The bank lowered its 2022 aluminum price forecast from $3,315/ton to $2,721/ton, and lowered its 2023 forecast from $4,125/ton to $3,563/ton.
●In the first quarter, the United States produced 241,000 tons of primary aluminum, an increase of 4.78% month-on-month
According to the U.S. Census Bureau, U.S. primary aluminum production reached a record 84,000 tons in March 2022, an increase of 9,000 tons from the same period last year and the previous month. In February, U.S. primary aluminum production was 75,000 tons, compared with 82,000 tons in January. In the first quarter of 2022, U.S. primary aluminum production totaled 241,000 tons, an increase of 4.78% month-on-month, and in the fourth quarter of 2021, primary aluminum production was 230,000 tons.
In March 2022, U.S. primary aluminum production averaged 2,730 tons per day, up from 2,670 tons in February and up from 2,410 tons in the same period in 2021.
U.S. secondary aluminum production was 290,000 tonnes in March 2022, up from a revised level in February, while increasing 3% from a year earlier. Broken down, 159,000 tonnes came from new scrap and 132,000 tonnes came from old scrap.
In March 2022, the average price of aluminum ingots in the U.S. spot market was $1.98 per pound, an increase of 8% month-on-month and a 68% year-on-year increase.
