QAMCO IR Presentation H1-23
CLASSIFICATION: C1 - CONTROLLED
Macroeconomic updates
Aluminium prices ($/MT)
4500
-Aluminium LME spot prices ($/MT)
750
4000
650
3500
3000
550
2500
450
2000
350
1500
1000
250
Jan-20
02/
Dec-20
Dec-21
Dec-22 June-23
Jan-20
.
16
Alumina prices ($/MT)
Alumina spot prices ($/MT)
Dec-20
Dec-21
Dec-22 June-23
Macroeconomic context for the aluminium markets remained wavered. Several factors affected the
commodity markets, which cascaded down to the supply-demand dynamics of aluminium and led
to volatilities in prices, including:
▸ demand for aluminium was overshadowed by China's slow paced post-COVID recovery
phase, coupled with lackluster demand in the global construction sector.;
High interest environment continue to weigh on industrial demand for most of the
commodities, including aluminium;
▸ Global operating rates for smelters improved following a recent fall in natural gas prices;
▸ geo-political tensions continue bring an additional layer of uncertainty to the commodity
markets.
On an overall basis, aluminium prices for 1H-23 demonstrated declining trends versus 1H-22, amid
macroeconomic headwinds. However, aluminium prices inched upwards versus 1Q-23.
Note: Market prices have been sourced from an international third-party trusted data provider and may not reflect prices
achieved by QAMCO JV
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