Annual Average Primary Aluminum Price
1
Annual Average Primary Aluminum Price
(Dollars per pound)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998
YEAR
DOLLARS
1992 dollars
Current dollars
Al
Aluminum
by Patricia A. Plunkert
Significant events affecting aluminum prices since 1958
1971-74 Price controls
1973-75 Organization of Petroleum Exporting Countries (OPEC) oil embargo and sharp recession
1986-88 Worldwide supply shortages
1991 Dissolution of the Soviet Union
Aluminum metal was first isolated by Hans Christian
Oersted in 1825. As late as the early 1880’s, it was
considered to be a semiprecious metal and was sold in troy-
ounce quantities; the retail price of aluminum metal was
reported to be higher than that of silver. A commercially
viable large-scale production method had yet to be developed.
Domestic production levels during this period were in the
1,000- to 3,000-troy-ounce range, and many uses were
considered to be experimental (Mining Engineering, 1987).
In 1886, formal patent applications were filed for the
electrolytic reduction process for aluminum. This process,
which came to be known as the Hall-Heroult process, led to
the mass commercial production of aluminum metal. As the
process was developed and refined, production levels
increased rapidly. By 1895, domestic production levels had
reached 1 million pounds. As production levels continued to
increase, domestic producers kept the price of aluminum low
to encourage its use by consumers. In the early 1900’s, they
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