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MNI: China Aluminium Demand To Slow Slightly In 2024

Local analysts assess the economic factors driving China's aluminium market.

MNI (BEIJING) - China’s aluminium consumption growth will likely slow to slightly below 5% this year from 2023's 6% gain, as appetite cooled over Q3 amid the economic slowdown, and despite robust demand from the energy and transportation sectors, local analysts have told MNI.

Increasing power infrastructure construction and policies that encourage the replacement of old materials in the transportation sector will support aluminium demand at about 43 million tonnes this year, said Gu Fengda, nonferrous metals chief analyst at Guoxin Futures. “The transportation sector accounted for 20.1% of aluminium consumption in August, surpassing the 18.4% for housing,” Gu added, highlighting demand from electricity and the packaging sectors grew 18.8%, and 7.7% during the first eight months of the year.

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MNI (BEIJING) - China’s aluminium consumption growth will likely slow to slightly below 5% this year from 2023's 6% gain, as appetite cooled over Q3 amid the economic slowdown, and despite robust demand from the energy and transportation sectors, local analysts have told MNI.

Increasing power infrastructure construction and policies that encourage the replacement of old materials in the transportation sector will support aluminium demand at about 43 million tonnes this year, said Gu Fengda, nonferrous metals chief analyst at Guoxin Futures. “The transportation sector accounted for 20.1% of aluminium consumption in August, surpassing the 18.4% for housing,” Gu added, highlighting demand from electricity and the packaging sectors grew 18.8%, and 7.7% during the first eight months of the year.

Keep reading...Show less