MI ANALYSIS: Chinese production of aluminium is growing at an explosive pace, according to figures from the China Non-Ferrous Metals Industry Association (CNMIA) as carried on the website of the IAI.
It's worth noting that the CNMIA significantly revised up its estimate for January 2007 production to 958,000t from 930,000t, while February production is estimated at 936,000t.
The cumulative total for Jan-Feb of 1,894,000t is already significantly (around 100,000t) higher than that estimated by the National Bureau of Statistics.
Average daily production in February soared to 33,429t from January's 30,903t, with cumulative production growth running at close to 40% in the first two months of this year. That marks a near doubling of the pace of growth last year and leaves little doubt that increasing production of alumina in China is fuelling the reactivation of idled capacity.
There is a cautious consensus among Western commentators that this extra spur to production growth will be time-limited but just how time-limited remains to be seen.
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