Upward trajectory of China’s primary aluminium production is leaving strain on the alumina market
China achieved a record-high production of primary aluminium, reaching 3.65 million tonnes in May 2024, comparable to output levels seen in August and September of the previous year. This surge is bolstered by the restarting of smelters in Yunnan after a prolonged shutdown, promising an annual output of 43 million tonnes. However, this upward trajectory has significantly affected the alumina market, the key raw material for aluminium production, resulting in constrained supply and fluctuating ore prices.
Alumina price movement
Throughout May 2024, China's average alumina price surged, recording a growth rate of 13.24 per cent. According to the Shanghai Metals Market, the domestic alumina price increased over a month from RMB 3,451 per tonne to RMB 3,908 per tonne, reaching its highest level in over two years.
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