As we enter the third week of the new year in 2023, industry predictions have proven accurate, with the primary aluminium prices experiencing a continuous decline. Notably, the Shanghai Futures Exchange (SHFE) price has demonstrated better resilience compared to the London Metal Exchange (LME) price.
Projections indicate that metal prices are anticipated to decrease by 5 per cent in 2024, with subsequent stabilisation in 2025. The World Bank's Metal Price Index is set to undergo a 5 per cent reduction in 2024. Nickel is expected to witness the most significant price decline, followed by aluminium, tin, zinc, lead, and copper. However, a modest rebound is foreseen in 2025, with price increases ranging from 2 per cent for lead to 9 per cent for aluminium. Let's review the top news and information from the global primary aluminium sector for the week:
Primary aluminium price: LME Vs SHFE, January 2024
The financial report for Q4 2023 showcases Rio Tinto's operational excellence. Rio Tinto, a global mining and metal leader, has made noteworthy strides in the aluminium sector. Aluminium production reached 3.3 million tonnes, marking a substantial 9 per cent rise. This can mainly be attributed to the full-scale resumption of Rio Tinto's Kitimat aluminium smelter and also the completion of a cell recovery effort at Boyne. Notably, the successful finalisation of the Matalco joint venture in December added 582 thousand tonnes of recycled aluminium to Rio Tinto's production capacity.
To know more: https://www.alcircle.com/news/rio-tinto-witnesses-high-q4-2023-production-amidst-looming-pressure-of-lake-macleod-sale-105644
Alcoa Corporation reported fourth quarter and full year 2023 results demonstrating progress on key priorities. Alcoa achieved a 5 per cent sequential increase in aluminium production, establishing annual production records at both the Canadian smelter system and the Mosjøen smelter in Norway. Additionally, the company returned $72 million to stockholders through quarterly dividend payments. In the fourth quarter of 2023, Alcoa made progress on key challenges, including gaining approval on Western Australia bauxite mine plans and advancing operational stability while the company was working to improve its global asset portfolio.
Epsilon Carbon Pvt. Ltd., a key player in the carbon industry, has recently inked a Memorandum of Understanding (MoU) with the Government of Odisha, marking a monumental step towards a substantial investment in the region. The Integrated Carbon Complex (ICC) project, costing almost INR 10,000 crore, is situated in Jharsuguda, Odisha. This project is expected to bring about significant socio-economic development in the region. It is expected to create around 2000 job opportunities directly and indirectly. Moreover, the project highlights Epsilon Carbon's commitment to community development.
In the intricate web of the US aluminium industry, Magnitude 7 Metals faces an uncertain future, caught in the crossfire of financial struggles and soaring energy costs. As the industry grapples with these challenges, Renew Missouri, a prominent non-profit clean energy advocate, endeavours to rescue the beleaguered smelter. Magnitude 7 is one of the five remaining aluminium smelters in the US, which, along with Alcoa's smelters in Massena, New York, and Warrick, Indiana, and Century Aluminium's smelters in Mt Holly, South Carolina, and Seebree, Kentucky, are facing significant challenges due to high energy costs. Century's Mt Holly aluminium smelter has been producing 75% of its annual capacity owing to inflated energy prices. Additionally, the Hawesville, Kentucky, smelter closed in July 2022 for the same reason.
AL Circle is pleased to announce the launch of its highly anticipated industry-focused report, "Global Aluminium Industry Outlook 2024." This comprehensive report will provide invaluable insights into the global aluminium market's current state and future trajectory. The Global Aluminium Industry Outlook 2024 is a meticulous compilation of production, market trends, and strategic insights that will shape the aluminium landscape in the coming years. AL Circle, renowned for its expertise and foresight, has left no stone unturned in providing an in-depth view of the industry's current and future trajectory. As the global community grapples with economic uncertainties and shifting geopolitical landscapes, AL Circle's Global Aluminium Industry Outlook 2024 provides insight into the challenges. Armed with this comprehensive analysis, industry stakeholders can make informed decisions, adapt to market trends, and position themselves for success in the years to come.
To know more:Â https://www.alcircle.com/news/al-circle-launches-global-aluminium-industry-outlook-2024-dive-deep-into-the-future-105654
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