Commodity Market Report
Global aluminium short-term outlook May 2022
Report summary
The official LME cash price traded below US$3000/t during the month, wiping out the gains made during 2022. Market sentiment has deteriorated over the past few weeks on growing concerns over the outlook for demand, particularly in China. At the same time, the physical market is starting to turn in Europe and there are growing signs that offtake in the US may have peaked. Premia are still at elevated levels but are now starting to retrace lower levels. Against this, metal supply expansion in the world ex-China remains subdued with a risk of further cutbacks in Europe. Indeed, the EU’s proposed phasing out of Russian oil imports and the possibility of further disruptions to gas supplies will keep prices supported above US$2650/t over the very short-term.
Table of contents
- China
- Europe
- North America
- Alumina Market Developments
Tables and charts
This report includes 27 images and tables including:
- PMIs plunge on lockdowns
- Property market activity deteriorates further
- Deceleration in investment activity
- Chinese exports of semis to Europe
- Shipments of plate, sheet and strip
- Shipments of extrusions
- Summary of April production, kt
- European power contracts
- Spain energy mix 2021
- Global output rates (annualised)
- Changes in aluminium production estimates since the last month, (kt)
- Alumina flows
- World ex-China alumina balances, China imports and spot prices, 2021-2024, (kt)
- China quarterly alumina balance
- Spot alumina price
- World ex-China alumina balance
- China smelter grade alumina balance
- Changes in global SGA production estimates since the last month, (kt)
- World ex-China alumina regions
- Price forecasts and global quarterly aluminium supply/demand balance – (kt)
- Global aluminium prices and premia
- Global primary aluminium consumption (kt)
- Global secondary aluminium consumption (kt)
- Global quarterly alumina production (kt) - including non-metallurgical production but excluding adjustments
- Global quarterly primary aluminium production (kt) - excluding adjustments
- Alumina supply/demand balance global summary (kt)
- Aluminium supply/demand balance global summary (kt)
What's included
This report contains:
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