London — World primary aluminum consumption in the second quarter of the year fell 9% year on year as the coronavirus pandemic took its toll, Norwegian producer Hydro said July 22.
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Global consumption reached 15.482 million mt in Q2, down from 17.01 million mt in Q2 2019, while for the first half of 2020 consumption stood at 29.203 million mt from 32.237 million mt in January-June last year, according to the report.
"The COVID-19 situation continues to cause significant market uncertainty, with global GDP and industrial production falling during the quarter, leading to a reduction in aluminium demand," Hydro said. "Although uncertainty remains high, several countries, and especially China, are showing signs of recovery towards the end of the second quarter."
For the full year, global aluminum demand is expected to be weak, leading to a "significant" supply surplus, Hydro said, adding that external sources are estimating a surplus of between 3 million mt and 4.7 million mt, with both China and the rest of the world showing a surplus for the year.
Hydro produced 509,000 mt of primary aluminum in the second quarter, up 5% from Q2 2019; the company's average realized price fell 15%, however, to $1,579/mt.
Hydro's bauxite and alumina output was up sharply year on year, reflecting the restrictions on production at its Brazilian operations that were in place during the corresponding 2019 period.
Bauxite output rose 44% year on year to 2.332 million mt, while alumina output was up 55% at 1.442 million mt.
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July 22, 2020 at 06:21PM
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Global Q2 primary aluminum consumption down 9% on year: Hydro - S&P Global
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