Primary Aluminium Weekly Recap: South32 claims record breaking prices for South African aluminium; Aluminium consumption to grow by 10% for increased electric car demand
Some of the news that created a buzz in the global primary aluminium market this week included record aluminium pricing claimed by South32 for metal produced at its South African smelter Hillside. But the company struggled to clear a backlog of the metal due to port congestion in both South Africa and Mozambique, where it has a smelter. The company said it was working on alternate strategies to mitigate a capital increase as a result of larger inventories in the second-quarter production report released today.
To know more: https://www.alcircle.com/news/south32-reports-record-breaking-prices-for-south-african-aluminium-75447
The aluminium company in Cameroon is presently sorting out with a group of three European financial institutions to recapitalize Cameroon Aluminium Company (Alucam), the only primary aluminium producer in the CEMAC zone. As per our report from the Technical Commission for the Rehabilitation of Public and Para-Public Sector Enterprises (CTR), the in support European financial institutions are the International Tropical Conservation Fund (ITCF), the Franco-German Financial Group BHF and Investment Bank BPI.
Aluminium consumption is expected to expand at a CAGR of 10 per cent or more due to rapid development in electric cars, renewables, contemporary infrastructure, energy efficient consumer products, and a higher reliance on critical industries such as aerospace and defence. For example, the amount of aluminium used in an EV battery is 40-50 per cent higher than in a conventional ICE. Because it is three times lighter than steel, it improves fuel economy, making it an excellent alternative for electric vehicles.
To know more: https://www.alcircle.com/news/aluminium-consumption-may-hike-by-10-due-to-increased-demand-of-electric-cars-75458
European Aluminium, the voice of the European aluminium value chain released this week mid-term evaluation of the sector's Sustainability Roadmap Towards 2025. The mid-term assessment created new industry commitments and set the path for the region's common definition of 'sustainable aluminium,' highlighting the importance of continual improvement, innovation, and cross-industry activities.
To know more: https://www.alcircle.com/news/european-aluminium-releases-its-sustainability-roadmap-towards-2025-report-75464
The aluminium sector, which plays a vital role in India's V-shaped economic rebound, asked for the cess on coal to be removed from the Union Budget, delivered on Tuesday, January 25, in order to cut increasing electricity costs for manufacturers. In addition, the NITI Aayog raised the issue of high power costs for Indian aluminium production, resulting in a competitive disadvantage compared to foreign competitors. The coal cess alone accounts for 20% of the cost of extracting coal. As a result, India is one of the most costly countries to manufacture coal-based power, despite having a comparative edge in coal reserves. The coal cess has been raised many times, from Rs 50 per MT to Rs 400 per MT.
To know more: https://www.alcircle.com/news/union-budget-2022-23-indian-aluminium-industry-seeks-for-the-removal-of-cess-on-coal-75488
According to a report this week, primary aluminium production in Africa stood at 139,000 tonnes during December 2021, flaunting an increase of 8,000 tonnes or 6.11 per cent month-on-month. On a year-on-year calculation, Africa’s primary aluminium production in December was 4,000 tonnes or 2.96 per cent higher than 135,000 tonnes.
In the fourth quarter of 2021 (October-December), Africa produced 407,000 tonnes of primary aluminium in total, up by 4,000 tonnes or 1 per cent from 403,000 tonnes, and 7,000 tonnes or 1.75 per cent more than 400,000 tonnes during the same period last year.
In North America, primary aluminium production in December 2021 stood at 322,000 tonnes, reflecting a month-on-month increase of 14,000 tonnes or 4.55 per cent, found the International Aluminium Institute. On a year-on-year calculation, the output stood 16,000 tonnes or 4.73 per cent lower than 338,000 tonnes.
In South America, primary aluminium production in December 2021 grew by 3,000 tonnes or 3.06 per cent month-on-moth to 101,000 tonnes. On a year-on-year basis, the production edged a hike of 9,000 tonnes or 9.78 per cent from 92,000 tonnes.
LME aluminium cash (bid) price and LME official settlement price trended up throughout the week, starting at US$3,044 per tonne and US$3,044.50 per tonne on Monday, January 24. On Tuesday, January 25, the prices rose 60 per cent to come in at US$3,063 per tonne and US$3,064 per tonne, which surged the next day to close at US$3,092.50 per tonne and US$3,093 per tonne. On January 27, the prices settled even higher at US$3,106 per tonne and US$3,107 per tonne, and finally closed the week at US$3,108 per tonne and US$3,110 per tonne, respectively.
To know more: https://www.alcircle.com/news/lme-aluminium-price-trended-up-this-week-to-us3110-t-shfe-price-closed-at-us3393-t-75490
source https://www.alcircle.com/news/primary-aluminium-weekly-recap-south32-claims-record-breaking-prices-for-south-african-aluminium-aluminium-consumption-to-grow-by-10-for-increased-ele-75492
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