Aluminum prices firm; check details

Metals are one industry that is still in favourable territory. China has returned from its holidays and has seen a surge in buying participation. Aluminum prices have risen beyond USD 3,000 for the first time in 2022, up by 9 percent so far. In the preceding year, prices increased by 45 percent. In the last 12 months, prices have risen by roughly 52 percent in total.

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The market has seen a lot of production being curtailed in Europe and China – 14 percent of output in Europe is shut and China and Europe have curtailed production by nearly 4 million tonne in sense of aluminum. Russia and Ukraine tensions also seem to be adding premium. Russia is the second-largest producers of aluminum after China and China has said that it would be capping aluminum production to around 45 million tonne. So the market is looking at second straight year of deficit when it comes to aluminum.