Goldman Sachs Group, a financial services firm, raised the aluminum price forecast to US$3,125/ton for 2023, higher than the previously estimated US$2,563/ton. The upward adjustment was due to a supply shortage caused by higher demand from Europe and China.

Goldman Sachs also expected the aluminum price to rise to US$3,750/ton within the next 12 months. Analysts said the global inventory dropped by 39.1% year on year to 1.4 million tons only, hitting a new low since 2002. The short supply will soon trigger concerns about tight supply. The price upward momentum was expected to continue until spring.