Brazil 2014 aluminum production lowest in 24 years: group

Brazilian production of primary aluminum will end 2014 at 978,000 mt, the first time it was below the 1 million mt mark since 1990, according to the Brazilian Aluminum Association.

If the estimate released Thursday by the group, known as Abal, is confirmed by year-end, output will be 25% lower than the 1.30 million mt in 2013.

From January to October, primary aluminum production totaled 821,800 mt, while in the same period of last year it was 1 million mt, according to Abal.

"Next year production may be even lower," said a smelter source. "None of the equipment turned off this year will be turned on again. The first quarter will have a higher comparative basis as line closures started in April and smelters have been reducing production month after month."

Brazilian smelters have been cutting production due to booming energy costs.

Amid plunging production, imports of primary aluminum are expected by Abal to spike to 384,000 mt from 104,100 mt last year. Exports would decrease to 318,000 mt from 420,000 mt.

The association forecasts a 3.9% drop in consumption of finished product in 2014, to 1.45 million mt, from 1.51 million mt in 2013.

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