For the Quarter Ending June 2023

North America:

During Q3 2023, the Aluminum Sheet market in the USA exhibited a consistent pricing trend. Initially, prices surged in response to an interest rate hike by the US Federal Reserve aimed at curbing inflation and stimulating demand. The growth of the photovoltaic system industry further fueled consumption, and Alcoa's initiatives in energy transition and mining activities in Australia provided additional market momentum. However, the market faced challenges with low supply due to reduced local production and export restrictions imposed by Indonesian suppliers. Tesla's robust sales of electric vehicles, particularly in the automotive sector, drove demand, supported by bulk orders and new business from Arco Industry. Despite these positive factors, prices remained stagnant in August, attributed to lower demand from downstream industries and economic uncertainty. Aluminum sheet supply remained stable, with increased Bauxite imports from Guinea. The mining deals between Guinea and the West African LNG Group contributed to sustainable energy use and production growth. Downstream automotive demand plateaued amid intensified competition from Chinese manufacturers. Future demand for Aluminum sheets is expected to be driven by growth in the renewable energy sector, although potential power outages may impact production costs, leading buyers to adopt a cautious wait-and-watch approach amid market uncertainty.

Asia-Pacific:

In August, the Aluminum Sheet market in South Korea witnessed a stable pricing trend, influenced by various factors. The stagnation in prices was attributed to reduced manufacturer offers and diminished purchasing activity. Weak demand and reluctance to buy from traders and end-users contributed to the overall price stability. Domestic market volumes significantly decreased, confirming the ongoing price stagnation. Global economic uncertainty led to a decline in feedstock Aluminum prices, while high supplies from India and China further contributed to the stability of Aluminum Sheet prices. Buyers hesitated to place orders, anticipating further price declines. The US interest rate hike impacted export demand from downstream industries, leading to a declining price trend. Subsequently, Aluminum foil prices rose due to increased production, but local demand remained weak. Overseas markets experienced rising inventory levels, and sales from companies like Novelis and Hindalco declined in India. Political and local issues, including resistance to bauxite mining and increased bauxite reserves from abroad, influenced the South Korean market. The automotive industry remained stable with expectations of growth driven by increased electric vehicle sales. However, supply growth and market uncertainty left both local and foreign buyers cautious.

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Europe:

In Q3, the Aluminum Sheet market in Germany displayed a stable pricing trend. Initially, prices rose due to economic stability and reduced local inventories. Export restrictions from Indonesian suppliers tightened supply, leading to increased spot market prices in Germany. A contract with an Indian rail giant heightened demand for Aluminum sheets from German manufacturers, with parts needed for production in France, boosting exports. Plans to lift the ban on Russian Aluminum imports signaled progress in European supply and demand stabilization. Alcoa's mining permit for an Australian Aluminum Sheet mine further supported market growth. Despite supply constraints due to low domestic Aluminum sheet stocks, recognized as crucial by the government, prices remained steady in August. Ample Bauxite supply and cautious local orders supported this stability. Increased Bauxite imports and collaborations in shipbuilding and the clean energy sectors bolstered demand. Economic uncertainties and fluctuating Federal interest rates affected orders, but the automotive and clean energy sectors hinted at future Aluminum Sheet demand, leading to increased local inventory levels.

MEA:

In the third quarter of 2023, the United Arab Emirates (UAE) witnessed a significant decline in Aluminum Sheet prices amidst rising Bauxite supply and a decrease in the local consumption rate. The influx of supply from the overseas Asian market prompted cautious buyer behavior, with some mills offering discounts to attract customers. A noteworthy development impacting the market was the expansion of a Bauxite mine in Guinea, resulting from a partnership between Emirates Global Aluminium, Guinea Aluminium Corporation, and Electricitie de Guinea. This collaboration boosted Bauxite supply in the UAE spot market. Furthermore, dwindling demand from downstream industries, such as automotive and aerospace, intensified the bearish sentiment in the Aluminum sheet market. Buyers refrained from placing large orders in anticipation of further price reductions. Although there was slightly stable demand in the automotive sector, uncertainty persisted due to increased electric car sales and ongoing supply growth. High imports from Guinea's offshore mines also contributed to market dynamics. The future price trajectory of Aluminum sheets in the UAE remains uncertain, with potential increases on the horizon due to expanding electric car sales and evolving supply dynamics.

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