Morning Bites

🏭Global primary aluminium output increased 3.5% YoY in March, decelerating from the revised +6.2% YoY in February, the International Aluminium Institute reports. Specifically, China’s production (59% of global Al output) rose 4.9% YoY, following the improved power supply in previously drought-hit parts of the country's hydro-electric system. Despite the increasing supply globally, the potential recovery in construction activity in China (~58% of global primary Al demand in 2022), bolstered by the new economic stimulus and record high liquidity injections in early 2024, might provide additional support to Al prices (which have recently recovered >15% from early 2024)

To recap, China’s aluminium supply might rise >2.5% YoY to 42.7mnt this year, according to industry participants, if new projects start up in 3Q24 as planned

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