According to a report from Fitch Solutions, the aluminum price was expected to rise but will not hit a level as high as that in 2022. Goldman Sachs also said in a report that the aluminum price will surge further as increased demand from China and European countries could lead to more expectations of supply shortages. Besides, production cuts at some Chinese smelters and aluminum ingot inventories are falling is a sign of rising aluminum.

Market participants predicted that global aluminum demand will rise in 2023, with an expected growth of 4.7% in aluminum consumption. The US research institute said the power issues are still continuing to affect aluminum production, and the tight aluminum supply in China and Europe will support prices.