Primary aluminium recap: Century Aluminium Company reports second quarter 2023 results

This week the global primary aluminium segment saw releases of the quarterly results of Century Aluminium and NALCO. As per the data, the National Aluminium Company Limited (NALCO), a Schedule 'A' Navratna CPSE, revealed that its quarterly earnings for Q1 FY2023-24 fell 40 per cent due to low global aluminium prices and weak demand. Century Aluminium Company, the owner's principal aluminium capacity in the United States and Iceland, reported results for the second quarter of 2023. Net sales for the second quarter ended June 30, 2023, grew by 4 per cent sequentially, mainly owing to higher realised aluminium prices. On Thursday, August 17, both the LME aluminium cash bid price and LME aluminium official settlement price surged by US$41.5 per tonne or 1.98 per cent and US$42 per tonne or 2.01 per cent to close at US$2,130 per tonne and US$2,131 per tonne.

National Aluminium Company Limited (NALCO), a Schedule ‘A’ Navratna CPSE, reported last week that its quarterly profit for Q1 FY2023-24 recorded a 40 per cent fall, attributed to sluggish global aluminium prices and mediocre demand.

To know more: https://www.alcircle.com/news/indias-navratna-firm-nalco-posts-a-40-fall-in-profit-for-q1-fy2024-holding-limped-lme-prices-responsible-98868

The company's net sales for the second quarter ended June 30, 2023, increased by 4 per cent sequentially, primarily due to higher realized aluminium prices. Century reported net income attributable to Century stockholders of $7.5 million for the second quarter of 2023, a $46.1 million improvement sequentially. 

To know more: https://www.alcircle.com/press-release/century-aluminium-company-reports-second-quarter-2023-results-98888

The Aluminium Federation (ALFED) will hold the first training sessions for its newest programme, the 'Aluminium Ambassador Programme'. The initiative, launched in collaboration with Bloodhound Education, will include an online (22 August) and in-person (11 September) session.

To know more: https://www.alcircle.com/news/alfed-launches-aluminium-ambassador-programme-in-partnership-with-bloodhound-education-98920

Aluminium Bahrain B.S.C. (Alba) expanded its AA6060 alloy family by adding a new alloy '6060.HE', aiming to extend product offerings to extruder customers. Produced in a billet form, Alba's new alloy has a faster extrusion rate that improves process efficiency and productivity for its users.

To know more: https://www.alcircle.com/news/alba-develops-new-alloy-6060-he-in-billet-form-with-the-support-of-the-university-of-bahrain-98881

In early August, the Indian Institute of Technology Kharagpur inaugurated a programme on artificial intelligence (AI) to educate students about using technology in the manufacturing industry, including aluminium. 

To know more: https://www.alcircle.com/news/iit-kharagpur-introduces-3-month-ai-programme-learn-technology-application-in-aluminium-industry-98865

LME aluminium opened at US$2,132 per tonne on Thursday, with its high and low at US$2,186 per tonne and US$2,132 per tonne, respectively, before closing at US$2,146 per tonne, an increase of US$3 per tonne or 0.14 per cent from the previous trading day.

To know more: https://www.alcircle.com/news/lme-aluminium-benchmark-price-gains-us42-t-to-us2-131-t-shfe-price-inches-down-to-us2-528-t-98926

The Indian domestic aluminium alloy ingot market remained stable, thanks to several factors such as range-bound scrap, correction in futures contracts by US$50 to US$70 per tonne, and price cuts by primary producers by up to INR 3,750 per tonne ex-works.

To know more: https://www.alcircle.com/news/aluminium-alloy-ingot-price-in-india-shows-orbital-movement-w-o-w-98918

In a noteworthy development, Xinjiang's aluminium production capacity has surged to 6.18 million tonnes, making up 15 per cent of China's total output and ranking third nationally. Thanks to abundant coal and low-cost electricity, the region boasts an impressive operational rate of over 99 per cent. 

To know more: https://www.alcircle.com/news/xinjiang-s-aluminium-smelters-maintained-robust-production-and-stable-distribution-amid-challenges-98902

China's domestic aluminium production for July 2023 surged to a staggering 3.568 million tonnes, registering an impressive 1.95 per cent year-on-year growth. This monumental achievement was underscored by the sector's average daily output, which escalated by over 3,000 tonnes month-on-month to a robust 115,100 tonnes.

To know more: https://www.alcircle.com/news/china-s-aluminium-production-soars-in-july-with-optimistic-outlook-for-august-98874