For the Quarter Ending December 2024
North America
In Q4 2024, the Aluminium sheet market in North America encountered significant fluctuations, marked by a 2% price decrease in October and a further decline of 6% in November. By December, prices stabilized despite rising global aluminium production and soaring alumina prices. The combination of easing economic conditions and external disruptions, like hurricane impacts and international demand fluctuations, has shaped this quarter's market dynamics.
Supply challenges surfaced as manufacturers offered discounts to address the oversupply situation within the Aluminium sheet market. The production of bauxite and alumina remained constrained, influenced by logistical issues and decreased shipments from key production hubs. Positive indicators emerged in automotive sales, which witnessed a robust increase of 12.8% month-over-month, bolstered by ongoing construction activity that recorded a 4.6% year-over-year rise.
The quarter-ending price for AL Sheet (1100-H14-0.8 mm) DEL New York stood at USD 5,325/MT. Throughout Q4, prices reflected a downward trajectory followed by stabilization in December, driven by heightened inflationary pressures and supply-demand imbalances. Looking ahead, stakeholders face challenges that include fluctuating raw material costs and cautious consumer behaviour in a market influenced by ongoing economic uncertainties and potential regulatory changes.
Europe
In Q4 2024, the European Aluminium sheet market faced significant challenges characterized by a combination of subdued demand, production declines, and external pressures affecting pricing dynamics. Prices for aluminium sheets in Germany remained stable throughout the quarter, despite a 2% decrease in October and stable prices in subsequent months. The construction sector, vital for aluminium sheet consumption, continued to experience contraction, influencing overall market conditions. Manufacturing dynamics revealed that the German aluminium industry is under strain, with ongoing declines in production volumes leading to diminished availability of aluminium semi-finished products. The Manufacturing Index pointed to contraction, indicating a decrease in output, new orders, and employment levels. Several key factors, such as soaring alumina prices and logistical disruptions, were significant drivers of cost pressures, alongside political uncertainties and weaker economic prospects. The quarter-ending price for Aluminium Sheet (2 mm-AW-2017A) FD-Koblenz stood at USD 12,135/MT. Throughout Q4, pricing trends show stability amidst a backdrop of adverse economic conditions and seasonally affected demand. As manufacturers navigate these complexities, they continue to face headwinds from rising operational costs, weak demand from construction and manufacturing sectors, and fluctuating input prices, posing challenges for growth in 2025.
APAC
The Aluminium sheet market in the APAC region exhibited stability in Q4 2024, with prices maintaining equilibrium despite fluctuating production dynamics. The pricing trend showed a notable resilience with price points supported by robust demand from the automotive sector. A healthy increase in vehicle sales, aided by government incentives, underpinned continued consumption of aluminium sheets, while alumina supply constraints helped stabilize pricing despite broader market adjustments. In October, prices rose amidst increased economic activity following the lifting of air pollution advisories in northern China, enabling alumina producers to resume normal operations. However, prices remained stable in November as bauxite supply issues emerged alongside strong alumina prices, cushioning any potential declines. December continued this trend, with production cuts in key regions like Sichuan and Guangxi contributing to a complex supply environment. The quarter-ending price for Aluminium Sheet (3004-1 mm) Ex Shanghai stood at USD 3,044/MT. Overall, Q4 pricing trends reflected stability, driven by solid automotive demand and strategic adjustments to supply amidst seasonal pressures. Looking ahead, market participants must navigate ongoing supply chain challenges and potential shifts in demand as seasonal patterns evolve, indicative of a market in transition with cautious optimism for the coming year.
MEA
In Q4 2024, the Aluminium sheet market in the UAE displayed resilience amidst fluctuating economic conditions. Prices increased by 3.2% in October, driven by strong demand from the construction sector, though they stabilized in November due to low consumption levels causing slight inventory increases in the spot market. By December, prices remained unchanged, reflecting the overall strength in the non-oil sector, underpinned by a rising Purchasing Managers' Index. The market dynamics were shaped by a balance between supply and demand, with elevated inventories in China influencing global pricing trends. The UAE's construction sector remained robust, bolstered by a Construction Sentiment Index score of +55%, although growth in new orders showed signs of slowing. Concurrently, companies faced rising costs for inputs, leading to competitive pressures that affected pricing strategies. The quarter-ending price for Aluminium Alloy Sheet (Al 1100) CFR Mina Jebel Ali stood at USD 3,206/MT. Throughout Q4, pricing trends showed initial increases followed by stabilization, highlighting both the positive demand landscape and the challenges of cost inflation and inventory management. Looking ahead, market participants must navigate these complexities while sustaining momentum in both local and export markets.
For the Quarter Ending September 2024
North America
The Aluminium Sheet market in North America witnessed a quarter of increasing prices in Q3 2024. This uptrend was influenced by a combination of supply constraints and resilient demand. Global factors such as high aluminium production levels and a surplus in the market were offset by localized disruptions in production and supply chains.
Weakness in manufacturing activity and lower-than-expected growth in green energy initiatives contributed to subdued demand, but the market remained buoyed by steady consumption from critical sectors. Additionally, the construction sector is gaining momentum, evidenced by rising home builder confidence in September due to lower mortgage rates from Federal Reserve cuts, stimulating construction activity and boosting aluminium demand. Furthermore, the market for sustainable aluminium is growing significantly, reflecting changing consumer preferences and industrial practices, further enhancing the overall demand landscape.
The USA, experiencing the most significant price changes, saw a mix of factors impacting prices, including supply challenges and fluctuating demand. Seasonal trends and market dynamics led to a stable first half followed by a price increase in the second half of the quarter. The quarter concluded with Aluminium Sheet priced at USD 5542/MT CFR New York, reflecting a positive pricing environment characterized by gradual price appreciation amidst a challenging market landscape.
Asia-Pacific
The APAC aluminium sheet market in Q3 2024 demonstrated mixed performance across key markets, with China and Malaysia showing varying trends in demand and pricing dynamics. China maintained stability in its spot market despite raw material fluctuations, with recycled aluminium operating rates holding steady at 53.6%. The market benefited from Rusal's increased production and shipments, though export demands faced headwinds.
China's manufacturing PMI contracted to 49.8%, indicating subdued consumer demand, yet showed promise in construction and real estate sectors following stimulus measures. The reopening of southwestern smelters, as power restrictions eased, contributed to inventory buildup, while rising alumina costs pressured production economics. Malaysia's market remained heavily influenced by China's export patterns. Despite global supply constraints, domestic demand weakened, particularly in the automotive sector, with Proton reporting a 9.1% year-on-year sales decline.
However, positive indicators emerged, including increased employment and easing inflation, suggesting potential recovery. The quarter recorded a modest decrease of 3% from the previous quarter. The quarter ended with prices at USD 2983/MT of Aluminium Sheet (3004-1 mm) FOB Tianjin (China), reflecting the overall downward trajectory in pricing for the region.
Europe
Throughout Q3 2024, the Aluminium Sheet market in Europe experienced a notable uptrend in prices, with Germany showcasing the most significant price changes. This increase was influenced by several key factors. Firstly, a surge in demand from the aviation sector, particularly driven by large orders from major airlines, played a crucial role in boosting prices.
Additionally, supply constraints in global alumina and bauxite resources heightened production costs, further supporting the price surge. In Germany specifically, the market saw a balanced supply situation, with the commissioning of a new aluminium billet casting line in a neighbouring country contributing to improved regional supply capabilities.
Despite challenges in the manufacturing sector, the overall trend in Europe indicated a positive outlook for Aluminium Sheet prices. The quarter recorded a 3% price increase from the previous quarter, with a notable 7% price difference between the first and second halves of the quarter. Ultimately, the quarter ended with Aluminium Sheet priced at USD 12557/MT FD-Koblenz in Germany, reflecting a bullish pricing environment.
MEA
In Q3 2024, the Aluminium Sheet market in the MEA region witnessed a significant decrease in prices, influenced by several key factors. Global challenges such as international sanctions on raw materials, geopolitical tensions, disruptions in nickel production, and shipping crises in the Red Sea all contributed to a complex and challenging supply landscape.
This led to high supply levels and downward pressure on prices. Demand remained low, with sluggish activity in the construction sector and subdued international interest in the region's products. The aftermath of natural disasters and supply chain disruptions further dampened demand, resulting in decreased sales volumes and increased backlogs of work. Within the United Arab Emirates specifically, the market experienced the most significant price changes, with a negative correlation in price trends. Seasonal fluctuations, along with high inventories and weak trading activities, influenced the downward price trajectory.
The quarter saw a 2% decrease from the previous quarter and a 1% decline between the first and second half. The quarter-ending price for Aluminium Alloy Sheet (Al 1100) at USD 3112/MT CFR Mina Jebel Ali highlighted the overall decreasing sentiment in the pricing environment. No plant shutdowns were observed during the quarter, further contributing to the stable but negative market conditions.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Aluminium Sheet market experienced a notable uptrend in prices, driven by a confluence of supply constraints and robust demand. The quarter was marked by significant factors such as raw material shortages, particularly bauxite, and increased shipping costs, both of which exacerbated the pricing pressures. Additionally, economic instability, inflation, and high-interest rates contributed to the overall escalation in aluminium sheet prices. Inventories remained low as demand from downstream sectors like automotive and construction surged, further tightening the supply-demand balance.
Focusing on the USA, the nation witnessed the most pronounced price changes within the region. The overall trend for aluminium sheets remained upward, driven by seasonal demand spikes and consistent purchasing activities across various industries. The correlation in price changes was evident as high demand coupled with limited supply pushed prices up. The price increase from the previous quarter was recorded at 12%, reflecting a significant uplift in market sentiment.
The latest quarter-ending price for aluminium sheets was USD 5555/MT CFR New York. This price reflects a positive pricing environment, supported by ongoing demand and constrained supply. The market's increasing sentiment was further bolstered by disruptions such as Rio Tinto's force majeure declaration on alumina exports, which heightened supply concerns. Overall, the pricing environment in Q2 2024 for the North American Aluminium Sheet market was predominantly positive, characterized by strong demand and supply-side challenges.
Europe
In Q2 2024, the Aluminium Sheet market in Europe exhibited stable pricing dynamics. This stability was underpinned by a confluence of balanced supply-demand factors, a recovering automotive sector, and moderate but consistent demand from the construction industry. Limited raw material availability and heightened production costs, exacerbated by increased energy and shipping expenses, played a significant role in maintaining this equilibrium. Despite these cost pressures, manufacturers were able to manage their supply chains effectively, avoiding substantial disruptions or plant shutdowns.
Germany, however, experienced the most significant price movements within Europe. The German market saw a 4% increase from the previous quarter in 2024, driven primarily by strong demand in the automotive sector, which benefitted from a notable uptick in new car registrations. Additionally, the manufacturing sector in Germany showed encouraging signs of growth, leading to increased consumption of aluminium sheets. Seasonality also played a role, with stable demand patterns observed throughout the quarter. The overall trend indicated a gradual recovery in industrial activities, which supported stable pricing.
The correlation in price changes across different sectors highlighted a synchronized recovery, particularly in the automotive and manufacturing industries. This stable sentiment was reflected in the quarter-ending price of USD 11850/MT for Aluminium Sheet (2 mm-AW-2017A) FD-Koblenz, Germany. The overall pricing environment in Q2 2024 remained stable, with no significant disruptions or plant shutdowns reported, ensuring a consistent and positive outlook for the aluminium sheet market in Europe.
APAC
In Q2 2024, the Aluminium Sheet market in the APAC region has experienced a notable upward trajectory in pricing, driven by a confluence of factors. Supply constraints have played a pivotal role, exacerbated by seasonal disruptions such as the Dragon Boat Festival leading to fewer working days and operational challenges. Additionally, geopolitical tensions, including tariff implications and regulatory changes, have further strained supply chains. Freight costs have surged due to external factors like the Red Sea crisis and increased shipping expenses from the Mediterranean to East Asia, compounding cost pressures. These supply-side issues have been met with rising demand across key sectors, notably automotive, construction, and infrastructure, which have robustly bounced back post-pandemic, fuelling heightened purchasing activities and inflating prices.
South Korea has witnessed the maximum price changes this quarter, underscoring an increasing trend. The manufacturing sector faced significant import pressures, navigating the influx of low-cost goods from neighbouring markets and a weakened yen. Despite these challenges, the domestic market saw a surge in Aluminium Sheet demand, primarily from the construction and automobile sectors, which have shown remarkable resilience. Seasonality factors, including the impact of Lunar New Year holidays, contributed to fluctuating inventory levels and delivery timelines, further influencing the price dynamics. Compared to the previous quarter, there was a substantial 12% increase in Aluminium Sheet prices, reflecting a strong market rebound.
The quarter concluded on a strong note, with Aluminium Alloy Sheet (Al 1100) FOB Busan in South Korea priced at USD 3556/MT, indicating a positive pricing environment throughout Q2 2024. This consistent upward momentum highlights the robust market fundamentals and resilient demand driving the Aluminium Sheet sector in the region.
For the Quarter Ending March 2024
North America
In Q1 2024, the Aluminium Sheet market in North America experienced mixed trends, with significant factors impacting market prices. The overall pricing environment for Aluminium Sheet slightly decline, with moderate supply and low demand levels. However, the USA market witnessed the maximum price changes during this period.
The market was influenced by various factors, including decreased demand from downstream industries during the winter and holiday seasons, disruptions in trade routes such as the Panama Canal and the Red Sea, and concerns over the supply of feedstock Bauxite and Alumina from Guinea following an explosion at an oil depot. Additionally, adverse weather conditions and snowfall led to reduced demand from the downstream construction sector, causing a slowdown in manufacturing activity across the USA.
In conclusion, the latest quarter-ending price for Aluminium Sheet (1100-H14-0.8 mm) CFR New York in the USA was USD 4951/MT. The pricing environment in North America during Q1 2024 can be described as stable, with challenges from seasonal factors and disruptions in trade routes.
APAC
In Q1 2024, the Aluminium Sheet market in the APAC region experienced varying trends and price changes. Overall, the market sentiment was stable, with moderate supply and demand levels.
Several factors influenced the market prices during this quarter. The Lunar New Year holiday in February resulted in reduced production and order volumes, leading to sluggish market activity. Downstream industries, particularly the automotive and infrastructure sectors, faced weakened consumer demand. Weather-related shipment delays also impacted prices. In South Korea, the market saw a slight price increase of 0.7% in Aluminium Sheet. This was driven by reduced supply and increased restocking efforts. The automotive sector showed strong demand, especially in electric vehicles, contributing to the price increase. However, overall market sentiment remained stable. When comparing Q1 2024 to the same quarter last year, there was a significant increase in prices. This can be attributed to factors such as higher raw material prices, increased demand from downstream industries, and government policies supporting the sector. In terms of seasonality, the first half of the quarter showed a slight price increase, while the second half remained stable. As of the end of the quarter, the price of Aluminium Alloy Sheet (Al 1100) FOB Busan in South Korea was USD 3262/MT. Overall, the pricing environment for Aluminium Sheet in the APAC region in Q1 2024 was stable, with some price fluctuations driven by supply and demand dynamics, as well as external factors such as raw material prices and government policies.
Europe
The European market for Aluminium Sheet in Q1 2024 experienced a stable pricing environment, with some fluctuations observed in Germany. Several factors influenced market prices during this quarter. Firstly, the supply of Aluminium Sheet was moderate, with trade activity hindered by disruptions in the Red Sea and Panama Canal routes. Attacks on vessels in the Red Sea and a major accident in a Guinea-based oil depot, a key exporter of Bauxite and Alumina, raised concerns over supply shortages. These incidents contributed to rising Bauxite prices despite a decline in demand due to adverse weather conditions and the holiday period. In terms of demand, downstream construction industries in Europe showed stable demand, although hindered by the winter weather and holiday periods. Meanwhile, the automotive sector maintained firm demand, driven by the increasing interest in expanding electric and hybrid vehicle manufacturing. Germany experienced slight price fluctuations for Aluminium Sheet. The market sentiment was influenced by trade disruptions in the Panama Canal and Red Sea routes, as well as concerns over the supply of feedstock Bauxite and Alumina. Furthermore, demand from the construction sector decreased due to adverse weather conditions and snowfall. Overall, the pricing environment for Aluminium Sheet in Europe during Q1 2024 can be characterized as stable, with slight fluctuations observed in Germany. The market was influenced by supply disruptions, adverse weather conditions, and holiday periods. The latest quarter-ending price for Aluminium Sheet (2 mm-AW-2017A) FD-Koblenz in Germany was recorded at USD 11399/MT.
MEA
In the first quarter of 2024, the Aluminium Sheet market in the MEA region experienced significant price changes influenced by various factors. The United Arab Emirates (UAE) witnessed the maximum price fluctuations during this period. Overall, the market sentiment for Aluminium Sheets in the MEA region was stable. However, the UAE market showed a bearish trend. The supply of Aluminium Sheets was moderate, with increased manufacturing and production capacities in mills. However, export activities were hampered by heightened freight costs and longer transit times through the Panama Canal, leading to inventory accumulation. Demand for Aluminium Sheets in the UAE was moderate, with industries like Automotive and Infrastructure facing challenges and no new projects. This resulted in reduced downstream demand and impacted local and international trade. The global slowdown in the Aluminium market, influenced by factors like bauxite and alumina, contributed to this decline. However, towards the end of the quarter, prices showed a slight recovery. In conclusion, the pricing environment for Aluminium Sheets in the MEA region, specifically in the UAE, was stable with a slight downward trend during the first quarter of 2024. The market faced challenges due to supply shortages, reduced export activities, and decreased downstream demand. Despite these challenges, the market showed signs of recovery towards the end of the quarter, with prices reaching USD 3119/MT of Aluminium Alloy Sheet (Al 1100) CFR Mina Jebel Ali in the UAE.
