Upstream Weekly: Oman advances ambitious aluminium industry cluster in Suhar; Vedanta partners with GAIL to power Jharsuguda smelter with natural gas
The global aluminium industry is witnessing significant developments as key players take steps towards sustainability and economic growth. Oman, the oldest independent state in the Arab world, is moving forward with plans to establish an Integrated Economic Cluster for Aluminium Industries in Suhar, a hub for substantial investments in the aluminium sector. In India, Vedanta is furthering its commitment to renewable energy by partnering with GAIL Gas Limited to transition its Jharsuguda smelter to natural gas, a move expected to reduce CO2 emissions by 47,292 tonnes annually by the end of 2025. Meanwhile, Alcoa Corporation, a leader in the global aluminium market, has joined the World Economic Forum’s First Movers Coalition Suppliers Hub, contributing to the collective goal of achieving industrial decarbonisation by 2050. These initiatives reflect a broader trend towards sustainability and innovation within the aluminium industry.
Oman, the oldest independent state in the Arab world, is moving forward with plans to create an Integrated Economic Cluster for Aluminium Industries in Suhar, a major hub for multibillion-dollar investments in this critical sector.
To know more: https://www.alcircle.com/news/omans-vision-2040-integrated-aluminium-cluster-to-propel-economic-growth-112582
Vedanta has advanced its commitment to renewable energy by partnering with GAIL Gas Limited, a subsidiary of GAIL (India) Limited, for the supply of natural gas to its Jharsuguda smelter. Scheduled to commence by the end of 2025, this transition to natural gas is expected to significantly lower the carbon footprint, reducing CO2 equivalent emissions by 47,292 tonnes annually.
To know more: https://www.alcircle.com/news/vedanta-signs-5-year-natural-gas-deal-with-gail-in-shift-to-renewable-energy-112610
Alcoa Corporation, a leading name in the global aluminium industry, has reportedly joined the World Economic Forum’s First Movers Coalition Suppliers Hub. This initiative brings together innovative material suppliers to drive the ambition of achieving global industrial decarbonisation by 2050.
On October 4, 2024, Guinea and China marked a historic milestone, celebrating 65 years since the reestablishment of their diplomatic ties. This enduring partnership, a cornerstone of cooperation in sub-Saharan Africa, has flourished across key sectors, including education, health, energy, infrastructure, and mining.
A decline in South America’s alumina production over two months of the quarter contributed to a decrease in total Q3 output. According to an International Aluminium Institute survey, alumina production in the region fell by 5.36 per cent in July and 3.83 per cent in September, leading to an overall quarter-on-quarter drop of 3.49 per cent.
SRG Global, an ASX-listed diversified infrastructure services company established in 1961 during the development of Australia’s iconic Snowy Mountains Hydro-electric Scheme, has secured major contracts worth A$700 million ($455.35 million). These agreements, spanning multiple sectors, involve partnerships with leading mining companies such as South32, Roy Hill, Pilbara Minerals, and Glencore.
To know more: https://www.alcircle.com/news/srg-global-wins-multi-year-deals-in-mining-and-infrastructure-totalling-a700-million-112605
Mubadala Investment Company, in collaboration with Emirates Global Aluminium (EGA), Strata Manufacturing Company, and Khalifa University of Science and Technology, has launched an ambitious initiative to establish the UAE's first national laboratory and research program dedicated to high-temperature materials.
Abdulnasser Ibrahim Saif bin Kalban, CEO of Emirates Global Aluminium (EGA), emphasised in an interview with the Emirates News Agency (WAM) that EGA plays a vital role in supporting the national economy. As a leading force in the UAE's aluminium sector, EGA generates thousands of jobs and contributes billions to the country's economic growth.
To know more: https://www.alcircle.com/news/ega-drives-national-economy-accounting-for-1-3-of-uaes-gdp-asserts-ceo-112584
China’s decision to revoke tax rebates on aluminium has triggered two opposing responses in the global market. On one side, downstream producers and end-user manufacturers are concerned about potential supply constraints and rising prices. On the other side, primary aluminium producers are hopeful, as the move could lead to better margins driven by higher global prices.
Mining giants had a strong start to the 47th week of 2024, fueled by China’s decision to remove the 13% tax rebate on exports of aluminium and copper semi-finished products. The policy change, announced on November 15, 2024, led to a surge of more than 7% in London Metal Exchange (LME) aluminium prices, highlighting its immediate effect on global markets.
To know more: https://www.alcircle.com/news/chinas-tax-policy-reforms-propel-mining-gains-usd-strength-could-pose-risks-112595
China's primary aluminium billet production in October 2024 declined from the previous month's peak, as many billet manufacturers scaled back output due to several challenging factors, including high selling prices, lower processing fees, and weak downstream demand. October typically marks a shift in the market as it aligns with year-end targets and goals.
The European market for aluminium alloy ingots has seen a notable devaluation, largely driven by Germany and Turkey. Their significant price cuts, amid economic difficulties and challenges in the automotive sector, have contributed to a marked downward trend during the week ending November 15th.
To know more: https://www.alcircle.com/news/metal-mayhem-germany-and-turkey-drag-european-aluminium-alloy-ingot-market-down-112628
Despite growing global opposition to its rising shipments of low-cost goods, China has committed to providing greater support to its exporting companies. Beijing's new policies are designed to sustain its export boom, which is set to reach record levels, even as trade partners accuse China of undercutting local industries and distorting global markets.
To know more: https://www.alcircle.com/news/china-doubles-down-on-export-growth-defying-global-pressure-over-subsidised-goods-112639
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