Aluminum prices will rebound next year as China takes measures to boost its slowing economy, according to Hindalco Industries Ltd., India’s second-biggest aluminum producer.

Prices may climb to as much as $1,900 a metric ton next year as China, the world’s biggest consumer, unveils stimulus, Hindalco’s Deputy Managing Director Satish Pai said in an interview today. Aluminum for delivery in three months was at $1,615 a metric ton, up 0.4 percent, as of 3:08 p.m. in Mumbai.

The light-weight metal has slumped 23 percent in the past year, depressed by a surplus in global markets and slowing demand. The market will return to a deficit next year, the world’s biggest aluminum producer United Co. Rusal said last month, while analysts from banks such as Standard Chartered Plc lowered price forecasts.

Hindalco is bullish on India’s demand for the metal because of rising investment in power and transport sectors, Pai said. Consumption may increase to 3.57 million tons by the year ending March 31, 2018 from about 3 million tons this year, he said.

“This is a conservative estimate,” he said. “If all the investments promised by the government materialize, then this number could be much higher.”