Jan’24 World Vs GCC: Primary aluminium production ratio drops Y-o-Y despite a 1.3% growth in GCC’s output

In January 2024, the Gulf Cooperation Council produced 532,000 tonnes of primary aluminium compared to 530,000 tonnes in December 2023 and 525,000 tonnes in January 2023, found the International Aluminium Institute. Meaning, the output in January 2024 recorded a month-on-month growth of 2,000 tonnes or 0.38 per cent and a year-on-year hike of 7,000 tonnes or 1.33 per cent.

The average daily production stood at 17,200 tonnes in January 2024 versus 17,100 tonnes in the previous month. On a year-on-year basis, the daily output increased by 1.78 per cent from 16,900 tonnes.

According to the IAI data, the Gulf Cooperation Council's primary aluminium production in January 2024 accounted for 8.81 per cent of the world's total output. Compared to the same period last year, the Gulf countries' contribution to the world's primary aluminium production lessened in January 2024. A year ago, the Gulf Cooperation Council's output accounted for 8.9 per cent of the world's production.

In the full-year 2023, the Gulf Cooperation Council churned out 6.217 million tonnes, accounting for 8.8 per cent of the world’s output.

The world's primary aluminium production in January 2024 amounted to 6.039 million tonnes, reflecting a month-on-month restraint compared to 6.042 million tonnes. On a year-on-year calculation, the output in January '24 edged a 2.36 per cent rise from 5.9 million tonnes.