Primary weekly recap: EGA marks competitive performance in H1 2023 amidst moderate market conditions

The primary sector of the aluminium industry is witnessing many new and significant events. To begin with, Emirates Global Aluminium (EGA), the world's largest producer of premium aluminium and the largest industrial firm in the UAE, recorded a competitive financial performance in H1 2023. Despite some improvement in market circumstances, EGA's adjusted EBITDA was AED 4.2 billion ($1.1 billion), with a net profit of AED 2.0 billion ($533 million). Press Metal Aluminium Holdings Bhd, South East Asia's biggest aluminium smelter, reported the second quarter results 2023, indicating a 25 per cent year-on-year fall in net profit ended June 30. China's primary aluminium exports reached 22,700 tonnes in July 2023, up 200 per cent Y-o-Y. However, the country's exports fell 56 per cent to 80,300 tonnes in the first seven months.

Emirates Global Aluminium (EGA), the world's largest producer of premium aluminium and the biggest industrial company in the United Arab Emirates reports competitive financial performance for the aluminium sector in H1 2023. 

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Press Metal Aluminium Holdings Bhd, the largest aluminium smelter in South East Asia, announced the second quarter results of 2023, reporting a 25 per cent year-on-year decline in net profit ended June 30. The company’s net profit for Q2 was recorded at RM305.79 million or 3.73 sen per share compared to RM409.17 million or 4.97 sen per share a year ago. 

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In July 2023, China's primary aluminium exports reached 22,700 tonnes, climbing 200 per cent year-on-year. But the country's total exports in the year's first seven months reflected a fall of 56 per cent to 80,300 tonnes.

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Zacks Investment Research reportedly lowered its estimates for Century Aluminium’s Q3 2023 earnings per share (EPS) in a research report issued to clients and investors. According to M. Agarwal, a research analyst at Zacks, projects that Century will post earnings of $0.09 per share for the current quarter, significantly down from the previous forecast of $0.22.

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Huomei Hongjun Aluminum and Electricity Company constructed the country's first automatic production line for aluminium ingot casting, which automates slag breaking, ingot casting, packaging, weighing, and other processes.

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Press Metal Aluminium Holdings Bhd recently missed its expected earnings, which may continue in the quarters ahead. According to Hong Leong Investment Bank (HLIB) Research, South-East Asia’s largest aluminium producer is likely to experience a gloomy future due to subdued aluminium prices in the spot market.

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Yesterday, aluminium prices subsided by 0.18 per cent to RMB 198.10, though Beijing attempted to strengthen the currency by swapping state-owned banks in offshore markets. This move aimed to extract yuan and increase the cost of shorting the currency.

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Bintulu Port Holdings Bhd's (Bintulu Port) operations are expected to perform better in the second half of the year, according to analysts, despite its first-half results falling short of the full-year consensus estimate.

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Alia Al Hashimi's commanding presence at the controls of a massive crane overseeing scorching aluminium smelters sends a resolute message to young women: They can carve out a place on the factory floor.

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The "Project Development and Application of Copper-Carbon Composite Cathode Technology Integrated with Aluminium Electrolysis" assessment conference took place on August 10, 2023, hosted by Shandong Weiqiao Entrepreneurship Group Co., Ltd.

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On September 1, the Shanghai Metals Market witnessed enormous growth in aluminium prices all over China, with the SMM A00 aluminium ingot price augmenting by RMB 450 per tonne to officially close at RMB 19,610 per tonne. The average prices have ranged between RMB 19,590 per tonne and RMB 19,630 per tonne.

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LME aluminium opened at US$2,201.5 per tonne on Wednesday, with its high and low at US$2,229 per tonne and US$2,199.5 per tonne, respectively, before closing at US$2,201 per tonne, a slight decrease of US$0.5 per tonne or 0.02 per cent from the previous trading day.

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Russell Investments Group Ltd. reportedly increased its stake in Century Aluminum by 33.1 per cent to 130,391, representing about 0.14 per cent of the company's worth. By buying these additional shares, Russell Investments Group shows its confidence in the company's future prospects.

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