The price of aluminum increased by about 10% in 2024 compared to 2023 due to the Chinese market, trade disputes and supply chain disruptions. According to industry data, prices ranged between 2,150 dollars/mt and 2,750dollars/mt.
By the end of the first quarter, aluminum prices began to increase in line with other base metals. Helped by a significant increase in long-term investments, prices rose throughout the second quarter, exceeding the 2023 peak at the end of May.
Pollution reduction
According to industry analysts, global efforts to reduce pollution from plastic packaging are leading to increased demand for fully recyclable materials such as aluminum. As a result, demand has been strengthened also affecting the prices of the final product. It is worth noting that 75% of the aluminum ever produced is still in use today. Companies in the industry emphasized that they look to the future with moderate optimism, despite the constant challenges, such as energy prices, ongoing geopolitical crises, high reference interest rates and the volatility of metal prices.
Regarding the outlook of Greek companies in the industry, the leadership of the Aluminum Association of Greece has emphasized that companies, both in the primary aluminum production sector and in the secondary sector have an important position in the European market. The products of the sector are recognizable and, in many cases, constitute a point of reference. Therefore, there is a competitive industry, which has a place in the international market. However, additional characteristics are required to enhance the competitiveness of the sector.
