Morning Bites (part 2)

🏭Global primary aluminium output grew 3% YoY in November, vs. the 4% YoY increase in October, the International Aluminium Institute reports. Specifically, China’s output rose 3% YoY, while ex-China production gained 4% YoY. China (59% of global Al output in 2022) is ramping up its production (+3.2% YoY in 11mo23) following the improved power supply in previously drought-hit parts of the country's hydro-electric system. Overall, China’s production was up 1.2mnt, on a YTD basis, which is in line with previous indications of a possible resumption of 1.3mnt of China’s halted Al capacity (~2% of global 2022 output). However, we do not anticipate a more robust production increase in the short term, as >50% of global Al suppliers are currently breakeven or loss-making at spot, on our numbers, due to subdued Al prices

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