Money Market Guru — Ruscal Expects 5% Growth In Aluminium Demand — Aluminium giant Rusal has predicted 5% growth in aluminum demand during the current year. While announcing the results for the year ended 31st December, 2016, Rusal stated that the company expects the global market deficit to increase from 700,000 tonnes in 2016 to nearly 1.1 million tonnes this year.
According to Rusal, global aluminum industry faced extremely challenging environment in 2016. The company’s revenue declined significantly, mainly on account of drop in LME aluminum prices during the course of the year. The revenues in 2016 recorded 8% decline from $ 8,680 million in 2015 to $ 7,983 million in 2016.
It must be noted that average LME aluminum prices declined by 3.5% from $1,663 per tonne in 2015 to $1,604 per tonne in 2016. However, towards the end of the year, LME prices made strong comeback. The prices increased by over 14% during the fourth quarter alone. — Money Market Guru — Pia