Trade with Greece
50
that benefit from the favourable conditions pre-
vailing in global markets, they continue to grow.
As shown by the data for 2010, high voltage con-
sumption increased by 5.86% year-on-year. In
practice, this means that Greece’s large alumini-
um, nickel and steel industries increased their out-
put and required more power. On the contrary, this
was not the case for cement industries, whose pro-
duction is mainly domestically-oriented and are,
consequently, suffering the effects of the crisis.
Prices
Demand for goods in international markets, which
have already recovered and are booming, is
reflected on price fluctuations. From a 1,250 dol-
lar low in 2009, aluminium reached a yearly low of
1,830 dollars in 2010, while in early 2011 it traded
at 2,320 per ton in the London market. In regard
to aluminium, it is worth noting that “Aluminum of
Greece SA”, the country’s largest company, has
entered hedging positions at above 2,450 dollars,
and has accordingly adjusted its plans for 2011.
Ferro-nickel is also experiencing a boom, having
reached a yearly low of 18,850 per ton in 2010
from a low of 9,400 per ton in 2009, while in early
2011 it traded at 23,445 dollars per ton.
Volumes
In regard to volumes, aluminium production regis-
tered a 20% drop in 2009. More specifically, in
2009 there was a major
drop
in
primary cast
aluminium
(129,000 tons), in contrast to
anhy-
drous alumina
, which remained at 796,000 tons.
However, primary cast aluminium production
increased in the first half of 2010, despite the fact
that companies pursue cautious inventory poli-
cies and most orders provide for immediate deliv-
ery. Since autumn 2010, “Aluminum of Greece
SA” has started bringing production lines back
on-line and was expected to reach full capacity by
late February-early March 2011. AoG aims at
bringing annual output back to 165 thousand tons
in 2011, from 132-133 thousand tons in 2009.
The recovery of the aluminium market is of imme-
