Goldman Sachs Group, a financial services firm, raised the aluminum price forecast to US$3,125/ton for 2023, higher than the previously estimated US$2,563/ton. The upward adjustment was due to a supply shortage caused by higher demand from Europe and China.
Goldman Sachs also expected the aluminum price to rise to US$3,750/ton within the next 12 months. Analysts said the global inventory dropped by 39.1% year on year to 1.4 million tons only, hitting a new low since 2002. The short supply will soon trigger concerns about tight supply. The price upward momentum was expected to continue until spring.
Goldman Sachs raises aluminum price forecast to $3,125/ton for 2023
16 Jan 2023 17:03 reported by Joy Liu
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