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| Aluminum |
Aluminum demand in the US and Canada saw a healthy increase through the first three quarters of 2024, according to data released by the Aluminum Association. This growth signals a positive trend for the North American aluminum market.
Demand Growth and Comparison to Previous Years
Total aluminum demand in the US and Canada reached 20.7 billion pounds through September 2024, a nearly 5% increase from the 19.8 billion pounds consumed during the same period in 2023. This level of demand is comparable to 2022 figures and significantly higher than the pandemic-impacted years of 2020 and 2021, when demand fell to 17.8 billion and 19.7 billion pounds, respectively. While the 2024 figures represent positive growth, demand is still slightly below the 21.2 billion pound peak recorded in 2019, prior to the pandemic.
Sector-Specific Demand Trends
Within the overall demand growth, specific product categories also experienced increases. Demand for sheet and plate products, crucial for various industries including packaging and transportation, showed a strong 6.9% rise compared to the previous year. Total semi-fabricated product demand, encompassing a broader range of aluminum products, increased by a more moderate 2.5% through the third quarter of 2024. This data suggests healthy activity across various downstream aluminum-consuming sectors.
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