Global aluminium short-term outlook May 2023 Report

Commodity Market Report 31 May 2023

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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

The LME cash price hit a fresh 2023 low on 23 May, falling to below US$2200/t in intra-day trading. Supply demand fundamentals remain tight but if it wasn't for the slow progress in smelter restarts, the market would be in surplus. We lowered our 2023 global demand growth forecast to 2.1%, from 2.7% previously, with risk still skewed to the downside. The most significant downgrade has been to the outlook for China, where economic indicators fail to impress. The near-term outlook for European demand has also deteriorated with news that Germany was in a technical recession in Q1.

China
Asia ex-China
- Japan
Europe
North America
Alumina Market Developments

Tables and charts

This report includes the following images and tables:

Manufacturing activity slips
State owned enterprises driving fixed asset investment
Automotive sales and output growth surges year-on-year in April but from a very low 2022 base