Aluminium Markets In Surplus During Jan-March 2010: WBMS

The Aluminium markets were in surplus of 298000 tonnes during Jan-March 2010, the report released by World Bureau Of Metal Statistics said. For the period of Jan-Feb 2009 surplus of 926 kt registered and a surplus of 739 kt in the whole of 2009.

Demand for primary aluminium in January to March 2010 was 9.76 million tonnes, 2197 kt more than the corresponding period of 2009. Production in the first quarter rose by 1568 kt following from a 2.9 million decline over the whole of 2009.

At the end of the quarter, total stocks were 6.52 million tonnes, which equated to 67 days demand and compares with 6.48 million tonnes at the end of last year. Total stocks held in the four exchanges in London, Shanghai, USA and Tokyo were 5002 kt at the end of March which was almost double the equivalent total recorded at the end of 2009.

Global producer stocks at the end of March were 1520 kt, which was 43 kt below last year's close. No allowance is made in the consumption calculation for unreported stock changes especially those held in China.

Overall, global production rose in January to March by 18 per cent compared with the comparable quarter in 2009 total. Chinese output was estimated at 4049 kt and this currently accounts for 40 per cent of the world production total. China remained a net importer of unwrought aluminium with imports exceeding exports by a mere 6 kt. During the whole of the 2009 calendar year, Chinese net imports totalled 1430 kt.

Production in the EU27 rose fractionally and NAFTA output fell by 91 kt. EU27 demand was 28 per cent above the January to March 2009 period. Global demand rose by 29 per cent in the first quarter compared with the very depressed levels recorded on year ago. In March, primary aluminium production was 3421.4 kt and consumption was 3323.0 kt.