Money Market Guru — LME Aluminium prices averaged at $ 1901.57 per tonne by the end of March 2017, up 24% from last year when prices were at $ 1856.80 per tonne. The prices of Aluminium were at $ 1856.80 per tonne in February 2017. In global markets, International Aluminium Institute (IAI) that measures the production trend in the world came out with its latest numbers.
Data estimates from International Aluminium Institute (IAI) showed that the total primary Aluminium production reached 4.65 million tonnes in February 2017 compared to 5.27 million tonnes in January 2017, down 11.76%. On a yearly basis Aluminium production gained by 9.66% from 4.24 million tonnes in February 2016. Prices of Aluminium interestingly are having a gala time with percentage gains in prices more than double to the percentage of production decline.
Total production of China in January 2017 was 2.53 million tonnes, down 14.23% against 2.95 million tonnes in January 2016. On a yearly basis, the production of Chinese Aluminium picked up strength from 2.07 million tonnes in February 2016, up 18.8%.
On monthly basis, China declined its Aluminium production due to shrinking domestic market for the product, and to compensate for this has been boosting exports. Asian production excluding China was at 289000 tonnes in February 2016 compared to 315000 tonnes in February 2017, down 8.25%. Meanwhile, total production of GCC was 418000 tonnes in February 2017, down 6.48% compared to 447000 tonnes in the month of January 2016. — Money Market Guru