Upstream weekly recap: Baphlimali Bauxite Mines bags the Misrilal Jain Environment Award for 2023-24; President Widodo Inaugurates $941 million alumina refinery in West Kalimantan

Aluminium is an essential component of the global economy. The rising demand for green metal clearly shows that no matter how many setbacks or blips come across, the market or the need for this green metal will never decrease. Below is a recap of the events which unfolded in the upstream aluminium sector throughout the week. The upstream sector includes bauxite, alumina, and primary aluminium.

The Baphlimali Bauxite Mines in Odisha, operated by Utkal Alumina, a subsidiary of Hindalco Industries Limited under the Aditya Birla Group, has been awarded the prestigious Misrilal Jain Environment Award for 2023-24. Indonesia's President Joko Widodo has inaugurated a $941 million smelter-grade alumina refinery in West Kalimantan, operated by state miner Aneka Tambang (Antam) and state-owned aluminium producer Inalum. In a recent interview with a leading Indian news outlet, Jamie Dimon, the CEO of JPMorgan and a seasoned financial expert, shared his perspectives on the global economy's challenges. He emphasized that despite ongoing concerns about inflation and recession, the U.S. and India are showing impressive resilience.

The Baphlimali Bauxite Mines in Odisha, operated by Utkal Alumina was awarded the prestigious Misrilal Jain Environment Award for 2023-24. The award was presented by Shri V.L. Kanta Rao, I.A.S., Secretary to the Government of India, Ministry of Mines, during a ceremony organized by the Federation of Indian Mineral Industries (FIMI).

To know more: https://www.alcircle.com/news/baphlimali-bauxite-mines-wins-fimis-prestigious-environment-award-112057

Indonesia's President Joko Widodo inaugurated a $941 million smelter-grade alumina refinery, operated by state miner Aneka Tambang (Antam) and state-owned aluminium producer Inalum, in West Kalimantan province. The refinery has an annual production capacity of 1 million metric tonnes of alumina, utilising 3.3 million tonnes of bauxite as input. As a resource-rich nation, Indonesia is prioritizing the development of its domestic mineral processing industry over the export of raw materials.

To know more: https://www.alcircle.com/news/president-joko-widodo-inaugurates-new-alumina-refinery-boosting-indonesias-mineral-processing-industry-112059

In a recent interview with a leading Indian news outlet, Jamie Dimon, the seasoned financial expert and CEO of JPMorgan, shared his perspective on the challenges facing the global economy. He emphasized that despite ongoing concerns about inflation and recession, both the U.S. and India are showing remarkable resilience.

To know more: https://www.alcircle.com/news/jamie-dimon-highlights-global-economic-complexities-praises-the-resilience-of-u-s-and-indian-economies-112082

In August 2024, Oceania played a pivotal role in shaping global primary aluminium production. While the region experienced a month-on-month decline, this dip contributed to a reduction in the world’s overall output from its previous record high. However, stable production volumes in other regions helped largely offset the impact of this decrease.

To know more: https://www.alcircle.com/news/world-primary-aluminium-production-declines-from-record-high-but-is-offset-by-major-producing-regions-112044

In August 2024, China saw a month-on-month and year-on-year rise in primary aluminium imports, while exports declined, indicating robust domestic demand for the metal compared to global markets. Chinese aluminium processing enterprises secured new orders requiring primary aluminium production ahead of the tariff implementation by several countries on Chinese aluminium.

To know more: https://www.alcircle.com/news/open-arbitrage-window-and-risen-domestic-demand-propel-chinas-primary-aluminium-imports-to-a-monthly-high-in-september-112046