Commodity Market Report

Global aluminium short-term outlook April 2022

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The aluminium market service short term outlook (STO) is published monthly and provides a forecast of aluminium supply and demand fundamentals over the next two-years. LME prices have come off highs set at the start of the Russia-Ukraine war. At the time of writing the official cash price had fallen by over US$400/t since 24 February, and now trades at levels last seen in early February. However, quotes remain just about above the US$3000/t support level, suggesting resistance may be breached imminently. We think that the market may be moving into oversold territory at levels below US$3000/t. Russia’s decision to halt gas supplies to Poland and Bulgaria fueled fresh concerns that other European countries could be next on the list. This will lend support to prices on concerns that further cuts to European smelting production could be forthcoming.

Table of contents

  • China
  • Europe
  • North America
  • Alumina Market Developments

Tables and charts

This report includes the following images and tables:

  • Manufacturing activity slowing
  • Mixed picture for investment
  • Construction activity slipping in Q1 2022
  • Chinese exports of semis to Europe
  • US shipments of extrusions
  • US shipments of flat rolled products
  • Summary of March production, kt
  • Global output rates (annualised)
  • Changes in aluminium production estimates since the last month, (kt)
  • Spot alumina price
  • World ex-China alumina balances, China imports and spot prices, 2021-2024, (kt)
  • World ex-China alumina balance
  • 11 more item(s)...

What's included

This report contains:

  • Document

    Global aluminium short-term outlook April 2022

    PDF 1.11 MB