aluminium, a lightweight, durable and highly recyclable metal, plays an important role in modern industry. From aircraft to packaging, from construction to electronic devices, aluminium is used everywhere. However, aluminium price fluctuations are often affected by market supply and demand, geopolitical factors, and macroeconomic conditions.
Market price of aluminium
The price of aluminium usually refers to the price of aluminium ingots, as aluminium ingots are the raw materials for the production of aluminium sheets, aluminium foils, aluminium profiles and other products.
According to Trading Economics, as of August 9, 2024, the price of aluminium has shown a downward trend in one year, from an all-time high of $4,103/ton to an expected trading price of $2,293.62/ton. This change reflects the fluctuations in market demand for aluminium and the impact of global economic conditions.
As of August 9, 2024, the price of aluminium is $1.0365 per pound, and the latest aluminium ingot prices can be viewed through the dailymetalprice website.
aluminium Ingot Price and Scrap aluminium Price
The price of aluminium usually refers to the price of aluminium ingots, which is the standard form of aluminium trading. The price of aluminium ingots is affected by a variety of factors, including global production, inventory levels, and the economic conditions of major producing countries. The London Metal Exchange (LME) and the New York Mercantile Exchange (COMEX) are the main venues for aluminium futures trading.
The price of scrap aluminium is significantly affected by market supply and demand. For example, according to iScrapApp, as of August 9, 2024, the price of scrap aluminium was $0.45 per pound, which is a decrease from the previous price. The fluctuation of scrap aluminium prices is closely related to the price of new aluminium. When the price of new aluminium rises, the demand for scrap aluminium increases due to its cost-effectiveness, and vice versa.
Why is aluminium more expensive when purchased at a local store?
The reason aluminium is more expensive when purchased at a local store is mainly related to the costs at the retail level. Retailers need to pay additional transportation, storage, and point-of-sale operating costs, which are ultimately passed on to consumers.