Commodity Market Report
Global aluminium short-term outlook December 2022
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
It’s been a volatile year for the aluminium market. The impact of the Russia-Ukraine war, ongoing Covid issues in China, recessionary fears and continued supply-chain issues have dominated price direction. December was no exception. News of a further relaxation in China’s Covid containment policy drove the cash price to just under US$2500/t. However, the rally petered out on the near-term impact of slowing economic activity in China from escalating infection rates as well as hawkish comments by the US Fed following another interest rates rise. The scene is set for another volatile year for prices. Visible inventories remain at historically low levels while there are on-going risks to supply growth in China and Europe against the backdrop of lower power availability and high energy costs. An uncertain macroeconomic outlook will further add to aluminium market risk.
Table of contents
- China
- Asia ex-China
- Europe
- Alumina Market Developments
Tables and charts
This report includes the following images and tables:
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Continued deterioration in manufacturing activityFixed asset investment (FAI) slowingConstruction activity at rock bottom
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Auto output and sales fall on weak consumer sentimentJapan domestic shipments of rolled and extruded productsGerman semis output tumblesSummary of November production, ktGermany aluminium productionEurope cuts (kt)Global monthly output (annualised)Power load and aluminium capacity of Guizhou smeltersChanges in aluminium production estimates since the last month, (kt)
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What's included
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