In August 2023, there’s been a rising trend in the price of Aluminum Ingot in the American market. This is because there’s been less production, leading to limited availability. Additionally, some Aluminum factories have closed down. At the same time, trade through the Suez Canal has decreased, making it difficult to obtain Aluminum from Asia. People anticipate that the Aluminium Ingot prices will continue to rise in America for a few weeks.
The Aluminum Ingot industry in America has been facing some problems. The cost of electricity used to make Aluminum has increased, and Aluminum from China has been sold at lower prices. This has made it difficult for American factories to sell their Aluminum. Consequently, there has been less Aluminum Ingot production in America. Some major Aluminum factories in America have slowed down or completely shut down. This has been happening since 2022, and more factories are being affected now. Due to these problems, Aluminum is now considered very important in Canada.
Some government officials in America are trying to reopen an Aluminum factory in Missouri. This factory closed because it was too cold, and the company did not have enough money to keep it running. This has made even less Aluminum available in America. Additionally, another factory in Missouri has slowed down its Aluminum production. This factory was important because it helped American factories compete with factories in other countries. Despite efforts to help, these attempts didn’t work.
Experts say that because less Aluminum is being produced in America, it might soon become difficult to obtain Aluminum. This means the price of Aluminum Ingot could increase. Furthermore, there’s a growing need for more Aluminum for things like clean energy, so the demand for Aluminum might rise. Meanwhile, with less Aluminum left to buy, companies might raise their prices.
Impact of Rising Aluminum Prices on India
Major exporter of Aluminium Ingot to India are USA and China. If prices continue to rise in the USA, it could have a significant impact in India. Indian companies, such as car and bike manufacturers, could be greatly affected by the increase in Aluminum Ingot prices. This could lead to a considerable rise in Aluminum prices in India.
In conclusion, Indian industries could face significant challenges if prices rise globally.
