According to a latest update from the World Bureau Of Metal Statistics (WBMS), the calculated market balance for primary aluminium for the period of January to November 2020 was a surplus of 2081 kt which follows a surplus of 448 kt recorded for the whole of 2019. Demand for primary aluminium for January to November 2020 was 59.11 million tonnes, 583 kt less than in the comparable period in 2019. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in the trade statistics.
Production in January to November 2020 rose by 2 per cent. Total reported stocks fell in November to close at the end of the period 100 kt below the December 2019 level. Shanghai stocks rose steadily in the early months, fell in the second quarter and closed at the end of November at 220.4 kt. This compares with 185.1 at the end of December 2019. LME stocks were 1368 kt at the end of November 2020 which compares with 1473 kt at the end of 2019.
Overall, global production rose in January to November 2020 by 2 per cent compared with the first eleven months of 2019. Chinese output was estimated at 33,790 kt based on higher availability of imported bauxite and alumina, and this currently accounts for about 55 per cent of the world production total.
Chinese apparent demand was 6.6 per cent higher than in January to November 2019 and the output of semi-manufactures rose by 8.8 per cent. In November primary aluminium production was 5709.0 kt and demand was 5458.6 kt.
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