Aluminium Bahrain (Alba) reviewed its production operations and development projects during a visit by the Deputy King, His Royal Highness Prince Salman bin Hamad Al Khalifa, who also welcomed the company’s recent acquisition of Aluminium Dunkerque, the largest aluminium smelter in the European Union. During the visit, His Royal Highness conveyed the greetings and appreciation of His Majesty King Hamad bin Isa Al Khalifa to Alba’s national workforce. He reviewed the progress of operations across Alba’s production lines and the development projects currently being undertaken by the company. He also commended the company’s achievements, including the milestone of recording 50 million safe working hours. He also commended the efforts and dedication of Alba’s national workforce in maintaining...
LME aluminium prices softened on September 22, with the cash and three-month contracts declining from the previous trading session, while LME aluminium opening stocks also edged lower on September 23. On September 22, the LME aluminium cash bid price stood at USD 3,240 per tonne, down 0.66 per cent from USD 3,261.5 per tonne on September 21. The cash offer price was USD 3,242 per tonne , down 0.63 per cent from USD 3,262.5 per tonne. The LME aluminium 3-month bid price stood at USD 3,263.5 per tonne on September 22, compared with USD 3,272.5 per tonne on September 21, representing a decline of 0.28 per cent. The 3-month offer price fell 0.27 per cent to USD 3,264 per tonne from USD 3,273 per tonne. Explore the production, demand and consumption forecasts of bauxite and alumina in our...
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Social inventories of primary aluminium ingots have fallen this week, as demand improved and aluminium smelters held back on sales and reduced deliveries to social warehouses owing to weaker aluminium prices, learned Shanghai Metals Market. The SMM data shows the primary aluminium inventories decreased 69,000 tonnes over the week ended Thursday, April 9, across eight major consumption areas in China, including SHFE warrants. This marks the first week-on-week decline since the Lunar New Year Holiday, bringing the inventories at 1.607 million tonnes. On last Thursday, April 2, the primary aluminium inventories were at 1.676 million tonnes, up 9,000 tonnes compared to a build of 20,000 tonnes in the previous week. The chart below indicates the current status of primary aluminium inventories...
Arconic is executing mitigation measures with immediate effect that are estimated to reduce operating costs by approx. $150 million on a yearly rate basis. These deduction measures, as well as capital reductions of $50 million, will enhance the Company’s financial profile by approx. $200 million. The various measures that the company is implementing will be continued until the market again regains its move. The CEO’s salary and the Board of Director’s annual cash retainer will be reduced by 30%, the senior-level management will incur a 20% salary cut and the drop-down employees will attract a10% pay cut. The salaried staff will be cropped with a 10% reduction and Tennessee and New York facilities will be kept idle until the demand grows from the customer’s side. Tim Myers, CEO, Arconic...
Owing to weaker aluminium prices due to the COVID19 pandemic, Press Metal Aluminium Holdings Bhd has reportedly revised its forecasts for financial years 2020-22. For FY20, the company has cut its net profit forecasts by 29 per cent to RM 415.5, and for FY21 and FY22, 12 per cent and 13 per cent to RM 816.3 and RM 948.9, respectively. According to the report, the company has also reduced its revenue outlook to RM 7,370.2 for FY20, RM 10,866.2 for FY21, and RM 11,137.1 for FY22. FV has also been reduced by 29 per cent to RM3.03 (from RM4.24 previously) based on 15 times revised FY21F earnings per share (EPS) (from RM4.24 based on 18 times FY21F EPS previously). <iframe width="500" height="300" src="https://www.youtube.com/embed/AwGLceThp5w" frameborder="0" allow="accelerometer; autoplay;...
The Australian Aluminium Council and Australian Workers Union is anxious that any reduction of the crucial workers that strikes on the aluminium industry’s complex supply chain, in regards to shutdown measures, perils the permanent close-down of alumina refineries and aluminium smelters across the nation and losing thousands of jobs. The integrated aluminium industry is unique and indispensable in Australia. This is by grasping the whole chain from bauxite mining to alumina refinery to aluminium smelters and also the holding the contractors for essential supplies and services. The temporary shut-down in any unit of this supply chain turns out uncertainty in alumina refineries and thus hits out at the aluminium smelters. This can move towards the permanent closure of these operations. The...
The US dollar index edged higher on Wednesday in choppy trading, attracting safe-haven bids, as investor concerns remained over the economic fallout of the pandemic. Three-month LME aluminium fell to a new more than four-year trough of US$ 1,455 per tonne in the North American trading session, before it recouped some losses to close the day 0.61 per cent weaker at US$ 1,469 per tonne. As of Wednesday, April 8, both LME aluminium cash (bid) price and LME official settlement price fell sharply from US$ 1455.50 per tonne to US$ 1421.50 per tonne, followed by a significant increase on the previous day. 3-months bid price and 3-months offer price also recorded a sharp fall from US$ 1491.50 per tonne to US$ 1459.50 per tonne. Dec 21 bid price and Dec 21 offer price came in at US$ 1591.50 per...
M.T. Abraham Group, Aluminij Industries d.o.o. and Aluminij d.d. Mostar have signed a lease agreement for the Mostar based company in Bosnia and Herzegovina. The Chinese-Israeli consortium announced: “The Abraham Group and its partners will start executing the strategic plan as stated in the agreement between the parties, all to make certain that Mostar based Aluminium smelter start operating in due time.” Amir G. Kabiri, President of M.T. Abraham Group and Director of Aluminij Industries d.o.o. said: “From the beginning of the negotiation process, I did not doubt that we would reach a mutual agreement. Starting tomorrow, we must concentrate on implementing our strategic plan to restart the manufacturing process.” Director of M.T. Abraham Group, Isaac M. Tami, added that he would do...
The downfall in the aluminium industry could be traced back to the global financial crisis last year that forced many automobile companies and the construction projects to reduce or shut operations, resulting in demand crunch for the lightweight metal, according to Bloomberg observation. The outbreak of COVID19 has just further triggered the ailing of aluminium demand, leading to production curtails at many downstream and end-use aluminium plants. Bloomberg Intelligence suggests that since the demand was slowing down, a surplus in stocks was well expected this year, even before the current pandemic. The price has been declining as well, which is now below $1500 per tonne, making most of the world’s production unprofitable. According to Bloomberg, the industry is currently working through...
Hydro’s operations in Norway, Germany, UK, France, Spain, and the USA have been certified against Aluminium Stewardship Initiative’s (ASI) Performance Standard. The company’s primary aluminium plant Husnes and the remelters and casthouses Rackwitz (Germany), Deeside (UK), Lucé (France), Azuqueca (Spain), Henderson (USA) and Commerce (USA) have been certified against ASI Performance Standard. “We are happy to further extend our ability to deliver certified aluminium produced with high standards, responsibly and sustainably,” said Head of Hydro’s Primary Metal business area Eivind Kallevik. Hydro extends its certified operations to 59 production sites and has certified facilities all along the value chain from mining operations in Paragominas, Brazil to building systems plants such as...
ATO has escalated its transfer pricing probe into Rio Tinto's aluminium division, further complicating talks between the miner and the federal government in regards to a rescue package for Rio's three loss-making Australian smelters. In February’20 a probe was advancing into Rio's aluminium division, and Rio confirmed on Wednesday, 8 th April’20, that the probe had escalated to a formal amended assessment in March’20. The ATO accepts Rio’s Australian subsidiaries have charged an in-appropriate price for the aluminium they sold out to Rio’s arguable Singapore marketing hub between 2000 and 2016. The ATO has ordered Rio to pay $86.1 million of unpaid taxes over the aluminium matter in a separate to Rio’s long-running $447 million dispute with the ATO over the transfer pricing of Australian...
India has solicited consultations with the US, under the WTO's safeguard agreement, against American authorities' decision to hike import duties on derivatives of aluminium products. In January’20, the US exuded a presidential decree stating that aluminium derivatives would be subject to tariff increase. According to a communication of the World Trade Organisation (WTO), India considers this measure of the US to be a safeguard measure within a provision of General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards. "India considers tariff increase through Presidential Proclamation on 24 January 2020 as an extension of earlier safeguard measures (announced in March 2018). <iframe width="500" height="300" src="https://www.youtube.com/embed/SCmb-oDpwFs" frameborder="0"...
The US dollar index dropped below the 100 level mark on Tuesday as risk appetite improved on hopes that lockdowns may be slowing the spread of the coronavirus in some countries and as action by central banks eased dollar strain. Three-month LME aluminium climbed to an intraday high of US$ 1,500 per tonne in late European trading hours, before it pared most of the gains to end the day 0.2 per cent higher at US$ 1,478 per tonne. As of Tuesday, April 7, both LME aluminium cash (bid) price and LME official settlement price increased sharply from US$ 1424.50 per tonne to US$ 1455.50 per tonne. 3-months bid price and 3-months offer price also recorded a significant rise from US$ 1460.50 per tonne to US$ 1491.50 per tonne, while Dec 21 bid price and Dec 21 offer price came in at US$ 1623.50 per...
Rio Tinto considers suspending the production at its Straumsvík smelter in Iceland for two years. The company is one of the world’s largest metal and mining corporations are considering various options to reduce its losses during the economic downturn due to the coronavirus pandemic. Rio Tinto’s executives have also complained that high power costs have contributed to the company’s losses and are preparing a lawsuit against Iceland’s National Power Company. As per the report, the metal corporation is preparing a lawsuit against Iceland’s National Power Company, which is intended to release Rio Tinto from a large part of the electricity purchase obligation to which it is subject. The lawsuit also addresses alleged “product fraud” on the part of the National Power Company, which Rio Tinto...
Aluminium du Maroc, created in partnership with Péchiney and the latter was absorbed first by Alcan and then by Rio Tinto. The company is supervised by a high level of engineers and it relies on the latest generation of technical equipment. The exceptional and the unprecedented circumstances linked to the health situation due to the n COVID-19 concluded to postpone the date of the convocation of the Board of Directors to approve the accounts of the company Aluminium du Maroc, Wednesday, 22 nd April’20. The publication of the elements of the annual financial report will follow the holding of this council. Aluminium du Maroc is the first Moroccan company specializing in the design and manufacture of aluminium alloy profiles for building and industry, as most of the production is intended...
Aluminium Bahrain (Alba), the world’s largest aluminium smelter ex-China, announced the appointment of six new members to the company's board of directors on 05 April 2020. The company said the newly appointed six Directors by the shareholder Bahrain Mumtalakat Holding Company (Mumtalakat) to the Board of Directors. The Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, commented: “On behalf of myself and the newly appointed Board of Directors of Alba, I take this opportunity to express our thanks and gratitude towards His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, for the trust placed in me and my fellow Directors to further develop the Company for the next stage of...
According to Shanghai Metals Market, the social inventories of primary aluminium ingots have declined over the holiday-extended weekend, as demand has displayed a slight improvement. The data shows the stocks across eight major consumption areas in China, including SHFE warrants, have decreased by 41,000 tonnes from 1.676 million tonnes on Thursday, April 2, to stand at 1.635 million tonnes, as of Tuesday, April 7. Compared to a week earlier when the inventories were at 1.664 million tonnes, the stocks today have plunged by 29,000 tonnes. The chart below indicates the current status of primary aluminium inventories across China in more details: From Thursday, April 2, the inventories in Nanhai and Gongyi have plunged by 28,000 tonnes and 17,000 tonnes, respectively, to stand at 403,000...
The US dollar held firm at more than one-week highs against a basket of currencies on Monday, April 6. LME aluminium closed lower overnight. The SHFE kept its night trading session suspended. Three-month LME aluminium fell to its lowest since January 2016 at US$1,459.5 per tonne in late European trading session. It closed the day lower at US$1,475 per tonne. Shanghai Metals Market expects the contract to move at US$1,450-1,500 per tonne today, As of Monday, April 6, LME aluminium cash (bid) price stands at US$ 1424.50 per tonne, LME official settlement price stands at US$ 1424.50 per tonne; 3-months bid price stands at US$ 1460.50 per tonne, 3-months offer price is US$ 1460.50 per tonne; Dec 21 bid price stands at US$ 1594 per tonne, and Dec 21 offer price stands at US$ 1594 per tonne....
Alcoa Corporation, a global leader in bauxite, alumina, and aluminium products, on 6th April ’20, announced a change in the format of its Annual Meeting of Stockholders from in-person to virtual-only. This arrangement has been supported concerning the public health impact of the COVID-19 pandemic and to support the health and well-being of the stockholders, employees, and their families. The company will hold its annual meeting in a virtual meeting format only, via webcast. As previously announced, the annual meeting will be held on Wednesday, 6 th May’20 at 10:00 a.m. EDT. As described in the Company’s proxy materials previously distributed for the Annual Meeting, stockholders at the close of business on March 11, 2020, the record date, are entitled to attend and participate in the...
Following World Health Organisation guidelines, New Zealand Aluminium Smelter Limited is making 103 litres of own hand sanitiser from its onsite laboratory. Smelter asset optimisation superintendent Roget Hackett said they collected the ingredients like ethanol, hydrogen peroxide, and glycerol under WHO guidelines and mixed in their lab. Although the smelter is not considered an essential service, yet it is exempted from the four-week lockdown, considering the extensive costs involved in shutting down and restarting all the pots. However, the smelter has adopted several precautions for continuing operations during the pandemic, such as dividing workers into two teams – blue and red and letting them work separately as much as possible with separate entry and exit points into the factory....
