Australian firm Alumina Limited expects global primary aluminum consumption to drop by 6pc this year, while Chinese production of the metal is forecasted to grow by 3pc to 36.9mn mt.
While reporting its H1 2020 earnings, the company indicated that Norsk Hydro’s maintenance shutdown of Alunorte will reduce global alumina supply by 500-700,000mt for a few months, and result in a 1.1mn mt deficit, this year—although it could be offset by China increasing production.
The alumina refinery reported H1 shipments increased by 4.8pc to 6.6mn mt from 6.3mn mt in H1 2019, while production rose by 3.2pc to 6.4mn mt from 6.2mn mt.
The company noted that alumina prices declined by 29pc to $266/mt in H1 2020 from $375/mt through the first six months of 2019.
Alumina Limited posted a net profit of $90.5mn in the first six months of the year, 57pc lower than its $210.9mn profit in H1 2019.