Aluminum prices hit a new high

Global aluminum prices rose steadily and reached a new high since May 2015. The rise in aluminum prices is associated with high demand for the metal, low market reserves and a reduction in aluminum production in China.

According to the World Bureau of Metals Statistics (WBMS), global demand for primary aluminum rose 1.3% year-on-year, which was higher than the 0.7% annual production increase. Among other things, primary aluminum production in China reached about 31.9 million tonnes, accounting for 55% of global production.

Meanwhile, futures prices on the London Metal Exchange (LME) rose by about 13%.