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Tough Year Ahead for Aluminium Industry- Aluminium Association of Canada President and CEO Mr Jean Simard-The 21st China(Guangzhou) Die-casting, Foundry & Industry Furnace Exhibition
3/3/2020 压铸展-铸造展- Die-casting expo-foundry expo |
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The Canadian aluminium industry is in for a tough year as demand for the metal is forecast to slump. Aluminium Association of Canada president and CEO Mr Jean Simard said the global overproduction of the metal coupled with a general economic slowdown around the world, and the likelihood of recessions, would further impact the export of Canadian aluminium. He said “We are at the end of a very long, probably the longest manufacturing cycle in our history. We had ten years of constant growth and demand in our economy. There is still growth in demand but it’s not at the same pace as it has been in the past ten years.”
He said the elephant in the room is the rampant production of aluminium by China. He said “They produce 57 per cent of all the aluminium produced in the world. In the past 20 years China has produced 260 million tons of aluminium, whereas North America over the last 100 years has only produced 240 million tons. They produce faster and keep adding capacity. It’s an unruly market not dictated by normal market behaviour.”
Mr Simard added that the situation was worsened by state-sponsored production, larger players and the increased shipping of finished and semi-finished products onto the world market, factors which are eroding Canada’s market share of especially the American market. He said “China over subsidizes aluminium production in that country by three to eight times. One company alone benefitted from $35 billion in state subsidies.”
He said stricter import legislation to protect local aluminium production by the world’s top-producing governments wasn’t as effective as would be expected. He said aluminium is like water, finding the path of least resistance into markets despite tariffs.
He said “The global price of aluminium in 2020 is expected to hover around between USD1,600 to USD 1,700 per ton. This is not good news and it means another tough year for Canadian aluminium producers.”
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