Global aluminum prices rose steadily and reached a new high since May 2015. The rise in aluminum prices is associated with high demand for the metal, low market reserves and a reduction in aluminum production in China.
According to the World Bureau of Metals Statistics (WBMS), global demand for primary aluminum rose 1.3% year-on-year, which was higher than the 0.7% annual production increase. Among other things, primary aluminum production in China reached about 31.9 million tonnes, accounting for 55% of global production.
Meanwhile, futures prices on the London Metal Exchange (LME) rose by about 13%.
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