LONDON Aluminum consumption this year will be 7 percent higher than in 2012, and the industry can look forward to stable growth for the next decade, United Co. Rusal chief executive officer Oleg Deripaska said Sept. 11 in a televised interview at the World Economic Forum in Dalian, China.
Deripaska acknowledged that the current aluminum market oversupply is a result of producers pushing metal into warehouses when demand collapsed in 2008, but pointed to strong demand growth in emerging markets as the driver for change in the balance of supply and demand.
Technological advances based on aluminums light weight and conductivity, as well as its recyclability and ease of use, will add momentum to that growth, he added.
Deripaskas comments followed those he made in an interview with AMM sister publication Metal Bulletin earlier this month, when he warned that consumers buying policies would need to incorporate more hedging as the supply imbalance is relieved through capacity cuts and further consumption growth.
A version of this article was first published by AMM sister publication Metal Bulletin.