Aluminium Gains As Efforts By China To Stabilise Its Markets.
Aluminium prices experienced a decline of -1.04% yesterday, settling at 199.6, with mixed factors influencing market sentiment. Efforts by China to stabilize its markets and reduce metal inventory provided some support, although gains were capped by a strong dollar. China’s Nonferrous Metals Industry Association (CNIA) reported a 30% decrease in aluminium product exports to the European Union covered by the bloc’s carbon border tariff in 2023.
This decline follows the EU’s implementation of the Carbon Border Adjustment Mechanism (CBAM) to curb imports of more polluting products, aligning with its green transition goals.