Commodity Market Report
Global aluminium short-term outlook 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.
Table of contents
- 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
- Property sales and starts remain weak
- European manufacturing activity remains weak
- Lack of existing homes for sale drives recovery in new home sales
- US and Canadian shipments of rolled products
- US and Canadian shipments of extrusions
- Summary of April production, kt
- World ex-China cuts
- World ex-China, ktpd
- Yunnan aluminium capacity, ktpa
- 18 more item(s)...
What's included
This report contains:
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