Goldman Sachs, a financial services firm, expected that the global aluminum market supply will shrink and be in short this year and next.
According to Goldman Sachs’ report, the new aluminum price targets on a 3-month/6-month/12-month basis were expected to be at US$2,100/2,450/2,750/ton. The average aluminum price this year will be US$2,686/ton, compared to the previous forecast of US$2,916/ton. The average aluminum price in 2023 was expected to be US$2,563/ton, compared to the previous estimate of US$3,425/ton.
The global aluminum market supply was expected to have a shortage of 629,000 tons this year, and the shortage next year will be 241,000 tons.
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