28 JUNE 2012CommodityOnline
China in monthly aluminum deficit in May as global demand rises
Edited by : AL CIRCLE
1 min read
China and the rest of the world (RoW) were in a physical aluminum market deficit in May as global aluminum demand grew 7.7% year-on-year, said Harbor Intelligence in a research note.
According to the Harbor Intelligence, under the traditional formula (production plus/minus visible headline inventory movement), global apparent primary aluminum demand grew by a seasonally adjusted monthly rate of 8.4% to an annualized level of 47.1 million tons.
Apparent primary aluminum demand grew in both China and the RoW during May, with RoW delivering the bulk of the monthly growth, they added.
Overall, global apparent primary demand surpassed global primary output by 2.6 annualized million tons in May.
"This apparent global market deficit was composed by a deficit of 1.2 million tons in China and a deficit of 1.4 million tons in RoW. In terms of demand coverage, global visible inventories in terms of weeks of consumption declined to 7.7, the lowest coverage since July 2011," Harbor concluded.
According to the Harbor Intelligence, under the traditional formula (production plus/minus visible headline inventory movement), global apparent primary aluminum demand grew by a seasonally adjusted monthly rate of 8.4% to an annualized level of 47.1 million tons.
Apparent primary aluminum demand grew in both China and the RoW during May, with RoW delivering the bulk of the monthly growth, they added.
Overall, global apparent primary demand surpassed global primary output by 2.6 annualized million tons in May.
"This apparent global market deficit was composed by a deficit of 1.2 million tons in China and a deficit of 1.4 million tons in RoW. In terms of demand coverage, global visible inventories in terms of weeks of consumption declined to 7.7, the lowest coverage since July 2011," Harbor concluded.
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