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Aluminum February 19, 2021 05:35:57 PM

Primary Aluminum Market Ended 2020 in Significant Surplus

Paul Ploumis
ScrapMonster Author
During the whole year, the overall aluminum production surged higher marginally by 1.0% compared with the whole of 2019.

Primary Aluminum Market Ended 2020 in Significant Surplus

SEATTLE (Scrap Monster): The world primary aluminum market recorded notable surplus during the entire year 2020, says the latest Metals Balances Report published by the World Bureau of Metal Statistics (WBMS). The market witnessed a surplus of 1,546 kt during the previous year. The market had posted a surplus of 462 kt in the whole of 2019.

The total reported aluminum stocks as on end-2020 registered decline to close at levels 110 kt below the end-2019 level. The reported stocks extended decline during the month of December 2020 as well. The total LME stocks stood at 1,341 kt at the end of the previous year, as compared with 1,473 kt at the end of 2019. The Shanghai stocks rose during the initial months of the year, but fell in the second quarter to close at 225.3 kt at the end of 2020, WBMS noted.

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During the whole year, the overall aluminum production surged higher marginally by 1.0% compared with the whole of 2019. The Chinese production totalled 37.080 million t, currently accounting for nearly 56% of the global output. The production by the EU-28 edged lower by 0.5% year-on-year, whereas the NAFTA region output increased by 4.0% over the previous year.

According to WBMS, the global aluminum demand totalled 64.77 million tonnes in 2020, down from the year before by 422 kt. The Chinese apparent demand was modestly higher by 6.4% year-on-year.

The primary aluminum output during December 2020 totalled 5,757.5 kt, whereas the monthly consumption totalled 5,594.0 kt.

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