Home

Fitch Solutions' BMI said aluminum prices will remain high in 2024 as global demand outpaces supply and the market becomes tight.

Aluminum demand is expected to increase by 3.2% year on year to 70.35 million tons in 2024, and supply will increase by 1.9% to 70.6 million tons. Demand growth will be driven by China's clean energy industry, which accounts for 63.5% of global demand.

Although chaos in the raw material market may limit aluminum production growth, BMI expects aluminum prices to rise 6% in 2024, reaching US$2,450/ton.

BMI analysts believe that aluminum prices will remain at high levels as the shift to a green economy will continue to drive demand. It is expected that global aluminum consumption will increase to 88.2 million tons by 2033, with an average annual growth rate of 2.5%.