Primary aluminium weekly recap: NALCO, Hindalco trim their ingots selling prices as LME price retreats; Alba & EGA to explore production enhancement opportunities
As Russia retreats its military activities in some areas of Ukraine, allowing the resumption of alumina refineries and aluminium smelters, the LME aluminium benchmark price begins downsizing throughout the week with the hope of supply chain recovery. Starting at US$3,606 per tonne on Monday, March 28, LME aluminium price on March 29 shrank by US$23 per tonne to stand at US$3,583 per tonne. On Wednesday, March 30, the price plunged by US$75 per tonne to come in at US$3,508 per tonne, and further inched down the next day by US$5 per tonne to US$3,503 per tonne.
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China’s domestic price of A00 aluminium ingot also downsized through the week from RMB 22,900 per tonne to RMB 22,730 per tonne. The price started the week with a decline on March 28 from RMB 22,990 per tonne to RMB 22,900 per tonne but followed by a rebound to RMB 22,990 per tonne on Tuesday, March 29. On Wednesday, March 30, China’s A00 aluminium ingot price plunged to RMB 22,730 per tonne and further fell by RMB 100 per tonne to RMB 22,630 per tonne. However, on Friday, April 1, the price closed the week with a hike scoring at RMB 22,730 per tonne yet again.
As LME benchmark price sheds off this week, Hindalco Industries Limited trimmed its aluminium ingot price back-on-back on two consecutive days. With effect from Thursday, March 31, Hindalco slashed its ingot price by INR 7,000 per tonne to stand at INR 303,000 per tonne, following a cut of INR 3,000 per tonne on the previous day to INR 310,000 per tonne. Hindalco’s aluminium wire rod and billets prices saw no exception but a cut of INR 7,000 per tonne on March 31 to INR 314,100 per tonne and INR 317,100 per tonne, respectively.
To know more: https://www.alcircle.com/news/hindalco-back-to-back-trims-its-aluminium-ingot-price-to-inr303000-t-as-lme-sheds-off-77975
NALCO also reduced its aluminium ingot and products prices, in line with the downsizing of LME aluminium price. With effect from March 30, NALCO cut its aluminium ingot price by INR 8,200 per tonne to the range of INR 309,250- 312,750 per tonne versus INR 317,450-320,950 per tonne on March 25. Aluminium wire rod and billets prices also underwent a slash of INR 8,200 per tonne on March 30.
To know more: https://www.alcircle.com/news/nalcos-aluminium-ingot-price-shrinks-to-inr309250-312750-t-as-lme-price-eases-77963
According to a report this week, primary aluminium production in Russia & Eastern Europe registered a decline of 35,000 tonnes or 10.03 per cent month-on-month in February 2022. That brought the output in the said month to 314,000 tonnes versus 349,000 tonnes in January. On a year-on-year calculation, production in February 2022 recorded a downfall of 5,000 tonnes from 319,000 tonnes, showed IAI data.
In the first two months of 2022, Russia & Eastern Europe’s primary aluminium output totalled 663,000 tonnes, experiencing a decrease of 9,000 tonnes or 1.34 per cent from 672,000 tonnes during the same period last year.
According to the Shanghai Metals Market, social inventories of primary aluminium in China totalled 1.04 million tonnes this week, as of March 31, 2022, across eight major consumption areas, including SHFE warrants. Compared to a week ago, March 24, primary aluminium inventories built up by 2,000 tonnes this week, but down by 11,000 tonnes from Monday, March 28.
I n Wuxi, primary aluminium inventories hiked by 12,000 tonnes week-on-week to stand at 450,000 tonnes as of March 31, followed by the increase of 2,000 tonnes in Gongyi and Chongqing to come in at 133,000 tonnes and 8,000 tonnes, respectively.
To know more: https://www.alcircle.com/news/chinas-primary-aluminium-inventories-gain-2-000-tonnes-w-o-w-after-incessant-declines-77986
Mitsubishi Heavy Industries (MHI) Group and its engineering company Mitsubishi Heavy Industries Engineering, Ltd. (MHIENG) have entered into an agreement with Aluminium Bahrain B.S.C (Alba), a major Bahrain-based aluminium producer, to capture carbon dioxide (CO2) emitted from the smelting process at one of its plants. As per the report, MHI Group and its engineering company have undertaken a feasibility study for applying CO2 Capture Technology at Alba's plant, following the signing of a Memorandum of Understanding on Monday, March 28.
This collaboration is highly significant as this will mark the world’s first application of CO2 capture technology in the aluminium industry, enhance MHI Group’s presence in the Middle East, and advance Bahrain’s decarbonisation efforts.
On March 31, 2022, Aluminium Bahrain B.S.C. (Alba) has signed a Memorandum of Understanding (MoU) with Emirates Global Aluminium (EGA), the leader in global aluminium production, as well as one of the largest companies in the UAE to explore opportunities for further increase its production. As per the MoU signed, both the aluminium producers will seek avenues of cooperation to push production at Alba’s Potline 6 beyond its name-plate design capacity as well as explore using EGA technology and know-how in future expansions at the Alba smelter.
To know more: https://www.alcircle.com/news/gccs-eminent-aluminium-players-alba-and-ega-sign-mou-to-explore-production-opportunities-77978
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