SHANGHAI, Mar. 24 -- China's apparent consumption of primary aluminum increased in February on a monthly basis due mainly to significantly growing output in February, while apparent consumption of refined zinc in February also increased on a monthly basis due mainly to lower increases in inventories.
China's output of primary aluminum reached 1.31 million mt during February, up 46 kt MoM. Imports of primary aluminum were 19,171 mt in February, while exports were 4,739 mt, with net imports reaching 14,432 mt, down 16,498 mt MoM. SHFE aluminum inventories grew by 36 kt in February, while output of primary aluminum jumped in February, resulting in a growth of 29,071 mt in apparent consumption of primary aluminum in February compared with January levels.
China's net imports of refined zinc were 15,401 mt in February, down 14,063 mt MoM. Domestic output of refined zinc reached 363 kt in February, down 13 kt MoM. It is worth noting that SHFE zinc inventories only increased by 942 mt in February, while SHFE zinc inventories soared by 50,760 mt in January. The recovery of demand for refined zinc from end-users in February contributed to the limited growth in SHFE zinc inventories, which in turn caused domestic apparent consumption of refined zinc to increase by 22,755 mt in February on a monthly basis.
(Edited by SMM)