Aluminium: things to look for in 2024

The final months of 2023 saw several events that will continue to affect the aluminium market in 2024. Heightened tensions in the Middle East, an explosion at a major oil depot in Guinea, additional restrictions on handling Russian metal and rising smelter costs will be key supply-side factors this year.

For demand there were signs at year-end that consumer destocking in key product segments had run its course, with buyers looking to rebuild inventories from Q2 2024 onwards.

This promises to be another year of volatility for the aluminium market – so what are the key themes to watch? In this report, we draw on insight from the Aluminium Research Suite to
assess the factors that will influence the market in the year ahead. This includes: 

• Are premiums done falling?
• Further turmoil in the alumina market
• Is a squeeze in smelter margins now a real possibility?

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