Digital Transformation Slows Down the Global Economy
Aluminum Billets to Maintain Equilibrium Throughout 2024
By Shubhendra Anand , 28 February, 2024
In most market sectors, aluminum is essential in Europe's transition to clean energy. Aluminum is the most widely used non-ferrous metal worldwide due to its good properties. Aluminum billets are an aluminum product used widely in metal applications. Aluminum can be a vital asset for the transition to green energy in 2024, with changing trends and prices of metals for the same year.
Aluminum is widely used in electricity transmission, mobility, and transportation, among other important industrial sectors. Since clean energy transitions uptake to achieve net zero emissions by the end of 2050, aluminum can be a suitable catalyst for achieving these goals. At least half of the green energy transition goals are required to be fulfilled by 2030. Aluminum is known for its carbon dioxide savings that help decarbonize different sectors, such as packaging, transportation, and others. In transportation, aluminum is an essential element that results in low carbon mobility. It is to be noted that carbon can be recycled repeatedly, making it more environmentally friendly. Therefore, aluminum is cost-effective yet ecologically friendly due to its renewable and recyclable properties.
According to different surveys, aluminum prices have gone slightly downwards in the initial weeks of January 2024 compared to the prices of aluminum in December 2023. The data reports from the surveys show that aluminum prices increased to 8 percent month over month in December 2023. However, the prices declined at the beginning of January 2024 as the demand decreased unexpectedly. Experts' review suggests that the monthly metals index for aluminum elevated to 3.07 percent from December 2023 to January 2024. Therefore, the aluminum billets market is expected to backtrack in 2024 and maintain an equilibrium of prices, even though the consumers hesitancy to aluminum demands can be noted at the beginning of the year.
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Shubhendra Anand
Head Research
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