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Aluminum prices will be supported by industry demand

Taking advantage of the improving international market, industrial metal prices have increased in recent days.

Aluminum prices will be supported by industry demand

Taking advantage of the improving international market and spurred by China's loosening of epidemic control measures, industrial metal prices have risen in recent days. LME aluminum futures were not seen as an exception in this case, closing yesterday (30 Jan) at US$2,627.5/t, up about 15% over the last three years.

Following the lifting of epidemic restrictions, China's demand for stainless steel was expected to increase, as well as the development of new energy vehicles and boosting nickel and aluminum demand, supporting the prices of stainless steel and aluminum flat rolled products.

Global aluminum demand from the transportation sector, especially the electric vehicle market, is expected to increase by about 40% in 2030 compared to the 2020 level.

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