Explaining Global Aluminium Flows and Smelter Costs

Since October 22, aluminium prices have been trading below US$ 2000/tonne, and are currently barely keeping above US$ 1900/tonne. Without much good news on horizon, uncertainty over U.S.-China trade war persisting, and further strengthening of the US dollar, it would seem that demand for aluminium has completely stalled. But that’s not at all the case – not only is demand stable, but it will grow between 3.5 and 4% this year, exceeding production growth. At the same time, smelter productions costs rose this year, and inventories fell, both on registered warehouses and in general…

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