Exchange price of aluminum during the trading on February 8 exceeded $ 3230 per ton, this is the maximum value since July 2008, the data of the London Metal Exchange (LME).
Futures on aluminum supplied in three months went up by 2.83%, to $ 3220.5 per ton. At the peak, the cost of metal reached $ 3236 per ton, they write Russian “Vedomosti”.
European aluminum producers, which account for up to 15% of world exports of metal, warned about abbreviations of production and closing part of the capacity, while some analysts predict the rise in metal prices in the long run to $ 3,400 per ton as a result of the current total increase in the cost of electricity and future Costs for re-equipment of production under the use of pure energy.
The reason for this growth is the limitation of production in China. According to analysts, the demand for aluminum until 2025 will grow by almost 3% per year, “Kommersant” notes.
Chief Executive Officer of the International Group of Companies of ERG Benedict Sobetov believes that the market can see the highest prices for aluminum over the past 30 years. In his opinion, the growth of supply in China will hold back to the strict control of energy consumption and slow commissioning of idle melting facilities. Outside of China, the increase in capacity is constrained by the acceleration of decarbonization and rapidly growing energy prices. At the same time, the demand for aluminum is supported by China’s investments in infrastructure.