SHANGHAI, May 3 (SMM) –Macquarie raised its forecast for the average aluminum price in 2017 by 8% from $1,769/tonne to $1,913/tonne.
China’s MIIT announced to begin checks on illegal aluminum smelting capacity from July, which might cause aluminum output to fall in October, Macquarie analyst said. Macquarie sees 1.2 million tonne supply deficit in aluminum market this year.
Production cuts during winter months out of environmental concerns will push aluminum prices above $2,000/tonne, Macquarie predicts.
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