By the first quarter of 2023, aluminum prices may remain low
Fitch said in a report that aluminum prices may remain under pressure until the first quarter of 2023 due to factors such as weak demand in western countries. As demand was lower than expected, the euro area was in recession, and according to the evidence of market oversupply shown by inventory data, the agency expected that the average aluminum price in the last quarter of this year would be lowered from $2800 per ton to $2725 per ton. Fitch said that the strengthening of the U.S. dollar and rising interest rates were the risks of further decline in aluminum prices. The agency lowered its forecast for aluminum prices in 2023 from $2700 per ton to $2600.
