Aluminium prices averaged USD 2,571 per metric ton in January, up 1.2% from December. On 31 January, the commodity traded at USD 2,592 per metric ton, up 2.6% from 31 December.
Depleted Chinese inventories point to robust demand at the outset of the year. In addition, EU talks regarding a ban on imports of Russian aluminium provided a further boost to prices. Despite self-sanctioning efforts, Russia still accounts for around 6% of European imports. Additionally, it’s uncertain whether China will continue to absorb Russian aluminium following the removal of a tax rebate on aluminium exports in late 2024.
This chart displays Aluminium (US$/mt) from 2023 to 2024.
Aluminium LME (prices in US$/mt, aop)
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
---|---|---|---|---|---|---|---|---|
Aluminium LME | 2,400 | 2,264 | 2,159 | 2,196 | 2,203 | 2,523 | 2,385 | 2,573 |