首页|Brazil's CVRD: Outlook for aluminium price recovery still poor
Brazil's CVRD: Outlook for aluminium price recovery still poor
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NSTL
Brazilian state-owned Companhia Vale do Rio Doce SA, or CVRD, said late Wednesday that a price recovery for aluminium is not anticipated in the next few months, given the current and expected short-term demand evolution for the metal. "Inventories on the London Metal Exchange continue to accumulate and prices have reacted negatively to the turbulence in global financial markets, converging to 1,300 dollars a metric ton, compared to the 2001 average of 1,453 dollars/ton and 1,378 dollars/ton in the first seven months of 2002," CVRD said. In the case of alumina, demand from China provides support for prices at their current level, CVRD added. "For new contracts, the alumina price has remained at around 11 percent of the aluminium price on the LME," CVRD said. According to CVRD, the 3.1 percent drop in global steel output (excluding-China) in 2001 and the expansion of global industrial production in 2002 were the main factors behind recovery of the steel products markets this year. "The average price of steel products rose significantly: the Steel Price Index, computed by CRU, showed a rise of 32 percent between the end of last year and the beginning of August this year," CVRD said.
NSTL
