According to latest data from National Bureau of Statistics, China’s primary aluminium production hit a daily record in November as more smelting capacity came on stream to take advantage of strong demand and high prices for the metal. Output was 3.18 million tonnes in November 2020, up 8.7% from a year earlier but down 0.6% from October’s record 3.2 million tonnes. National output in the first 11 months of 2020 was up 4% on year to 33.82 million tonnes, on course to overtake the 2018 full-year record
Aluminium prices in China soared 15% in November before striking a nine-year high of 16,925 yuan a tonne on December 2 amid dwindling inventories. Strong margins are encouraging smelters in China to churn out as much metal as possible.