What factors will AFFECT the aluminium market in 2023?
Now a few months into 2023, there are a few factors that are influencing the market. As China's Covid-19 curbs are lifted it's likely that global demand for aluminium will rise in 2023 as their economy recovers.
US international multinational investment bank Goldman Sachs said aluminium prices are likely to average $3,125 in 2023, higher than its previous forecast of $2,563. It expects aluminium to touch $3,570 over the next 12 months.
In January, aluminium on the London Metal Exchange (LME) gained over 2.5 per cent at $2,457.50 a tonne for the three-month contract. It had surged to a six-month high of $2,660 on January 25.
There will be a sustainable shift this year however in the rise of aluminium-free contrainers as the packaging industry looks to improve the sustainability of carton products by developing aluminium alternatives using fibre based materials, reports the ingredients network.com.
Last year packaging giant Tetra Pak revealed details of its fully renewable aseptic package that uses a fibre-based material substitute to replace the aluminium layer used in food carton packages.
Even though the layer is thinner than a human hair, it contributes to a third of the green-house gas emissions linked to base materials used by Tetra Pak.
Moving forward it's a goal of Atlante's to use more sustainable packaging, this should in turn help other initiatives and in turn help the food supply chain.
