Global Aluminium Alloy Ingot Prices Inch Up Amidst Robust Upstream Output
Global Aluminium Alloy Ingot Prices Inch Up Amidst Robust Upstream Output

Global Aluminium Alloy Ingot Prices Inch Up Amidst Robust Upstream Output

  • 29-Nov-2023 6:36 PM
  • Journalist: Rene Swann

At the end of November, Aluminium Alloy Ingot prices remained mostly stable in the global market trend as upstream bauxite and alumina production increased. The Key investments and projects in the global Bauxite industry flag the path for potential production growth. The mining giants in Europe, the USA, and MEA are signing new deals and MoUs to increase the extraction rate across mining regions in the international market. These factors supported the firm growth rate of Aluminium Alloy Ingot across the globe.

The supply of upstream Bauxite has risen, particularly with the involvement of UAE's mining giant, National Trust (NT). NT has signed an MoU with Kohinoor Spinning Mills Limited (KSML), a Pakistani firm, to establish a strategic partnership. This partnership aims to invest 30 million UAE Dirhams in the mining, acquiring, and processing of Bauxite in Punjab. Global bauxite production is anticipated to reach 393 million metric tons, marking a 2.6% increase from the previous year (2022). Capacity expansions and investments are expected to drive output growth in major bauxite-producing nations like Australia and Guinea. Market players such as Glencore and Norsk Hydro have received unconditional approval from relevant competition authorities in Brazil, China, Germany, and Austria. Additionally, efforts such as the CABM measures and sustainability initiatives, along with the pursuit of carbon neutrality in operations, are likely to bolster the demand for aluminium alloy ingot by the first quarter of 2024.

In the European spot market, Aluminium Alloy Ingot output has continued to rise despite Ireland's Aughinish Alumina facing losses due to increased inventory levels and lower demand across the global market in the first half of November. Simultaneously, the demand for Aluminium Alloy Ingots from downstream industries is recovering, particularly with the Chinese government implementing stimulus measures to support the growth of the domestic property sector. Furthermore, the consumption of Aluminium Alloy Ingots in the automotive sector shows promise, with Indian auto industries announcing price increases in January 2024 in the Asia-Pacific region. In 2023, the UK car industry has drawn around £20 billion in private funding, spurred by the escalating demand for hybrid and electric vehicles across Europe. These factors have contributed to the sustained consumption of Aluminium Alloy Ingots.

According to ChemAnalyst, the price of Aluminium Alloy Ingot will remain on a firm rising trend in the last quarter of 2024. The deals and stimulus bets signed by various governments and industries will back the significant growth rate of Aluminium Alloy Ingot in the Global spot market.

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