Aluminium Alloy Ingot Market Prevails Stability Despite Ongoing Industry Shifts
Aluminium Alloy Ingot Market Prevails Stability Despite Ongoing Industry Shifts

Aluminium Alloy Ingot Market Prevails Stability Despite Ongoing Industry Shifts

  • 09-Apr-2024 5:31 PM
  • Journalist: Francis Stokes

As per the recent assessment for the last week of March 2024, there were no significant changes observed in the market situation impacting Aluminium Alloy Ingot prices, despite ongoing market fluctuations. Supply and demand held steady, but uncertainties lingered in local construction sectors. The Aluminium Alloy Ingot market faced challenges due to weak demand in areas like construction and electric vehicles, reflecting economic difficulties. This led to a drop in Aluminium Alloy Ingot prices in the USA, while Germany saw stability without major shifts. Conversely, China experienced a price increase due to lower inventory and heightened buying activity, coupled with concerns about production delays. These market concerns were compounded by uncertain supply chains and reduced railway cargo volumes, amidst reports of year-on-year growth in China's major industrial sectors according to the National Bureau of Statistics (NBS).

By the end of the week on March 29th, despite ongoing market dynamics, there were no significant changes in the factors affecting prices compared to the previous week in the US market. Supply and demand for Aluminium Alloy Ingot s were balanced, although uncertainties lingered in regional construction sectors. The supply chain of Aluminium Alloy Ingot faced uncertainty due to sluggish demand, particularly from sectors like construction. Electric vehicle sales in these sectors declined due to ongoing economic challenges. Notably, the construction sector, a major consumer in this market, saw reduced demand due to urgent needs. Aluminium Alloy Ingot prices, resulting in a 0.55% weekly decline in USA.

A stable market situation was observed in Germany in the meantime, amid balanced economic circumstances and production expenses. Despite disruptions in global trade and a minor drop-in construction activity, the balance between supply and demand remains undisturbed. Noteworthy surge of around 16% in the adoption of alternatively powered new cars, specifically electric vehicles (BEV), in the first two months of 2024 compared to last year, as per KBA's report in the German automotive sector. German automotive sales also experienced a 1.8% month-on-month and a 5.4% year-on-year growth. Aluminium Alloy Ingot remained steady in the German spot market, consistent with the previous week's trend due to unchanged factors influencing the final prices.

The week ending saw a rise in Aluminium Alloy Ingot prices in China, accompanied by a decrease in inventory. Strong buying sentiment contributed to a decline in ingot stocks, primarily due to reduced outflows from warehouses. Although warehouse arrival rates noted a slight decrease, concerns about slow production recovery prompted the price increase. Uncertain supply dynamics added to market worries, exacerbated by a decrease in railway cargo transit volumes. Additionally, China's major industrial firms reported a 10.2% year-on-year profit increase in the first two months of the year according to the National Bureau of Statistics (NBS). These factors combined led to a 0.2% increase in Aluminium Alloy Ingot prices in China.

According to the ChemAnalyst, In the expectation of healthy purchasing activities and brisk demand outlook, the prices of Aluminium Alloy Ingot likely to increases. The global construction sector is likely to witness an improvement, to be driven by initiatives takes by governments.

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