Weekly Downstream recap: Hindalco to resume on-hold projects, plans for INR 2700 crore investment; Hydro signs NOK 200 million contract with Innovation Group for casthouse technology
The aluminium downstream sector remained quite happening in the week around the world, with Hindalco to resume on-hold projects due to the pandemic, now plans for INR 2700 crore investment to get it on track. On the other hand, the global aluminium giant, headquartered in Norway, Norsk Hydro has signed a NOK 200 million contract for the supply of new state-of-the-art casting lines. In total, four new casting lines will be supplied to the customer. While the troubled Sanjeev Gupta owned Liberty Steel Group has confirmed that their complex manufacturing facilities Liberty Aluminium Technologies and Liberty Pressing Solutions are in process of the sale.
Hindalco Industries Limited has continued to decline its aluminium products price. With effect from Tuesday, 25 May 2021, aluminium billets price has dropped by INR 7,750 per tonne or 3.69% to stand at INR 202,100 per tonne, from INR 209,850 per tonne on May 20.
To know more: https://www.alcircle.com/news/hindalco-industries-aluminium-products-price-plunges-by-inr-7-750-t-on-may-25-66355
Operating rates at major aluminium processors in China rose 2.3 percentage points from a week ago to 77.1 per cent last week, ended on Friday, May 21. The overall growth was due to the significant increase in aluminium construction extrusion orders due to real estate recovery.
The South-eastern European nation, Greece exported aluminium structures during 2018-19 recorded at 18,720 tonnes and the revenue generated for the export was $126.66 million. The export for 2020 stood at 9665 tonnes and the earnings remained high at $65 million.
Vedanta Limited has reduced its aluminium products and aluminium ingot prices for the second time in a row, with effect from Tuesday, May 25. The company has cut its aluminium billet price by INR 7,750 per tonne or 3.68 per cent to INR 202,750 per tonne.
The well-developed economy of the West Africa region, Ivory Coast declared importation of 685 tonnes of aluminium bar rods and profiles during 2018-19 and the revenue expended for the import was $3.84 million. The import for 2020 stood at 954 tonnes and the expenditure remained at $4.02 million.
According to Shanghai Metals Market, stocks of 6063 aluminium billet across five major consumption areas in China declined by 200 tonnes from the previous week to stand at 88,300 tonnes as of Thursday, 27 May 2021.
To know more: https://www.alcircle.com/news/chinas-aluminium-billet-inventories-inches-down-by-200-tonnes-on-may-27-66390
The European Commission has announced its plans to impose anti-dumping duties on aluminium converter foil imported from China. The duty will range from 16% to29.1%. The anti-dumping duties will be provisional following the publication of the decision in the EU Official Journal.
To know more: https://www.alcircle.com/news/european-union-plans-to-impose-antidumping-duties-on-chinese-aluminium-converter-foil-66359
On 24th May 2021, auto components manufacturer Endurance Technologies reported 177 permanent workers of the company’s Chakan plant in Pune, Maharashtra has decided to exit after accepting the Voluntary Separation Scheme (VSS).
To know more: https://www.alcircle.com/news/endurance-technologies-177-permanent-workers-of-aluminium-casting-firm-accepts-vss-66361
Sanjeev Gupta owned Liberty Steel Group has confirmed that their complex manufacturing facilities Liberty Aluminium Technologies and Liberty Pressing Solutions are in process of the sale.
Aluminium Stewardship Initiative has successfully certified Jiangsu Zhongji Lamination Materials Co., Ltd against the Chain of Custody (CoC) Standard certification for material conversion activities at the Anhui Maximum Aluminium Industries Co., Ltd. plant in Anhui Province, China.
In 2020, Europe´s largest aluminium gravity die-casting companies with customers worldwide, Jydsk Aluminum Industri (JAI) booked DKK 0.6 million profits before tax and it is counted as significantly better than the loss of DKK 5 million in 2019.
Novelis, the world leader in aluminium rolling and recycling, has announced today, May 28, that it will supply sustainable, lightweight aluminium body sheet to Nissan for the all-new Qashqai SUV and create a closed-loop recycling system in Europe.
On 22nd May 2021, a higher management staff of India’s largest auto component manufacturer, TVS Group promoted Wheels India Ltd. revealed that the company has planned for a capital expenditure of INR 100 crore in 2021 towards wind energy segment and all set to develop a plant near Chennai.
The Aditya Birla Group subsidiary, Hindalco Industries intends to commence all the projects there that were put on hold due to the Covid-19 pandemic and also plans to invest around INR 2700 crore in the current fiscal against ₹1,600 crore in FY’21.
To know more: https://www.alcircle.com/news/hindalco-to-resume-on-hold-projects-plans-for-inr-2700-crore-investment-66334
Hydro has signed a NOK 200 million contract for the supply of new state-of-the-art casting lines. In total, four new casting lines will be supplied to the customer. Hycast, a fully owned subsidiary of Hydro, and Innovation Group, the leading manufacturer of extrusion ingots in China, have inked an agreement to deliver casting technology (Low Pressure Casting - LPC) for extrusion ingots.
To know more: https://www.alcircle.com/news/hydro-signs-nok-200-million-contract-with-innovation-group-for-casthouse-technology-66386
Anil Agarwal led Vedanta Ltd., a subsidiary of Vedanta Resources Limited, counted as one of the world's leading diversified natural resource companies plans to invest INR 10,000 crore in setting up an aluminium park in Odisha, an eastern state in India to encourage companies that use the metal to set up their manufacturing units in the facility.
The global aluminium giant, Rio Tinto partnering with aluminium semi-solid castings solution provider Comptech to drive in a new generation of aluminium alloys to the market towards the usage in advanced technologies such as electric vehicles and 5G antennas.
source https://www.alcircle.com/news/weekly-downstream-recap-hindalco-to-resume-on-hold-projects-plans-for-inr-2700-crore-investment-hydro-signs-nok-200-million-contract-with-innovation-g-66408
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