Primary Aluminum market turns into deficit during January - October

Author: Paul Ploumis24 Dec 2014 Last updated at 00:50:36 GMT

SEATTLE (Scrap Monster): The latest report published by the World Bureau of Metal Statistics (WBMS) indicates that global primary aluminum market has recorded a deficit during the initial ten months of the year. As per the report, the market turned into a deficit of 542,000 tons when matched with the surplus of 570,000 reported during entire year 2013.

The production of primary aluminum was up by 1,398 kt during the ten-month period from January to October this year. The reported stock of produced metal has declined by 173,000 tonnes during the month of October. The stocks at the end of the ten-month period stood at 6,564 kt. It must be noted that the stock levels at the end of 2013 had stood at 7,171 kt. The combined stocks held in London, Shanghai, USA and Tokyo exchanges totaled 4,669 kt at the end of October.

Global production increased by 3.5%, whereas consumption rose by 2,212 kt to 41.43 million tonnes during the period from January to October this year. China, with estimated production of 19,633 kt, accounted for nearly 48% of the world production. Production in the EU region fell marginally by 0.26%. The primary aluminum production for the month of October alone was 4,173.1 kt, whereas the consumption totaled 4,174.6 kt.

The WBMS report also states that the global aluminum demand rose by 5.6% during January to October this year, when compared with the corresponding period last year. The Chinese apparent demand went higher by 7.6%. The EU apparent demand too was up by 258 kt.