The calculated market balance for primary aluminium for January to February 2017 was a deficit of 101 kt which follows a deficit of 1118 kt recorded for the whole of 2016. Demand for primary aluminium for January to February 2017 was 9.85 million tonnes 1018 kt more than the first two months of 2016. Production in January to February 2017 rose by 971 kt compared with 2016. Producer stock data is no longer published and total reported stocks fell by 293 kt during February and at the end of the month were 2556 kt which equated to 16 days’ demand and compares with 2761 kt at the end of 2016.  Total stocks held in the four exchanges in London, Shanghai, USA and Tokyo were 2402 kt at the end of February 2017 which was 78 kt below the December 2016 total. No allowance is made in the consumption calculation for large unreported stock changes especially those held in Asia.

Overall, global production rose in January to February 2017 by 11.1 per cent compared with the first two months of 2016. Chinese output was estimated at 5485 kt and this currently accounts for over 56 per cent of the world production total. Chinese apparent demand was 22 per cent higher than 2016. Chinese net exports were 28 kt in January to February and net exports of unwrought aluminium for the whole of 2016 were 255 kt. Net exports of aluminium semi manufactures from China fell from 537 kt in January to February 2016 to 527 kt in the first two months of 2017.

In February 2017, primary aluminium production was 4839.1 kt and consumption was 4904.8 kt.