Leading aluminum producers worldwide by production output 2021
The aluminum market has been dominated by China, both in terms of production and international trade. In 2021, the country produced 38.8 million metric tons and exported 34.7 billion U.S. dollars worth of aluminum. Not only does China's success depend on factories with high production capacity, but China also has one of the largest bauxite reserves in the world. This vertical integration gives China a significant advantage in the global aluminum industry.
Outlook of aluminum prices since 2018
Throughout 2018 and 2020, aluminum prices slumped to just over 1,700 U.S. dollars per metric ton. This price dip started in 2018 due to concerns over the global economy and the slowing industrial growth in China. However, since 2020, average aluminum prices have begun to move in the opposite direction. Global supply chain has been hampered by the COVID-19 epidemic, which has caused a scarcity of raw materials and raised the cost of transportation. Subsequently, aluminum prices have continued to rise as supply has failed to keep up with global aluminum demand. As of March 2022, the average cost of aluminum reached 3,496 U.S. dollars per metric ton.