The European energy crisis has led to a surge in energy costs, which also forced the local aluminum producers to cut their output.
The market supply became tight as some producers, including Aluminium Dunkerque Industries France and Alcoa's plant in Spain, have reduced output.
CRU Group said that the EU region has cut production capacity by more than 590,000 tons. Francisco Blanch, global commodities head at Bank of America, expected that the aluminum price will rise further, driven by rising energy costs.
Bank of America expects a supply gap of 254,000 tons in the global aluminum market this year and a gap of 1.876 million tons in 2023. The average aluminum price was expected to be US$3,125/ton this year, 26% higher than the 2021 average.
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