Due to recent shifts in global economic policy and market conditions, the prices of aluminum and copper are set to increase by 13% starting from December 1, 2024. This rise is attributed to a combination of factors, including supply chain constraints, increased demand from renewable energy sectors, and the ongoing impact of geopolitical tensions affecting metal exports.
For the aluminum market specifically, tighter supply constraints have been exacerbated by sanctions impacting key exporters such as Russia. As a result, the aluminum price forecast for Q4 2024 shows a steady upward trend, with projections indicating prices reaching approximately $2,724 per ton by year-end. The surge in costs is influenced by growing demand in sectors like electric vehicles and renewable energy, which require significant quantities of aluminum due to its lightweight and conductive properties.
Copper prices are following a similar trajectory, driven by its extensive use in electrical applications and green technology development. As economies worldwide pivot towards sustainable infrastructure projects, copper consumption is expected to rise, further straining supply and pushing prices higher. Analysts anticipate that this price adjustment may continue into 2025, especially with economic stimuli from major markets like China supporting increased industrial activity.
For Be-Win Group and customers, this market shift implies that the cost of aluminum composite panels (ACP) will also see a 13% increase starting next month. Be-Win Group advises all clients to finalize their orders promptly to ensure shipment and customs clearance before December 1, thereby avoiding the upcoming price adjustment.
This development is part of broader market trends affecting the metal industries, which are also influenced by environmental regulations and the phasing out of less efficient, coal-powered aluminum production facilities in China. The increased costs reflect both raw material price hikes and the industry’s adaptation to new production norms aimed at reducing carbon emissions.
Be-Win Group recommends that all stakeholders plan their procurement strategies accordingly and remain vigilant about upcoming changes in the commodity markets that may affect pricing and availability throughout 2025. For additional support or insights, please reach out to Be-Win Group team for further information and guidance on navigating these adjustments.