Alcoa, a leading global producer of aluminum, has released its production outlook for the upcoming year. While they anticipate a slight increase in aluminum production, they expect a decline in alumina output.
Alcoa projects that the aluminum segment will produce between 2.2 million and 2.3 million metric tons in 2024. This estimate reflects an improvement from the 2.11 million metric tons produced in 2023. The growth in production can be attributed to the restart of various smelters.
The company also forecasts that aluminum shipments will remain consistent with the previous year, ranging between 2.5 million and 2.6 million metric tons. Although there will be increased shipments resulting from smelter restarts, this will be offset by lower trading volumes.
In terms of alumina production, Alcoa expects a range of 9.8 million to 10.0 million metric tons for 2024. However, alumina shipments are projected to be between 12.7 million and 12.9 million metric tons during the same period. This discrepancy between production and shipments is due to trading volumes and the need to externally source alumina to fulfill customer contracts following the curtailment of the Kwinana refinery.
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