Alumina prices fall 22% to $321/t: Nanshan Aluminium flags a volatile 2026 market

Nanshan Aluminium International Holdings has reported that overseas alumina prices averaged around USD 321 per tonne in the first nine months of 2026, down approximately 22 per cent year-on-year. The update highlights a third-quarter (Q3) price recovery following a subdued first half, supported by new overseas aluminium smelting capacity and supply constraints at some alumina refineries.

The update centres around the unaudited nine-month results of Nanshan Aluminium International’s controlling shareholder, Shandong Nanshan Aluminium Co., Ltd., for the nine-month period ended September 30, 2026.

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Overseas alumina prices remained low during the first half (H1) of 2026 before beginning to recover in Q3. The improvement was backed by the commissioning of overseas electrolytic aluminium smelters, which increased expected demand, alongside production constraints at some alumina refineries.

Despite the recovery, the average overseas alumina price for January–September remained approximately USD 321 per tonne, 22 per cent lower than in the same period of 2025.

The figures highlight the contrasting forces shaping the alumina market, i.e., additional demand from aluminium smelting capacity and tighter supply from some refineries.

Shandong Nanshan Aluminium’s unaudited financial and operational results for the first nine months of 2026, prepared under Chinese accounting standards, may not be directly comparable with Nanshan Aluminium International’s financial statements, which are prepared under Hong Kong Financial Reporting Standards (HKFRS).

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The company has advised shareholders and potential investors to exercise caution when trading its shares and not to place undue reliance on the unaudited information.

As the year progresses, the overseas alumina price trend remains an important indicator for the aluminium value chain, especially as changes in smelting demand and refinery supply steer the market.