Primary aluminium weekly recap: Century Aluminum shutdown to put Hawesville at revenue loss; United States to impose 35% tariff on aluminium imports from Russia
The global primary aluminium industry experienced some significant developments this week. Like, to begin with, it can be seen that the geopolitical crisis has put the metal industry under various obstacles, and its impact is still ongoing. The shutting down of Century Aluminum in Hawesville due to the rising prices of energy, will not only hamper the region's earnings but will also cause unemployment. On the other hand, the shift towards a greener and cleaner environment is going strong. To support this, three of the biggest lenders in the world to the aluminium industry will work with Rocky Mountain Institute (RMI) for climate-aligned finance to help the decarbonisation of the sector. Apart from this, the news of the United States increasing its tariffs on aluminium imports from Russia to 35% from 10.5%-11.0%, has also created a lot of discussions. On Monday, June 27, LME aluminium benchmark price opened with a surge of US$17 per tonne to settle at US$2,453 per tonne, which on Tuesday further hiked by US$46.5 per tonne to score at US$2,500 per tonne.
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A step towards a sustainable future for the aluminium industry is expanding across the world. Such was the event in Saxony-Anhalt when alliance partners Aluminum Germany, IG Metall, IG BCE, the Ministry for Science, Energy, Climate Protection and the Environment, and the Ministry for Economics, Tourism, Agriculture and Forestry of the State signed a joint declaration at Novelis in Nachterstedt for a sustainable future of the industry in the German state.
Century Aluminum facility in Hawesville has already started its idling process on Monday, June 27. According to Mike Baker, Director of Economic Development for the Industrial Foundation, the shutdown of the plant is hurting a lion's share of revenue in the region, besides creating unemployment.
To know more: https://www.alcircle.com/news/century-aluminum-shutdown-to-put-hawesville-at-revenue-loss-besides-creating-unemployment-80830
In the wake of previous successful e-Magazine releases, AlCircle is pleased to announce the launch of its 11th edition of e-Magazine - "European Aluminium Industry Focus 2022." The magazine throws light on the current state of the European Aluminium Market, as well as a detailed study of the future of the European aluminium sector.
Today, Emirates Global Aluminium (EGA), the largest industrial organisation in the United Arab Emirates (UAE), excluding oil and gas, declared that the company is attaching wearable technologies to its employees under its ‘Beat the Heat’ programme. This move is to diminish heat-induced illnesses amongst industrial workers in the hot summers of the UAE.
Qatalum, a joint venture aluminium smelter between Qatar Petroleum and Norsk Hydro, has reportedly bagged dual certifications from the Aluminium Stewardship Initiative.
Yunnan Sunho Aluminum Co. Ltd., a subdivision of Sunho shares, is a green hydropower aluminium project with a production capacity reaching almost 900,000 tonnes.
To know more: https://www.alcircle.com/news/yunnan-sunho-aluminum-co-ltd-joins-asi-as-new-production-and-transformation-member-80796
On Monday, June 27, LME aluminium benchmark price opened with a surge of US$17 per tonne to settle at US$2,453 per tonne, which on Tuesday further hiked by US$46.5 per tonne to score at US$2,500 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-official-price-contracts-by-us55-t-to-us2-397-t-shfe-price-drops-by-us44-t-80862
A00 aluminium ingot price on Monday witnessed a growth of RMB 30 per tonne, which on Tuesday further soared up by RMB 70 per tonne to settle at RMB 19,260 per tonne. On Wednesday, the A00 aluminium ingot price was further heightened by RMB 110 per tonne for the third consecutive day to come in at RMB 19,370 per tonne.
Hindalco Industries Limited reduced its aluminium ingot and aluminium products prices, with effect from Thursday, June 30. The company trimmed its aluminium ingot price by INR 3,500 per tonne to INR 225,250 per tonne.
Vedanta Limited has deducted INR 4,750 per tonne from all its aluminium products and aluminium ingot price, with effect from Friday, July 1. With this cut, Vedanta’s aluminium ingot price has come in at INR 220,500-253,500 per tonne, in contrast to INR 225,250- 258,250 per tonne on June 30.
To know more: https://www.alcircle.com/news/vedanta-deducts-inr4750-t-from-its-aluminium-ingot-price-with-effect-from-july-1-80867
According to the Shanghai Metals Market, primary aluminium inventories in China have witnessed a steep downfall of 17,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants.
Some Japanese aluminium buyers have reportedly agreed to pay a premium of $148 per tonne over the benchmark price for the shipments in the September quarter. Compared to the premium payment of $172 per tonne in the ongoing quarter, it is down by 14 per cent.
To know more: https://www.alcircle.com/news/japanese-aluminium-buyers-agree-to-pay-a-premium-of-148-t-for-the-third-quarter-shipments-80848
The United States has elevated its tariffs on aluminium imports from Russia to 35% from 10.5%-11.0%, taking effect in 30 days. Aluminium product details subject to these new tariffs have not yet been announced. However, it would not influence the MW premium, but it would have a bullish impact on spot billet, PFA, and slab premiums.
To know more: https://www.alcircle.com/news/united-states-to-impose-35-tariff-on-aluminium-imports-from-russia-80831
On June 21, Rocky Mountain Institute (RMI) announced that three of the world's largest lenders to the aluminium industry, Citi, ING, and Societe Generale, will collaborate with the centre for climate-aligned finance of RMI to support the decarbonisation of the industry.
To know more: https://www.alcircle.com/news/leading-banks-partner-with-rmi-to-combat-aluminium-decarbonisation-80814
During the World Economic Forum conference in Davos last month, the First Movers Coalition (FMC) announced a pledge for buyers of low carbon and recycled aluminium. The FMC mainly focuses on the seven most difficult to abate industrial sectors like aluminium, aviation, chemicals, concrete, shipping, steel, and trucking, as well as the advancement of Carbon Removal technology, which accounts for 30 per cent of the worldwide GHG emissions.
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