Surge in Dubai sales on Asia demand
Yesterday, a confirmation came from Dubai Aluminium Company (Dubal) which said that in the second quarter the sales increased by 5%, as the demand remained sturdy in Asia and the Middle East.
State-owned Dubal said that for the second quarter, sales volumes were 275,055 metric tonnes, as compared to 261,972 metric tonnes in the same period previous year. It said: "Asia and the Middle East remain our traditional largest markets."
The statement added, without giving any details on current stock volumes, that for the duration of the second quarter this year the inventory levels were even at the "lowest ever" level.
Dubal said that its smelter is running at full capacity of a 960,000 metric tonnes a year. It further said: "Our projected hot metal production for this year, based on smelter capacity, is 960,000 metric tonnes. Dubal's entire annual production is made to order and pre-sold."
Wan Ling, a senior aluminum consultant at CRU International in Hong Kong, said that the gains in the automotive sector could be driving the sales.
She said: "Demand for aluminum is improving now, as there is a pick up the car sector in Asia that's why Dubal might be seeing higher sales."
In May, Dubal said that it expected the sales to decline 20% in the second quarter, amid high global inventories. It further said: "And since we have seen huge cuts in global production due to the economic conditions, any pick up in demand will have a have a very positive result on sales and lower inventory levels."
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