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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National Aluminium Company Limited (NALCO) has slashed its aluminium ingot and aluminium products prices, with effect from Friday, March 11, in tandem with the lowering trend after March 9. NALCO has reduced its aluminium ingot price sharply by INR 40,600 per tonne or 11.72 per cent to INR 305,850-309,350 per tonne. With effect from March 8, the ingot price stood at INR 346,450-349,950 per tonne, seeing an exponential growth of INR37,200 per tonne. NALCO’s aluminium wire rod price has also seen a cut of INR 40,600 per tonne on March 11 to come in at INR 308,350-312,700 per tonne from INR 348,950 – 353,300 per tonne on March 8. NALCO’s aluminium billets selling price is now hovering around INR 309,300-311,950 per tonne versus the earlier price of INR 349,900- 352,550 per tonne. NALCO links...
Sanctions on Russia for its invasion of Ukraine, resulting in supply disruptions and metal price rally, has been occupying the news headlines in the global aluminium industry for over a week now. This week, the LME aluminium benchmark price touched a new high US$3,984.50 per tonne on March 7 but stepped down the next day to US$3,500.50 per tonne. However, on the two following days, the LME price rose to US$3,532 per tonne and US$3535 per tonne, which closed the week lower on March 11 by US$63 per tonne to US$3,472 per tonne. To know more: https://www.alcircle.com/news/lme-aluminium-benchmark-price-touched-new-high-this-week-before-closing-at-us3-472-t-shfe-fell-behind-lme-at-us3455-t-77820 But A00 aluminium ingot price in China mostly saw declines through the week. It started with a hike...
LME aluminium cash bid price and LME aluminium official settlement price opened the week on March 7 with a new high, driven by metal supply disruptions due to increased international sanctions of Russia. Both the prices augmented by US$133.5 per tonne or 3.46 per cent to peg at US$3,983.50 per tonne and US$3,984.50 per tonne. The next day, March 8, the prices plummeted by US$483.50 per tonne and US$484 per tonne to come in at US$3,500 per tonne and US$3,500.50 per tonne, respectively. However, on March 9, LME prices rose again, buoyed by the pertinent danger of the ongoing Russia-Ukraine crisis, to settle at US$3,530 per tonne and US$3,532 per tonne. The prices increased subsequently, although much lower, on March 10 to US$3,534 per tonne and US$3,535 per tonne, but closed the week on...
After increasing aluminium ingot and aluminium products prices on March 10, Hindalco Industries Limited cuts them the next day. With effect from Friday, March 11, the company has reduced its aluminium ingot price by INR 2,750 per tonne or 0.90 per cent to INR 306,500 per tonne. On March 10, the price was raised by INR 2,500 per tonne to INR 309,250 per tonne. Hindalco has also axed its aluminium wire rod price by INR 2,750 per tonne from INR 320,350 per tonne on March 10 to INR 317,600 per tonne on March 11. With effect from March 11, the company’s aluminium billets selling price has come in at INR 320,600 per tonne versus INR 323,350 per tonne. Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which grew...
On Friday, March 11, A00 aluminium ingot price in China has ascended after a three-day consecutive fall to close above RMB 21,800 per tonne. According to the Shanghai Metals Market, the aluminium ingot price has gone up by RMB 380 per tonne to settle at RMB 21,880 per tonne. The average prices are likely to hover between RMB 21,860 per tonne and RMB 21,900 per tonne, with spot contract, traded at a premium price of RMB 50-10 per tonne. The price in Shenyang and Tianjin has escalated by RMB 320 per tonne to close at RMB 21,860 per tonne. For the same day in Gongyi and Foshan, the price has augmented by RMB 340 per tonne and RMB 390 per tonne to record at RMB 21,860 per tonne and RMB 21,820 per tonne. Data shows that the price in Wuxi and Hangzhou has also elevated by RMB 385 per tonne and...
Three-month LME aluminium opened at US$3,302 per tonne on Thursday, March 10, and hit a high and low of US$3,557.5 per tonne and US$3,302 per tonne, respectively, before closing at US$3,400 per tonne. A low level of inventory across the globe amid tight demand-supply situation due to geopolitical risks for the ongoing Ukraine-Russia war is continuing to elevate the LME aluminium prices. However, on Thursday, December 10, both LME aluminium cash bid price and LME aluminium official settlement price gained slightly compared to the previous days. While the formed grew by US$4 per tonne to stand at US$3,534 per tonne, the latter climbed by only US$3 per tonne to close at US$3,535 per tonne. On the other hand, 3-month bid price and 3-month offer price dipped by US$3 per tonne and US$4 per...
According to the Shanghai Metals Market, social inventories of primary aluminium have built up by 20,000 tonnes week-on-week across eight major consumption areas in China, including SHFE warrants. Data shows inventories have come in at 1.14 million tonnes on March 10 compared to 1.12 million tonnes last Thursday, March 3. Smelters and traders were in a rush to sell aluminium ingots due to growing aluminium prices, but downstream buyers showed a strong wait-and-watch sentiment. The chart below indicates the current status of primary aluminium inventories across China in more details: Primary aluminium inventories have seen the highest growth in Wuxi this week by 16,000 tonnes to stand at 434,000 tonnes, followed by the increase of 8,000 tonnes in Nanhai to stand at 269,000 tonnes, found...
The administration of Joe Biden, the President of the United States of America is advocated by the top members of the ‘House of Representatives Financial Services Committee’ towards reimposement of economic sanctions on Russian oligarch Oleg Deripaska's United Company Rusal, the Russian aluminium giant. While speaking at an American Bankers Association (ABA) summit in Washington, committee chairwoman Maxine Waters, a Democrat, and Republican ranking member Patrick McHenry emerged with independent support to reimpose economic sanctions on Rusal, as in December 2021, it secured waivers from Donald Trump's administration. Maxine Waters said, “I had always opposed the decision by then-treasury secretary Steven Mnuchin to waive economic sanctions against Rusal and that she was further...
LME aluminium opened at US$3,680 per tonne on Wednesday and hit a high and low of US$3,680 per tonne and US$3,300 per tonne respectively before closing at US$3,301 per tonne, a drop of US$380 per tonne or 10.32%. Following a plunge in the price of aluminium on Tuesday, LME aluminium benchmark price rose again on Wednesday, March 9, driven by the pertinent danger of the ongoing Russia-Ukraine crisis. Both LME aluminium cash bid price and LME aluminium official settlement price marched ahead by US$30 per tonne or 0.85% and US$31.5 per tonne or 0.89% to settle at US$3,530 per tonne and US$3,532 per tonne. 3-month bid price and 3-month offer price also stepped up by US$19 per tonne or 0.54% to score at US$3,533 per tonne and US$3,535 per tonne. December 23 bid price and December 23 offer...
According to the Shanghai Metals Market, A00 aluminium ingot price in China has continued to plunge for the third consecutive day to stand below RMB 22,000 per tonne. Data shows the price has come in at RMB 21,500 per tonne, reflecting a decrease of RMB 560 per tonne from RMB 22,060 per tonne on March 9. The average prices are likely to range between RMB 21,480 per tonne and RMB 22,520 per tonne, with spot contract to be traded at a premium price of RMB 40-0 per tonne. In Foshan, A00 aluminium ingot price has plummeted by RMB 590 per tonne to stand at RMB 21,430 per tonne, followed by the decline of RMB 560 per tonne in Wuxi, Chongqing, and Shenyang to peg at RMB 21,490 per tonne, RMB 21,400 per tonne, and RMB 21,540 per tonne, respectively. In Hangzhou, Tianjin, and Linyi, primary...
China’s aluminium production in 28 days of February 2022 reflected a positive trend with a daily average output of 105,000 tonnes, up by 2,000 tonnes from 103,000 tonnes a month earlier. Total production in the month came in at 2.95 million tonnes versus 3.204 million tonnes in January (31 days). However, on a year-on-year basis, the output dipped 2.3 per cent from 3.02 million tonnes, showed the Shanghai Metals Market data. Output in the past two months of 2022 amounted to 6.15 million tonnes, which was also down by 3 per cent from 6.34 million tonnes of production during the same period last year. The increase in daily average production leading to a stable flow of monthly output in February could be attributed to the recommencement of production at aluminium smelters or the beginning...
Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from Wednesday, March 9, in response to LME aluminium price plunge after a week of unabated growth. Hindalco has axed its aluminium ingot price by INR 40,500 per tonne or 11.66 per cent to INR 306,750 per tonne. On March 8, the price was raised by INR 14,750 per tonne to INR 347,250 per tonne. The company’s aluminium wire rod price also saw a sharp cut of INR 40,500 per tonne from INR 358,350 per tonne on March 8 to INR 317,850 per tonne on March 9, 2022. Aluminium billets price has come in at INR 320,850 per tonne, with effect from March 9, as against INR 361,350 per tonne on March 8. Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium...
On Wednesday, March 9, A00 aluminium ingot price has depreciated further by RMB 660 per tonne to peg at RMB 22,060 per tonne, found the Shanghai Metals Market. The average prices for the same are expected to range between RMB 22,040 per tonne and RMB 22,080 per tonne, with spot contract to be traded at a premium price of RMB 60-20 per tonne. In provinces like Foshan, Hangzhou and Chongqing, the price has plummeted by RMB 670 per tonne to close at RMB 22,020 per tonne, RMB 22,050 per tonne and RMB 21,960 per tonne. For the same day in Gongyi and Wuxi, the price has fallen by RMB 590 per tonne and RMB 660 per tonne to total at RMB 22,050 per tonne, respectively. The A00 aluminium ingot price in Shenyang and Tianjin has contracted by RMB 610 per tonne and RMB 630 per tonne to register at RMB...
Three-month LME aluminium opened at US$3,740 per tonne on Tuesday, March 8, and hit a high of US$3,900 per tonne before closing at US$3,681 per tonne, a drop of US$59 per tonne or 1.58 per cent. After an uninterrupted rise through the week nearing US$4000 per tonne, LME aluminium cash bid price and LME aluminium official settlement price plummeted by US$483.50 per tonne and US$484 per tonne to come in at US$3,500 per tonne and US$3,500.50 per tonne on Tuesday, March 8. 3-month bid price and 3-month offer price nosedived by US$452 per tonne to settle at US$3,514 per tonne and US$3,516 per tonne, respectively. December 23 bid price and December 23 offer price closed lower at US$3,245 per tonne and US$3,250 per tonne. LME aluminium opening stock further decreased to 779350 tonnes,...
National Aluminium Company Limited’s (NALCO) aluminium ingot and aluminium products prices have witnessed an exponential rise on Tuesday, March 8, in tandem with the incessant LME aluminium price rally for over a week close to US$4,000 per tonne. NALCO has raised its aluminium ingot price by INR 37,200 per tonne or 12 per cent to the range of INR 346,450-349,950 per tonne as of March 8. A week ago, with effect from March 1, the price stood at INR 309,250-312,750 per tonne, after being expanded by INR 8,800 per tonne from the previous day. NALCO’s aluminium wire rod price also soared by INR 37,200 per tonne, with effect from March 8, to score at INR 348,950 – 353,300 per tonne versus INR 311750-316,100 per tonne on March 1. Aluminium billets price came in at 349,900- 352,550 per tonne,...
The former energy minister of the United Kingdom, Gregory Leonard George Barker (Lord Barker) is stepping down as Chairman En+ Group, the parent company of Russian aluminium giant, Rusal and auditors of PwC and KPMG are decoupling with the country as businesses responded to sanctions against Russia. On 7 th March 2022, Lord Barker, an ex-minister during the regime of former British Prime Minister, David Cameron declared his resignation from the board of En+ Group. Since 2017, he held the position of Chairman and in 2019 he became the Executive Chairman of the Group. It has been notified that Lord Barker will pursue to chair the group briefly before handing over to Christopher Bancroft Burnham, a New York-born and company’s senior independent director. The announcement emerged after global...
A00 aluminium ingot price in China has nosedived by RMB 1,140 per tonne on Tuesday, March 8, to come in at RMB 22,720 per tonne, found the Shanghai Metals Market, attributable to lower willingness of downstream purchases in the domestic market. The average prices are expected to range between RMB 22,700 per tonne and RMB 22,740 per tonne, with spot contract to be traded at a premium price of RMB 80-40 per tonne. In Foshan, A00 aluminium ingot price has plummeted by RMB 1,170 per tonne to stand at RMB 22,690 per tonne, followed by the plunge of RMB 1,140 per tonne in Wuxi and Hangzhou to RMB 22,710 per tonne and RMB 22,720 per tonne, respectively. In Chongqing and Shenyang, primary aluminium ingot price has shrunk by RMB 1,130 per tonne and RMB 1,080 per tonne, respectively, to close at...
LME aluminium opened at US$3,876 per tonne on Monday and hit a high of US$4,073.5 per tonne before closing at US$3,740 per tonne, a drop of US$100.5 per tonne or 2.62%. Supply disruptions due to increased sanctions on Russia have caused the LME aluminium cash bid price and LME aluminium official settlement price open the week on Monday, March 7, with yet another high. For the same day, both LME aluminium cash bid price and LME aluminium official settlement price augmented by US$133.5 per tonne or 3.46% to peg at US$3,983.50 per tonne and US$3,984.50 per tonne. 3-month bid price and 3-month offer price also elevated to score at US$3,966 per tonne and US$3,968 per tonne. December 23 bid price and December 23 offer price stood at US$3,400 per tonne and US$3,405 per tonne. LME aluminium...
