Aluminum prices to be supported by industrial demand
Time:Tue, 07 Feb 2023 09:03:13 +0800
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Benefited from the recovered international market and stimulated by China’s eased epidemic control measures, the prices of industrial metals surged in recent days, the LME aluminum futures are no exception, which closed at US$2,627.5/ton yesterday (January 30), increasing by nearly 15% in the past three years.
China’s stainless steel demand was expected to increase after the epidemic lockdown was lifted, and the development of new energy vehicles will also raise the demand for nickel and aluminum, supporting the prices of stainless steel and aluminum flat-rolled products.
The International Aluminium Institute (IAI) report said that global aluminum demand was expected to grow by nearly 40% in 2030 compared to the 2020 level, mainly driven by the transportation industry, especially the electric vehicle market.
