The Aluminum Output Of UAE Global Aluminum Increased

The United Arab Emirates Global Aluminum (EGA) said recently that metal prices will continue to be under pressure due to the global economic slowdown.

In 2022, EGA's net income increased by 34% to a record $2 billion, mainly due to the outbreak of the Russia-Ukraine conflict at the beginning of the year, and the soaring commodity prices slowed down in the second half of the year.

Abdulnasser bin Kalban, CEO of EGA, said in a statement: "Because aluminum is closely related to the health of the global economy, the near future prospects of aluminum still face some pressure."

At the same time, it is expected that the demand will increase by 1% to 2% in 2023 and accelerate the growth in the coming decades, mainly because the industry tends to seek lighter and more recyclable metals to support energy transformation projects.

In 2022, when the Russia-Ukraine conflict broke out, the LME aluminum price reached a record $3850/ton, and then fell to $2383/ton.