Recently, aluminum prices have undergone a correction, following the strength of the US dollar and tracking the broader adjustments in the base metal market. This robust performance can be attributed to two key factors: high alumina prices on the raw materials and tight supply conditions at the mining level.
According to the World Metal Statistics Bureau report. In September 2024, Global primary aluminum production was 5,891,521 million tons, Consumption was 5,878,038 million tons. The supply surplus was 13,4830 tons. From January to September, 2024, Global primary aluminum production was 53,425,974 million tons, Consumption was 54,69,03,29 million tons. The supply shortage is 1.264,355 tons.
Although domestic bauxite supply issues in China remain unresolved, expectations of increased supply from overseas mines are likely to impact alumina availability in the coming months. However, it will take some time for these supply changes to become fully apparent in the market. In the meantime, alumina prices continue to provide critical support for aluminum prices, helping to offset broader market pressures.
Post time: Nov-22-2024