Aluminum in US metal spot market languishes amid recession fears
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Update time : 2022-05-09 19:12:49
Aluminum in the US metal spot market languished amid fears of a recession sparked by rising inflation and a supply chain crisis.
According to data released last month, the US ISM manufacturing PMI in March hit a new low since September 2020. At the same time, the US consumer price index (CPI) in March continued to hit a new high since December 1981. The US' inflation is at the highest level in four decades.
For aluminum buyers, these recent US economic data has been underwhelming, and they are also an important factor in delaying purchases.
Industry sources revealed that spot aluminum trading in the market has been suspended in recent weeks, the impact of the COVID-19 epidemic in Asia has also increased uncertainty, and the outbreak of the Russian-Ukrainian conflict has further increased uncertainty. Long before the war, the aluminum market was already beset by long wait times and weak demand.
Market participants are assessing whether factors such as inflation, supply chain bottlenecks, and rising energy costs will persist into the second half of the year.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
