Mr Phillip Strachan CFO of Rio Tinto Alcan indicated that aluminum price will rise due to a combination of the appreciation of the yuan, rising electricity costs in China, raw materials prices and the high capital costs of installing new capacity.
The company estimated that the global aluminum demand will grow by yearly 4% to 5% in the next 20 years. Strachan indicated that alumina market maintains balanced, China will continue to lead the market development. Demand for alumina is expected to grow by 22% to 37 million tonnes in 2010.
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