Primary aluminium weekly recap: Hindalco posts a 20% hike in nine months revenue for FY23; Vedanta launches the 1st edition of the ‘International Aluminium Conference 2023’ in Odisha
The global primary aluminium sector witnessed some significant events this week. Also, the fact that aluminium is one of the most critical metals can be understood with the proposal of Australian experts suggesting enlisting this silvery-white metal as a crucial mineral. Mike Ferraro, CEO and Managing Director of Alumina Ltd., discussed why the Australian Government should follow in the footsteps of the United States, which included aluminium in its list of 50 critical metals a year ago. Apart from this, the 'Metal of the Future,' Vedanta Aluminum, India's largest aluminium producer and one of the world's top aluminium manufacturers, grandly launched the first edition of the International Aluminium Conference 2023' (IAC 2023) at its operating location in Jharsuguda, Odisha. Under the market forefront, Hindalco Industries Limited, a subsidiary of the Aditya Birla Group, reported the fourth quarter results ended December 31, FY2022-23, on Thursday, February 9, showing a 6% year-on-year increase in sales to INR 53,151 crore.
In a remark, the CEO and Managing Director at Alumina Ltd., Mike Ferraro, explained why the Australian Government should follow the footsteps of the US, which 12 months earlier included aluminium in the list cataloguing 50 critical metals of the nation.
To know more: https://www.alcircle.com/news/aluminium-must-be-enlisted-as-a-critical-mineral-australian-expert-suggests-89879
India’s largest aluminium producer and one of the world’s leading aluminium producers, the ‘Metal of the Future’, Vedanta Aluminum, grandly launched the 1st edition of the International Aluminium Conference 2023’ (IAC 2023) at its operational location in Jharsuguda, Odisha.
On Thursday, February 9, Hindalco Industries Limited, a subsidiary of the Aditya Birla Group, announced the fourth quarter results ended December 31, FY2022-23, reporting a 6 per cent year-on-year rise in revenue to INR 53,151 crore. But on a quarter-on-quarter basis, the revenue stood 5.38 per cent lower than INR 56.176 crore.
According to our report from the United States, the White House is ready to slap a 200 per cent tariff on aluminium produced in Russia as early as this week in order to maintain pressure on Russia as the Ukraine-Russia geopolitical crisis crossed its first anniversary.
To know more: https://www.alcircle.com/news/us-may-impose-200-tariffs-on-russian-aluminium-this-week-89913
The global industry leader in aluminium, alumina and bauxite, Alcoa Corporation, announced that most of the employers at its San Ciprián complex in Spain had approved an upgraded plan to reactivate the aluminium smelter in 2024.
To know more: https://www.alcircle.com/news/alcoa-to-resume-operations-at-its-san-ciprian-aluminium-smelter-by-2024-89896
According to a recent report, the State Administration for Market Regulation (SAMR), the ministerial-level agency directly under the State Council of China, together with the Standardization Administration of the People’s Republic of China, has issued energy consumption ceilings for aluminium and alumina production per unit of product. This will come into effect from January 1, 2024.
LME aluminium opened at US$2,488 per tonne on Thursday and dropped to a low of US$2,460 per tonne, but then returned to US$2,500 per tonne and finally closed at US$2,507 per tonne, ending a six-day losing streak.
To know more: https://www.alcircle.com/news/lme-aluminium-price-drops-by-us44-5-t-to-us2-424-50-t-shfe-price-loses-us30-t-89948
According to the Shanghai Metals Market data, China’s domestic A00 aluminium ingot price has plummeted for the second day in a row by RMB 310 per tonne to come close to the RMB 18,500 per tonne level. As per the data shown, the price stands at RMB 18,570 per tonne as of Friday, February 10, with average prices estimated to range between RMB 18,550 per tonne and RMB 18,590 per tonne.
According to the Shanghai Metals Market data, China’s domestic aluminium production in January 2023 (31 calendar days) recorded a marginal drop of 0.6 per cent month-on-month to 3.42 million tonnes. In December 2022 (31 calendar days), the domestic output had grown by 3 per cent M-o-M from 3.34 million tonnes to 3.44 million tonnes.
According to the International Aluminium Institute, primary aluminium production in Russia and Eastern Europe amounted to 343,000 tonnes during December 2022, registering a monthly hike of 10,000 tonnes or 3 per cent from 333,000 tonnes but a yearly decline of 8,000 tonnes or 2.3 per cent from 351,000 tonnes.
The Indonesian leader of coal-related operations, Adaro Energy, is toiling hard to collect enough funding for the actualisation of its US$2 billion aluminium project since environmentalists worldwide have started to accuse the firm and its partner, Hyundai of “greenwashing”.
Oracle Power PLC, a successful producer of green hydrogen, agreed upon a Memorandum of Understanding through its Joint Venture Oracle Energy Limited for supplying 50,000 tonnes of green hydrogen to Emirates Global Aluminium PJSC (EGA).
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