Aluminium Ingot Rates - Trends and Predictions 2024

Aluminium ingots are blocks of aluminium metal that are used as raw materials in the manufacturing of parts of machinery and various equipment extensively. Ingots are also used in production of many metal products like wires, sheet metals and tubings. The aluminium ingot rates face frequent fluctuations due to the dynamics of global demands, supply chains and geopolitical events. They are light-weight, and have high conductivity and corrosion resistance that make them fit for a wide range of applications for aluminium ingots in several industries.

Key Industries that Use Aluminium Ingots

What’s Behind The Aluminium Ingot Prices?

Based on the composition of aluminium ingots, the rates and usage vary. Aluminium ingots can be made with pure aluminium, or it can be made using an alloy of aluminium and magnesium, aluminium and zinc, aluminium and silicon, aluminium, zinc and magnesium, or aluminium with lithium. The aluminium ingot prices differ based on their composition, purity, type and size. 

Key Determinants of Aluminium Ingots Rates Globally

Disruptions in the supply of bauxite, which is the primary feedstock for aluminium smelters, due to  geopolitical tensions, mining restrictions and other natural disasters can lead to a shortage of bauxite and can drive up the aluminium ingot rates. Other factors that decide the aluminium ingots price trends include global trends, economic conditions, geopolitical events, supply chain challenges and demands from various industries. 

Find Current Aluminium Ingots Rates from Reliable Sources

Aluminium ingots rates undergo fluctuations every now and then due to several factors. It is therefore recommended to consult reliable sources for the most recent aluminium ingots rate. To get the most accurate and current aluminium ingots prices, one can check the following sources.

• NALCO

National Aluminium Company Limited, which is a major producer of aluminium in the country, posts the latest prices of their products on their website, including aluminium ingots rates.

• HINDALCO

Another major player in the Indian aluminium industry, Hindalco updates the latest aluminium ingots prices on their website.

• LME

London Metal Exchange is a global marketplace for industrial metals. One can access the previous trends in aluminium ingots prices on their website, and the current real-time aluminium ingots rates as well.

• Metal Bulletin

Metal bulletin is a leading metal market information provider. The bulletin covers the latest trends in aluminium ingots rates. It also features information on assessment and analysis of daily aluminium ingots prices in detail.

Market Trends and Aluminium Ingots Rates in 2024

Aluminium futures have gone up to ＄2620 per ton, with a four-month high of ＄2685 on 2nd October 2024. It increased by 10.99% since the beginning of the year. The following are the market trends determining the aluminium ingots rates in 2024. Here’s a breakdown -

Increased Demand

The global demand for aluminium has risen continuously because of its constant demand in sectors like automotive, construction, consumer goods and packaging. The aluminium ingots prices have thus seen an upward trend this year.

Supply Chain Disruptions

Logistical bottlenecks, shortage of raw materials and any such ongoing challenge contribute to volatility in aluminium ingots prices and constraints in supply.

Geopolitical Factors

Geopolitical situations and trade conflicts create uncertainty in the market as they impact the flow of raw materials like aluminium and its derivatives, in turn affecting the aluminium ingots rates.

Energy Costs

The production of aluminium from its ore requires a good amount of electricity supply. The cost of electricity plays a significant role in its production. Fluctuations in energy prices affect the production costs of aluminium and its derivatives, affecting the aluminium ingots rates consequently.

Predictions for The Rest of The Year 2024

It is not possible to make exact predictions for aluminium ingots rate. As per Trading Economics Global macro models, analysts and experts, it is expected to trade at 2694.74 USD/mt by the end of this quarter. We have listed some possible scenarios for aluminium ingots rates in the coming months.

Moderate Rise

Given the current scenario with increasing demand for aluminium ingots, a moderate increase in aluminium ingots rates is expected in the coming months. The extent of increase will however depend on factors like economic growth, geopolitical changes and cost of energy in the next few months.

Price Volatility

The market will remain volatile, with aluminium ingots rates fluctuating as per changes in situations and external events. Factors like unexpected supply disruptions or ups and downs in demand may cause short-term price swings.

Long-Term Upward Trend

Due to increasing demands from developing nations and emerging economies, the long-term trend for aluminium ingots prices seems positive. This is attributed to the fact that aluminium ingots are being used in various applications in a wide range of industries. Aluminium is expected to trade at 2830.47 USD/mt in 12 months. 

Find High-Quality Aluminium Ingots on Nexizo

To find high-quality aluminium ingots, log on to Nexizo, which is an AI powered SaaS platform. You can find ingots of different composition, type and size as per your requirement from more than 200 sources in the field. You can find the right contractors and buyers for your products on Nexizo too. It can provide you customised recommendations and in-depth analysis of market trends including that of aluminium ingots rates. You can also get custom integrations to find the right business opportunities.