Aluminum prices skyrocketing: new challenges for global supply chains

Aluminum is an important industrial metal widely used in construction, automobiles, aviation, electricity and packaging. Therefore, fluctuations in aluminum prices not only affect the costs and profits of these industries, but may also have a wide-ranging impact on the global economy.

Since the start of 2024, aluminum prices have increased by $228/ton, or 9.56%. Historically, aluminum prices hit an all-time high of $4,103 in March 2022. Aluminum futures for May rose to above $2,675 a ton, their highest level in two years and tracking strength in the base metal amid supply constraints.

Aluminum(USD/T) from trading economics

The largest aluminum producers are: China Aluminum Corporation (Chalco), Alcoa and Alumina Ltd., Australia’s Rio Tinto, Russia’s UC Rusal, China’s Xinfa, Norway’s Norsk Hydro ASA and Australia’s South 32. China accounts for nearly 60% of global aluminum production. The largest resources of bauxite, the raw material for aluminum, are located in Australia, China and Guinea.

Not only the price of aluminum, but other metals such as copper, zinc, etc. are also rising accordingly. Therefore, in terms of progress and time, more attention needs to be paid to raw materials and cost issues.

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