We forecast aluminium prices to average USD1,700/tonne in 2020, down from USD1,800/tonne in 2019, as prices will remain under pressure due to a weak macro-economic outlook underpinned by ongoing trade tensions and slowing global demand.
While the market balance will remain in deficit, the aluminium market will begin to loosen over the coming months, particularly due to ongoing weakness in the Chinese autos market.
Over the longer term up to 2023 we expect prices to recover as the market deficit begins to widen once more due to declining global production, driven by curbs to smelter overcapacity in China.
Table of Contents
Commodity Price Forecast
- Aluminium Prices: Lower Prices In 2020 As Trade Tensions Dent Demand
Global Industry Overview
- Global Trends In Supply, Demand And Trade
Industry Trend Analysis
Global Company Strategy
- Alcoa: Lower Metal Prices To Limit Balance Sheet Improvements
- Aluminum Corporation Of China (Chalco)
- Rusal: Recovery As Sanctions Risk Fades
- Aluminium Bahrain
- Emirates Global Aluminium
- National Aluminium Company