Aluminium prices rose by 0.91% to 239.55, driven by higher production costs and record-high alumina prices. China, the world’s largest aluminium producer, cut its benchmark lending rates as part of stimulus measures to revive its slowing economy.
Global primary aluminium output rose 1.3% year-on-year in September to 6.007 million tonnes, while China’s aluminium production increased by 1.2% year-on-year in September.
China’s industrial production expanded by 5.4% year-on-year, and retail sales grew by 3.2%. Improved hydropower supply in China’s Yunnan province helped aluminium producers maintain high operational rates, contributing to the steady supply of aluminium.
Despite increased production, higher prices have kept profit margins strong, with industry profit averaging 2,379 yuan per ton in September.
