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World's largest aluminium producer predicts deficit in aluminum market in 2016 — CEO

February 19, 9:40 UTC+3 KRASNOYARSK
In 2015, global demand for aluminum grew by 5.6%
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© ITAR-TASS/Nikolay Nikitin

KRASNOYARSK, February 19. /TASS/. Rusal, the largest aluminum producer in the world, predicted the deficit in the aluminum market in 2016. At the end of 2015 the market had a surplus of 600,000 tonnes, Rusal CEO Vladislav Soloviev said Friday on the sidelines of the Krasnoyarsk Economic Forum.

"The main factor, as it was before, is China. It accounts for 50% of the world market, so it is necessary to monitor the situation very carefully. We believe that trends are cautiously optimistic. At the end of last year, there was a series of meetings where China has reoriented from extensive growth in production to focusing on the production efficiency.

We expect that some shutdowns, bankruptcies will follow, and a frantic increase in production in China is going to stop. In general, the world, expect China, has stopped the growth of production. If we do not see more metal from China, and the trend is that China's export is reducing, we expect this year aluminum shortage in the world market. This will push the price up. Secondly, this year we see to see deficit in the aluminum global market. This will push the price up. Now the premium on the price of metal stopped its fall and, and in the future we expect growth," he said.

He also noted strong demand for metal. "Demand for metal is more or less stable, and we expect to see a 6% growth this year," Soloviev.

In 2015, global demand for aluminum grew by 5.6%.

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