how the industry is likely to be impacted as a result of the global COVID-19 pandemic:
The pandemic has battered demand for light metals, particularly from the automotive and aerospace sectors, with downstream operators facing site closures, supply chain disruptions and reduced sales. According to the Society of Motor Manufacturers and Traders, car production tumbled to just 197 units produced in April 2020 from 122,171 in February 2020.
The spread of coronavirus is expected to have exerted downward pressure on the prices of aluminium and aluminium alloys from March 2020, weighing on revenue. The prices of aluminium and aluminium alloys recorded significant contractions of 14% and 14.8% in March 2020, according to the London Metal Exchange. However, aluminium and aluminium alloys prices have recovered since.
Post time: Mar-04-2021