Russian Aluminum: the global shortage of aluminum will continue to expand the price of aluminum to be supported
It is learned that Oleg Mukhamedshin, deputy executive president and director of the Russian Aluminum strategy, business development and financial market, told the media that the shortage of the global aluminum market will continue to expand due to the continuous growth of demand and tight supply. Global demand reached 47 million 800 thousand tons in the first three quarter of 2017, up 5.9% from the same period in 2016.
Oleg Mukhamedshin said the global growth forecast for aluminum demand increased from 5.7% in 2017 to 5.9%, or 63 million 100 thousand tons, because of strong demand for Russia and the European Union. But the global supply of aluminum increased by only 5.3% to 62 million 400 thousand tons in 2017. As a result, the global shortage of aluminum market is expected to rise from 400 thousand tons in 2016 to 1 million 100 thousand tons in 2017, and aluminum prices will be supported.
Looking forward to the next few years, he said that due to the strong economic growth of main markets and the increase of aluminum consumption in automobile, construction, packaging, electronics and other industries, the annual compound annual growth rate of global aluminum demand is expected to reach 4-5% every year from 2017 to 2021. The global shortage of aluminum market will expand to about 2 million tons a year in 2018-2021.