AMU
September 27, 2024
Written by Marziyeh Horeh
The LME three-month price was moving higher again on the morning of Friday, Sept. 27, and was last seen trading at $2,640 per metric ton (mt), up 2.5% from the close on Thursday, Sept. 26.
Recycler forward expectations swung toward oversupply in September as inventory drawdowns eased and export demand lost August’s improving responses.
Kibar Americas said production has started at its aluminum plant in Fairmont, W.Va., where it will manufacture products for the HVAC, packaging, automotive and industrial sectors.
China is bumping up against its official primary production capacity limit of 45.3 million metric tons/year, but production can still increase through “capacity creep.”
Automotive aluminum demand is rising as extrusions, sheet, and castings gain ground across vehicle applications and powertrains.
Recycler demand increased while fewer respondents reported sufficient obsolete scrap, even as inventory drawdowns remained widespread.