Morning Bites

📈Global primary aluminium production rose 1% YoY in June, the same as in May, the International Aluminium Institute reports. Meanwhile, China’s production inched up 1% YoY, and was also 14% above the pre-Covid 2019 level, while ex-China production grew 2% YoY (+1% vs. 2019). To recap, China might potentially relaunch its previously suspended capacities, as well as commission new smelters in FY23 (jointly representing ~6% of global Al supply) once electricity shortages have eased. However, this looks overly upbeat to us, while a Reuters source expects a maximum resumption of 1.3mnt of China’s halted Al capacity (~2% of global 2022 output)

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