COLUMN-Aluminium producers struggle to respond to higher prices: Andy Home [Reuters]
Alcoa Corporation (AA)
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Source: Reuters
LONDON, July 23 (Reuters) - Global aluminium production growth ground to a halt in the second quarter of this year even as prices rallied to multi-year highs on both London and Shanghai markets. Annualised run-rates dropped by 120,000 tonnes after rising by 590,000 tonnes in the first quarter of 2021, according to the latest figures published by the International Aluminium Institute (IAI). ( tmsnrt.rs/3kLdDEb China, the world's largest producer, continued to lift operating rates, unsurprisingly given Shanghai prices hit an 11-year high in June and the country's demand has been running red hot. However, the supply response to super-high prices has been muted by past standards, attesting to a string of power-related constraints on smelters in several Chinese provinces. In the rest of the world annualised run-rates have been gently sliding since March. First-half production of 13.04 million tonnes was up only 0.7% year on year, with China driving the headline 4.4% increase in gl
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