US Primary Aluminum Production Dips Slightly in January 2024
The latest report from the United States Geological Services (USGS) indicates a slight decrease in US domestic primary aluminum production in January 2024, totaling 63,000 metric tons (t). The average daily production stood at 2,020 t, showing a marginal decline from December 2023, maintaining a level comparable to January 2023, yet marking a significant 24% reduction from January 2022.
In contrast, total aluminum recovery from scrap in January 2024 experienced a modest increase, reaching 275,000 t, which is 3% higher than the revised figure for December 2023. This recovery included 154,000 t from new scrap and 121,000 t from old scrap, presenting a slight dip from January 2023 but showcasing a 5% increase from January 2022.
The pricing landscape for aluminum also reflected a downturn, with the average U.S. spot market price for primary aluminum ingot in January 2024 being $1.19 per pound. This rate remained steady from December 2023 but displayed a notable 16% decrease from January 2023 and a 30% fall from January 2022.
Similarly, the average cash price for primary aluminum ingot on the London Metal Exchange (LME) in January 2024 was $1.00 per pound, unchanged from December 2023, yet revealing a 12% reduction from January 2023 and a 27% decrease from January 2022.
