World Aluminum Metal Balance in Deficit in Jan-Oct ‘22

SEATTLE (Scrap Monster): The January to October 2022 Metals Balances Report published by the World Bureau of Metal Statistics (WBMS) suggests that primary aluminium market balance ended in deficit of 981 kt. This follows a deficit of around 1,734 kt recorded for the whole of the previous year.

The global aluminum production during the initial ten-month period of the current year rose by nearly 378 kt upon comparison with the same period a year before. The Chinese output, at 33,300 kt, accounted for approximately 59% of the global aluminium production. The Chinese net exports of aluminum semi manufactures rose by 20.8% to 4,901 kt during Jan-Oct ‘22, in comparison with the corresponding ten-month period a year before.

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The demand stood higher by 18 kt from the comparable ten-month period in 2021 at around 57.72 million tonnes. The Chinese apparent demand rose marginally by 0.7% over the previous year. The Japanese demand was up by 22.7 kt, while the U.S. demand too increased by 396 kt.

The total reported stocks of the metal over the ten months stood below the end-2021 levels by 604 kt. The Shanghai stocks increased during the month of October this year, but ended the period 145 kt below the end-2021 levels. Meantime, the total LME stocks stood at 681 kt at the end of October 2022, compared with 1,213.4 kt at the end of the previous year.

In October 2022, primary aluminium production totalled 5,773.60 kt, whereas the demand stood at 5,832.10 kt.