Aluminium Downstream Weekly Recap: Hindalco Industries started FY'22 at a strong pace and continues to see a strong demand across business verticals; Six Southern California companies convicted for evading payment of $1.8 billion in duties on imported Chinese aluminium
The aluminium downstream segment remained highlighted in the week for very reasons, unlike the other weeks. Kumar Mangalam Birla, the Chairman of the world's largest aluminium rolling company, Hindalco Industries stated that the metal company commenced the FY'22 at a robust pace and pursues to see strong demand across business verticals. On the contrary, a federal jury found six corporate entities guilty of participating in a wide-ranging conspiracy to defraud the United States via a wire-and-customs fraud scheme in which huge amounts of aluminium – disguised as “pallets” to avoid $1.8 billion in customs duties.
The leading Wheel Manufacturing industry having facilities all over India, Steel Strips Wheels (SSWL) announced that it has inked a memorandum of understanding for around $105 million from Western Hemisphere. The MoU undertakes that SSWL will supply steel and aluminium wheels for a minimum period of three years.
To know more: https://www.alcircle.com/news/sswl-secures-supply-contract-of-aluminium-and-steel-wheel-from-western-hemisphere-70178
Vedanta Limited has increased its aluminium products prices and aluminium ingot price with effect from Tuesday, August 24. The company’s aluminium wire rod price has come in at INR 233,000-240,500 per tonne, up by INR 1,500 per tonne from INR 231,500-239,000 per tonne on August 19.
On 23rd August 2021, Kumar Mangalam Birla, the Chairman of the world's largest aluminium rolling company, Hindalco Industries, which stands among the biggest producers of primary aluminium in Asia stated: “The Company has started FY'22 at a strong pace and continues to see a strong demand across business verticals despite the impact of the second wave of COVID-19.”
Hindalco Industries Limited has further expanded its aluminium wire rod and billets prices on Wednesday, August 25, marking the second day of hike in a row. The company is currently selling its aluminium wire rod at INR 238,850 per tonne, up by INR 2,750 per tonne or 1.16 per cent from INR 236,100 per tonne on August 24.
The United Arab Emirates exports of crude metals and alloys to the US stood at 36,700 tonnes in June 2021, an increase of 485.33% year-on-year. The UAE had exported 6,270 tonnes to the US in June 2020, according to the latest Mineral Industry Survey report from the US Geological Survey. Every month, crude metal and alloys exports increased by 11.89% from May’s exports of 32,800 tonnes.
To know more: https://www.alcircle.com/news/uaes-exports-of-crude-metal-and-alloys-to-us-slightly-up-at-178-000-tonnes-in-january-june-70206
According to the Shanghai Metals Market, aluminium billet inventories in China have declined this week after three consecutive weeks of growth from August 5 to 19. SMM data shows inventories have decreased by 6,200 tonnes across five major consumption areas to come in at 124,400 tonnes as of Thursday, August 26.
According to a recent report, Aluminium Stewardship Initiative has successfully certified Yunnan Haoxin Aluminum Foil Co., Ltd. against Performance Standard certification for aluminium re-melting, refining and rolling activities. The facility has an annual production capacity of 200,000 tonnes of aluminium sheet and foil. Besides, a 35,000 tonnes expansion project, which is not yet operational, is also included in the certification.
The US imports of crude metal and alloys stood at 294,000 tonnes in June 2021, a growth of 12.21% year-on-year from 262,000 tonnes in June 2020, according to the latest Mineral Industry Survey report from the US Geological Survey. Imports slashed by 6.07% from May 2021’s imports of 313,000 tonnes.
To know more: https://www.alcircle.com/news/the-us-imports-of-crude-metal-and-alloys-drop-by-5-46-in-six-months-exports-climb-13-44-70216
On 23rd August 2021, a federal jury found six corporate entities guilty of participating in a wide-ranging conspiracy to defraud the United States via a wire-and-customs fraud scheme in which huge amounts of aluminium – disguised as “pallets” to avoid $1.8 billion in customs duties – were exported to the United States and were “sold” to fraudulently inflate a China-based company’s revenues and deceive investors worldwide.
Hydro has signed a power purchase agreement (PPA) with Competitive Power Ventures (CPV) for power supply to its Cressona operations. CPV will provide power to the Hydro Cressona facility in the second quarter of 2022. The agreement consists of about 48MW of generation and is the first long-term energy contract signed by Hydro in the US.
To know more: https://www.alcircle.com/news/hydro-signs-power-purchase-agreement-with-cpv-for-its-cressona-operations-70213
source https://www.alcircle.com/news/aluminium-downstream-weekly-recap-hindalco-industries-started-fy-22-at-a-strong-pace-and-continues-to-see-a-strong-demand-across-business-verticals-si-70225
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