Aluminum prices rose 0.06% to ₹238.4 as supply concerns persisted in the LME market. Aluminum production in December was above $40. More metal is set to leave LME warehouses soon.
The International Aluminum Institute (IAI) said global primary aluminum production rose 3% year-on-year to 6.04 million tonnes in November. In the first ten months of 2024, production stood at 59.65 million tonnes, while consumption alone totaled 59.99 million tonnes, resulting in a supply deficit of 332,600 tonnes.
In November, China, the world’s largest aluminum producer, increased its production by 3.6% year-on-year to 3.71 million metric tonnes. Daily production averaged 123,667 tons, up 3% from October. From January to November, China’s aluminum production was 40.22 million metric tons, representing a year-on-year increase of 4.6%. China’s exports of unwrought aluminum and related products reached about 5.5 million tons in the first 10 months of 2024, representing a year-on-year increase of 17%.
