China’s primary aluminium production grows 8.7% YoY to 3.18MT with daily output hit a record high in November 2020
Data from the National Bureau of Statistics (NBS) showed China’s primary aluminium production in November grew 8.7 per cent year-on-year to 3.18 million tonnes, with daily output hit a record high. Despite a month-on-month downfall of 0.6 per cent in production from October's 3.2 million tonnes, November’s daily output stood at 106,000 tonnes outperforming September’s record of 105,433 tonnes.
The hike in production could be attributed to new smelting capacities came online to take advantage of strong demand and high prices in the market.
Aluminium prices in China surged 15 per cent in November before striking a nine-year high of RMB 16,925 per tonne on December 2 amid the low input costs. This led to a strong profit margin encouraging smelters to churn out as much metal as possible.
China’s total aluminium output during the first 11 months of 2020 stood 4 per cent higher than in the previous year to 33.82 million tonnes, showed NBS, on course to overtake the 2018 full-year record.
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As of today, December 15, China’s primary aluminium ingot price has come in at RMB 16,540 per tonne, with average prices to range between RMB 16,520 per tonne and RMB 16,560 per tonne.
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