India’s alumina trade surplus nearly quadruples to 1.72 Mt in H1 2026 as exports hit 2.5 Mt

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India’s alumina trade underwent a sharp shift in the first half of 2026, with exports accelerating to a new high while imports contracted substantially. Data for HS 281820, i.e. aluminium oxide excluding artificial corundum, shows that India exported 2.5 million tonnes in H1 2026, up 51.3 per cent from 1.65 million tonnes in H1 2025. At the same time, imports fell 34.9 per cent year-on-year to 775,362 tonnes from 1.19 million tonnes.

The result was a substantial widening of India’s net alumina trade surplus. The country moved from a surplus of about 460,466 tonnes in H1 2025 to 1.72 million tonnes in H1 2026, a nearly fourfold increase.

Exports climb to a record level

India’s alumina exports have been on a clear upward trajectory since Q2 2024. Quarterly shipments rose from 458,621 tonnes in Q2 2024 to 888,376 tonnes in Q2 2025, before reaching 1.24 million tonnes in Q2 2026. H1 2026 exports totalled 2.5 million tonnes, compared with 1.65 million tonnes a year earlier.

The most notable change has been in India’s destination mix. Oman remained the largest named destination, absorbing 461,022 tonnes, or about 18.5 per cent of H1 2026 exports. However, Russia moved sharply higher, taking 403,168 tonnes, compared with only 63,016 tonnes in H1 2025. China was another major growth market, receiving 188,798 tonnes, versus just 385 tonnes in H1 2025.

Malaysia also emerged as a larger destination, with exports reaching 92,868 tonnes, nearly three times its H1 2025 volume. Meanwhile, shipments to some previously important markets weakened: exports to the UAE fell from 157,112 tonnes in H1 2025 to just 29,915 tonnes, while Egypt declined from 121,572 tonnes to 30,739 tonnes.

One caveat is important when assessing the destination mix is that the published trade dataset records 1.09 million tonnes under “Area Nes” in H1 2026, representing destinations not specified by individual country. This accounts for roughly 43.6 per cent of total exports, so country-level shares should be interpreted accordingly.

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Imports contract despite a Q2 recovery

India’s import trajectory was almost the opposite. Imports reached 1.19 million tonnes in H1 2025, but dropped to 775,362 tonnes in H1 2026, a decline of nearly 35 per cent. The contraction was particularly severe in Q1 2026, when imports fell to just 199,101 tonnes, before recovering to 576,261 tonnes in Q2.

The Q2 recovery, however, did not fully reverse the decline: Q2 2026 imports were still 16.1 per cent below Q2 2025's 686,669 tonnes. Interestingly, they remained marginally above the 559,523 tonnes recorded in Q2 2024, indicating that the sharp H1 contraction was driven primarily by the exceptionally low Q1 figure.

Indonesia continued to dominate India's alumina import basket, supplying 499,485 tonnes, or approximately 64.4per cent of H1 2026 imports. Australia followed with 92,925 tonnes, while Vietnam supplied 83,789 tonnes and China 56,089 tonnes.

India’s four major alumina suppliers all recorded lower shipments in H1 2026 compared with H1 2025. Indonesia, the dominant source, supplied 499,485 tonnes, down from 533,771 tonnes a year earlier. Imports from Australia saw a much steeper decline, falling to 92,925 tonnes from 197,500 tonnes, while supplies from Vietnam dropped from 121,868 tonnes to 83,789 tonnes.

Imports from China also declined, albeit at a comparatively smaller scale, from 70,828 tonnes in H1 2025 to 56,089 tonnes in H1 2026. The broad-based reduction across these key suppliers, particularly Australia and Vietnam, was a major factor behind the overall contraction in India’s alumina imports during the first half of 2026.

Saudi Arabia was a notable exception, with shipments rising from just 4,188 tonnes in H1 2025 to 26,790 tonnes in H1 2026.

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H1 2026 marks a clear change in India’s alumina trade balance

Taken together, the data points to a decisive strengthening of India's net alumina position in H1 2026. Exports exceeded imports by 1.72 million tonnes, compared with a surplus of only 460,466 tonnes in H1 2025.

The trend is particularly visible when the broader quarterly series is considered: exports have risen consistently from the 0.46-million-tonne level in Q2 2024 to more than 1.2 million tonnes per quarter in H1 2026, while imports have remained volatile and ended H1 2026 well below their 2025 levels.

Thus, India entered H2 2026 with a considerably stronger alumina export position and substantially lower dependence on imported alumina than a year earlier. The shift in destination markets, particularly the sharp rise in shipments to Russia and China, also suggests that the growth in exports has been accompanied by a significant reshaping of India's overseas alumina trade flows.

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