Calculate Embedded Emissions for Unwrought Aluminium (HS7601)

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Payable emissions (tCO₂e/t)

Total CBAM Cost (€)

Notes:
There may be a difference when calculating the price with respect to import volume, carbon price, and benchmark emissions, as the embedded formula may result in minor variations due to decimal rounding. Therefore, the actual value may vary.

CBAM is applicable to trade volumes starting from 50 metric tonnes. For trade volumes below 50 metric tonnes, CBAM does not apply.

Usage Procedure – How to use the CBAM Calculator Sheet

Enter or update values only in the INPUT
PARAMETERS section (Highlighted in blue) , including
the carbon price, benchmark emissions, CBAM
chargeable percentage (as per the phase-in year),
and imported quantity.

The system will automatically calculate the payable
emissions and the total CBAM cost (€) based on the
inputs provided.

Notes:
• Change any input value to automatically update CBAM cost.
• Formula used: Carbon price × payable emissions × quantity.
• Model aligned with CBAM supplier-side illustrative methodology.

12 MAY 2026 AL CIRCLE

JPMorgan Chase and Co. says aluminium smelters may face a longer recovery period than petroleum coke supply

EDITED BY : STAFF EDITOR 2MINS READ

Stock image for referential purposes only

Aluminium production outside the Gulf region could also be affected if petroleum coke shortages worsen because the Strait of Hormuz remains closed.

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A report by JPMorgan Chase & Co. said petroleum coke, a key raw material used in aluminium production, may become a major problem for aluminium producers globally as tensions continue in the Persian Gulf region.

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According to the report, around 20 per cent of global petroleum coke supply is affected by the Strait of Hormuz disruption because petroleum coke is produced during oil refining. It warned that if shortages become severe, aluminium producers outside the Gulf could face operational problems or may have to reduce production.

The report stated, “If petroleum coke shortages become acute, additional aluminium supply outside the Gulf could face operational challenges or be forced to curtail production.”

JPMorgan Commodities Research expects the global aluminium market to be short by around 2 million tonnes in 2026.

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The report said the aluminium market is already under pressure because of disruptions in alumina shipments to Gulf smelters and shipping route interruptions linked to the conflict in the Persian Gulf.

It added that continued disruption in alumina supply to Gulf smelters could result in further shutdowns in the aluminium sector.

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Apart from alumina, the petroleum coke market is also facing supply tightness. The report said both calcined petroleum coke (CPC) and green petroleum coke (GPC) markets are under pressure because of shutdowns in the Gulf region.

Furthermore, US Gulf petroleum coke prices have increased by around 20 per cent (currently USD 145 per tonne) since the conflict began, while several other fossil fuel prices have also risen sharply.

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JPMorgan warned that supply and demand imbalances could continue even if the conflict eases. According to the report, petroleum coke production could restart faster than aluminium smelting operations, as restarting smelters may take between 12 and 18 months. However, the report said the timing of recovery in both supply and demand remains uncertain.

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