Morning Bites

🏭Global primary aluminium output rose 4% YoY in October, in line with the revised 4% YoY growth in September, the International Aluminium Institute reports. Specifically, China’s production jumped 5% YoY, while ex-China production gained 2% YoY. Overall, China (59% of the global Al output in 2022) is ramping-up its production (+3.2% YoY in 10mo23) due to improved power supply in previously drought-hit parts of the country's hydro-electric system. This dynamic approaches previous estimates of the maximum resumption of 1.3mnt of China’s halted Al capacity (~2% of global 2022 output). Meanwhile, we do not expect a more robust production increase in the short-term, given that >50% of global Al suppliers are currently breakeven or loss-making at spot, on our numbers, due to low Al prices

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