Alcoa lowers China aluminum consumption growth

Alcoa Inc said yesterday it lowered by 1 percentage point its outlook for China's aluminum consumption growth in 2012, but retained its forecast for global demand growth at 7 per cent.

In 2011, global primary aluminum was up by 10 per cent.

Alcoa's present expectations put China's aluminum demand growth at 11 per cent in 2012, down from the 12 per cent it saw in early January, chairman and chief executive Klaus Kleinfeld told analysts on the company's first-quarter conference call.

The company also cut its projected 2012 outlook for Asian aluminum use apart from China at 8 per cent from 9 per cent previously.

Consumption was up by 15 per cent in China and 10 per cent in Asia excluding China during 2011.

According to the aluminum giant, outlook for India's demand growth at would be the same as last year at 10 per cent.