Goldman Sachs: At present, aluminum prices are low, and aluminum prices will rise next year, but China's supply will limit the rise in aluminum prices next year. Aluminum prices are expected to be $2,100/ton, $2,000/ton and $2,000/ton in the next three, six and 12 months, respectively. Aluminum prices are expected to be between US$2,000 and US$2,100 per ton in the next two years, and will increase to US$2,300 due to supply gaps in 2023.
(1)According to SMM, China's alumina production in November (30 days) was 6.082 million tons, an increase of 6.7% year-on-year, and the average daily output was 203,000 tons, an increase of 4.06% from the previous month.
(2) According to SMM statistics, China's electrolytic aluminum output in November (30 days) was 2.959 million tons, an increase of 1.8% year-on-year. The average daily output in November was 99,000 tons, a decrease of 1.8% from the average daily output in October.