According to foreign media reports, Vedanta Aluminium plans to advance a new project in the Dhenkanal and Rayagada districts of Odisha, with a proposed investment of 1.8 trillion rupees ($19.4 billion), to build an aluminum smelter with an annual capacity of 3 million mt, a 4900MW power plant, an alumina refinery with an annual capacity of 6 million mt, and a downstream aluminum industrial park.

According to US sources on April 13, Saudi Arabia was pressuring the US to abandon the blockade of the Strait of Hormuz and return to the negotiating table, as Saudi Arabia was concerned that the US move could prompt Iran to take escalatory actions and disrupt other critical shipping lanes.

[Low-Priced Sources Emerged in the Afternoon, Magnesium Market Trading Remained Sluggish] 99.90% magnesium ingot was quoted at 17,200-17,300 yuan/mt in the main producing areas today, down 50 yuan/mt from the morning quotes.

On the 13th local time, a spokesperson for Iran's Armed Forces Khatam al-Anbia Central Command stated that the security of ports in the Persian Gulf and the Gulf of Oman "either belongs to everyone or to no one."

The European Commission will propose lowering energy taxes and power grid fees to promote the adoption of clean energy technologies while mitigating the impact of surging oil and gas prices. On April 22, the EU's executive body will adopt a policy document outlining measures aimed at alleviating the effects of sustained fuel price increases on enterprises and consumers.

According to the latest LME data, the share of Russian aluminum in LME inventory rose from 60% in February to 92% in March.