Aluminium Ingot Prices: Trend, Pricing, News, Market Analysis | ChemAnalyst

For the Quarter Ending September 2023

North America

During Q3 2023, the US spot market experienced notable fluctuations in Aluminum Ingot prices. The decline commenced in the first week of July, triggered by an upsurge in supply from China and subdued demand from US buyers. The resultant surplus inventory prompted cautious behavior among buyers, a trend that persisted throughout July, influencing global markets due to excessive supply from Chinese mills. Downstream sectors like automotive and construction hesitated to place substantial orders, partly due to labor shortages. However, by late July, prices rebounded, propelled by increased clean energy and US infrastructure demand. August witnessed price stability, with US interest rate hikes fostering buyer caution. Optimism grew as new deals in the auto and construction sectors, coupled with the expansion of the electric vehicle industry, bolstered prices. September faced downward pressure due to macroeconomic factors such as high inflation, potential interest rate hikes, and the Inflation Reduction Act, which dampened Aluminum Ingot demand. Despite rising inventory levels and a dip in consumption, especially in construction and automotive, prices rebounded by September’s end. This resurgence was attributed to increased demand from downstream auto and housing sectors, along with easing inflation and substantial industry investment. The US Aluminum Ingot market navigated a challenging quarter marked by global economic conditions and fluctuations in industry-specific demand, significantly impacting price dynamics.


In the third quarter, the Chinese Aluminum Ingot price demonstrated stability amidst a turbulent domestic market. June saw initial price stabilization due to consistent automotive demand, while the construction sector remained sluggish. Uncertainty emerged as cautious interest rate policies in the US and Europe led to smaller orders, coupled with increased domestic production in the second week of June resulting in higher inventories. July brought mixed price movements, with rising inventories and weak demand pushing prices up in the third week, followed by a decline in the fourth week with no substantial changes. August remained stable, influenced by low demand, a strong US dollar, and supply disruptions. Government incentives for housing and weak overseas demand further affected prices. Despite government policies aimed at boosting markets in September, demand remained feeble. Factors such as shifts in the raw material source of Russian aluminum producer Rusal to India played a role, and the market anticipated trade conditions to remain stagnant during the upcoming Mid-Autumn festival.

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In the third quarter, the German Aluminium Ingot price remained stable amid reduced demand in construction and low inventory in the spot market. Heavy rainfall in the overseas Chinese market disrupted construction activity, leading to a decrease in the consumption rate of Aluminium Ingot. Market uncertainty stemmed from the European Federal Reserve’s cautious approach to interest rates, driving large buyer orders. July witnessed price fluctuations due to stable production, tight supply, and weak demand in the automotive and construction sectors, complicated further by inflation and global competition. August experienced a price drop due to a heatwave, interest rate hikes, low water levels in the Rhine River, and rising energy costs. September also brought fluctuations as inflation and competition kept demand in check. Nevertheless, prices rose by the end of Q3 as construction and auto sector demand improved. Factors like lower inflation and government construction support, along with increased bookings from local and overseas consumers and supportive government policies, contributed to maintaining higher prices. The German Aluminium Ingot market exhibited stability and fluctuations driven by weather conditions, economic trends, and global competition.

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