Global Aluminium Production Holds Steady with Regional Variations
In February 2024, global aluminium production outside China showcased stability with a total output of 2,365,600 tonnes, reflecting year-on-year steadiness. The industry's capacity utilisation stood at 87.6%, indicating a robust operational level across the sector.
Significant developments have been observed in various regions. Brazil's aluminium landscape saw a notable uplift with the restart of the Alcoa Alumar smelter, while Russia experienced a production boost due to the reactivation of UC Rusal's Taishet smelter. Conversely, Europe faced a slight production dip, primarily due to the shutdown of the Neuss smelter in Germany.
Looking ahead to March, projections suggest that global aluminium production will maintain its stability, with an anticipated total output of 2,524 thousand tonnes. However, regional production dynamics are expected to shift, influenced by the closure of the New Madrid smelter in the US and an uptick in production at Australia's Boyne Island smelter.
Key highlights from February include a 3.7% year-on-year increase in South American production, largely attributed to the operational resurgence of Brazil's Alcoa Alumar smelter. Russia's production rose by 2.2% year-on-year, thanks to the ongoing restart of the Taishet smelter, although its capacity utilisation is gradually recovering.
Europe (excluding Russia) witnessed a 2.2% decline in production from the previous year, a direct consequence of the Neuss smelter's closure, which significantly impacted Germany's aluminium output.
