Global aluminium output fell slightly in April. This was largely the result of lower production in North America, where temporary disruptions weighed on supply, and Western Europe. We expect growth in output to pick up pace over the coming months as higher prices and the prospect of US sanctions on Russia prompt producers elsewhere to ramp up capacity utilisation. This is a key reason why we think that prices will fall back and end the year at around $2,000 per tonne.
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