The eurozone debt crisis has clouded the outlookfor 2012 and forced aluminium producers to become more adaptable to the volatile market dynamics than in previous years. Aluminium and other base metal prices have become so tied to the fate of the European economies that it is not only long-term contract business that is being hampered but the market's ability to forecast prices and demand. "There's so much uncertainty now, and we're looking at a bunch of numbers thatare not worth that much anymore," one aluminium producersaid. "People are hoping it won'tall crash, but they're preparingforthe worst." The European Central Bank(ECB) warned on December19 that the eurozone crisis could endanger financial stability around the world, and that European governments and banks will, over the next few months, be competingwith each otherfor billions of dollars in refinancing. ECB president Mario Draghi told the European parliament that around $500 billion in outstanding bonds will be comingdueinthe eurozone overthenextquarter, and that the pressure the region's bond markets will experience will be "unprecedented".
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