Primary aluminium weekly recap: Eivind Kallevik appointed as Hydro's new President & CEO; Hindalco cuts aluminium prices by about 1%
Among all the verticals of the aluminium value chain, primary aluminium has been one of the busiest this week. New appointments at global giants, financial results, and project announcements made significant headlines in the primary aluminium sector. What created a buzz in the industry was the decision of Hydro’s CEO & President Hilde Merete Aasheim of leaving the company after 5 years. Eivind Kallevik, who is currently an Executive Vice President and Head of Hydro's Aluminium Metal business area, would succeed Ms Aasheim as the new President and CEO, with an effect from May 13, 2024.
To know more: https://www.alcircle.com/news/eivind-kallevik-succeeds-hilde-merete-aasheim-as-the-new-president-and-ceo-of-hydro-110191
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Sohar Aluminium announced that it appointed Matt Liddy as its Business Development and Strategy Executive. Matt Liddy has joined Sohar with more than 30 years of worldwide experience in business development, smelters project development, systems improvement & support, carbon operations and industrial minerals.
To know more: https://www.alcircle.com/news/sohar-aluminium-appoints-matt-liddy-as-business-development-and-strategy-executive-109150
Vedanta's proposal to split its businesses into distinct entities may encounter resistance from minority shareholders and creditors, as per a report this week. Hindustan Zinc Ltd (HZL), a subsidiary of the Vedanta Group, may face hurdles in advancing its proposed demerger due to anticipated difficulties in obtaining the necessary 75 per cent shareholder approval, potentially leading to an unsuccessful outcome.
On March 15, 2024, Hindalco Industries Limited reduced its aluminium ingot and aluminium products prices on Thursday, March 15, in line with the LME aluminium price drop. The company cut INR 1,750 per tonne or 0.80 per cent from its aluminium ingot and aluminium product prices.
According to a report this week, Iran's four leading aluminium production firms manufactured 54,893 tonnes of aluminium ingots in February 2024, marking a year-on-year increase from 51,416 tonnes, as disclosed by IMIDRO.
To know more: https://www.alcircle.com/news/iran-s-aluminium-ingot-production-grew-by-7-in-february-2024-reports-imidro-110193
Primary aluminium production across Europe (including Russia) totalled 579,000 tonnes during January 2024, reflecting a rise of 3,000 tonnes from 576,000 tonnes in December 2023 and a hike of 5,000 tonnes from 574,000 tonnes in January 2023. In Russia and Eastern Europe, primary aluminium production rose 1.16 per cent year-on-year to 348,000 tonnes, while the output in Western & Central Europe increased by 1,000 tonnes to 231,000 tonnes.
China’s aluminium production in February 2024 (29 calendar days) stood at 3.333 million tonnes, up by 7.81 per cent year-on-year and down by 6.43 per cent month-on-month. Despite a drop in monthly production, the daily average output stood steady at 114,900 tonnes, even in less number of days than the previous month.
Rusal announced its financial results for the year ended December 31, 2023, revealing increased sales of primary aluminium and alloys by 6.6 per cent to 4,153 thousand tonnes, driven by the release in 2023 of excess inventory accumulated as of the end of 2022. But despite the rise in sales, the company’s revenue decreased by 12.6 per cent to US$12,213 million.
To know more: https://www.alcircle.com/press-release/rusal-announces-financial-results-for-the-year-ended-december-31-2023-110205
The market dynamics of the aluminium industry in North America are gradually displaying a positive change, with a demand recovery in Q4 2023, as indicated by the preliminary estimates of the Aluminum Association. Even the beginning of 2024 has set a progressive tone, as the association’s index of net new orders of aluminium bill products hit 114.5 (baseline index of 100), the highest level since June 2022.
Japanese producers have reportedly suggested a premium between $145 and $155 per tonne for the June quarter, which indicates a substantial increase of 61-72 per cent from the previous quarter. If consumers accept these terms, it will mark the first time in three quarters that the premium falls within the $100 per tonne range.
To know more: https://www.alcircle.com/news/negotiations-underway-japan-s-aluminium-premiums-could-jump-to-155-t-109170
The Ministry of Mines, Govt. of India, has suspended Radhashyam Mahapatro, NALCO's Director (HR), citing disciplinary reasons. The news came after NALCO revealed in a recent exchange filing on March 14, 2024, that it received notification from the ministry confirming Mahapatro's immediate suspension.
To know more: https://www.alcircle.com/news/india-govt-suspends-nalco-director-on-disciplinary-grounds-110210
Aluminium Bahrain B.S.C. (Alba) has signed a Technology Services Agreement with Emirates Global Aluminium (EGA) for Reduction Line 6. As per the agreement, EGA will extend both onsite and remote assistance to Alba’s Reduction Line 6, providing technical services, monitoring services, and operational consultation.
To know more: https://www.alcircle.com/news/alba-secures-technology-services-from-ega-for-its-reduction-line-6-smelters-109159
Norsk Hydro will soon begin upgrading the remaining 120 electrolytic cells at Hydro Husnes Line A with state-of-the-art technology, investing NOK 225 million. This is the final stage of upgradation that started with Husnes' Line B and continued with 80 out of 200 electrolytic cells in Line A. The attempt is to upgrade Line A to the same standard as Line B.
Century Aluminum Company has signed a memorandum of understanding with MX Holdings to form a joint venture firm for manufacturing and marketing low-carbon secondary billet. The new JV will produce and supply highly engineered and technically advanced aluminium alloys made of increased recycled content produced with low-carbon processes.
To know more: https://www.alcircle.com/news/century-aluminum-mx-holdings-team-up-to-produce-low-carbon-secondary-aluminium-billet-110198
The LME aluminium benchmark price ended the week at a US$16.5 per tonne or 0.75 per cent higher since the beginning of the week, amounting to US$2,218.50 per tonne. The week started at US$2,202 and grew subsequently the next two days to reach US$2,224 per tonne. On March 14, the price decreased significantly to US$2,205 per tonne but recovered to an extent the next day to US$2,218.50 per tonne.
China’s domestic A00 aluminium ingot price slumped by RMB 80 per tonne on Friday, March 16, to close the week at RMB 19,180 per tonne. The average prices were estimated to range between RMB 19,160-19,200 per tonne, with spot contract to be traded at a premium price of RMB 10-50 per tonne.
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