North American Aluminum Demand Dropped Through Q3 2023

SEATTLE (Scrap Monster): According to preliminary estimates released by the Aluminum Association, the domestic demand for aluminum in North America registered decline by 4.4% through the first three quarters of the previous year.

Charles Johnson, president & CEO of the Aluminum Association noted that the market remained soft following near-record shipments in 2022. However, the aluminum demand remained near the 10-year average. A sum of $6 billion has been committed towards expansion of domestic aluminum operations since 2021. The long-term outlook for aluminum continues to remain strong, Johnson said.

The aluminum demand in the U.S. and Canada totalled approximately 19,993 million pounds through Q3 2023. This compares with demand of 20,908 million pounds during the corresponding period in 2022. The demand for electrical wire and cable posted the strongest year-on-year growth of 14.7%. Meantime, the semi-fabricated product demand recorded year-on-year decline by 9.5% through the third quarter of 2023.

The aluminun exports to foreign countries surged higher by more than 23% in Q3 last year. Also, the volume of imported aluminum and aluminum products to North America witnessed sharp decline by 25% through Q3 2023.