By Carolina Curiel (ScrapMonster Author)
October 22, 2015 03:02:29 AM
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 eight months of the year. As per the report, the market reported a deficit of 257,000 tons when matched with the deficit of 654,000 reported during entire year 2014.
The production of primary aluminum was up by 7.2% during the eight-month period from January to August this year. The global production rose by 2,557 kt during this period, when compared with a year ago. The total reported stock of metal has declined further by 164,000 tonnes during the month of August. The stocks at the end of the initial eight-month period stood at 4,280 kt, which is sufficient to meet 29 days demand. It must be noted that the stock levels at the end of 2014 had stood at 5,020 kt. The combined stocks held in London, Shanghai, USA and Tokyo exchanges totaled 3,621 kt at the end of August.
Global production increased by 7.2% during the period from January to August in 2015. China, with estimated production of 21,056 kt, accounted for nearly 55% of the world production. Production in the EU region dropped by 1.7% and the output by NAFTA region fell by 2.8% year-on-year. The primary aluminum production for the month of August alone was 4,854.7 kt, whereas the consumption totaled 4,759.1 kt.
The Chinese net exports totaled 237 kt during the first eight months of the year.
The WBMS report also states that the global aluminum demand rose by 6.56% during January to August this year to total 37.28 million tonnes, when compared with the corresponding period last year. The Chinese apparent demand went higher by almost 14% when compared with 2014. Also, EU-28 demand dropped slightly during January to August this year by 226 kt when compared with the previous year.