Posted 2/21/2024, 6:00:00 PM
New Madrid Smelter Closure Disrupts US Aluminum Market, Prices Decline on High Energy Costs and Ample Chinese Supply
- New Madrid smelter closure in U.S. disrupts aluminum market dynamics and leads to price declines
- High energy prices and robust Chinese aluminum output contribute to New Madrid closure
- Alcoa reports 3% decline in global aluminum shipments in 2023 amid balanced to slight surplus conditions, signaling muted demand
- Midwest Premium aluminum price proxy edges lower, reaching lowest level since March 2021 in February
- Outlook hinges on U.S. demand and Chinese production levels; demand turnaround needed for price recovery