According to Norsk Hydro ASA, a Norwegian aluminum and renewable energy company, under the impact by the COVID-19 epidemic, global primary aluminum consumption had a year on year decrease of 9% in the second quarter of this year, reaching around 15.48 million tons, mainly due to a reduction of 28% in the global consumption except China, which had an increase of 5%.
In 2020, global aluminum demand was expected to be weak, which caused a large oversupply, with a possible surplus from 3 million to 4.7 million tons.
The COVID-19 epidemic continued bringing uncertainty to the market. The global GDP and industrial production dropped in the second quarter, leading to a decline in aluminum demand.
Norsk Hydro: Global primary aluminum consumption slides by 9% in Q2 y-o-y
23 Jul 2020 11:55 reported by Joy Liu
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