Reuters reported that Japanese shipments of aluminum products rose in October for an 11th straight month of YoY gains as high temperatures boosted demand for cans and exports continued to grow.
Data from the Japan Aluminum Association showed that shipments of aluminum products rose 5.8% in October from a year earlier to 175,091 tonnes and also increased 2.7% from 170,443 tonnes in September. Rising temperatures in the early part of the month boosted demand for beverage cans, resulting in a double digit rise for the third month in a row and marking a record high for the month of October.
Exports stood at 18,955 tonnes up 9.5% from a year earlier and not far from the October level 2 years ago before the global economic slump led to a sharp drop in demand as automakers and other manufacturers slashed output.
The industry body said that an end to government subsidies for purchases of environmentally-friendly cars in September reduced car sales and aluminum demand from the automobile industry fell for the first time in a year although the decline was limited. But the outlook remains unclear and premiums for primary aluminum shipments to Japan in January to March will likely drop to their lowest in 6 quarters.
Japan's annual export growth slowed for an 8 straight month in October due to a stronger yen and a central banker warned that major economies face growing downside risks, suggesting external demand could weaken further. Japan's core consumer prices fell 0.6% in October from a year earlier down for 20th consecutive month, pointing to persistent deflation.
（Sourced from Reuters）
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