Rio Tinto has signed a key agreement with the government of Queensland, Australia, aimed at securing the long-term viability of the country’s second-largest aluminum smelter, Boyne Smelters. The Anglo-Australian mining giant announced on Thursday that the Queensland government has committed to supporting the financial stability of the smelter from 2029 as it transitions to renewable energy sources. The support will...
Aluminium news
Nonferrous Metal Prices Rise Amid U.S. Rate Cut Hopes, But High Inventories Limit Gains
Prices for most nonferrous metals saw an uptick on Thursday, supported by the potential for a U.S. interest rate cut, though high inventories and disappointing economic data from China curbed the extent of gains. Three-month copper on the London Metal Exchange (LME) inched up 0.2% to $8,985 per metric ton by 0530 GMT, while the most-traded September copper contract on...
Hindalco Postpones Novelis IPO, Eyes 2025 for Premium Valuation
Hindalco Industries, the parent company of Novelis, has postponed the planned initial public offering (IPO) of Novelis, the world’s largest aluminum recycler, which was initially set to raise up to $945 million. The decision to delay the IPO, originally slated for June, was driven by the desire for a premium valuation that market conditions could not support at the time....
Aluminium Bahrain Reports Strong Q2 2024 Earnings, Announces Interim Dividend
Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, has posted a significant profit increase for the second quarter of 2024, reporting BD68.5 million (US$182.2 million), up 129.2% compared to BD29.9 million (US$79.5 million) in the same period in 2023. The company also reported Basic and Diluted Earnings per Share of fils 48 for Q2 2024, up from fils...
Russian Aluminium Stocks Surge on London Metal Exchange in July
The share of Russian-origin aluminum stocks in London Metal Exchange (LME) warehouses increased significantly in July, reaching 65%, up from 50% in June, according to data released on Monday. In contrast, Indian-origin aluminum stocks decreased, dropping to 33% from 40%. Overall, on-warrant aluminum stocks from all origins in LME-registered warehouses saw a decline of 23% in July. The data indicated...
Base Metal Prices Climb as Copper and Aluminum See Gains
Base metal prices saw an uptick, with copper increasing by 1.4% to reach $8,995 per ton and aluminum rising by 1.2% to $2,323 per ton. Copper prices have bounced back after hitting a five-month low last week, which was attributed to rising inventories in London Metal Exchange warehouses and increased exports from China amid sluggish domestic demand, according to analysts...
Russia Boosts Aluminum Exports to South Korea by 20% in First Half of 2024
In the first half of 2024, Russia increased its aluminum exports to South Korea by approximately 20%, reaching a total of 154.9 thousand tons, according to data from the Korean Statistical Service reported by RIA Novosti. This increase marks the highest semi-annual export volume since 2012. From January to June 2024, South Korea’s imports of Russian aluminum amounted to 154.9...
Weekly Metals News Digest – August 5-9
SPIMEX Proposal for Aluminum Exchange Trading in Russia Introduction of Exchange Trading for Rusal’s Aluminum The St. Petersburg International Mercantile Exchange (SPIMEX) has proposed launching exchange trading for primary aluminum produced by Rusal. This proposal comes in response to recent restrictions imposed by the U.S. and British authorities, which have banned Rusal from trading its aluminum at CME Group and...
Novelis Reports 2% Rise in Q1 Sales Driven by Increased Aluminum Prices and Shipments
Novelis Inc, a subsidiary of Hindalco Industries Ltd, announced a 2% increase in net sales for the first quarter, reaching $4.2 billion. This growth was mainly attributed to higher average aluminum prices and an 8% rise in total flat-rolled product shipments, which hit 951 kilotonnes. The increase in shipments was primarily driven by normalized demand for beverage packaging sheets, which...
Aluminium Bahrain Partners with Daiki Aluminium to Launch Sustainable Dross Processing Business
Aluminium Bahrain (Alba), the world’s largest single-site aluminium smelter, has formed a strategic partnership with Japan’s Daiki Aluminium Industry Company to establish a sustainable aluminium dross processing facility in Bahrain. The collaboration aims to enhance the recycling and sustainability of aluminium production in the region. The Memorandum of Understanding (MoU) was signed at Alba’s premises, attended by Alba’s CEO Ali...