Boom! Aluminum Price Breaks Record, Highest Since 2008

Jakarta, CNBC Indonesia – Aluminum prices hit a record high price since 13 years ago in today’s trading. Encouraged by China’s aluminum supply, which fell to touch its lowest point since December 2020.

On Monday (13/9/2021) at 15:20 WIB, the world aluminum price was recorded at US$ 2960/ton. Up 1.19% compared to yesterday’s closing price. This is the highest price since June 2008.

Sumber: Trading Economics

“Power shortages and environmental concerns are limiting production in China. Political unrest in Guyana also threatens to delay a major new bauxite project supplying an aluminum smelter in China,” ANZ analysts said in a report, reported by the Financial Post.

For information, Guyana is the second largest bauxite producing country after Australia. Bauxite is the basic material for making aluminum.

Most of the bauxite mining products from Guyana are imported to China as the world’s largest aluminum producer. So that the disruption of bauxite shipments from Guyana will have a major impact on aluminum production in China. It is estimated that there are more than one million tons of aluminum production disrupted in China this year.

Aluminum inventories at ShFE (Shanghai Futures Exchange) warehouses fell to 228,529 tonnes, the lowest since December 2020. Meanwhile, the average LME (London Metal Exchange) aluminum inventories in September 2021 fell 11.6% year-on-year ( yoy) compared to September 2020 to 1.33 million tons.

CNBC INDONESIA RESEARCH TEAM

(aji / aji)



.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.