Morning Bites

🏭Global primary aluminium output was roughly flat YoY in July, vs. the 1% YoY increase in June, the International Aluminium Institute reports. Meanwhile, China’s production inched down 1% YoY, while staying 13% above the pre-Covid 2019 level. Ex-China production grew 1% YoY (also +1% vs. 2019). It is worth noting that China might relaunch its previously suspended smelters, as well as commission new capacities in FY23 (together representing ~6% of global Al supply) once local electricity curbs are eased. However, this outlook seems overly bullish to us, while a Reuters source anticipates 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