Saudi Gazette - Global aluminum output cuts seen:
"Aluminum prices have extended to the downside and in doing so the trend has turned from a sideways rangebound market to a downward one, the Aluminum Analysis and Forecast Q2 2013 report said.
Given the market has been in a supply surplus since 2007 and stocks have built up accordingly, the report noted that prices to be under pressure is not a surprise. In recent years, banks, producers and traders have done their utmost to hold the surplus aluminum off market as they tried to out-run the global economic slowdown, but it now looks as though the recovery has not come about as fast as expected.
In the first five months of 2013, primary aluminum production recorded by the International Aluminum Institute (IAI) showed global production of 10.313 million tons, which was down 0.1 percent on the 10.409 million tons produced in the same period in 2012. The daily average rate of production in the January to May period was 68,300 tons, which was higher than the 67,900tpd seen over 2012 as a whole, so the picture is somewhat mixed as to how much more production there will be this year, compared with last year."
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