The average price of aluminium in Q1 so far has dropped by almost 5% sequentially to $2,285 per tonne on London Metal Exchange.
The global demand recovery has fallen short of expectations. April-May 2023 data suggests about 5% year-on-year drop in demand in the world excluding China, said analysts at Kotak Institutional Equities in a report on 13 June. This is offset by 5% year-on-year growth in China, added the broking firm. But it is worth noting that the recovery in the Chinese economy post easing of lockdowns has been underwhelming.
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