Aluminum Prices Surge to Record Highs

Benchmark Price Reaches US$4,350 Per Tonne

Industry Experts Cite Increased Demand and Supply Chain Disruptions

The global aluminum market has been experiencing a sharp increase in prices, with the London Metal Exchange (LME) benchmark price reaching US$4,350 per tonne. This marks a significant jump from the three-month LME price of US$2,600 per tonne reported in the latest market report, indicating a rise of approximately 25%. The ongoing surge in aluminum prices is attributed to several factors, including increased demand from various industries, such as construction and automotive, and supply chain disruptions caused by the COVID-19 pandemic.

The latest hike in LME aluminum prices represents a weekly increase of US$435 per tonne. This is in contrast to the Shanghai Futures Exchange (SHFE) aluminum price, which has increased overnight but has declined by US$8 per tonne week-over-week. Industry experts predict that aluminum prices will continue to fluctuate in the coming weeks, as the market reacts to the evolving supply and demand dynamics.