Upstream weekly recap: Aluminum Association backs Canada's new tariff on Chinese imports
This week, notable developments have surfaced in the upstream aluminium sector, covering bauxite, alumina, and primary aluminium. To begin with, a recent report stated that the Canadian government is considering adopting a tariff strategy similar to that of the United States, targeting electric vehicles, aluminium, and steel imported from China. This was followed by the news that the Aluminum Association has expressed strong support for the Canadian Government's recent announcement to introduce a 25 per cent additional tariff on certain aluminium and aluminium products imported from China, mirroring similar actions taken by the United States. However, the news of the Canadian government planning to impose a 100 per cent tariff on China-origin electric vehicles and 25 per cent on aluminium and steel was, on the other hand, strongly criticised by China. A spokesperson for the Chinese Embassy in Canada described the tariffs as a typical example of trade protectionism and political coercion. The spokesperson warned that these tariffs could disrupt Canada's economic framework, harm trade relations between the two countries, and negatively impact Canadian consumers and businesses.
A recent report indicates that the Canadian government is considering adopting a tariff strategy similar to that of the United States, targeting electric vehicles, aluminium, and steel imported from China. The news, reported by the Toronto Star on August 26, outlines the government's plan to impose a 100 percent tariff on electric vehicles originating from China and a 25 percent tariff on aluminium and steel.
The Aluminum Association has expressed strong support for the Canadian Government's recent announcement to introduce a 25 per cent additional tariff on certain aluminium and aluminium products imported from China, mirroring similar actions taken by the United States. While the proposal is currently open for public review, the tariffs are expected to be implemented between October 1 and 15, 2024.
To know more: https://www.alcircle.com/news/aluminum-association-praises-canada-for-mirroring-the-us-25-tariff-on-chinese-aluminium-111812
According to a report, China has criticized Canada's proposed tariffs on Chinese aluminium, steel, and electric vehicles. A spokesperson for the Chinese Embassy in Canada described the tariffs as a typical example of trade protectionism and political coercion. The spokesperson warned that these tariffs could disrupt Canada's economic framework, harm trade relations between the two countries, and negatively impact Canadian consumers and businesses.
To know more: https://www.alcircle.com/news/china-slams-canada-for-its-25-tariff-plan-on-chinese-aluminium-and-steel-111819
China’s A00 aluminium ingot price opened the week on Monday 26, with a hike RMB 40 per tonne to clock at RMB 19,740 per tonne. The price had remained unchanged the next day, which could signify a temporary equilibrium in the market. However on the same day the price of alumina recorded a growth of RMB 9 per tonne after several days of no movement. As per the SMM price graph, the domestic aluminium ingot price on Wednesday had added RMB 60 per tonne to settle at RMB 19,800 per tonne, followed by a decline of RMB 250 per tonne the next day arriving at RMB 19,550 per tonne. On Friday, the price closed at RMB 19,630 per tonne after witnessing a growth of RMB 30 per tonne.
Société Générale International announced its decision to exit the London Metal Exchange's (LME) open-outcry trading floor, commonly known as the "ring." This decision, confirmed by the LME on August 23, 2024, has raised concerns about the future sustainability of this historic trading venue, which remains the world's oldest and largest market for industrial metals.
To know more: https://www.alcircle.com/news/societe-generale-to-exit-london-metal-exchange-s-open-outcry-trading-floor-111801
The Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO) has reported a modest increase in aluminium ingot production for the first four months of the current Iranian calendar year, which ended on July 21. According to a report by the Islamic Republic News Agency (IRNA) on August 27, 2024, Iran produced 221,409 tonnes of aluminium ingots during this period, reflecting a one-percent rise compared to the 218,531 tonnes produced during the same period last year.
To know more: https://www.alcircle.com/news/iran-s-aluminium-ingot-production-sees-modest-growth-in-the-first-four-months-111821
According to a recent report, Japanese buyers are offered a much higher premium, above $180 per tonne, for the shipment of primary aluminium in the fourth quarter of 2024, ending December 31. The news came after two people directly involved in quarterly pricing talks reported the matter on Wednesday, August 28.
To know more: https://www.alcircle.com/news/q4-aluminium-premium-offer-for-japan-rises-8-due-to-supply-constraints-in-asia-111827
Press Metal Aluminium Holdings Bhd, the largest integrated aluminium producer in Southeast Asia, reported a 65 percent surge in net profit for Q2 FY2024, largely attributed to higher selling prices and a stronger US dollar, which boosted export revenues. For the quarter ending June 30, 2024, the company recorded a net profit of RM505.83 million, up from RM305.79 million in the same period last year. Revenue also saw a year-over-year increase of 5.2 percent, rising to RM3.95 billion from RM3.76 billion.
To know more: https://www.alcircle.com/news/press-metal-s-q2-net-profit-jumps-65-driven-by-higher-prices-and-export-gains-111846
En+ Group, the leading producer of low-carbon aluminium and the largest independent renewable energy generator, has reported its financial results for the first half of FY2024, ending June 30. The Group characterized this period as marked by geopolitical tensions, weak demand for metals, elevated interest rates, and sanctions on Russian aluminium.
South32 increased its manganese and aluminium production in South Africa for the fiscal year ending June 2024, despite challenges such as lower prices and higher truck-related costs. The company is actively pursuing low-carbon energy solutions. South32 expects a 12 per cent rise in unit operating costs for its South African manganese operations, largely due to higher price-linked royalties and inland logistics expenses.
To know more: https://www.alcircle.com/news/south32-boosts-aluminium-manganese-production-in-south-africa-despite-market-challenges-111855
Alucam, a Cameroon-based aluminium producer specializing in ingots, plates, coils, sheets, and discs, reported significant growth in raw aluminium exports to France in 2023. The export volume reached 15,879 tonnes, making aluminium the fifth-largest product exported from Cameroon to France that year.
Amid the ongoing geopolitical crisis with its neighboring country, Ukraine's Head of the State Property Fund, Vitalii Koval, believes that the Zaporozhye Aluminium Plant (Zaporizhzhia Aluminium Plant) will attract investors mainly as a prime location for industrial development.
On August 5, 2024, the Shenyang Institute hosted an exchange meeting with the Mining Corps and Lianchuang Centre of Huawei Technologies Co., Ltd. During the meeting, technical experts from both organizations discussed Chinalco Group's AI application scenario, specifically the "Intelligent Decision-Making System for Electrolytic Workshops Based on Large Models."
Vedanta Limited, an Indian multinational mining company, announced plans to set up two industrial parks: one for aluminium and another for silver and zinc. The announcement was made by Vedanta's chairman, Anil Agarwal, in a LinkedIn post on Wednesday, August 28. Agarwal also indicated that similar parks for the oil & gas and iron & steel sectors are planned for the future.
Zhengzhou Research Institute recently hosted a seminar focused on revising the mandatory national standard, "Code for Safe Production of Aluminum Electrolysis" (GB29741-2013). During the seminar, Wang Huaijiang, the Institute's deputy general manager and safety director, outlined the primary objectives, content, and requirements, emphasising the importance of establishing effective norms and standards for the safe development of China's electrolytic aluminium industry.
The Australian mining and exploration company based in Brisbane, Queensland, Metro Mining, is poised for significant growth as it moves towards increased production from Q4 2024. It has ambitious plans to expand its capacity to over 7 million tonnes per annum by 2025 and beyond.
To know more: https://www.alcircle.com/news/metro-mining-charts-growth-strategy-with-7-million-tonnes-production-target-111839
The National Aluminium Company Limited’s subsidiary KABIL has reportedly signed a memorandum of understanding with Oil India Limited to explore and develop critical mineral projects jointly. Signed at NALCO’s headquarters in Bhubaneswar, the MoU aims to build a strong collaboration between KABIL and Oil India and foster teamwork in exploring critical minerals, domestically and internationally.
To know more: https://www.alcircle.com/news/nalcos-subsidiary-kabil-signs-mou-with-oil-india-ltd-to-develop-critical-mineral-projects-111856
Three mining companies in Indonesia are currently facing penalties due to delays in finishing their refinery projects, as reported in the 2023 Audit Report by the Supreme Audit Agency (BPK). The report revealed that there is a potential for non-tax state revenue from administrative fines totaling US$129 million (Rp2 trillion) related to these delays, which has yet to be collected.
To know more: https://www.alcircle.com/news/indonesian-authorities-impose-penalties-on-mining-companies-for-project-delays-111825
Rio Tinto Gove, Australia's leading alumina extraction facility, has significantly enhanced its process efficiency and safety protocols by adopting Rhosonics' Slurry Density Meter (SDM) technology. This cutting-edge solution replaces traditional radioactive density meters, offering a safer, more accurate, and environmentally friendly method for measuring density in alumina extraction.
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