Chinese Aluminium Market Sees Growing Output And Softening Consumption

SHANGHAI, Jun 5 (SMM) –Fundamentals: According to SMM’s preliminary estimate, the domestic operating aluminium capacity rose to 40.92 million mt at the end of May, and the domestic aluminium output rose 1% year-on-year to around 3.47 million mt in May, mainly driven by production resumption in Guizhou and Sichuan. Smelters maintained high proportion of molten aluminium output last month. Downstream operating rates fell slightly last week, and will continue to drop in June due to falling orders in the off-season. During the week, spot premiums shrank as higher prices hurt purchases.