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Print[Ferro-Alloys.com] UC RUSAL Chief Executive Oleg Deripaska said aluminum producers need to cap their output as downward pressure on prices is likely to continue for the rest of this year and into 2013.
"The heavy burden of overcapacity and high stock levels exert huge pressure on the sector," Deripaska wrote in an article published in the Financial Times.
"To remain competitive, the industry needs discipline and proper caps in terms of output. In the short term, further curtailments of unprofitable and inefficient production capacity in all regions will be a step in the right direction as the industry looks to create a healthier market structure," Deripaska wrote.
Deripaska's comments come against the backdrop of a global industry in oversupply, but millions of tonnes of the metal are held in warehouses, and much of these stocks are used for financing purposes.
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