The Chinese aluminum output is likely to hit a record high this year at 24 million tons, a research director at the Chalco said on Wednesday. Further suggesting that production may ramp up towards year-end (Reuters).
“China’s growth in aluminium output means it has had little need for imports from global markets where stocks are sitting at record highs, with prices falling to a four-year low below $1,800 a tonne in June.”
“Output in the world’s top aluminium producing nation is still running below total capacity, seen at 32 million tonnes by the end of this year, said Zhonglin Yin, director of the alumina division in the Zhengzhou Research Institute of Chalco. The Aluminum Corp of China Ltd is typically referred to as Chalco.”
The cash price of primary Indian aluminum moved up 2.3 percent on Tuesday, October 29, making it the day’s biggest mover. On the LME, the primary aluminum cash price rose 1.8 percent to $1,839 per metric ton. After a 1.7 percent increase, the aluminum 3-month price finished the day on the LME at $1,886 per metric ton.
Chinese aluminum prices were mixed for the day. The price of Chinese aluminum billet fell 0.7 percent on Tuesday after three straight days with no change. The price of Chinese aluminum scrap was essentially unchanged. The price of Chinese aluminum bar held steady. The Chinese aluminum cash price held steady.