Alcoa Sees Almost Decade-Long Aluminum Surplus Ending
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Alcoa Inc. forecast global aluminum demand will exceed production this year, predicting an end to an almost decade-long surplus driven by Chinese output that has saddled the industry with lower prices.
Alcoa is among aluminum producers outside of China to have shuttered unprofitable smelters amid a glut of the lightweight metal. The New York-based company yesterday reported better-than-expected first quarter earnings and said it now sees a global supply deficit of 730,000 metric tons. In January it had predicted a 106,000-ton surplus.