Iceland’s aluminium ingot export reflects $ billion market 2017-20

Aluminium is the world’s most widely used non-iron and non-steel metal and is the basic ingredient for a wide range of recyclable products. The latter includes beverage cans, construction materials and transport vehicles. Silvery-white in colour, pure aluminium is non-magnetic and is also notable for its low density, relatively lightweight and resistance to corrosion.

The cheap electricity supply has been a cause for multiple American organizations to start aluminium production in Iceland, though the recent debate between Rio Tinto and Iceland’s National Power Company sends a tough message to the industry, as Rio Tinto considers suspending the production at its Straumsvík smelter in Iceland for two years. The suspension also includes the reason for COVID-19 epidemic that has reduced the global demand, apart from high power tariffs.

Iceland’s total aluminium ingot export has been recorded by 2.72 million tonnes during 2017-2019, whereas the revenue generation stood at $4.17 billion. The estimated export for 2020 has been analysed at 719,484 tonnes, while the revenue generation to be standing at $1.3 billion.

While accumulating Iceland’s total export for aluminium ingot export during 2017-20, it reflects at 3.44 million tonnes, whereas the revenue generation stands at $5.47 billion.

The major buyer countries for Iceland produced aluminium ingots are Canada, Czech Republic, Germany, Luxembourg, Netherlands, Norway, Poland, Slovakia, Serbia, Spain, Switzerland, UK, USA, etc.

In 2017 the total export stood at 977,920 tonnes and the revenue generation remained at $1.35 billion, whereas in 2018 the export saw a rise by 0.59%, as the total export was recorded 983,718 tonnes and the revenue generation remained at $1.55 billion.

Iceland’s aluminium ingot export in 2019 reflected a fall by 22.17%, as the Y-o-Y fall stood at 218,185 tonnes, as the total export remained at 765,533 tonnes, while the revenue generation was recorded at $1.27 billion.

In 2020 the projected export reflects again de-growth by 6.01% as the export might stand to 719,484 tonnes.