The World Bureau of Metal Statistics (WBMS) reported an increase in aluminum surplus in 2019 from the previous year, while demand for the metal significantly decreased during the same period.
At the end of 2019, global aluminum surplus rose to 685kt (685,000mt) from 118kt at the end of 2018, according to WBMS data. Demand for primary aluminum during the period dropped by 1,032kt to 62.27mn mt from around 61.24mn mt in the previous year.
Global aluminum production also fell by 465kt ,or 0.7pc, in 2019 from a year earlier, with 56pc, or 3,5044kt, of total output coming from China. WBMS data indicated less Chinese demand for the metal decreased by 0.8pc in 2019. Chinese exports of unwrought aluminum also fell by 76kt to 287kt in 2019 from 363kt during the prior year. Exports of China-made aluminum semis increased by 116kt to 4,807kt in 2019 from 4,691kt in 2018.
However, production in Europe and North America increased in 2019 by 0.7pc and 4.2pc, respectively. Demand in the EU decreased by 315kt in 2019 compared with 2018, following a 1.6pc decrease in global demand during the same comparable periods.