Aluminum Prices

Aluminum Prices December 2023

In North America, the price of aluminum oscillated owing to several factors. The construction and infrastructure sectors contributed to a sluggish demand for aluminum. In the fourth quarter of 2023, the price of the aluminum in the USA reached 4,190 USD/MT by December.

During the second half of 2023, the aluminum market in China experienced a consistent increase. The average monthly prices rose by approximately the same amount from July to December, suggesting an overall positive pattern with slight ups and downs. The aluminum prices in China hit 2,646 USD/MT in December 2023.

The slow performance of the aluminum market influenced prices in Europe. The poor performance of the construction industry downstream also incorporated to the instability. The blend resulted in a varied market performance, with prices seeing both increases and decreases during the period. By the end of the fourth quarter of 2023, Germany recorded its aluminum prices at 3,062 USD/MT.

Aluminum Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Aluminum Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of aluminum pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of aluminum at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of aluminum price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing aluminum price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Aluminum Market Analysis

The global aluminum market size reached 70 Million Tons in 2023. By 2032, IMARC Group expects the market to reach 112.37 Million Tons, at a projected CAGR of 5.40% during 2023-2032.

• With the aim of fulfilling strict environmental regulations and addressing individual needs for improved fuel efficiency, manufacturers are opting for aluminum because of its strong ratio of strength to weight. This shift is noticeable in electric vehicles (EVs), where lowering weight is essential for improving battery performance and driving distance. Utilizing aluminum in parts like frames, engine blocks, and wheels aids in meeting these objectives while upholding safety criteria. Furthermore, advancements in aluminum alloys are making it possible to replace heavier steel parts without compromising performance. According to the information presented in the “Global EV Outlook 2023” by the International Energy Agency (IEA), the global registration of new electric cars reached almost 14 million, increasing the total amount on the roads to 40 million.
• The rate of urbanization has tripled since 1982, reaching 66.2% in 2023, as per the “China in Numbers (2023)” report by the United Nations Development Programme (UNDP). Rapid urbanization, population increase, and infrastructure building are driving the demand for aluminum because of its long-lasting nature, ability to resist corrosion, and attractive appearance. It is commonly employed in the construction of buildings, bridges, and other infrastructure projects. Architectural uses like window frames, curtain walls, and roofing systems profit from the lightweight quality of aluminum, lowering the structural burden and improving design flexibility.
• Aluminum plays a crucial role in producing parts for sustainable energy systems such as solar panels, wind turbines, and energy storage solutions. Aluminum structures and supports used in solar power are lightweight, lasting, and corrosion-resistant, which makes them perfect for supporting photovoltaic (PV) panels. The high strength-to-weight ratio of aluminum enhances the efficiency and lifespan of wind turbine blades and structural components, providing benefits to the turbines. Countries and businesses in many nations are making investments in increasing renewable energy infrastructure to address climate change and decrease dependence on fossil fuels, leading to a rise in the demand for aluminum in this industry. In the Union Budget 2023-2024, the Government of India allocated INR 35,000 crore (USD 4.4 billion) for priority capital expenditures toward energy transition and net-zero targets as part of its ambition to bring economic growth, energy access, energy security, and decarbonization through green growth.

Aluminum News

The report covers the latest developments, updates, and trends impacting the global aluminum market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the aluminum price trend.

Latest developments in the aluminum industry:

• July 2024: Rio Tinto revealed the introduction of Elysis' groundbreaking carbon-free aluminum smelting technology at its Arvida smelter in Quebec. This new method eliminates carbon emissions while producing oxygen, representing a major move towards decarbonizing the aluminum sector.
• July 2024: KparK Énergies released the "Carport Solaire Aluminum," a sustainable solar carport made of anodized aluminum with 425 W bifacial solar panels, microinverters, and electric vehicle (EV) charging stations. Designed for self-utilization, the system aims to enhance the utilization of renewable energy and support the establishment of EV charging stations.
• July 2024: Nocs Design introduced the Monolith, a stylish wireless speaker produced from one piece of aluminum. The Monolith is equipped with Bluetooth 5.3, Spotify Connect, and Tidal Connect, and can be pre-ordered now for delivery starting in November 2024.

Product Description

Aluminum is a silvery-white, soft, non-magnetic, and ductile metal belonging to the boron group. It is manufactured through the Bayer process which extracts alumina from bauxite ore, followed by the Hall-Héroult process, which reduces alumina to pure aluminum via electrolysis.

Aluminum is a sustainable material because it can be recycled numerous times without losing its properties. It can be readily transformed into various shapes and products using techniques such as extrusion, rolling, and forging.

Aluminum is used in the building industry to create window frames, doors, siding, and roofing. It is suitable for power transmission lines and household wiring because of its ability to conduct electricity effectively. It is commonly utilized as a substitute for copper, particularly in situations where weight is important.

Regional Coverage

The report provides a detailed analysis of the aluminum market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the aluminum price trend. 

Global Aluminum Price

The report offers a holistic view of the global aluminum pricing trends in the form of aluminum price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of aluminum but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed aluminum demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Aluminum Price

During the second half of 2023, there was significant fluctuation in the European aluminum market. In the third quarter, prices dropped because there was a lot of inventory, but they increased in the following months as demand increased. As the year moved towards its final quarter, the market quieted down. This volatility revealed how the market is affected by changes in inventory and demand, resulting in a somewhat inconsistent performance at the year's close.

Detailed price information for aluminum can also be provided for an extensive list of European countries.

North America Aluminum Price

In the last quarter, the aluminum market in North America saw price changes and weak demand. At first, decreasing stocks caused a short increase in prices. Nevertheless, prices decreased once more in the final part of the quarter. Global trade was affected by limitations in the Panama Canal and assaults by Houthi rebels in the Red Sea. This disturbance, along with continued low demand, caused prices to fluctuate towards the lower range, indicating a slow market recovery throughout most of the quarter.

Specific aluminum historical data within the United States and Canada can also be provided.

Middle East and Africa Aluminum Price

The aluminum pricing trends in the Middle East and Africa are increasingly impacted by infrastructural developments and investments in the construction and transportation sectors. The region’s political climate and its effect on operational stability and security are also crucial in determining price trends. Additionally, the Middle East's strategic initiatives to diversify away from oil dependency and invest in mining and metal production capabilities are reshaping its market dynamics. In Africa, the availability of resources combined with foreign investment in mining projects heavily influences local and global aluminum supply and prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Aluminum Price

In the latter part of 2023, there were significant fluctuations in the prices of aluminum. In Asia Pacific, the Chinese market showed greater stability and positive growth in comparison to India's market. Aluminum prices in China increased steadily from July to October, saw a minor decrease in November, and then rose once more in December. In general, the third quarter had better price results compared to the fourth quarter. Global market stability was affected by shipping disruptions in the Red Sea and political, social, and economic unrest in the Middle East, causing high volatility in the last quarter.

This aluminum price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Aluminum Price

Latin America's aluminum market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in aluminum prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, economic fluctuations and currency devaluation are critical factors that need to be considered when analyzing aluminum pricing trends in this region.

This comprehensive review can be extended to include specific countries within Latin America.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of aluminum pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting aluminum price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The aluminum price charts ensure our clients remain at the forefront of the industry.