Aluminium, zinc on record production of primary aluminium went up 1.2% compared with last month, hitting a second consecutive record as smelters restarted idled capacity.
As per report, Aluminium production stood at 1.98 million tonnes in July, compared to the previous record of 1.95 million tonnes in June. The July production was up 7.2% from a year ago.
In the first seven months, aluminium output increased 7.5% to 13.5 million tonnes. Production may rise further due to new capacity. State backed research firm Antaike expects about 3 million tonnes of aluminium smelting capacity to come onstream in the H2 of this year, after about 1.6 million tonnes started up in the H1. China’s refined zinc production also hit a record in July, rising 5.3% from a month ago to 515,065 tonnes.
Industry sources said that the July production surged 10.3% from the same month last year. Strong prices encouraged output. The most active zinc futures in Shanghai rose more than 6% in July. Production of refined lead fell 13.6% on month to 349,609 tonnes in July due to seasonal weak demand.
Source – Reuters