China's aluminium consumption to grow 1.7% in 2024 - Antaike


BEIJING, Feb 27 (Reuters) - China's aluminium consumption will grow at a slower rate this year, state-backed research house Antaike said on Tuesday, with a contraction in construction-led demand in a troubled property market.

Consumption by the world's top aluminium consumer is expected to rise 1.7% this year to 48.67 million metric tons, Antaike said in a published post.

That compared with a 7.6% jump last year, with total consumption reaching a record high of 47.86 million tons.

The growth in 2023 was attributed to a rebound in the construction-led consumption and fast-growing renewable sectors, which offset weaker export-led demand.

China's housing completions rose by 17% in 2023, according to data by the National Bureau of Statistics.

Construction accounts for the single-largest share of aluminium demand.

However, this year will see a fall in housing completions and, hence, aluminium demand from the sector will decline by 2.5% to 15.20 million tons, said Antaike.

Demand from the renewable energy sector - chiefly energy vehicles, solar and lithium batteries - will remain the key growth driver of the light metal.

Antaike expects its consumption of aluminium to grow 26% this year to 7.34 million tons.

(Reporting by Siyi Liu and Mei Mei Chu; Editing by Sohini Goswami)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.