Current prices insufficient to trigger aluminium CAPEX
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Table of contents
- Some refinery costs have become embedded but overall costs declined
- Assumptions used to construct incentive prices
- We employ the following core assumptions:
Tables and charts
This report includes the following images and tables:
- Alumina prices will have to increase in the future to trigger investment in alumina refinery
- Some of the increase in refinery energy costs over the years became embedded
- Current prices insufficient to trigger aluminium CAPEX: Image 5
- China still carries the lowest capital intensity
- Smelter capital intensity outside of China, 1980-2020 (US$/t installed capacity)
- Aluminium prices need to increase to trigger investment but to levels below historical averages
- Efficiency and productivity gains meant little embedded costs in aluminium production
What's included
This report contains:
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