Rusal raises 2017 aluminum demand growth forecast to 5.5% - CEO
MOSCOW. June 6 (Interfax) - UC Rusal has raised its forecast for aluminum demand growth in 2017 to 5.5%, CEO Vladislav Soloviev said in an interview with Interfax.
Aluminum demand worldwide will increase to 62.7 million tonnes in 2017, in response to the global market situation.
The shortfall on the aluminum market will total 1 million tonnes in 2017 according to the latest forecast, compared with the previous forecast of 1.1 million tonnes and a shortfall of 0.7 million tonnes in 2016, he said.
The average aluminum price in the second half will definitely be above $1,900, Soloviev said. The premium will remain at the current level, with a small upward trend of 5%-10%. "There are serious grounds to suppose that our hopes will prove true: LME warehouse stocks are steadily shrinking and are already below the mark 1.5 million tonnes (after peaking at 5.5 million tonnes)," he said.
