LONDON, Sep 15, 2010 (Dow Jones Commodities News via Comtex) -- (Adds production, demand figures.)
The global aluminum market was in surplus by 178,000 metric tons between January and July, down from a much larger surplus in the same period last year, the World Bureau of Metal Statistics said Wednesday.
WBMS said the aluminum market was in surplus by 1.356 million tons in the same period last year. It also revised the full 2009 surplus for aluminum to 1.964 million tons.
Demand for primary aluminum in the first seven months of the year totaled 23.53 million tons, up 4.21 million tons from the same period of 2009. Production in the first seven months of the year rose by 3.027 million tons, or 15%, from the same period in 2009. WBMS didn't provide a total figure.
Chinese output was 9.743 million tons in the first seven months of 2010 and this currently accounts for almost 41% of the world production total, WBMS said.
In July, primary aluminum production totaled 3.423 million tons and consumption was 3.421 million tons.
Total reported stocks at the end of July was 45,000 tons lower than at the end of 2009. At the end of July, total stocks were 6.44 million tons, which equated to 67 days demand and compares with 6.49 million tons at the end of last year, the WBMS said.
Total stocks held in the four exchanges in London, Shanghai, U.S. and Tokyo were 4.874 million tons at the end of July which was almost double the equivalent total recorded at the end of 2008, the group said.