Aluminum Demand in the U.S. and Canada Surged in Q1 This Year

SEATTLE (Scrap Monster): The latest Aluminum Situation Report published by the Aluminum Association suggests strong demand for aluminum in North America during the initial quarter of the current year. As per estimates, the aluminum demand growth stood at 5.3% in the U.S. and Canada through Q1 2022. Also, the demand growth through the end of 2021 has been revised from previously reported 7.7% to 8.2%.

Charles Johnson, president & CEO of the Aluminum Association noted that the picture for the U.S. aluminum industry continues to remain strong, as is evident from the fastest pace of investment in the industry in decades. Incidentally, the U.S. aluminum manufacturing industry has committed or invested nearly $3.5 billion over the past one year and more than $6.5 billion over the past decade.

The aluminum demand in the U.S. and Canada totalled approximately 7.0 million pounds in the first quarter of the current year, as compared to 6.6 million in the corresponding quarter a year before. All major mill product categories witnessed notable surge in demand, mainly led by sheet and plate products and extruded products.

The aluminum exports to foreign countries registered a decline by almost 30% year-on-year. On the other hand, imports of aluminum and aluminum products into North America were up by 37.4% over the year.

YOU MAY ALSO BE INTERESTED IN:

U.S. Aluminum Industry Produced $176 Billion in Economic Output

Top Aluminum Trade Bodies Denounced Russian Invasion of Ukraine