The price of aluminum rose on Tuesday to its highest level since 2008. The price of the metal is being driven by the high demand, but also by the closure of smelters in China and Europe. This has led to fears of shortages in the aluminum market.
On the London metal market, the aluminum price rose to USD 3,236 per tonne, or euro 2835. For example, aluminum is widely used in the automotive and construction industries, as well as in many other industrial sectors. Due to the high demand, the price has risen sharply, as have many other metals such as nickel, copper, zinc, lead and tin.
On top of that, smelter closures in China due to lockdowns against local corona outbreaks. China is the world’s largest producer of aluminum. In Europe, smelters have also been shut down because high energy prices made it no longer profitable to remain open. Tensions around Ukraine also play a role, as Russia is a major aluminum producer and a conflict could disrupt Russian supplies.
Aluminum price to highest level since 2008
Source link Aluminum price to highest level since 2008