IAI: Global primary aluminum production increased by 3.33% year-on-year in April, with demand recovery being a key factor

Recently, the International Aluminum Institute (IAI) released global primary aluminum production data for April 2024, revealing the positive trends in the current aluminum market. Although the raw aluminum production in April slightly decreased month on month, the year-on-year data showed a steady growth trend, mainly due to the recovery of demand in manufacturing industries such as automobiles, packaging, and solar energy, as well as factors such as reduced production costs.

According to IAI data, global primary aluminum production in April 2024 was 5.9 million tons, a decrease of 3.12% from 6.09 million tons in March. Compared to 5.71 million tons in the same period last year, the production in April this year increased by 3.33%. This year-on-year growth is mainly attributed to the recovery in demand in key manufacturing sectors such as automobiles, packaging, and solar energy. With the global economic recovery, the demand for primary aluminum in these industries is also steadily increasing, injecting new vitality into the aluminum market.

Meanwhile, the reduction of production costs is also one of the important factors driving the growth of global primary aluminum production. Driven by technological progress and economies of scale, the production costs of the aluminum industry have been effectively controlled, providing more profit margins for enterprises. In addition, the increase in benchmark aluminum prices has further increased the profit margin of the aluminum industry, thereby promoting an increase in production.

Specifically, the daily production data for April showed that the global daily production of primary aluminum was 196600 tons, an increase of 3.3% from 190300 tons in the same period last year. This data indicates that the global primary aluminum market is moving forward at a stable pace. In addition, based on the cumulative production from January to April, the total global production of primary aluminum reached 23.76 million tons, an increase of 4.16% from the same period last year’s 22.81 million tons. This growth rate further proves the stable development trend of the global primary aluminum market.
Analysts generally hold an optimistic attitude towards the future trend of the global primary aluminum market. They believe that as the global economy further recovers and the manufacturing industry continues to recover, the demand for primary aluminum will continue to grow. Meanwhile, with the advancement of technology and the reduction of costs, the aluminum industry will also usher in more development opportunities. For example, the application of lightweight materials in the automotive industry will continue to expand, bringing more market demand to the aluminum industry.

Post time: May-30-2024
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