May 2024: Higher profitability due to price surge strengthens primary aluminium production in Europe
In May 2024, upstream aluminium production (primary metal and alumina) scaled up across Europe, driven by higher profitability for producers due to increased aluminium prices. Throughout May, the aluminium benchmark price on the London Metal Exchange rallied by 5.19 per cent, reaching US$2,677 per tonne from US$2,545 per tonne on April 30.
Overview of primary aluminium production
According to the International Aluminium Institute, primary aluminium production in both Western & Central Europe and Russia & Eastern Europe saw a significant month-on-month increase. While the production in Western & Central Europe saw a hike of 4.42 per cent to 236,000 tonnes, the output in Russia & Central Europe experienced an increase of 3.88 per cent to 348,000 tonnes.
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