US Primary Aluminum Production Declines in June 2024 as Scrap Recovery Remains Stable

The United States Geological Survey (USGS) reported that domestic primary aluminum production in the US was 55,000 metric tons (t) in June 2024, with average daily production at 1,830 t. This marks a slight decrease from the 1,840 t reported in May 2024, 12% less than in June 2023, and 30% lower than June 2022 levels. Aluminum recovery from scrap totaled 295,000 t in June 2024, a slight dip from the 299,000 t recovered in May, but higher than the 293,000 t recovered in June 2023.

Of the total aluminum recovered from scrap, 163,000 t came from new scrap, while 133,000 t was recovered from old scrap. The average US spot market price for primary aluminum ingot in June 2024 was $1.34 per pound, a decrease from $1.37 per pound in May, although 8% higher than June 2023 and 10% lower than June 2022.

On the global front, the average cash price of primary aluminum ingot on the London Metal Exchange (LME) in June 2024 was $1.13 per pound, 3% lower than in May 2024, but 14% higher than June 2023. The US imported 2.81 million metric tons of aluminum for consumption in the first half of 2024, down slightly from 2.87 Mt during the same period in 2023.