Downstream weekly recap: AMAG reports highest quarterly earnings for 1Q2022 with a 60% hike in revenue; Press Metal will pay RM 27 million tax to settle scores with Inland Revenue Board
The global aluminium industry's most crucial, downstream segment remained highlighted due to some of the potential news. To begin with, AMAG achieves the greatest quarterly profitability in 1Q2022, with revenue up 60 percent. The largest firm in the Austrian aluminium manufacturing sector, AMAG Austria Metall AG, has announced ongoing excellent results for the first quarter of 2022, which concluded on March 31. Malaysian Press Metal Aluminium said that the Inland Revenue Board (IRB) has granted a "amicable settlement" with its Sarawak subsidiary for extra instalments from 2014 to 2019. AMAG Austria Metall AG's fully owned subsidiary, AMAG components, which has been working successfully with Ruag Aerostructures for many years and has its headquarters in Übersee am Chiemsee in Germany, has been the leading Austrian premium supplier of high-quality cast and rolled aluminium products used in a wide range of industries, including the aircraft, since the beginning of the year.
On Tuesday, April 26, the Aluminium Stewardship Initiative announced that it successfully certified Yunnan Haoxin Aluminum Foil Co., Ltd. against the Chain of Custody Standard Certification for aluminium re-melting, refining, and semi-fabrication activities for the production of aluminium foil.
To know more: https://www.alcircle.com/news/yunnan-haoxin-aluminum-foil-plant-achieves-another-asi-certification-within-a-year-79256
Malaysian Press Metal Aluminium declared that its Sarawak subsidiary is approved of an ‘amicable settlement’ with the Inland Revenue Board (IRB) for the additional settlements of the years 2014 to 2019. Concurring to a letter sent from the IRB head office dated 22nd April, a subsidiary of Press metal PM Bintulu Sdn Bhd has settled on a sum of RM 26.74 million after a thorough assessment, as revealed by the company.
To know more: https://www.alcircle.com/news/press-metal-will-pay-rm-27-million-tax-to-settle-scores-with-inland-revenue-board-79248
The leading Austrian premium supplier of high-quality cast and rolled aluminium products used in a wide range of industries including the aircraft, AMAG Austria Metall AG’s fully owned subsidiary, AMAG components with its headquarter in Übersee am Chiemsee in Germany since the beginning of the year, has been working successfully with Ruag Aerostructures for many years.
To know more: https://www.alcircle.com/news/amag-secures-multi-year-complex-components-supply-order-from-ruag-aerostructures-79231
AMAG Austria Metall AG, the biggest company in the Austrian Aluminium industry sector, has reported a continued positive performance for the 1st quarter of 2022 ended March 31. By the data revealed, the company has achieved the highest quarterly earnings in its history for 1Q2022, contributed by increased LME aluminium prices throughout the period. Positive growth is seen in shipment volumes and product mix optimisations as well.
To know more: https://www.alcircle.com/news/amag-reports-highest-quarterly-earnings-for-1q2022-with-a-60-hike-in-revenue-79295
Hindalco Industries Limited has continued to reduce its aluminium products and ingot prices, with effect from April 29, albeit slower than the previous day. Hindalco has cut its aluminium billets price by INR 2,500 per tonne or 0.87 per cent to stand at INR 283,600 per tonne. On the last cut on April 26, the company’s aluminium billets price came in at INR 286,100 per tonne after being sharply cut by INR 11,250 per tonne.
China’s aluminium billet inventory had fallen by 9.88 per cent W-o-W to settle at RMB 105,900 tonnes as of Thursday, April 28. The epidemic hampered transportation and downstream purchases in east China. Overall due to downstream restocking, social inventories are likely to fall more after the vacation.
To know more: https://www.alcircle.com/news/chinas-aluminium-billet-inventory-plunges-by-9-88-w-o-w-to-rmb105-900-tonnes-79286
According to China customs data, the country’s aluminium foil exports in March 2022 stood at 126,800 tonnes, reflecting month-on-month increase of 34 per cent and year-on-year 9 per cent. Thailand, India, Indonesia, and the United Arab Emirates were the top four destinations of China’s aluminium foil exports, accounting for 8.92 per cent, 7.34 per cent, 6.51 per cent, and 6.30 per cent, respectively, of the total exports in March.
As per the reports from SMM, the average operating rate of major aluminium processing companies fell 3.3 percent to 64.5 percent last week (April 18 to April 22). Except for a modest gain in the aluminium wire and cable sector and constant operating rates in the aluminium plate, sheet, and strip sector, all other sectors' operating rates have decreased to varying degrees.
To know more: https://www.alcircle.com/news/chinas-pandemic-situation-causes-operating-rates-of-aluminium-producers-fall-by-64-5-79236
Vedanta Limited has continued to cut its aluminium products and aluminium ingot prices, with effect from Tuesday, April 26. The company has reduced its aluminium wire rod price significantly by INR 11,250 per tonne or 3.8 per cent to INR 279,500- 287,000 per tonne. The last cut on April 21 brought the price to INR 290,750-298,250 per tonne, down by INR 5,500 per tonne from the previous day.
On Monday, April 25, NALCO CMD Sridhar Patra and MIDHANI CMD Sanjay Kumar Jha reportedly met the Chief Minister of Andhra Pradesh YS Jagan Mohan Reddy to apprise the problems related to infrastructure for setting up a high-end aluminium alloy products manufacturing plant in Nellore.
source https://www.alcircle.com/news/downstream-weekly-recap-amag-reports-highest-quarterly-earnings-for-1q2022-with-a-60-hike-in-revenue-press-metal-will-pay-rm-27-million-tax-to-settle-79303
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