Aluminium price forecast
toyota1515 > 01-16-2023, 06:22 AM
Aluminium price forecast
Aluminium prices have dropped throughout April to today's (22 April) price of $3,243 per tonne although supply concerns from Russia still plagued the market.
Australia has recently banned the export of alumina to Russia as an increased sanction in view of the lack of progress of peace talks.
Aluminium prices surged to a record high at near $4,000 a tonne in early March as the Russian invasion of Ukraine and the subsequent sanctions disrupted supply. The three-month aluminium contract traded on the London Metal Exchange (LME) soared to $3,966 a metric tonne on 7 March, while the cash contract settled at $3,983.50 a tonne.
Aluminium prices have been breaking new highs over the past two months since Russia invaded Ukraine on 24 February. As Russia is a key aluminium producer in Europe, the intensifying war and sanctions imposed on the country have severely disrupted trade flow and supply chains.
According to aluminium’s historical price, the metal first hit record highs in February at around $3,340 a tonne. It continued to climb higher towards $3,800 a tonne in early March.
Although aluminium prices have since fallen and the three-month contract settled at $3,499.50 on 11 March, the aluminium value remained 24% above the beginning of this year and up 62% year-on-year (YoY).