World aluminium production reveals stable growth for GCC in 2023 with a linear production rate in Oceania

According to the International Aluminium Institute (IAI), the Gulf Cooperation Council (GCC), consisting of regions like Bahrain, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, has experienced stable growth in primary aluminium production this year, with 50 per cent of the total collection in 2022, already being produced in Q1 and Q2 of 2023.

In June 2023, the total primary aluminium produced in GCC was 503,000 tonnes, which escalated by 16,000 tonnes Month-on-Month to reach 519,000 tonnes in July 2023. In Q1 2023, the aluminium production was 1.51 million tonnes, which increased on a Quarter-on-Quarter scale by 17,000 tonnes to accumulate 1.527 million tonnes in Q2 2023.

Last year, the annual aluminium production in GCC was 6.074 million tonnes, with a Year-on-Year influx of 185,000 tonnes, if compared with the annual haul in 2021, which was 5.889 million tonnes. If we add Q1 and Q2 of 2023, we get 3.037 million tonnes, which is exactly half of the annual collection in 2022. This means the production has been satisfactory for the first half of 2023, with a similar growth rate as experienced in 2022.

Oceania, the area defining Australia and New Zealand, had an annual primary aluminium production rate of 1.888 million tonnes in 2021, which declined Year-on-Year by 45,000 tonnes to settle at 1.843 million tonnes in 2022. Yet, this year, in June, the total aluminium produced in Oceania was 153,000 tonnes, which surged by 7,000 tonnes Month-on-Month to officially stop at 160,000 tonnes in July, giving us a faint hope for future growth.

Also, if Q1 2023 is considered, the total primary aluminium produced in Oceania was 463,000 tonnes, which heightened by 3,000 tonnes on a Quarter-on-Quarter scale to halt at 466,000 tonnes in Q2 2023. Once we collectively hold the quantitative value for Q1 and Q2, it can be seen almost 50 per cent of the production rate in 2022 has already been reached. But this doesn’t bode well for the region as, in 2022; it had already experienced a lower production rate than in 2021.