According to Albanian Minerals new report; The world’s consumption of metals will hit 10% increase in 2021 . U.S, China, Europe and India will increase metal consumption in 2021.
China, India leads the world in the demand growth for metals, North American metals consumption, led by the U.S., is rising again, while growth in demand from China, the world’s biggest user of iron ore, aluminum, chrome ore, manganese, nickel, ferrochrome, gold, silver, platinum, palladium and copper, is showing great sign of improvement’s in demand and prices .
In the U.S and Europe, steel consuming sectors are on the road to recovery. Meanwhile, supply will be tight, for ferrochrome and capacity shutdowns among steel producers in Europe and U.S have depleted the supply .
China’s metal consumption will keep markets tight. Chinese demand for scrap and other materials will stay strong in 2021. Its massive consumption will continue to contribute to the tightness in global metal markets. China’s skyrocketing steel and stainless steel demand is also causing ferrochrome, chrome ore and iron ore prices to rise on the world markets.
India’s ferrochrome exports to countries including China and Japan may drop by a 50% in the next 5 years as domestic consumption gains. Global demand for ferrochrome, used to make steel resistant to corrosion, will outpace supply in 2021, according to Albanian Minerals.
Steel consumption in India, the world’s second-fastest growing major economy, is being driven by increased usage in infrastructure investment’s, airports, railway and automobiles
The global growth in stainless steel production and consumption will be in the highest level in the history . The prices of metals are expected to go up worldwide in 2021.
President & CEO