July 23, 2024
Aluminium prices fall to a 15-week low on record output in China
- China reported official crude steel production for June of 91.61 Mt, marking a slight increase of 0.20% y/y. This compares with an implied drop of 2.06% y/y in output at China Iron and Steel Association (CISA) member mills over the same period and indicates it may be these larger mills that are at the forefront of curbs on output. Production is also on track to contract in July with output over 1-10 July at CISA member mills, of 2.15 Mt/day, easing lower from the late June total and also sharply lower than the 2.24 Mt/day reported in the same period last year.
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