Aluminum Prices Spike Up 62% and Will Continue Rallying in 2022 – IndexBox
Throughout this year, aluminum prices continuously grew and in October 2021 reached $2934 per tonne, gaining 62% compared to October 2020. China’s output has decreased due to restrictions on energy usage and halted production at a 300K-ton capacity factory in Yunnan province. Driven by increasing demand against expected supply limitations, the average yearly price in 2022 is projected to rise by 6% y-o-y. Despite rising prices, the U.S., the world´s largest aluminum importer, expanded its purchases by 4.5% against 2020.
Los Angeles, CA, Dec. 08, 2021 (GLOBE NEWSWIRE) — Aluminum prices keep soaring, a recently published report from a market research company IndexBox states. Based on the World Bank data, the average aluminum price grew from $2004 per tonne in January 2021 to $2934 per tonne in October 2021, a 62% increase from the previous October ($1806 per tonne). Next year, aluminum prices are forecast to rise by 6% y-o-y because of a high demand from the automotive industry, increased prices of energy resources, and a supply shortage arising from China diminishing production to decrease СО2 emissions.
As China limits the output, it must expand imports. From January through July 2021, China purchased 1.5M tonnes of aluminum from abroad which was 52% more than the same period in 2020. In monetary terms, throughout seven months, imports surpassed $3.3B, over twice the amount during the same period in 2020 ($1.6B). In November 2021, an explosion occurred at an aluminum factory in Yunnan province. This caused a complete stop in production for the 300K-ton-capacity factory and further exacerbated the supply shortage on the market.
The U.S. is the world’s largest importer of aluminum, and it also increased purchases this year. From January through September 2021, the U.S. imported 2.9M tonnes of the metal, a 4.5% gain in volume of shipments from the same period in 2020. In monetary terms, imports grew by 47%, reaching $7.8B.
Aluminum Exports by Country
Last year, aluminum exports worldwide reached 24M tonnes, flattening from the previous year. The total export volume increased at an average annual rate of +1.5% over the past decade. In value terms, aluminum exports declined from $47.9B in 2019 to $44.7B in 2020, IndexBox estimates.
The most significant shipments were from Canada (2.9M tonnes), Russia (2.7M tonnes), the United Arab Emirates (2.2M tonnes), India (2.1M tonnes), Malaysia (1.5M tonnes), Australia (1.4M tonnes), Norway (1.1M tonnes), Bahrain (0.8M tonnes), the Netherlands (0.7M tonnes), South Africa (0.6M tonnes), China (0.6M tonnes) and Mozambique (0.5M tonnes), together accounting for 70% of total export. Germany (488K tonnes) followed a long way behind the leaders.
In value terms, Canada ($5.5B), the United Arab Emirates ($4.3B), and Russia ($4.2B) constituted the countries with the highest levels of exports in 2020, together accounting for 31% of global exports. These countries were followed by India, Malaysia, Norway, Australia, Bahrain, the Netherlands, China, South Africa, Germany and Mozambique, which together accounted for a further 41%.
In 2020, the average aluminum export price amounted to $1,847 per tonne, shrinking by -7.5% against the previous year. There were significant differences in the average prices amongst the major exporting countries. In 2020, the country with the highest price was Norway ($2,367 per tonne), while Russia ($1,568 per tonne) was amongst the lowest.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
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Companies Mentioned in the Report
Rio Tinto Group, Saudi Arabian Mining Company (Ma’aden), Aluminum Corporation Of China, Vedanta, Hindalco Industries, Norsk Hydro Asa, United Company Rusal, Shandong Nanshan Aluminium Co., Ltd., Alcoa Corporation, Hitachi Metals, Yunnan Aluminium, En+ Group International Public Joint-Stock Company, VSMPO-Avisma Corporation, Alumina, Henan Mingtai Al.Industrial, Showa Denko K.K, Ta Chen Stainless Pipe, Constellium Se, Mitsubishi Materials Corporation, Jiangsu Dingsheng New Material Joint-Stock, Qatar Aluminium Manufacturing Company Q.P.S.C., Xinfa, Hongqiao Group, Nalco, Emirate Global Aluminum (EGA).
Sources
World – Aluminum – Market Analysis, Forecast, Size, Trends and Insights
World – Aluminium Tubes and Pipes – Market Analysis, Forecast, Size, Trends and Insights
U.S. Aluminum Sheet, Plate, and Foil Market. Analysis and Forecast to 2025
World – Aluminium Oxide – Market Analysis, Forecast, Size, Trends and Insights
World – Bauxite – Market Analysis, Forecast, Size, Trends and Insights
CONTACT: Mekhrona Dzhuraeva Editor [email protected]
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