Moscow. June 18. INTERFAX - Asian countries could account for 34 percent of global aluminum consumption by 2015, Peter Finnimore, the sales manger at United Company RUSAL, predicted during a meeting with journalists.
Russia and the CIS will account for 22 percent of global aluminum consumption in 2008, North America 10 percent, Asia 23 percent and Europe 45 percent, he said.
The expected rise in Asian aluminum consumption will mainly result from higher consumption in China, Thailand, Indonesia, India and Vietnam, he said.
Finnimore said Russia and the CIS could account for 23 percent of aluminum consumption in 2015, North America 8 percent and Europe35 percent. He added that UC RUSAL intends to boost aluminum supplies to Japan and South Korea.
Demand for aluminum in Russia could grow by an annual 10 percent over the next two to four years, while China could see demand grow by about 14 percent per year, he said. Western European countries are expected to see demand rise 4 percent per year, while Eastern Europe could see demand soar by some 100 percent over the period.
Aluminum prices could soon hit $3,000 per ton due to the complicated situation on the global market, he said. Many analysts believe aluminum prices could reach $3,000 per ton in the fourth quarter of 2008, he said.
Finnimore stressed there are major problems with energy supplies for the global aluminum industry and added that Russia could be a solid platform for significant growth in aluminum production, while Siberia is the most competitive region in terms of expenditures on energy.
UC RUSAL plans to increase aluminum production by 60 percent by 2015 due to the heightened demand on the global market. The company currently has annual production capacity of 4.2 million tons.
Russia and the CIS had a 22 percent share in global aluminum demand last year, Europe 49 percent, Asia 19 percent and North America 10 percent.
Source: Interfax
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