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

Credit: REUTERS/CHINA STRINGER NETWORK

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)

((Siyi.Liu@thomsonreuters.com;))

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

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