Week in Review: LME aluminium price rise, new projects and improved results make headlines

<p>Primary aluminium industry was abuzz with some good news this week. Aluminium prices on London Metal Exchange picked up on steady demand. A weak dollar and rising crude oil prices gave the light metal the much needed support to reverse its recent downtrend. LME aluminium which closed at US$1,943 per tonne on Monday, May 22, rose by 0.54 per cent to US$1,954 per tonne on May 25, Thursday. LME official aluminium stock came down from 1495350 tonnes on Monday to stand 1470550 tonnes on Thursday.</p> <p>In the <strong>U.S., primary aluminium production is up </strong>by 11 per cent to stand at 63,000 tonnes in March 2017, reported USGS in their latest Minerals Industry Survey. The production, however, is down by 19 per cent year-on-year, the data showed.</p> <p>The <strong>Aluminum Association</strong> released today three updated American National Standards (ANSI) H35 on Alloy and Temper Designation Systems and Dimensional Tolerances for Aluminum Mill Products. These new editions update previous versions last published in 2013.</p> <p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/Aluminium.jpg" alt="News" width="517" height="345" /></p> <p>Indian aluminium major National Aluminium Company Limited (<strong>Nalco</strong>) signed a memorandum of understanding (<strong>MoU</strong>) with the Ministry of Mines, Govt. of India, on May 25, <strong>for setting higher targets </strong>in production, productivity, turnover and CAPEX for FY2017-18.</p> <p>London listed <strong>Vedanta Resources </strong>plc announced this week the appointment of <strong>Mr Edward Story</strong> as a <strong>Non-Executive Director</strong> with effect from 1 June 2017. According to a release, Vedanta will also appoint him as a member of the Company's Audit Committee with effect from 1 June 2017.</p> <p>Brazilian metals and cement group <strong>Votorantim</strong>, formerly known as Votorantim Industrial posted a <strong>net loss </strong>of reais 546 million (US$166 million) for Q1 2017, in comparison to 144 million-real profit in Q1 2016.</p> <p>{googleAdsense}</p> <p>In the Middle East, Emirates Global Aluminium (<strong>EGA</strong>) was named <strong>Aluminium Company of the Year</strong> at the Platts Global Metals awards this week.</p> <p>Aluminium Bahrain B.S.C. (<strong>Alba</strong>) said in a statement issued by the company's BOD that it has been taking solid steps with the <strong>progress of Line 6 Expansion</strong> Project.</p> <p>Saudi Arabian Mining Company <strong>Ma&rsquo;aden</strong> signed two landmark MOUs with its U.S.-based partners <strong>Alcoa</strong> and <strong>Mosaic</strong> at the recently ended inaugural Saudi-U.S. CEO Forum in Riyadh. The Memorandums are expected to provide fresh impetus to the Kingdom's mining sector which is identified to be a playing a crucial role in the economic diversification of the nation as outlined in <strong>Saudi Vision 2030.</strong></p> <p>The startup saga is continuing in India under the Government&rsquo;s pet vision &lsquo;Make in India&rsquo;. Encouraged by a number of positive macroeconomic factors<strong>, Runaya Refining LLP</strong>, a new metal startup in India signed a technology licensing pact this week with <strong>Taha International WLL</strong>, which owns the patent for <strong>aluminium dross processing</strong>. The startup would harness the cutting-edge technology of Taha International to convert waste aluminium into value-added products.</p>