Morning Bites (part 2)

🏭Global primary aluminium output rose 2% YoY in August, the same as the revised 2% YoY increase in July, the International Aluminium Institute reports. Meanwhile, China’s production continued its gradual growth, being up 2% YoY (+13% vs. the pre-Covid 2019 level). Ex-China production also showed growth, of 1% YoY (+3% vs. 2019). We remind readers that China might relaunch its previously suspended smelters and launch new capacities in FY23 (together representing up to 6% of global Al supply) once local electricity curbs are eased. However, this outlook seems overly bullish to us, especially given that >50% of global Al suppliers are currently loss-making or breakeven at spot, on our numbers, amid low Al prices

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