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Base Metals Preview: Global Primary Aluminium Production Eases Marginally This Year

19 May 2022 , 09:01 AM

WBMS noted yesterday that calculated market balance for primary aluminium for the period of January to March 2022 was a surplus of 474 kt which follows a deficit of 1676 kt recorded for the whole of 2021. Demand for primary aluminium for January to March 2022 was 16.23 million tonnes, 727 kt less than in the comparable period in 2021. Demand is measured on an apparent basis and national lockdowns may have distorted the trade statistics. Production in January to March 2022 fell by 0.4 per cent. Total reported stocks over the three months to close at the end of the period 404 kt below the December 2021 level. Total LME stocks (Including off warrant stocks) were 833 kt at the end of March 2022 which compares with 1213.4 kt at the end of 2021. Shanghai stocks decreased in March and ended the period 14.6 kt below the December 2021 total. Overall, global production of primary aluminium fell in January to March 2022 by 0.4 per cent compared with the same period in 2021. Chinese output was estimated at 9633 kt despite slightly higher availability of imported feedstocks during the early months of the year. Chinese metal production currently accounts for about 58 per cent of the world production total. Chinese apparent demand was 6.7 per cent lower than in January to March 2021 and the output of semi-manufactures rose by 0.4 per cent compared with the production in 2021. China became a net importer of unwrought aluminium in 2020. During January to March 2022 Chinese net exports of aluminium semi manufactures were 1390 kt which compares with 4926 kt for the whole of 2021.Powered by Commodity Insights

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