August 2017 | Aluminium Weekly Market Tracker
Carbon Products: Carbon markets are not showing signs of a dramatic decline in demand
Over the next month things should start to get a little clearer as to what is really going on in China.
As discussed in the Supply section of todays report, official statistics indicate that Chinese aluminium smelters were operating at an annualised rate of just 31.6mtpy in July, down from 35.7mtpy in June. This is a huge drop, which far exceeds our expectations. It also far exceeds the reports of illegal smelter closures, even when taken at face value. We find it extremely difficult to have any confidence in these numbers. Cuts on these scale should have had a major ripple effect on the carbon raw materials markets, and this has simply not occurred. ...
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