Primary Aluminium Weekly Recap: QAMCO reports highest ever quarterly net profit of QR233 million for 3Q2021; NALCO slashes aluminium ingot price by INR19100/t
This week has been a week for quarterly updates from many stalwart primary aluminium companies such as Hydro, Qamco, Chalco, and Vedanta. Hydro announced that in 3Q2021, it produced 573,000 tonnes of primary aluminium, which was 2 per cent up from 561,000 tonnes in Q2 2021 and 10 per cent higher than 522,000 tonnes in Q3 2020. It also revealed that its revenue in Q3 was 6 per cent more than in Q2 2021 and 33 per cent higher than in Q3 2020 at NOK 36,710 million. In total nine months, Hydro churned out 1.673 million tonnes of primary aluminium as compared to 1.559 million tonnes a year ago.
Qatar Aluminium Manufacturing Company (QAMCO) reported the highest ever quarterly net profit of QR233 million for Q3 2021, ended September 30, as it reaped the benefit of strong aluminium pricing amid renewed demand and restrained supply. The company’s aluminium production increased slightly by 1 per cent during the period, but sales declined 3 per cent. QAMCO’s share of revenue from JV amounted to QR2,127 million from January to September, compared to QR1,607 million a year ago.
Aluminum Corp of China Ltd stated that its quarterly net profits in July-September leapt more than five-fold Y-o-Y. Profits were up by almost 6% from a bumper second quarter and marked Chalco's best result since the net income of RMB 2.79 billion in the fourth quarter of 2013. In Q3 2021, Chalco’s net income was RMB 2.23 billion ($349 million), up around 430 per cent from an adjusted RMB 421.25 million a year earlier.
To know more: https://www.alcircle.com/news/growing-aluminium-prices-succoured-chalco-to-book-the-finest-profit-in-8-years-71722
Anil Agarwal chaired Vedanta Ltd. publicized a consolidated net profit of INR 4,615 crore in the July-September quarter, which revealed an upswing by more than five times from the corresponding period of the previous year at INR 838 crore on a low-base effect. Consecutively, net profit was up 9.2% from INR 4,224 crore. The top line of the company during the phase under review, stood at INR 30,048 crore, surging by 44% from the same period existing year on the shoulder of towering commodity prices. However, the quarterly revenue is considered a record for the company.
National Aluminium Company Limited (NALCO) has yet again cut its aluminium ingot price significantly, with effect from Thursday, October 28. In tandem with the incessant decline in LME aluminium benchmark price, NALCO has reduced its ingot price by INR 19,100 per tonne from INR 253,350-256,850 per tonne to INR 234,250-237,750 per tonne. On the previous day, October 23, NALCO’s aluminium ingot price had seen a slash of INR 18,500 per tonne or 6.8 per cent.
According to a report this week, the aluminium manufacturing sector in China has encountered a 2.3 million tonne downfall since the outset of the energy crisis in September 2021, when extensive power restriction dashed the nation during a rally to slash carbon emissions and diminish power generation.
The price of aluminium touched and crossed $3,000 per tonne to a 13-year high in October 2021, the highest mark since 2008. However, before attaining the milestone, aluminium was usually priced between $1,500 and $2,000 per tonne. As of October 28, the price hovered around $2,704 per tonne.
To know more: https://www.alcircle.com/news/china-plans-to-peak-carbon-emissions-by-2030-more-shortfalls-anticipated-industry-analysts-71747
To meet a 2050 net-zero carbon emissions target, Australia is banking on existing technology and new innovations. The administration announced fresh predictions suggesting that by the end of the decade, the country would be reducing its emissions by 30 to 35% compared to 2005 levels. Prime Minister Scott Morrison will carry the pledge to the UN's COP26 climate meeting in Glasgow, which begins on Sunday.
RUSAL released a new research this week that emphasized the vital role of low carbon aluminium in Japan's Green Growth Strategy, laying the groundwork for the green energy transition and the further expansion of the circular economy. Based on industry statistics, the study forecasts a 20 per cent growth in demand for aluminium semis from Japanese firms between 2020 and 2025. While cast aluminium products in Japan are nearly 100 percent recyclable, primary aluminium will still be required to supply more than 50 percent of predicted demand. En+ Group researchers urged Japanese industry to form 'cradle to gate' collaborations that drive low-carbon aluminium goods while supporting research and development, design for sustainability and circularity, and low-carbon innovation investment.
To know more: https://www.alcircle.com/news/en-emphasises-the-use-of-low-carbon-aluminium-for-japans-green-growth-strategy-71719
An international aluminium industry body stated that around $1.5 trillion of investment is necessitated to decarbonise power supplies used to produce aluminium, so the sector can initiate achieving the United Nations climate goals. During an online presentation, the only body representing the global primary aluminium industry, the International Aluminium Institute (IAI) said: “But that huge investment is only a portion of the funds needed so the output of aluminium, one of the most energy-intense metals, can cut emissions by 2050.”
Ingrid Jörg chaired European Aluminium during the annual general assembly appealed for a stronger EU industrial policy, specifying the vital challenges of unfair trade practices and a lack of access to affordable green energy. The chairperson also welcomed six new members at this year’s Autumn Meetings. The aluminium industry association is celebrating its 40th anniversary this year, now cast up over 95 members, representing more than 600 facilities across 30 European countries.
To know more: https://www.alcircle.com/news/european-aluminium-appeals-for-a-strong-industrial-strategy-welcomes-6-new-members-71743
The Aluminum Association made public that Charles “Chuck” Johnson will join as the group’s new President & CEO effective 3rd January 2022. In his previous assignment, Johnson spent more than four years as President & CEO of the International Safety Equipment Association (ISEA), a trade organization representing the personal protective equipment and technologies industry. However, prior to that, he served for 19 years at the Aluminum Association in roles of increasing responsibility.
To know more: https://www.alcircle.com/news/charles-johnson-appointed-as-new-president-and-ceo-of-the-aluminum-association-71750
China’s social inventories of primary aluminium rose 25,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants, to come in at 982,000 tonnes on Thursday, October 28. That marked the eighth consecutive week of rising, primarily contributed by higher arrivals of stocks in Wuxi, Shanghai, and Gongyi. In Wuxi, the inventories increased the highest this week by 17,000 tonnes to 341,000 tonnes, followed by the rise of 6,000 tonnes in Gongyi to close at 90,000 tonnes.
LME aluminium cash (bid) price and LME official settlement price started the week on Monday, October 25, at US$2,916.50 per tonne and US$2,917 per tonne. They both plunged on October 26 for the sixth day in a row by US$86 per tonne to US$2,830.50 per tonne and US$2,831 per tonne. On October 27, the prices again fell sharply by US$127 per tonne to come in at US$2,703.50 per tonne and US$2,704 per tonne, but moved up the next day to US$2,720.50 per tonne and US$2,721 per tonne. On Friday, October 29, both LME aluminium cash (bid) price and LME official settlement price closed the week US$2,694.50 per tonne and US$2,695 per tonne, respectively.
A00 aluminium ingot price in China opened the week on Monday, October 25, at RMB 21,650 per tonne, down RMB 250 per tonne from RMB 21,900 per tonne. On October 26, the price decreased further to RMB 20,860 per tonne and even lower the next day to RMB 20,480 per tonne. On Thursday, October 28, the primary aluminium ingot price stood at RMB 19,340 per tonne after being declined by RMB 1,140 per tonne but rose to RMB 20,200 per tonne on Friday, October 29.
source https://www.alcircle.com/news/primary-aluminium-weekly-recap-qamco-reports-highest-ever-quarterly-net-profit-of-qr233-million-for-3q2021-nalco-slashes-aluminium-ingot-price-by-inr1-71760
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