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Aluminum Market Set for Wave of Scrap as Industry Decarbonizes
Recycled metal will drive a massive wave of aluminum that’s about to hit global markets, as the industry comes under more pressure to decarbonize. Over the five years through 2026, the world will add 22 million tons of annual capacity of aluminum made from scrap, according to Jorge Vazquez, managing director of industry consultant Harbor Aluminum. In China alone, expansion projects will add about 15 million tons of new secondary capacity during that period. “Scrap is the new aluminum ore,” Vazquez told North America’s largest aluminum conference on Wednesday. Aluminum prices have rallied 11% this year, ... (full story)