12:12 GMT24 September 2020
Listen Live
    Business
    Get short URL
    Nations Continue to Fight COVID-19 Crisis as Over 2.5 Million People Infected Globally (239)
    131
    Subscribe

    MOSCOW (Sputnik) - The coronavirus pandemic has changed the market prospects for the current year and a surplus has formed on the aluminum market, Russian aluminum giant Rusal said in its Monday report on operation results for the first quarter of 2020.

    In the first quarter of 2020 the world demand for aluminum fell by 6.4 percent, down to 14.43 million tonnes. In China, the demand fell by 6.3 percent down to 7.83 million tonnes, while in the rest of the world it fell by 6.5 percent down to 6.6 million tonnes.

    According to Rusal, the transport sector became most affected by the coronavirus pandemic because automobile giants across the world halted production.

    Meanwhile, world aluminum supplies continued to rise in January-March increasing by 3.5 percent up to 16.12 million tonnes and leading to a surplus of 1.7 million tonnes, Rusal said.

    The Russian aluminum giant increased aluminum production by 1.3 percent in the first quarter of 2020 (as compared to the same period last year), up to 940,000 tonnes, while the company’s aluminum sales went up 2 percent.

    Topic:
    Nations Continue to Fight COVID-19 Crisis as Over 2.5 Million People Infected Globally (239)

    Related:

    Saudi Arabia to Enter Bond Market as Country's Oil Revenues Fall Amid Coronavirus Pandemic - Report
    China Remains Stability Factor on Global Oil Market
    'Yoga Bunnies’: ‘Insanely’ Realistic Sex Dolls Capable of 'Moving Like Humans' Hit Market
    Saudi Aramco to Deliver to Market 8.5Mln Bpd of Oil Starting 1 May
    US Crude Oil Plunges to More Than 18-Year Low in Glutted Market
    Trump Policies Strengthen Iran in Ongoing Oil Market Crisis - Vice President Jahangiri
    Tags:
    Rusal, market, COVID-19, coronavirus, aluminum, Russia
    Community standardsDiscussion