What’s the price of aluminum right now? That’s the million-dollar question that isn’t always easy to answer.
Unlike with other commodities like oil, determining the price of aluminum encompasses more than simply the cost of the raw material. In fact, there are three critical factors that influence the price of aluminum. It starts with the cost of the raw material (called ingot). From there, you have costs associated with transportation from the warehouse, processing from the mills, and more. Naturally, these costs fluctuate based on certain macro-economic factors—and there are certain indices to monitor (outlined in the graphic below).
But how does it impact your next project? The interactive graphic below outlines three factors that influence the price of aluminum.