Metals

Global Aluminium Production (Jul.)

Metals Data Response
Written by Capital Economics Economist

Global aluminium output was up by nearly 3% y/y in July, owing to higher production in China and India. We had warned that this could happen as the prospect of China’s anti-pollution winter cuts and US sanctions on Russia’s Rusal is encouraging producers to ramp up output. We think that supply will continue to increase in Q3, which underpins our view that prices are unlikely to recover.