23 October 2024 – Aluminium stocks on the LME have been in free fall for several months and have now collapsed by more than 33% – causing prices to rise. And Thorsten Gerber, CEO of the Gerber Group, invited to talks at the EU Parliament in Strasbourg. The primary objective: SMEs in the EU must be strengthened immediately.
LME aluminium inventories down 33%
After aluminium inventories in the LME warehouses peaked in May 2024, they have since collapsed by 33%. This development is also reflected in prices, which have risen by more than 15% since January 2024 and a brief dip in July. In October, the average price for a tonne of aluminium on the LME was around USD 2.633.
Aluminium: strong demand meets scarce availability
The background to this is the continuing strong demand for aluminium, but also a persistent shortage of bauxite and alumina, the two primary products of aluminium. China in particular, as the world’s largest aluminium producer, is increasingly dependent on bauxite imports. While the two most important aluminium suppliers, Guinea and Australia, are struggling with export and production problems.
Thorsten Gerber, CEO of the Gerber Group, invited to talks at the EU Parliament in Strasbourg
Thorsten Gerber, CEO of the Gerber Group, accepted an invitation from the European Parliament to Strasbourg on Tuesday, 22 October 2024, to discuss the future of small and medium-sized enterprises (SMEs). The focus was on the challenges facing these companies in the EU, particularly in view of the lack of support from the European Commission.
Strengthening SMEs against the overwhelming power of lobby organisations
‘Our aim is to strengthen SMEs against the overwhelming power of lobby organisations and to bring them into the focus of the European Union,’ explained Thorsten Gerber. ‘Without strengthening small and medium-sized enterprises, which form the backbone of the EU economy, there can be no sustainable recovery in Europe.’
EU Commission too focussed on large corporations
Gerber also criticised the EU Commission’s current focus on large corporations: ‘It is time for Ms von der Leyen to get off her high horse and address the challenges facing the companies that secure more than 11.5 million jobs in the metalworking and consuming industry in the EU.’
With these clear words, Gerber emphasised the urgency of giving SMEs a greater voice and involving them actively and with the highest priority in the economic policy decisions of the European Union.
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