Aluminum prices rise due to production cuts in China


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Inspenet, February 23, 2023

Aluminum prices rose to their highest level in more than a week on output cuts from top producer China, though rising inventories limited gains.

Benchmark aluminum on the London Metal Exchange (LME) rose 0.6% to $2,472 a tonne, after hitting its highest since February 10 at $2,485.

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China’s Yunnan province has asked aluminum producers to cut power consumption by 40-42% from September levels.

“Aluminum prices have been supported by the prospect of reduced Chinese capacity due to power availability. This could lead to production cuts when seasonal demand starts to pick up in March,” said Geordie Wilkes, an analyst at Sucden Financial.

Analysts estimate that production cuts at Chinese smelters since the middle of last year will reduce supply from the main consumer to less than 40m tonnes by the end of February.

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Photo: ShutterStock

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