June 30, 2023
Aluminum’s Industry Landscape & Price Outlook 2023-24
Executive Summary.
1. Aluminum demand is yet to exit a cyclical downturn as the contraction in world manufacturing activity that started in Q4 2022 still has…
2. We see extended demand contraction into H2 2023 and early 2024, with aluminum mill product shipments expected to…
3. Plenty of aluminum supply expansions ahead amid smelting restarts and booming secondary production. Primary aluminum capacity restarts/ramp-ups (1.5 million mtpy) are underway across…
4. A bigger primary aluminum market surplus is expected in 2024. Market tightness has…