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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The year 2022 brings with it a beam of fresh hope and aspiration for the metal industry. It is anticipated that 2022 will have in store a lot of new investments, changes and projects in the metal industry. With this, team AlCircle has launched its latest research report, “Global Aluminium Industry Outlook 2022,” which provides an in-depth analysis and projection into the shaping of the aluminium industry in 2022, while keeping a tab on the earlier investments, policy changes and price trend. New projects and development plans are anticipated to boost worldwide bauxite output by around 1.6% in 2022. The output for 2022 is expected to be 383 million tonnes in volume. With upcoming investments, bauxite output is expected to increase significantly, at a rate of roughly 4% per year in 2022 and...
On Saturday, March 5, the National Development and Reform Commission (NDRC) stated in a report at the National People’s Congress that they will closely observe the availability and pricing of some raw materials as well as tighten commodities reserves of aluminium to maintain supply chain security. In addition to this, NDRC has also decided to come up with a forewarning against the risks involved in industrial and supply chains, as well as speed up the construction of national commodities reserves for aluminium and transportation base. “Demand is weak and supply is constrained, while commodity prices such as energy and minerals remain high, pressuring companies’ key production and operation indicators,” added the NDRC. According to the report, NDRC promised to stabilise the supply and...
Following a decline in price on Friday, the A00 aluminium ingot price has recorded a sharp increase of RMB 420 per tonne to score at RMB 23,860 per tonne, as of Monday, March 7. According to the Shanghai Metal Market, the average prices are expected to hover between RMB 23,840 per tonne and RMB 23,880 per tonne, with spot contract to be traded at a premium price of RMB 110-70 per tonne. For the same day in Gongyi and Wuxi, the price has hiked by RMB 410 per tonne to register at RMB 23,670 per tonne and RMB 23,850 per tonne. In other Chinese provinces like Shenyang and Tianjin, the price has heightened by RMB 420 per tonne to come in at RMB 23,790 per tonne, found the Shanghai Metals Market. In Foshan and Hangzhou as well, there was a gradual uptrend of RMB 420 per tonne and RMB 415 per...
Three-month LME aluminium opened at US$3,765 per tonne last Friday and hit a high of US$3,867 per tonne before closing at US$3,840.50 per tonne, an increase of $74 per tonne or 1.96 per cent. On Friday, March 4, LME aluminium benchmark prices continued to rise exponentially to exceed US$3,800 per tonne, driven by the on-going fear of supply disruption due to sanctions on major producer Russia. While LME aluminium cash bid price surged by US$122 per tonne to stand at US$3,850 per tonne, LME aluminium official settlement price soared by US$122.50 per tonne to come in at US$3,851 per tonne. 3-month bid price and 3-month offer price expanded by US$115.50 per tonne and US$116 per tonne, respectively, to close at US$3,819 per tonne and US$3,820 per tonne. December 23 bid price and December 23...
The holding company of Russian aluminium behemoth United Company RUSAL is envisaging by creating its global business to a different organization, as reported by industry experts to whom the company management and non-Russian investors claimed. However, the discussion inherits that the Ukraine-Russia military standoff has shot down the shade on any expectations of corporate integration among Russia and the world. Assuming, the deal gets approval, it would be far-flung to unravel the 2007 combination that created the present-time Rusal with the aspiration of building a Russian assets giant that might confront any façade of Rio Tinto Group and BHP Group on the global platform. The anticipated deal is designed in a way that would leave it in two companies, which is illustrated by, “A new...
Supply disruptions, high logistical costs driven by Russia-Ukraine conflict and several international sanctions on Russia were some of the concerns in the global primary aluminium market, resulting in rallied metal prices. Starting the week on February 28 at US$3,450 per tonne, LME aluminium benchmark price surged through the week to stand at an all-time high of US$3,728.50 per tonne. 3-month bid price and 3-month offer price closed the week higher at US$3,703.50 per tonne and US$3,704 per tonne, respectively. To know more: https://www.alcircle.com/news/lme-aluminium-hits-all-time-high-at-us3728-50-t-amidst-supply-woes-shfe-price-descends-by-us6-t-76766 Alcoa’s chief financial officer Willian Oplinger also predicted this week that aluminum prices would continue to inflate while alumina...
Hindalco Industries Limited yet again increased its aluminium ingot and aluminium products prices significantly, with effect from Friday, March 4, in line with the LME aluminium price hike to an all-time high on rising fear of supply disruptions. Hindalco’s aluminium ingot price experienced a surge of INR 10,000 per tonne or 3.22 per cent to INR 320,750 per tonne from INR 310,750 per tonne on March 3. Hindalco Industries grew its aluminium wire rod price also by INR 10,000 per tonne to INR 331,850 per tonne, with effect from March 4. On Thursday, March 3, the price stood at INR 321,850 per tonne, seeing a rise of INR 13,750 per tonne from the previous day. The company’s aluminium billets price came in at INR 334,850 per tonne versus INR 324,850 per tonne on March 3. Hindalco links its...
On 3 rd March 2022, the primary stock exchange in the United Kingdom and the largest in Europe, the London Stock Exchange (LSE) announced that it had suspended with immediate effect the trading of global depository receipts (GDRs) of various Russia-based companies including En+ Group. The London Stock Exchange has 24 companies incorporated in Russia trading on its bourse, out of which 17 are suspended. However, GDRs are negotiable certificates provisioned by a bank that represent shares in a foreign company but traded locally. Notwithstanding, the suspension also impacted several other Russian companies such as En+ Group, the majority owner of Rusal, which is incorporated in the United Kingdom. LSE revealed in a statement, "Further to recent sanctions in connection with events in Ukraine,...
On 25 th February 2022, the Sept-Iles, Quebec based aluminium smelter reported being hit by a cyberattack, regardless the production remained uninfluenced. The largest aluminium smelter in the Americas with an annual production capacity of more than 600,000 tonnes of primary aluminium, Aluminerie Alouette stated that it is still engaged to reinstitute all the computer systems that were malware impacted. The company further added by saying, “Operations are under control and aluminium production has continued. Emails and landlines are still not operational at the company.” "Despite the quality of its modern infrastructure, Alouette is not immune from these cyberattacks.” Aluminerie Alouette, the 22 nd largest aluminium smelter in the world and also the producer of 25% of all aluminium in...
LME aluminium opened at US$3,575.5 per tonne on Thursday and closed at US$3,766.5 per tonne, an increase of US$190.5 per tonne or 5.33%. On Thursday, March 3, LME aluminium prices recorded their greatest weekly rise, as supply disruption worries intensified among new sanctions against Russia. Both LME aluminium cash bid price and LME aluminium official settlement price skyrocketed by US$123.5 per tonne or 3.42% to score at US$3,728 per tonne and US$3,728.50 per tonne. 3-month bid price and 3-month offer price settled at US$3,703.50 per tonne and US$3,704 per tonne. December 23 bid price and December 23 offer price also soared up to peg at US$3,323 per tonne and US$3,328 per tonne. LME aluminium opening stock plunged further to register at 801100 tonnes. Live warrants and Cancelled...
According to the Shanghai Metals Market, social inventories of primary aluminium have continued to grow week-on-week to total 1.12 million tonnes. This week, as of March 3, the inventories have grown by 21,000 tonnes from 1.1 million tonnes on last Thursday across eight major consumption areas, including SHFE warrants. In the spot market, smelters and traders had a strong willingness to ship goods, but high aluminium prices and the slow recovery of consumption suppressed downstream purchases. But next week, the inventories are expected to grow very slightly, with eyes on arrivals and consumption recovery. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, primary aluminium inventories have surged by 23,000 tonnes from the...
National Aluminium Company Limited (NALCO) has hiked its aluminium ingot and aluminium products prices for the fourth time in a row, with effect from March 1, 2022, in line with the LME aluminium price surge as an effect of several international sanctions on major producer Rusal. NALCO has increased its aluminium ingot price by INR 8,800 per tonne or 2.93 per cent to INR 309,250-312,750 per tonne. On February 25, the price saw the last rise of INR 20,000 per tonne to INR 300,450- 303,950 per tonne. With effect from March 1, NALCO’s aluminium wire rod price also saw an increase of INR 8,800 per tonne to INR 311750-316,100 per tonne from INR 302,950- 307,300 per tonne on February 25. Aluminium billets price came in at INR 312,700-315,350 per tonne versus INR 303,900- 306,550 per tonne on...
On 2 nd March 2022, the Doha headquartered Qatar Aluminium Manufacturing Company (Qamco) said that it is abided to focus on its five-year strategic plan to compel its joint venture (JV) to brace the market position. However, its funding strategy will not only vitalize shareholder value creation but also enable sustainable pay-outs despite negative externalities. Additionally, the worldwide marketing partnership of Qamco with other JV associates dispensed access to strategically potential markets, which drives it to become more competitive in comparison to other international peers, notwithstanding supply chain confrontation that remained apparent continuously. The board of directors of the Qatari aluminium company emphasized during the general assembly meeting held virtually, where the...
Domestic primary aluminium production in the United States in December 2021 stood at 79,000 tonnes, an increase of 4,000 tonnes or 5.33 per cent month-on-month, showed the US Census Bureau’s recently reported data. In November 2021, the United States’ primary aluminium output was 75,000 tonnes, down by 1,000 tonnes from the previous month. Hence, the total production the last quarter of the year ended December 31 amounted to 230,000 tonnes. On a year-on-year calculation, domestic primary aluminium production in the US in December 2021 stood 2,000 tonnes or 2.6 per cent higher than 77,000 tonnes. The average daily production in December 2021 was 2,560 tonnes in comparison with 2,510 tonnes in November 2021 and 2,480 tonnes in December 2020. In full-year 2021, the United States domestic...
The Russia-Ukraine conflict has stirred the metal industry to the core, causing the aluminium prices to inflate further as more sanctions on Russia were imposed, as of Thursday, March 3. The A00 aluminium ingot price has jumped again by RMB 690 per tonne to stand at RMB 23,540 per tonne, found the Shanghai Metals Market. The average prices are expected to orbit between RMB 23,520 per tonne and RMB 23,560 per tonne, with spot contract to be traded at a premium price of RMB 130-90 per tonne. According to the Shanghai Metals Market, the A00 aluminium ingot price in Shenyang and Tianjin has shown growth by RMB 670 per tonne to come in at RMB 23,460 per tonne, respectively. In Foshan and Chongqing the price has heightened by RMB 680 per tonne to total at RMB 23,520 per tonne and RMB 23,430 per...
The Norwegian aluminium and renewable energy giant, Norsk Hydro has declared that it will not sign any fresh agreements with the Russian organisations. Hydro said, “The decision has been taken due to the Russian invasion of Ukraine, and sanctions imposed on Russia by the EU and the international community.” The Oslo headquartered multination aluminium company by all accounts is re-examining options for existing commitments and is assessing an inherent confine of commercial alliance with Russian businesses. Hilde Merete Aasheim, The CEO and President of Hydro said, “We are deeply shocked and saddened by the devastating situation playing out in Ukraine.” The Norwegian Confederation of Trade Unions (LO) in Hydro and Hydro’s European Works Council (EWC) has initiated a fundraising campaign...
Three-month LME aluminium opened at US$3,487 per tonne on Wednesday, March 2, and closed at US$3,576 per tonne, an increase of US$90 per tonne or 2.58 per cent. Much to the anticipation of market analysts, including Alcoa’s chief financial officer Willian Oplinger, LME aluminium prices jumped to a fresh record peak on investors’ fear of logistical challenges that may block metal supplies due to tough sanctions on Russia. Importers may soon face higher transports costs and severe delays in shipments. On March 2, both LME aluminium cash (bid) price and LME official settlement price soared by US$109.50 per tonne to stand at US$3,604.50 per tonne and US$3,605 per tonne, respectively. 3-month bid price and 3-month offer price surged by US$106 per tonne to come in at US$3,568 per tonne and...
The chief executive officer of Tomago Aluminium, Matt Howell, has expressed his intent to step down following over his eight years of service from the capacity of a top executive with the effective end of May 2022. Howell, while mentioning his time as CEO, said, “I want to record my sincere gratitude for the privilege and opportunity to lead and be part of such a fabulous organisation. My time at Tomago and the many friendships forged has been without a doubt, the highlight of my working career.” “Knowing when to make the call is tough; history is peppered with leaders that stayed too long, whether in business, sport or politics. I know in my heart that this is the right decision for me and Tomago.” David Fallu, the Chairman at the Board of Directors of Tomago Aluminium, said “On behalf...
