Mumbai, 18 Mar (Commoditiescontrol): China's aluminum production experienced a healthy start to the year, recording a 5.5% year-over-year increase in the first two months of 2024. According to the National Bureau of Statistics (NBS), the country produced 7.1 million metric tons of primary aluminum during this period.
The surge in production is directly linked to better profit margins for Chinese smelters. The key manufacturing material, used in the auto, construction, and packaging sectors, saw improved profitability driving output. Smelters enjoyed an average profit of 1,964 yuan ($272.90) per ton in February, up 50% from the previous year, according to research house Antaike.
However, analysts at Antaike note that increased costs of alumina, a key raw material, have begun to slightly erode those profit margins.
The positive news for aluminum followed a broader trend. Production across ten key nonferrous metals rose 5.7% to 12.77 million tonnes in the first two months of 2024, compared to the same period in 2023. This group includes copper, aluminum, lead, zinc, nickel, tin, antimony, mercury, magnesium, and titanium.
(By Commoditiescontrol Bureau; +91-9820130172)
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