Chinese demand for aluminium will keep up the global consumption of the metal, which is poised to grow at 13% in the current year. Higher consumption will come mainly from the automobile industry and the electronic equipments industry in the country. The Chinese auto sector has showed robust growth over past several months with heavy truck and trailers taking the largest pie of the total consumption.
Alcoa Inc, America’s largest aluminium producer has projected China to be the major driver for the global aluminium consumption. The demand will be at the higher end from the other BRIC-nations including Brazil, Russia and India.
Aluminium sale to makers of heavy trucks and trailers is believed to rise globally by as much as 40% this year, while for the automotive industry the sales forecast is believed to grow at a healthy rate of 8%, with Chinese sales rising from 15% to 20%.
In the third quarter of the current year, the metal prices averaged 15% higher on the London Metal Exchange (LME), while global inventories fell 3.3 percent.
Source: Commodity Online
No comments:
Post a Comment