Primary aluminium weekly recap: Tiwai Point aluminium smelter in talks with power companies to continue operations beyond 2024; GFG Alliance's £586 million deal demands transparency from Scottish ministers
Some of the important events spotted under the global primary aluminium segment are the news of the Tiwai Point aluminium smelter in talks with power companies to continue operations beyond 2024. The Tiwai Point aluminium smelter, which Rio Tinto and the Sumitomo Group control through the joint venture New Zealand Aluminium Smelters Limited (NZAS), has reportedly started talking with electricity providers. Next in line is the news of Scottish government officials being criticised for their lack of openness when it was claimed that metal tycoon Sanjeev Gupta, who is being investigated for fraud, contributed only $5 to the $330 million purchase of a smelting facility in the Highlands. Under the market segment, LME aluminium's official price opened the week with a decline of US$28.5 per tonne to close at US$2,431.50 per tonne. On Tuesday, the benchmark aluminium price experienced a growth of US$5.50 per tonne, which on Wednesday again plunged by US$46.5 per tonne to record at US$2,390.50 per tonne. Throughout the week, the benchmark aluminium price for SHFE increased from US$2,665 per tonne on July 25 to US$2,775 per tonne on July 29. The price dropped by US$23 per tonne on Tuesday to US$2,642 a tonne, but it was still geared up for the rest of the week.
_0_0.png)
According to a report on July 28, The Tiwai Point aluminium smelter, owned by Rio Tinto and the Sumitomo Group via joint venture New Zealand Aluminium Smelters Limited (NZAS), began corresponding with power companies to be able to continue operations beyond 2024.
As it was already announced, the ICSOBA 2022 conference will take place in Athens, Greece under the host sponsorship of Mytilineos from 11 to 13 October. The Radisson Blu Park Hotel located right in the centre of Athens was booked for the event. The hybrid format of the conference will allow you to participate whether you choose to travel to Athens or join the event online.
To know more: https://www.alcircle.com/press-release/icsoba-2022-conference-in-athens-greece-82111
On Sunday, July 24, 2022, Shaikh Daij bin Salman bin Daij Al Khalifa, the Chairman of the Board of Directors (BOD) of Aluminium Bahrain B.S.C. (Alba), paid a field visit to Alba's Casthouse 4 (CH4). He was joined by Chief Executive Officer Ali Al Baqali, Director Casthouse A. Rasool Ahmed, and other senior officials. Casthouse 4 was put into service in December 2018 and is an important part of Alba's Line 6 Expansion Project.
To know more: https://www.alcircle.com/news/albas-chairman-expresses-gratitude-to-the-shop-floor-workers-on-his-visit-to-casthouse-4-82068
On Monday, July 25, Aluminium Stewardship Initiative announced the joining of V Global Manufacturing Limited as its new Industrial User Member. Situated in Chengdong Industrial Park in Dehua County, V Global Manufacturing Limited, a foreign-owned business in Singapore with a registered capital of 150 million yuan, is invested by Meitu Aluminum Industry Co., Ltd.
To know more: https://www.alcircle.com/press-release/v-global-manufacturing-joins-asi-as-new-industrial-user-member-82098
The Scottish government ministers are under fire for lack of transparency after it alleged that metal tycoon Sanjeev Gupta is under investigation for deceit and paid only £5 towards acquiring a Highlands smelting plant, with taxpayers financing the rest of the £330 million deal.
To know more: https://www.alcircle.com/news/gfg-alliance-s-586-million-deal-demands-transparency-from-scottish-ministers-82066
According to the Shanghai Metals Market, primary aluminium inventories in China witnessed an augmentation of 3,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, July 28, the inventories totalled 671,000 tonnes, which in comparison with the month’s third Monday, July 18, shrunk by 11,000 tonnes.
Vedanta Limited has lifted its aluminium ingot and aluminium products prices, with effect from Friday, July 29, following a cut on the previous day, July 28. On Friday, Vedanta’s aluminium ingot price has come in at INR 226,000-257,500 per tonne, up by INR 5,250 per tonne or 2.38 per cent from the previous day.
According to the latest data found by the US Geological Survey, the United States produced 82,000 tonnes of primary aluminium in April 2022, which was down by 2,000 tonnes from the output in March. But on a year-on-year basis, the output recorded a surge of 10,000 tonnes or 13.9 per cent from 72,000 tonnes.
Primary aluminium production in Africa during the second quarter of 2022 stood at 406,000 tonnes, up by 9,000 tonnes or 2.28 per cent from 397,000 tonnes in the first quarter of the year ended March 31. On a year-on-year basis, the output stood 10,000 tonnes or 2.52 per cent higher than 396,000 tonnes.
Shares of Aluminum Corporation of China Limited (Chalco) elevated on Monday, July 25, following the company’s decision to increase its stake in Yunnan Aluminium Co. According to analysts at Citigroup, this acquisition will make Chalco the world’s largest aluminium producer, with a smelting capacity of about 7.5 million tonnes a year.
source https://www.alcircle.com/news/primary-aluminium-weekly-recap-tiwai-point-aluminium-smelter-in-talks-with-power-companies-to-continue-operations-beyond-2024-gfg-alliance-s-586-milli-82133
Comments
Post a Comment