China's aluminum market under pressure of lower demand, high stock, falling exports
Time:Wed, 03 Aug 2022 09:25:38 +0800
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Increasing interest rates by the Federal Reserve and China's relative policies made China's aluminum prices rebound last week. As of the end of July, the annual electrolytic aluminum production capacity in China was about 44.19 million/ton, increasing by 2.6% year on year.
On August 1, China's social inventory of electrolytic aluminum totaled 683,000 tons, increasing by 1.9% compared to July 28.
In terms of exports, decreasing steel demand in the US and Europe made aluminum prices on London Metal Exchange (LME) down. China's aluminum products exports were expected to go down.
Low demand, accumulating inventory, decreasing exports, and low cost pressured aluminum prices. The market in China might be pessimistic in the future.
