According to the report, the International Aluminium Institute (IAI) predicted that the global aluminum demand to grow nearly 40% in 2030, especially in the electric vehicle sector driving the market growth. Currently, Aluminum prices have been risen by 16.6% this year.

Some market participants indicated that aluminum consumption in the electric vehicle market will be increased from 19.9 million tons in 2020 to 31.7 million tons in 2030. Aluminum producers continued to increase their production capacity because the demand grew, and aluminum prices keep rising.

In addition, the production cost of electrolytic aluminum continued to climb led to European aluminum plants must reduce production, which is the reason for international aluminum prices constantly rising.