MOSCOW, Nov 14, 2011 (Dow Jones) -- The aluminum price has reached its bottom point "more or less," Russian aluminum giant United Co. Rusal (0486.HK) first deputy chief executive Vladislav Solovyov said Monday.
The prices for base metals have dropped in the last couple of months as fears mounted over the deteriorating global economic situation.
The aluminum price is expected to grow by at least $300 from the current level in 2012, Rusal head of equity and corporate development Oleg Mukhamedshin said at a press conference with Rusal's top managers.
At 1050 GMT, LME three-month aluminum was up 0.9% on the day at $2,181.25 a ton. It was down 1.7% on the start of November. Aluminum hit a 13-month low of $2,077.75/ton on Oct.20.
Rusal sees the aluminum price, as well as the metal's physical volumes and premiums at which it is traded, as flat until the end of 2011, Solovyov said.
The company said in a press release it sees the 2011 global aluminum demand growing by 13% to 46 million tons, while it sees the underlying demand growth in China at 15% this year.
Mukhamedshin said he sees 2012 aluminum demand in China up 10%-12%.
The car sector remains a key driver for aluminum demand, Rusal said in the press release. The demand from other consumption segments including aviation and packaging "remains firm," but the construction sector remains weak, the company said.
Solovyov said he saw the global economy "slowly returning" to 2008 levels.