Morning Bites (part 2)

📈Global primary aluminium production rose 1% YoY in May, in line with the 1% YoY growth in April, the International Aluminium Institute (IAI) reports. Meanwhile, last month, China’s production remained flat YoY. The country’s output was also 13% higher than the pre-Covid (2019) level, while ex-China production rose 1% YoY (+2% vs. 2019). Despite the stable dynamics in recent months, we remind readers that China might relaunch its previously suspended capacities, as well as commission new smelters in FY23 (jointly representing ~6% of global Al supply). However, this outlook seems overly ambitious to us, while a Reuters source expects China to resume only up to 1.3mnt of its halted Al capacity (~2% of global 2022 output), when electricity curbs ease

#aluminium  
https://metals-wire.com:3000/sector/Aluminium