AMU
November 15, 2024
Written by Marziyeh Horeh
China’s finance ministry said that it would reduce or cancel export tax rebates for a wide range of commodities and other products, effective Dec. 1. It announced it will cancel the rebate for various aluminum and copper products. The tariff code list also included various aluminum semis.
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.