Jan-Apr 2024: World primary aluminium production grows 4% Y-o-Y due to demand recovery and reduced production costs
According to the International Aluminium Institute survey, the world’s primary aluminium production in April 2024 witnessed a month-on-month drop of 3.12 per cent but a year-on-year rise of 3.33 per cent.
As per the data revealed, world’s primary aluminum output was 5.9 million tonnes in April 2024, compared to 6.09 million tonnes in March 2024 and 5.71 million tonnes in April 2023. The year-on-year increase in production during April 2024 was primarily driven by demand recovery in manufacturing sectors, like automobile, packaging, and solar power, reduced production costs, and higher profit margin due to bullish aluminium benchmark price on the London Metal Exchange.
World’s daily average output of primary aluminium also grew 3.3 per cent year-on-year in April 2024 to stand at 196,600 tonnes versus 190,300 tonnes.
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