Aluminium imports in the US soared 40% during Jan-Aug 2009 from the same period a year ago owing to signs of improvement in manufacturing sector and government’s stimulus packages.
Aluminium imports in the US witnessed month-on-month decline during August 2009 whereas inbound shipments of the light metal surged by 40% during Jan-Aug 2009 compared to the same period last year, as reported by
Steel Guru.
As per the statistics released by the US International Trade Commission, US imported 113,982 Tonnes of aluminium in the month of August 2009 against 189,671 Tonnes in July 2009. However, when aluminium imports for the period Jan-Aug 2009 is compared with the same period of previous year (Jan-Aug 2008), it has been found that the US procured 1,344,686 Tonnes of aluminium in this year’s period from 957,419 Tonnes of previous year’s period, a growth of 40.4%.
Industry experts believe that aluminium restocking will pick up this year in view of signs of stabilizing manufacturing sector, better outlook for the automobile industry after the government’s cash for clunker’s sales incentive schemes. Replenishment of stocks is expected to keep imports of aluminium at a healthy rate for the remaining period of this year and in 2010.
According to a new research report “
US Aluminum Market Analysis” released by
RNCOS, considering the positive environmental and economic impact of the metal, the aluminium industry has become the most important success stories nationally as well as internationally.
Despite great success stories and giant leap forward in recent years, the industry has been hit by slowdown in construction and automobile industry but a strong recovery is on cards in 2010 on account of government stimulus package. The consumption of aluminium products, both downstream and upstream, is projected to get doubled annually by 2020. This will give ample reasons for players to invest in the market and increase the production capacities, said the report.
Industry analysts state that while the metal inventories have stopped accumulating now, they have reached very high levels with no indications of being falling to a large extent. Stocks have stopped rising, an encouraging sign but there is still much capacity to be reopened particularly in China since prices much higher from here.
According to a Research Analyst at
RNCOS, “Due to the reopening of production, lackluster demand in the US and high demand from other global aluminium markets, aluminium prices will not soar in coming months. In fact, industries, which use aluminium as a base material, will not favor any rise in prices.”
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