Europe’s aluminum continues dropping due to surging energy costs
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Update time : 2022-05-27 20:25:10
Due to the surging energy costs, Europe’s primary aluminum smelters are maintaining their plan to cut production. European aluminum output dropped by 550,000 tons last year, and the decline is still continuing.
There is no sign of the slowdown of power prices in Europe, and this situation is likely to become worse as the EU is trying to reduce its dependence upon fossil fuels from Russia.
China is now having a large amount of aluminum for exports due to the government’s zero-COVID lockdown policy, which weakened the demand. In contrast, Europe is currently facing a severer shortage of supply due to more and more capacity curtailment in the region. It was expected that the problem will last until the energy crisis is solved.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
