SUZHOU, Dec 4 (SMM) – Aluminium demand is expected to decrease by 5.4% in 2020 and rebound by 6% in 2021, said Miles Prosser, Secretary General of the International Aluminium Institute.
Prosser was speaking to local and international delegates at the Shanghai Metals Market's 2020 Nonferrous Metals Industry Chain Annual Conference held in Kempinski Hotel at Suzhou, China.
In his keynote address entitled “The Global Aluminium Industry in a post-Covid Economy”, Prosser analysed the global aluminium industry in a post-Covid economy and shared his prospect of it.
“The pandemic will have a profound impact on global economic activities in the near term. Aluminium demand is expected to decrease by 5.4% in 2020 and rebound by 6% in 2021,” Prosser said.
In the medium term, major regions and markets around the world will also be affected differently. Among them, the transportation and construction industries are expected to be the most affected.
In addition, the recovery cycle of metals will be forced to be extended. It is expected that the recovery cycle of aluminum will slow down by 5-7 years after the pandemic. In addition, the impact of the pandemic on the industry has not yet fully appeared.
Prosser thinks that “in the long run, despite the profound impact of the pandemic on the world, the long-term demand for aluminium is still promising.” It is estimated that by 2050, the compound annual growth rate will reach 3.8%.
