Aluminium Market Still in Deficit Despite Rising Output, ING Says

ING strategists Warren Patterson and Ewa Manthey report that global aluminium production is rising, with gains in China, Europe, and Asia excluding China. However, they emphasize that the market continues to face a structural deficit.

According to ING, roughly 3 million tonnes of capacity have been lost to disruptions in the Middle East and are unlikely to return. This supply shortfall underpins the persistent deficit despite higher output elsewhere.