DEMAND STILL IN CONTRACTION. World Aluminum Surplus Set to Triple
November 1, 2023
Executive Summary.
1. Western World aluminum demand continues to contract across regions and product segments (scrap, primary, extrusions, and flat rolled products). So far this year...
2. Demand is set to fall further in 2024 amid the...
3. Moreover, ROW’s primary aluminum production is expected to expand at a faster rate in 2024 and then some more in 2025, rising by...
4. As a result, the world’s primary aluminum market is already experiencing the largest surplus since 2020. This surplus is expected to expand further in...
5. We remain bearish. HARBOR continues to expect LME Cash prices to fall toward the $... per mton zone ahead and average in 2024 mainly between $... per mton (bearish scenario).