ingot price in China has fallen sharply by RMB 170 per tonne to peg at RMB 21,730 per tonne finds the Shanghai Metals Market. The average price for the same is likely to hover between RMB 21,710 per tonne and RMB 21,750 per tonne, with spot contract to be traded at a premium price of RMB 40-0 per tonne. The price in Chongqing has decreased the most by RMB RMB 210 per tonne to settle at RMB 21,670 per tonne, followed by the price in Gongyi which has descended by RMB 200 per tonne to register at RMB 21,700 per tonne. In Hangzhou and Shenyang, the price has shown a downfall by RMB 175 per tonne and RMB 150 per tonne to come in at RMB 21,730 per tonne. In Foshan and Wuxi, the price has plummeted by RMB 150 per tonne and RMB 170 per tonne to total at RMB...
According to a report on Friday, March 11, four major players in the Middle East from the aluminium and energy sector announced a joint initiative that would unlock significant development of solar power generation capacity in Abu Dhabi, progress power asset and generation optimisation, and decarbonise EGA’s aluminium production in the UAE. The companies that have conceived the initiative are - Emirates Global Aluminium (EGA), Abu Dhabi National Energy Company PJSC (TAQA), Dubal Holding, and Emirates Water and Electricity Company (EWEC). The initiative is expected to advance TAQA and Dubal Holding’s growth strategies, enable EGA to become a leader in the global aluminium industry’s net zero drive by 2050, and aid EWEC reduce carbon intensity of the energy sector. However, the initiative...
On 11 th March 2022, Dr Tapan Kumar Chand, the former Chairman and Managing Director of Nalco and presently the President of Vedanta’s Odisha and Chattisgarh aluminium operations stated that the state government of Odisha needs to step up to resolute the coal crisis. Following the challenge of the coal crisis, the local industries are countering which is driving to power shortage. However, this will impact the competitiveness of enterprises since power is the vital source for running manufacturing facilities. During the final session of Entrepreneurship Week organized by UCCI, Dr Chand made the above statements. Other than him being the former chairman of National Aluminium Company (NALCO) and the current President of Vedanta’s Odisha and Chattisgarh aluminium operations, he is also a...
According to the Shanghai Metals Market, A00 aluminium ingot price in China has slightly increased by RMB 20 per tonne to stand at RMB 21,900 per tonne on Monday, March 14. The average prices are expected to range between RMB 21,880 per tonne and RMB 21,920 per tonne, with spot contract to be traded at a premium price of RMB 60-20 per tonne. Chongqing has seen the highest growth of RMB 110 per tonne to come in at RMB 21,880 per tonne, followed by the rise of RMB 60 per tonne in Tianjin to RMB 21,920 per tonne. In Foshan, Gongyi, and Hangzhou, A00 aluminium ingot price has gained RMB 50 per tonne, RMB 40 per tonne, and RMB 25 per tonne to settle at RMB 21,870 per tonne, RMB 21,900 per tonne, and RMB 21,905 per tonne, respectively. Primary aluminium ingot price in Wuxi and Shenyang has...
LME aluminium opened at US$3,400 per tonne last Friday and closed at US$3,480 per tonne, an increase of US$80 per tonne or 2.35%. On Friday, March 11, LME aluminium prices dropped after witnessing subsequent increases for the past few weeks owing to the ongoing Russia-Ukraine crisis. Both LME aluminium cash bid price and LME aluminium official settlement price slipped by US$60 per tonne or 1.81% and US$63 per tonne or 1.78%, to close at US$3,470 per tonne and US$3,472 per tonne. 3-month bid price and 3-month offer price also witnessed a drop of US$30.5 per tonne and US$31 per tonne to register at US$3,499.50 per tonne and US$3,500 per tonne. For the same day, December 23 bid price and December 23 offer price slumped by US$33 per tonne to total at 3,265 per tonne and US$3,270 per tonne....
The Bergen-based shipping company Silver Sea owned cargo fleet Silver Dania, which sails under the Norwegian flag, is carrying 4000 tonnes of Russian made aluminium from St. Petersburg to arrive at Karmoy, Norway, as confirmed by Kristin Karlstad, the Head of Communication & Public Affairs at Hydro Aluminium Metal. It has been further stated that the bulk aluminium stock coming from Russia were in Hydro's possession since early February 2022. “The current delivery is part of an existing, contract, entered into with a trading house before the war in Ukraine broke out, as several Russian companies and individuals were subject to severe sanctions”, Karlstad added. However, she did not specify the name of the trading house nor did she spell the name of the metal producer from where the metal...
