Aluminum Price in 2023
In 2023, the price of aluminum averaged $2,256 per tonne, down 16.6% from the year before. This page covers the 2023 average, high, low, and year-end close, the events that moved the market, and what that aluminum would be worth in today's dollars.
2023 Average
$2,256
LME annual average, USD/tonne
Change vs 2022
-16.6%
from $2,705 in 2022
What happened to the aluminum price in 2023
Aluminum averaged $2,256 per tonne in 2023, sliding 16.6% from the $2,705 average of 2022.
After a COVID low near $1,700, aluminum surged to an all-time high around $4,073 intraday in March 2022 on Europe's energy crisis and the war in Ukraine, then settled back, with tariffs and supply shocks keeping it elevated.
Adjusted for inflation, aluminum's 2023 average of $2,256 equals about $2,386 in today's dollars. The conversion uses US Bureau of Labor Statistics CPI-U annual averages, so treat it as a close approximation rather than an exact figure.
Frequently Asked Questions
What was the price of aluminum in 2023?
What is a 2023 aluminum price worth in today's dollars?
Annual averages are World Bank and LME aluminum prices per tonne in US dollars (LME cash and settlement basis). Values before the LME aluminium contract launched in October 1978 are producer and list-price proxies, and the 2025 figure is preliminary. Where daily data exists, the per-year high, low, and close come from MetalCharts historical data. Inflation adjustments use BLS CPI-U annual averages.