Market surplus lets alumina price on LME hardly cross $315/t when aluminium soars past $3500/t
At a time when aluminium prices are climbing sharply, alumina - the very raw material that feeds it - is barely moving. This unusual split raises a simple question: why is the input material weakening while the output strengthens? The answer lies in a mix of supply, expansion, demand shifts, and geopolitical shocks that are pulling the two markets apart.
The divergence has been clearly visible since late 2025, with both commodities moving in opposite directions and creating an imbalance across the value chain.
Alumina price opened 2026 at USD 304 per tonne and briefly touched USD 309.14 in early January, but failed to sustain momentum. Prices stayed confined to a narrow range through the month before softening. By mid-March, they had dropped to USD 300.14 per tonne and eventually settled at USD 306.8 per tonne by the end of the quarter.
Unlock full access – sign up for FREE.
Key benefits
Ireland reviews alumina supply chain after Aughinish plant linked to Russian aluminium flows
Next articleIndonesia’s bauxite supply may fall short as aluminium and alumina capacity expand
Grow with
AL Circle
