SHANGHAI: China’s aluminium production rose by 4.2% to 3.77 million metric tons in December from a year earlier, according to data released by the National Bureau of Statistics on Friday.
Daily output of aluminium in December averaged 121,612 tons, a 1.7% decrease from November’s average of 123,667 tons, based on Reuters’ calculations.
The higher monthly output was attributed to new production capacity in the northwestern region of Xinjiang, information provider Shanghai Metals Market said in a report.
EU sanctions threat on Russian metal supports aluminium price
The most-traded contract for aluminium’s key raw material, alumina, on the Shanghai Futures Exchange quoted at 5,348 yuan ($729.56) per ton at the end of December, close to its record high of 5,690 yuan on Dec. 4.
Meanwhile, due to higher costs, the aluminium industry’s average profit turned to losses for the first time in three years, with aluminium producers in China experiencing average losses of 687 yuan per ton, according to the state-backed research house Antaike.
Alumina’s price rise followed the suspension of exports from Guinea Alumina Corporation of the raw material bauxite.
For the full year, China produced 44.01 million metric tons, a rise of 4.6 % from the same period last year, the data showed.
Production of ten nonferrous metals - including copper, aluminium, lead, zinc and nickel – rose 3.2% to 6.9 million metric tons from a year earlier.
Output for the full year was up 4.3 % at 79.19 million metric tons.
The other non-ferrous metals are tin, antimony, mercury, magnesium and titanium.
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