In the first half (H1) of 2026, the US imported a total of 1.68 million metric tons of unwrought aluminum (HSN code: 7601), of which 16.96% was sourced from the United Arab Emirates (UAE). How has H1 2026 fared for the momentum of unwrought aluminum exports from the UAE to the US? Year-on-year cooling in trade can be noticed, largely owing to the temporary shutdown of the Emirates Global Aluminium’s (EGA’s) Al Taweelah smelter for repair and maintenance. Explore the production, demand and consumption forecasts of bauxite and alumina in our report: “ Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook ” H1 aluminum trade snapshot: 2026 vs 2025 vs 2024 Comparing the H1 2026 figures of unwrought aluminum exported by the UAE to the US, a mixed result...
Norsk Hydro’s earnings outlook for 2027 is facing mounting pressure from falling aluminium premiums, rising operating costs and easing supply tightness in Europe, prompting Goldman Sachs to downgrade the Norwegian producer from ‘buy’ to ‘neutral’ and reduce its price target from NOK 100 (USD 10.71) to NOK 79 (USD 8.46). Goldman said weaker premiums and higher costs were making further earnings growth harder to achieve in 2027. The bank also lowered its core earnings (EBITDA) forecasts for 2026 and 2027 by 6 per cent each, citing lower aluminium prices and rising costs. The changing market conditions come as additional metal from the Middle East reaches the market and Indonesian aluminium supply expands faster than expected, easing European supply constraints sooner than Goldman had...
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Canada’s involvement in the primary aluminium industry dates back to 1901, when the Northern Aluminum Company (now referred to as Alcan), established its first smelter in Shawinigan, Québec. Today, Canada is the world’s fourth-largest aluminium producer, with China holding the first position, then India and Russia. Québec’s aluminium sector to receive federal aid Québec’s aluminium sector, the backbone of Canada’s production capacity, is poised to receive substantial federal support as it grapples with the ongoing US tariffs. As per the latest news, industry minister Mélanie Joly announced that Québec’s aluminium industry could receive “hundreds of millions of dollars” from a USD 5 billion federal fund designed to support sectors hit by Trump tariffs. Since nearly all of Canada’s...
Tucked away in a modest office block between Buckingham Palace and London’s Victoria coach station operates one of the world’s most profitable yet least visible companies, Vitol. The privately held energy trader has averaged more than USD 12 billion in net profit annually over the past three years, equivalent to roughly USD 6 million per employee, and has returned close to USD 20 billion to its 600 senior partners through its share scheme. These record-breaking payouts followed an extraordinary run, as Vitol outperformed rivals by seizing on market upheavals sparked first by the Covid pandemic in 2020 and then by Russia’s invasion of Ukraine in 2022. While the group does not publicly disclose its results, filings in Luxembourg show profits jumping from USD 2.3 billion in 2019 to a record...
With a slight surge on September 5, the London Metal Exchange (LME) aluminium price also saw a dip as the market opened on September 8. A significant difference could be seen in live warrants and the cancelled warrants. On September 8, the LME aluminium cash bid and offer price saw a decline by USD 2.5 per tonne or 0.09 per cent, where the cash bid price went down from USD 2,615.5 per tonne to USD 2,613 per tonne and the cash offer went down from USD 2,616 per tonne to USD 2,613.5 per tonne. The 3-month bid price witnessed a downward movement by USD 2 per tonne or 0.07 per cent, where the price fell from USD 2,612 per tonne to USD 2,610 per tonne. A similar trend has been seen in the offer price, where it dropped from USD 2,613 per tonne to USD 2,612 per tonne, reflecting a decrease of...
China’s aluminium story has always been a study in contradictions. On paper, the country dominates the industry. It produced nearly 43 million tonnes of primary aluminium in 2024, more than half the world’s supply. Yet in the same year, it imported over 3 million tonnes of primary aluminium, largely from Russia. Even more puzzling, China simultaneously exported about 6 million tonnes of semi-manufactured aluminium products, making it the world’s largest exporter of value-added aluminium. Image source: https://www.omfif.org/ Watch exclusively on AL Circle: Aluminium and Other Base Metals: Understanding Risk Management and Hedging by Jorge Eduardo Dyszel The paradox raises pressing questions as to why the world’s biggest producer and consumer of aluminium needs to import. Why does it...
After a sharp decline on September 4, the London Metal Exchange (LME) aluminium price gained momentum. However, the price of aluminium platts further fell from the previous day by USD 1.23 per tonne. On September 5, both the LME cash bid and offer price gained by USD 10 per tonne or 0.38 per cent, where the bid went up from USD 2,605.5 per tonne to USD 2,615.5 per tonne and the offer went up from USD 2,606 per tonne to USD 2,616 per tonne. The 3-month bid and offer price also saw a steady upward movement, where the bid went up by USD 12 per tonne or 0.46 per cent, totalling to USD 2,612 per tonne, up from USD 2,600 per tonne. Similarly, the offer price grew by USD 11 per tonne or 0.42 per cent, adding up to USD 2,613 per tonne from USD 2,602 per tonne. December 26 bid and offer price...
Britain’s Financial Conduct Authority (FCA), a financial regulatory body, has approached Swiss-based energy and commodity trading firm Mercuria over its unusually large aluminium holdings on the London Metal Exchange (LME). Two witnesses who were familiar with the matter said the position has distorted near-term aluminium prices. It has left manufacturers in the transport, packaging and construction industries exposed to volatility and lacking transparency. Image for referential purposes only While no rules appear to have been broken, the FCA wants to understand why Mercuria is holding so much metal. It also wants to know what it intends to do with it and when it might release stocks. “As per its policy relating to position management, the LME has a number of arrangements in place to...
Canada is preparing to announce long-awaited support measures for its aluminium, steel and agricultural sectors, as trade frictions with the United States intensify. Industry Minister Melanie Joly commented that targeted relief for aluminium companies will be rolled out soon in the following days. The package aims to cushion producers against the uncertainty created by US tariffs. She added that Ottawa would also back the steel sector as it seeks to pivot away from US markets, though specifics were not revealed. Image for representational purposes only Get in-depth insights from — Aluminium Foil and its End Uses Current Trends and Forecast till 2030 In parallel, Prime Minister Mark Carney’s office confirmed that canola farmers, who were hit by Chinese tariffs, will soon see fresh support....
Canadian Prime Minister Mark Carney has disclosed that he had a lengthy conversation with US President Donald Trump on Monday evening (September 01, 2025). Both neighbouring countries are working together to resolve a row over tariffs on commodities and automobiles. Carney confirmed that talks were focused on relief for sectors still hit by hefty US tariffs, including steel, aluminium, autos and forest products. "There's no guarantee, but we are making progress," he commented. Image for referential purposes only Unlock in-depth insights from — The World of Aluminium Extrusions – Industry Forecast to 2032 Canada recently dropped 25 per cent retaliatory tariffs on USD 21 billion of US products such as orange juice, peanut butter and motorcycles with an aim to reset trade ties. While...
A sharp decline has been seen in the London Metal Exchange (LME) aluminium cash bid and offer, 3-month bid and offer, December 26 bid and offer as well as the price of alumina platts. However, no change is witnessed in opening stock, live warrants and cancelled warrants. On Thursday, September 4, the LME cash bid price was recorded at USD 2,605.5 per tonne, down from USD 2,616 per tonne, resulting in a total difference of USD 10.5 per tonne or 0.40 per cent. A similar trend is also observed in the offer price, which fell to USD 2,606 per tonne from USD 2,617 per tonne, reflecting a downward movement of USD 11 per tonne or 0.42 per cent. Like the cash price, the 3-month bid and offer price also replicated a negative movement where the bid went down to USD 2,600 per tonne from 2,614 per...
Whenever there is a question of pricing, the aluminium industry has pointed towards a single influx inducer — electricity. If you’ve ever toured a smelter or skimmed an investor deck, you’ll hear the same refrain, “power is king, and aluminium is electricity in solid form”. But, as Maros Durka, Area Sales Manager at Grupa Kety, states, that is only half the truth. Yes, electrolysis eats megawatts like popcorn, but if power were the only story, Europe’s aluminium would be cheap and cheerful by now. After all, Europe boasts the cleanest smelters on earth, with over 78 per cent of output powered by renewables. And yet, paradoxically, European primary aluminium is still the world’s priciest. So, what gives? Why are Europe’s ‘green’ tonnes also the most expensive ones? Also read: China, a...
On Wednesday, September 3, both LME aluminium cash bid price and LME aluminium official settlement price has reflected growth for the second consecutive day. As per the price graph, both cash bid price and official settlement price have moved up by USD 2 per tonne or 0.07 per cent to settle at USD 2,616 per tonne and USD 2,617 per tonne. 3-month bid price and 3-month offer price also added USD 3 per tonne or 0.11 per cent and USD 2.5 per tonne or 0.09 per cent to arrive at USD 2,614 per tonne and USD 2,614.5 per tonne. Also Read: LME aluminium offer price gains $2.5/t; stocks down 1,450t December 26 bid price and December 26 offer price increased by USD 4 per tonne or 0.15 per cent to halt at USD 2,662 per tonne and USD 2,667 per tonne. LME aluminium 3-month Asian Reference Price, on the...
Australian mining company South32 Limited is on shifting ground. Analysts at RBC Capital Markets have reduced South32’s price target to AUD3.20 (USD 2.0) from AUD3.50 (USD 2.28), even after it posted 75 per cent jump in annual profit to USD 666 million. However, despite the price target cut, analysts have kept an “outperform” rating for the company, demonstrating a belief in its long-term potential over short-term risk. The reduction reflects concerns over operational hurdles at South32 and softer market conditions. Insider buying has offered reassurance, hinting at confidence from management. South32 is also repositioning itself. Its shift into low-carbon commodities such as lithium, nickel and manganese aligns with global decarbonisation trends, particularly renewable energy and EV...
In a series of recent events, Steel Town Summit, a Canadian summit taking place in Hamilton, is urging the transportation industry to make use of domestically produced aluminium and steel in its upcoming projects, amidst the rising US tariffs rolled out by the Trump administration. During the challenging times for the industry, Canada's "steel town" is holding a summit which brings together transportation companies, government officials, and union representatives to promote the use of Canadian steel and aluminium in future projects. About the summit According to the statement issued by Transport Canada, the "Made in Canada: Ferries and Rail Summit", organised by Transport Minister Chrystia Freeland in Hamilton, Ontario, was designed to support the Canadian transportation infrastructure by...
Alcoa, the leading producer of aluminium globally and the largest producer in the US, is at a crossroads. US tariffs on aluminium have triggered record high prices and raised flags about vulnerabilities not only in the US supply chain but also in Europe. Already, the company has faced a hit due to the impacts of US tariffs on prices and supply disruption. Besides, the increased volume of aluminium scrap flowing out from Europe has put Alcoa under the pressure of raw material shortages for recycling in its Spain facility, costing the company’s revenue. Margins under pressure Alcoa's earnings in Q2 2025 reflected good resilience. The revenue was USD 3.02 billion. This was an increase of about 4 per cent year-on-year. The net income increased to USD 151 million from USD 31 million. Earnings...
LME aluminium prices on September 2 reflected only marginal shifts across cash, 3-month and forward contracts, while stocks saw a modest decline. The LME aluminium cash bid price, on September 2, was recorded at USD 2,614 per tonne, up from USD 2,612 per tonne, replicating a difference of USD 2 per tonne or 0.07 per cent from the previous day. Simultaneously, LME aluminium offer price on the same day was seen at USD 2,615 per tonne, up from USD 2,612.5 per tonne, showing a difference of USD 2.5 per tonne or 0.09 per cent from the prior day. On the same day, 3-month bid price registered at USD 2,611 per tonne, which on the day before was seen at USD 2,609 per tonne, resulting in a total difference of USD 2 per tonne or 0.07 per cent. At the same time span, the 3-month offer price also...
Alvance British Aluminium has boosted exports to the United States, capitalising on the newly introduced tariff framework. Its Fort William smelter has ramped up shipments to the United States, capitalising on the fresh tariff advantages unlocked by the US-UK Economic Prosperity Deal announced in May. Image Source: Alvance British Aluminium / Facebook With UK-produced aluminium now enjoying a clear edge over many global rivals, the smelter has redirected spot sales from its summer maintenance downtime straight into the lucrative US Midwest market, where premiums outstrip those in Europe. The strategy is already in motion - a third-party merchant has snapped up 1,000 tonnes, now making its way across the ocean to American buyers. Alvance confirmed its commitment to strengthening the...
National Aluminium Company (NALCO), an Indian government-owned company that mines bauxite, refines it into alumina and produces aluminium, experienced a notable surge in its stock price on September 2, 2025, along with the high trading volume and outstanding financial growth. NALCO's stock climbed 3.03 per cent during the Tuesday session, closing at INR 197.60 (USD 2.25). The counter experienced atypically high trading volumes, with a sharp increase in volume along with the price changes. It saw a significant increase in open interest today, indicating a greater involvement from the market. Open interest increased to 27,184 contracts from 24,219 or an increase of 2,965 contracts, or 12.24 per cent. Trading volume was very active, with 32,798 contracts traded during the session. Moreover,...
July has historically been the strongest month for primary aluminium production, and 2025 was no exception. Global output exceeded 3.8 million tonnes, a month-on-month increase of 3.17 per cent. Although this marked a record high, the growth rate was slightly weaker than the 4.07 per cent recorded a year earlier. In total, global primary aluminium production reached 6.373 million tonnes in July, lifting year-to-date (YTD) output to 42.724 million tonnes, up 1.3 per cent from 42.177 million tonnes in the same period of 2024. The pace of growth, however, was slower than the 3.83 per cent rise during January–July 2024. Oceania & China behind the momentum dip While evaluating what dampened the momentum, a series of causes popped up. One among them was increased production costs due to surging...
