The calculated market balance for primary aluminium for January to March 2019 was a deficit of 2 kt which follows a deficit of 969 kt recorded for the whole of 2018. Demand for primary aluminium for January to March 2019 was 15.32 million tonnes, 328 kt more than in the same three months of 2018. Production in January to March 2019 rose by 491 kt compared with the same period in 2018. Producer stock data is no longer published and total reported stocks fell during March and closed at the end of the month 108 kt below the December 2018 level. Total LME stocks fell during March, mainly in the Netherlands (-25 kt), Malaysia (-44 kt) and South Korea (-23 kt). Total stocks at the end of March 2019 were 2321 kt which compares with 2429 kt at the end of 2018. Total stocks held in the four exchanges in London, Shanghai, USA and Tokyo were 1864 kt at the end of March 2019 which were 88 kt lower than in December 2018 total. No allowance is made in the consumption calculation for large unreported stock changes especially those held in Asia.
Overall, global production rose in January to March 2019 by 3.3 per cent compared with the first three months of 2018. Chinese output was estimated at 8567 kt and this currently accounts for 56 per cent of the world production total. Chinese apparent demand was 7.6 per cent higher than in January to March 2018. Chinese net exports of unwrought aluminium were 110 kt during January to March 2019 which compares with 103 kt in the comparable period in 2018. January to March 2019 net exports of aluminium semi manufactures were 1209 kt which compares with 1043 kt for the first three months of 2018.
Production in the EU28 was 3.0 per cent lower than the previous year and NAFTA output rose by 6.5 per cent. EU28 demand was 44 kt higher than the comparable 2018 total. Global demand rose by 2.3 per cent during January to March 2019 compared with the levels recorded one year previously.
In March 2019, primary aluminium production was 5149.4 kt and consumption was 5243.2 kt.
Source：WBMS |
