SMM: the global primary aluminum market has an oversupply of 1.098 million tons from January to April 2020 and 749000 tons for the whole of 2019, according to a report released by the World Bureau of Metals Statistics (WBMS) on Wednesday.
The demand for primary aluminum from January to April was 20.67 million tons, an increase of 199000 tons over the same period in 2019.
Demand is measured on an apparent basis, and the full impact of the national blockade imposed to contain the new crown pneumonia epidemic may not be fully reflected in trade statistics.
From January to April 2020, the output of primary aluminum increased by 4.6%.
Total reported inventories during March and April were 163000 tonnes higher than the December 2019 level. Shanghai inventories rose steadily in the first quarter from 185000 tons in December 2019 to 528000 tons at the end of March. It then fell back to 458000 tons in April. LME stocks stood at 1.356 million tons, compared with 1.473 million tons at the end of 2019.
Large unreported inventory changes, especially those held in Asia, are not taken into account in consumption statistics.
Overall, global primary aluminum production increased by 4.6% from January to April 2020 compared with the same period last year. Based on the high supply of imported bauxite and alumina, China's production is estimated to be 11.81 million tons, which currently accounts for about 54 percent of the world's total output.
China's apparent demand is 3.61% higher than in January-April 2019, and the output of semi-finished products increased by 5%.
China became a net importer of unwrought aluminium in the first quarter of this year. Net exports of semi-finished products from January to April 2010 were 1.446 million tons, compared with 1.606 million tons in the same period last year.
From January to March, the output of the 28 countries of the European Union fell 1.7% compared with last year, and NAFTA production increased by 4.2%. Demand in the 28 countries of the European Union fell by 331000 tons compared with the same period in 2019.
From January to April 2020, global demand increased by 1% compared with the same period last year.
In April 2020, the output of primary aluminum was 5.3941 million tons and the demand was 5.2625 million tons.
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