The United States' domestic primary aluminium production in March 2024 recorded a month-on-month increase after two back-to-back months of decline in January and February. However, on a year-on-year calculation, the United States' primary aluminium production in March was 12.31 per cent less than 65,000 tonnes.
According to the latest data revealed by the US Geological Survey, the United States produced 57,000 tonnes of primary aluminium in March 2024, which reflected an increase of 8,000 tonnes or 12.30 per cent in February 2024.
It is to be noted here that despite the month-on-month increase in March 2024, primary aluminum production in the United States experienced a decline for the entire Q1 period when compared both quarter-on-quarter and year-on-year.
The United States accumulated production of primary aluminium during January-March 2024 was 172,000 tonnes, down by 7.53 per cent from 186,000 tonnes in Q4 2023 and 8.51 per cent from 188,000 tonnes in Q1 2023.
The average daily production in March 2024 was 1,840 tonnes, marking a month-on-month increase of 3 per cent from 1,790 tonnes but a year-on-year decrease of 13 per cent from 2,110 tonnes.
The total aluminium recovered from scrap in March 2024 was 302,000 tonnes, compared to 293,000 tonnes in February 2024 and 275,000 tonnes in March 2023. That reflected a month-on-month increase of 3 per cent and a year-on-year hike of 10 per cent, indicating the United States' unwavering focus on aluminium recycling.
Of the total amount of scrap recovered in March, 168,000 tonnes was recovered from new scrap and 134,000 tonnes from old scrap.
Total imports of aluminium for consumption in the first quarter of 2024 increased by 6 per cent compared with those of the first quarter of 2023, while total exports of aluminium increased by 10 per cent in the first quarter of 2024 compared with those of the first quarter of 2023.
The March 2024 average US spot market price of primary aluminium ingot was $1.19 per pound, slightly more than that in February 2024 and 9 per cent less than that in March 2023.
Inventories of primary aluminium in LME-approved warehouses, including off-warrant inventories, in the United States were 5,197 tonnes at the end of March 2024, 5 per cent more than that at the end of February 2024.
