
In the first two months of 2020, world primary aluminium surplus grew to 684,000 tonnes from 492,000 tonnes in the whole of 2019, showed the World Bureau of Metals Statistics report on Wednesday, April 22.
This came as production jumped by 8.3 per cent in January and February, in contrast to the demand growth of 4.1 per cent year-on-year.
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By the end of February, aluminium stocks totalled at 1.99 million tonnes, down 159,000 tonnes from the level seen at the end of December 2019. Stocks at LME-approved warehouses also fell during the same period, mostly in Asian warehouses.
In China, primary aluminium demand was apparently higher by 6.2 per cent during January to February compared to the same period last year, while output expanded by about 6.06 million tonnes, which is about 55 per cent of the world's total primary aluminium production.
This significant growth in China’s primary aluminium production could be attributed to the higher availability of imported bauxite and alumina at lower prices.
The global primary aluminium production in February was 5.54 million tonnes, while the demand was 5.14 million tonnes.
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