The report including the estimate of the total demand for aluminum products in fiscal 2024 (April 2024-March 2025) drawn up by 7 aluminum industry bodies including the Japan Aluminium Association and Aluminium Alloy Refiners Association on April 29 is reported in this volume. COVID-19 which spread rapidly from around the end of 2019, and China’s Zero-Covid Policy, caused chaos globally in supply chains, particularly in China, resulting in significant delays in economic recovery in various countries.  According to this estimate, the total demand for aluminum products in Japan is a relatively slight year-on-year increase of 2.1%。 Concerning the recovery in the semiconductor sector, notwithstanding specific investment projects, disputes are arising over EVs, especially in Europe, about the delay in the timing for the production suspension of gasoline vehicles.   In addition, the war in Ukraine, the dispute between Israel and Palestine, and other geopolitical issues in North Korea, Taiwan, and Hong Kong, are factors greatly influencing the global economy, all of which indicate that we cannot be too optimistic about the recovery in aluminum demand for fiscal 2024.