Primary Aluminium Weekly Recap: Vedanta reports excellent performance in June quarter with a four-fold rise in net profit, aluminium remains the major contributor; Rusal’s 2Q2021 Result: Aluminium production grows marginally to 936,000 tonnes, sales climb 8% to 1.038MT
The primary aluminium segment remained quite highlighted during the week. The June quarter and H1 2021 results are gradually getting released. In most cases, the results showcase a heavy rise in revenue due to the global surge in aluminium price and the Covid-19 pandemic is the root cause. Anil Agarwal led Indian mining & metal giant, Vedanta reported consolidated net profit attributable to owners of the company at INR 4,224 crore in the June quarter, a growth of 309% from the same period of the previous year on the back of increased revenue. Vedanta’s aluminium business contributed the largest at INR 10,263 crore to the total revenue. Whereas on the other side Rusal, the world's leading aluminium producer, has announced the operating results for the second quarter of 2021, mentioning that its aluminium production totalled 936,000 tonnes. That was up by 0.4% quarter-on-quarter from 932,000 tonnes. Siberian smelters represented 93% of Rusal’s total aluminium output in 2Q 2021.
Three-month LME aluminium rose 1.74% to close at US$2,508.5 per tonne in the overnight trading of last Friday. As of Friday, July 23, LME aluminium cash (bid) price stands at US$ 2492per tonne, LME official settlement price stands at US$ 2492 per tonne; 3-months bid price stands at US$ 2504 per tonne, 3-months offer price is US$ 2504 per tonne; Dec 22 bid price stands at US$ 2482.50 per tonne, and Dec 22 offer price stands at US$ 2482.50 per tonne.
A00 aluminium ingot price in China has opened the week on Monday, July 26, with a surge of RMB 300 per tonne to come in at RMB 19,630 per tonne. The average prices are expected to range between RMB 19,610 per tonne and RMB 19,650 per tonne, with spot contracts to be traded at a premium price of RMB 60-20 per tonne.
Metal and mining magnate Anil Agarwal chaired Vedanta Limited reported consolidated net profit attributable to owners of the company at INR 4,224 crore in the June quarter, a growth of 309% from the same period of the previous year on the back of increased revenue.
Three-month LME aluminium closed 0.16 per cent lower at US$ 2,504 per tonne in the overnight trading yesterday, with open interest decreasing 1,056 lots to 665,000 lots, and is expected to trade between US$ 2,470-2,530 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-price-nears-us2500-t-shfe-price-climbs-by-us11-t-to-reach-at-us-3036-t-68926
SMM aluminium ingot price registered a drop after two days of the hike. The price stood at RMB 19540 per tonne on Tuesday, July 27 2019, a decline of RMB 90 per tonne from RMB 19630 per tonne on July 26. The price is expected to move within a range of RMB 19520-19560 per tonne on 27th July 2021
To know more: https://www.alcircle.com/news/chinas-aluminium-price-stands-at-rmb-19540-t-aluminium-alloy-zld102-drops-by-rmb-100-t-68927
Rio Tinto has cut production at its BC Works aluminium smelter in Kitimat, Canada due to a strike initiated by the Unifor Local 2301 union after negotiations failed. The output will be slashed to 35% of the smelter’s actual capacity of 432,000 tonnes annually.
To know more: https://www.alcircle.com/news/rio-tinto-cuts-aluminium-production-at-kitimat-aluminium-smelter-due-to-strike-68928
Rusal, the world's leading aluminium producer, has announced the operating results for the second quarter of 2021, mentioning that its aluminium production totalled 936,000 tonnes. That was up by 0.4 per cent quarter-on-quarter from 932,000 tonnes. Siberian smelters represented 93 per cent of Rusal’s total aluminium output in 2Q2021.
Vedanta has planned to expand Bharat Aluminium Company’s smelter capacity by 414 kilo-tonnes per annum (KTPA). The expansion involves an investment of INR 6,611 crore over the next two years.
To know more: https://www.alcircle.com/news/vedanta-to-expand-balco-s-smelter-capacity-with-inr-6-611-crore-investments-68937
Three-month LME aluminium closed 0.78 per cent lower at US$ 2,485 per tonne on Tuesday, with open interest increasing 3,728 lots to 669,000 lots, and is expected to trade between US$ 2,470-2,530 per tonne on 28th July 2021.
To know more: https://www.alcircle.com/news/lme-aluminium-price-closes-lower-at-us2497-50-t-shfe-price-plunges-by-us52-t-to-us2984-t-68941
India’s largest aluminium producer, Vedanta has appointed the former CMD NALCO & currently Independent Director of BALCO, Dr Tapan Kumar Chand as Resident Director of Odisha & Chhattisgarh.
To know more: https://www.alcircle.com/news/ex-nalco-chief-tapan-kumar-chand-joins-vedanta-as-resident-director-of-odisha-chhattisgarh-68914
On 25th July 2021, Canada’s largest union in the private sector Unifor stated that about 900 workers had initiated strike action at metal giant Rio Tinto’s operations in the western Canadian province of British Columbia.
To know more: https://www.alcircle.com/news/canadas-largest-union-unifor-initiates-strike-at-rio-tintos-kitimat-aluminium-smelter-68915
The Greek industrial conglomerate Mytilineos SA owned Aluminium of Greece has committed to switching to green for all of its power requirements from renewable energy by 2030.
To know more: https://www.alcircle.com/news/mytilineos-sa-owned-aluminium-of-greece-commits-to-switch-green-by-2030-68935
On 27th July 2021, Emirates Global Aluminium observed the 40th anniversary of its Suggestion Scheme, which motivates employees to share their ideas for operational and technological improvements. As of yesterday, EGA employees have made over half a million suggestions for improvements, delivering cost-savings of some AED 416 million.
To know more: https://www.alcircle.com/news/ega-observes-40th-anniversary-of-employee-suggestion-scheme-68945
Three-month LME aluminium closed 1.45 per cent higher at US$ 2,521 per tonne on Wednesday, with open interest decreasing 943 lots to 668,000 lots, and is expected to trade between US$ 2,500-2,550 per tonne on 29th July 2021.
According to the Shanghai Metals Market, China’s social inventories of primary aluminium have continued to fall for the fourth week in a row, ending on Thursday, July 29. Extending the downfall by 51,000 tonnes week-on-week across eight consumption areas, including SHFE warrants, the inventories have come in at 758,000 tonnes.
A00 aluminium ingot price in China has extended its growth by RMB 350 per tonne to end the week on Friday, July 30, at RMB 19,850 per tonne, found the Shanghai Metals Market. The average prices are expected to range between RMB 19,830 per tonne and RMB 19,870 per tonne, with spot contract to be traded at a premium price of RMB 60-20 per tonne.
Three-month LME aluminium closed 2.99 per cent higher at US$ 2,596.50 per tonne on Thursday, with open interest increasing 1,850 lots to 670,000 lots, and is expected to trade between US$ 2,550-2,600 per tonne on 30th July 2021.
To know more: https://www.alcircle.com/news/lme-aluminium-price-closes-1-61-higher-at-us2556-50-t-shfe-price-grows-to-us3077-t-68964
Hindalco Industries Limited has increased its aluminium ingot and aluminium product prices for the third time in a row, with effect from Friday, July 30. The company’s aluminium ingot price has come in at INR 220,750 per tonne, gaining INR 2,750 per tonne from the previous day. On July 29, Hindalco sold its aluminium ingot at INR 218,000 per tonne, an increase of INR 2,000 per tonne from July 24.
To know more: https://www.alcircle.com/news/hindalco-further-grows-its-aluminium-ingot-price-to-inr220-750-t-with-effect-from-july-30-68969
source https://www.alcircle.com/news/primary-aluminium-weekly-recap-vedanta-reports-excellent-performance-in-june-quarter-with-a-four-fold-rise-in-net-profit-aluminium-remains-the-major-c-68979
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