Leading aluminum producers worldwide 2022, by production output

With around 7.1 million metric tons of aluminum produced, Chinalco was the world's largest aluminum producing company in 2022. Hongqiao, Rusal, and Xinfa were also ranked among the largest aluminum producers globally at that time. Together, China-based Chinalco and the Hongqiao Group represented an output of over 13 million metric tons in 2022.

China’s dominance in the aluminum industry

The aluminum market has been dominated by China, both in terms of production and international trade. In 2021, China's aluminum production amounted to over 38 million metric tons. In 2022, total value of China's aluminum exports was 34.7 billion U.S. dollars. Not only does China's success with aluminum output depend on factories with high production capacities, but China also has some of the largest bauxite reserves in the world. This vertical integration gives China a significant advantage in the global aluminum industry.

Outlook of aluminum prices

Between 2018 and 2020, average global aluminum prices slumped to just over 1,700 U.S. dollars per metric ton. This price dip started in 2018 due to concerns over the global economy and the slowing industrial growth in China. However, since then, average aluminum prices have begun to increase considerably, to nearly 3,500 U.S. dollars per metric ton in 2022.