Commodities Buzz: Global Primary Aluminium Demand For January To June 2022 was 34.48 million tonnes, Down 163 kt On Year

18 Aug 2022 , 01:20 PM

The calculated market balance for primary aluminium for the period of January to June 2022 was a deficit of 895 kt which follows a deficit of 1844 kt recorded for the whole of 2021. Demand for primary aluminium for January to June 2022 was 34.48 million tonnes, 163 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 June 2022 fell by 0.4 per cent. Total reported stocks fell over the six months to close at the end of the period 570 kt below the December 2021 level. Total LME stocks (Including off warrant stocks) were 658 kt at the end of June 2022 which compares with 1213.4 kt at the end of 2021. Shanghai stocks decreased in June and ended the period 84 kt below the December 2021 total. Overall, global production of primary aluminium fell in January to June 2022 by 0.4 per cent compared with the same period in 2021. Chinese output was estimated at 19484 kt despite recording 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 2.0 per cent lower than in January to June 2021 and the output of semi-manufactures rose by 1.1 per cent compared with the production in 2021. China became a net importer of unwrought aluminium in 2020. During January to June 2022 Chinese net exports of aluminium semi manufactures were 2985 kt which compares with 4926 kt for the whole of 2021. Exports of semi manufactures rose by 28 per cent compared with the January to June 2021 total Japanese demand was up by 49 kt and US demand increased by 324 kt. Global demand fell by 0.5 per cent during January to June 2022 compared with the levels recorded one year previously. June metal balances for primary aluminium recorded production at 5646.1 kt and demand at 6011.5 kt.Powered by Commodity Insights