Aluminum prices declined significantly yesterday, ending at 236 due to profit-taking after rising by -3.02%. Sanction fears on Russian metals affected the market dynamics and led to limiting key exchanges like LME and CME.
The available LME aluminum stockpiles dropped to the lowest level since August 2022 at 171,200 tonnes due to increased supply concerns.China’s imports of unwrought aluminum and related items increased by 89.8% in March, indicating strong demand due to increased manufacturing activity.
However, China recorded a 7.4% growth in primary aluminum output despite rising demand, which broadened the pool of available supplies globally, somewhat counteracting the rising pressure on pricing.
