Demand Uncertainty Reinforces Case for a Growing Market Surplus in 2020.

KEY MESSAGES

• Cyclical forces are supportive of a contained and transitory demand impact from the coronavirus outbreak…
   

• We are downgrading our 2020 China primary aluminum demand growth forecast to… in 2020.
   

• China is now expected to register in 2020 its biggest market surplus in three years…
   

• Western World market conditions remain consistent with a growing surplus,…
   

• LME prices have been dragged down by the coronavirus outbreak to key support at… per mton. HARBOR expects LME Cash prices to average… per mton this year (base scenario).
   

More details in full report.