In the first half of 2024, the United States experienced a sharp fall of 39,000 tonnes or 11.50 per cent in its primary aluminium production compared to the same period of the previous year. The drop was consistent each month, averaging a decrease of 7,000 tonnes to 8,000 tonnes per month from January to June 2024.
The United States' total production of primary aluminium through the first half of 2024 amounted to 339,000 tonnes versus 378,000 tonnes a year ago.
In June 2024, the United States' primary aluminium production was 55,000 tonnes, down by 7,000 tonnes or 11.29 per cent from 62,000 tonnes a year ago. On a month-on-month basis, the output dropped by 2,000 tonnes from 57,000 tonnes.
In the second quarter of 2024, the output amounted to 167,000 tonnes, down by 5,000 tonnes from 172,000 tonnes in Q1 2024 and 23,000 tonnes or 12.11 per cent less than 190,000 tonnes in Q2 2023.
The daily average production in June 2024 was 1,830 tonnes, mostly restrained compared to 1,840 tonnes in May 2024 and 12.02 per cent down from 2,080 tonnes in June 2023.
The total volume of aluminium recovered from scrap in June 2024 was 295,000 tonnes, down by 4,000 tonnes from 299,000 tonnes in May but up by 13,000 tonnes from 282,000 tonnes in June 2023. Through the first half of 2024, the United States generated a total of 1.763 million tonnes of aluminium from scrap, compared to 1.651 million tonnes a year ago. That reflected an annual increase of 6.78 per cent, indicating the United States' conscious shift towards the second aluminium production in line with the net-zero emissions target and sustainability goal.
Of the total amount of aluminium recovered from scrap in June 2024, 163,000 tonnes was recovered from new scrap and 133,000 tonnes from old scrap.
The June 2024 average US spot market price of primary aluminium ingot was $1.34 per pound, compared with $1.37 per pound in May 2024. The average cash price in June 2024 of primary aluminium ingot on the London Metal Exchange (LME) was $1.13 per pound, 3 per cent less than that in May 2024.
Inventories of primary aluminium in LME-approved warehouses, including off-warrant inventories, in the United States were 11,051 tonnes at the end of June 2024, 10% less than that at the end of May 2024. Inventories of aluminium alloy (North American Special Aluminium Alloy Contract) in LME-approved warehouses, including off-warrant inventories, in the United States were 131 tonnes at the end of June 2024, unchanged from that at the end of May 2024.
