Alcoa Sees Slower Aluminum Demand as New China Supply Looms
- Alcoa cut forecast for China consumption growth to 6.5 percent
- Metal consumption now seen climbing 5%, down from 6% forecast
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Alcoa Inc., the largest U.S. aluminum producer, lowered its forecast for global demand of the metal in 2016 and decreased its market deficit projection as Chinese demand slows.
Consumption of the metal used in everything from beer cans to aircraft is set to climb 5 percent in 2016, down from a previous 6 percent projection, the New York-based company said in its first-quarter earnings statement. In January, Alcoa said it estimated a market deficit of 1.2 million metric tons in 2016, which it lowered to a 1.1-million ton deficit in the latest earnings report.