He also predicted that the deficit would increase next year as all economies reported growing demand for the metal. Andryushin is confident that the world‘s largest buyer of aluminum in China will continue to import metal in significant quantities.
According to him, Rusal will supply 300-400 thousand tons of aluminum to the Chinese market this year, and plans to significantly increase exports next year. The company intends to increase aluminum production from 3.8 tons in 2020 to 4.3 million tons in 2022.
In October, Rusal shares broke the record, rising to 75.89 rubles apiece. This happened against the background of news about the rise in price of aluminum. For the first time since July 2008, the cost of the metal exceeded $ 3,000 per ton. Aluminum prices have been rising since the beginning of this year amid growing demand and China‘s actions to reduce production to reduce emissions.
In early September, another reason for the rising cost of aluminum was a coup in Guinea. The African country accounts for a quarter of world production of bauxite – a raw material for aluminum production.