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Increasing supply from China in 2021 will limit any increase in aluminum prices

Increasing supply from China in 2021 will limit any increase in aluminum prices

Jan 27 , 2021

Fitch, the market analyst, said in its latest industry report that it expects a broader recovery in global aluminium demand as expectations for global economic growth rebound.The increase in global supply, driven by Chinese export growth, will limit the scope for the production balance to be reduced.Maintaining its 2021 aluminum price forecast at $1,850 / t, higher than the $1,731 / t seen during the Covid-19 pandemic in 2020.The analyst expects China's supply to increase on the global market, which will limit price increases.A broader recovery in global aluminium demand is expected as global economic growth is expected to rebound, which will help reduce oversupply.Risk analysts around the world are forecasting a sharp but uneven recovery in 2021, with growth of 5.4 per cent year on year, compared with a contraction of 4.0 per cent in 2020.



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