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Official data released on Monday revealed that China's primary aluminium output in the first two months of 2024 increased 5.5% over the same time the previous year, driven by higher profits. In January and February, the largest producer of aluminium in the world produced 7.1 million metric tonnes of primary aluminium, as reported by the National Bureau of Statistics (NBS).
China combines January and February output data into a single release to mitigate the impact of the Lunar New Year holidays, which occur in either of these months each year. Profit margins grew, driving the metal's annual growth in the automobile, construction, and packaging sectors.
According to research house Antaike, smelters enjoyed an average profit of $272.90 per tonne in February, 50% higher than the same period a year earlier. However, Antaike also noted that profits had slid from previous months because of higher prices of alumina, one of the key raw materials for smelters.
The production of 10 non-ferrous metals—including copper, aluminium, lead, zinc, and nickel—rose 5.7 % to 12.77 million tonnes from a year earlier. The other non-ferrous metals are tin, antimony, mercury, magnesium, and titanium.
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