Rio Tinto (LON:RIO) lifted force majeure on alumina exports from Australian refineries and eased supply constraints, sending aluminum prices down 0.04% to ₹241.75. RUSAL announced a phased reduction in aluminum production by 250,000 tonnes due to record-high alumina costs that have risen to nearly $700/tonne by early 2024. China, the world’s largest aluminum producer, has reported strong production numbers.
Primary aluminum production rose 1.6% in October to 3.7 million tonnes, while year-to-date output rose 4.3% to 36.39 million tonnes. China’s aluminum alloy and alumina production increased by 5.4% and 9% year-on-year, respectively. In October alone, exports increased by 31%. The world’s primary aluminum production increased by 1.3% in October to 6.221 million tons, according to the International Aluminum Institute (IAI).
