According to the National Bureau of Statistics (NBS), China’s aluminium production in August 2024 stood firm, marking an annual growth of 2.5 per cent. Attributed to solid profits due to increased aluminium prices, smelters in the domestic market scaled up their production to 3.73 million tonnes during the said month.
According to NBS, the output volume marked a two-year high. However, the daily average production dipped month-on-month from 122,333 tonnes to 120,322 tonnes, based on Reuters’ calculation.
The strong output this year was due to increased operations by smelters in some of the main Chinese primary aluminium production hubs, especially in Yunnan where metal output rose due to ample hydropower supply.
For the interim period, prices in the Chinese domestic market fell due to concerns over demand among the downstream manufacturing sectors. State-backed research house Antaike estimated the average industry profits would fall last month as prices dropped to RMB 2,121 per tonne, a level which smelters said could sustain strong production for the near term.
From January to August 2024, China produced 28.91 million tonnes of aluminium, reflecting a year-on-year rise of 5.1 per cent, showed NBS.
National Bureau of Statistics also showed the production of 10 nonferrous metals, including copper, aluminium, lead, zinc, and nickel, rose 4 per cent Y-o-Y to 6.62 million tonnes in August.
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