GCC's daily average primary aluminium production remains steady in Feb'24; monthly output fall is due to fewer calendar days

According to the International Aluminium Institute survey, primary aluminium production in the Gulf Cooperation Council plunged by 37,000 tonnes or 6.95 per cent month-on-month, standing at 495,000 tonnes in February 2024 (29 calendar days).

The fall in Gulf primary aluminium production led to a decline in the monthly global output. In February, the world primary aluminium production stood at 5.54 million tonnes, down by 8.58 per cent from 6.06 million tonnes.

However, on a year-on-year basis, primary aluminium production in the Gulf Cooperation Council stood 2.91 per cent higher than 481,000 tonnes. The combined production in the first two months was 1.03 million tonnes, which also registered a year-on-year increase of 2.39 per cent from 1.006 million tonnes.

But looking at the daily average production, it remained essentially steady in February at 17,100 tonnes compared to 17,200 tonnes in January. Hence, it can be said the impact on monthly production was primarily due to fewer calendar days.

Overall, the primary aluminium production in the Gulf Cooperation Council is a on a growing trend at the beginning of 2024. Going ahead, the GCC countries’ primary aluminium production is likely to grow, given the investments in more advanced technologies to optimise production capacity. In late 2023, Saudi Arabia already announced that it would like to double its investment in the aluminium industry to strengthen its position in the global metal industry.