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From policy to recycling loops: Sustainability push and recycled aluminium reshape global value chains

Sat, 11 Apr 2026 06:30:00 +0530

In the current global downstream and recycled aluminium, every company is making crucial steps towards sustainability, circularity and better operational efficiency. With new regulations coming into play, smart investments being made and improvements in recycling and manufacturing practices, companies are stepping up to meet decarbonisation goals while also bolstering their supply chains and making the most of their resources. All these trends together are paving the way for a more organised and sustainability-focused future in the aluminium ecosystem.

Ball Corporation, in its financial results for the year 2025 have represented impressive results in relation to maintaining and upholding sustainability. The firm has enhanced the use of renewable electricity by 84 per cent, representing a year-on-year surge of 73 per cent. Not only this, but the firm has also cut down its Scope 1 and 2 emissions by 50 per cent compared to 2017 and has been making strides in circularity, with 74 per cent of its packaging now made from recycled materials.

Weekly Recap: Sustainability & Recycled AL by AL Circle Pvt Ltd

The EU released he first official benchmark price for Carbon Border Adjustment Mechanism (CBAM) certificates at EUR 75.36 per tonne for the first quarter of 2026. This framework puts the EU’s carbon pricing for imports into action. By aligning with the EU Emissions Trading System (EU ETS), this pricing approach ensures that domestic producers and importers are on equal footing, as it reflects the average auction prices of carbon allowances.

Hammerer Aluminium Industries acquired a stake in Aluminij Industries, aiming to boost the resilience of Europe’s aluminium supply chain, especially in light of growing geopolitical tensions and sustainability challenges. Within this partnership, HAI’s know-how in high-scrap aluminium processing and Aluminij’s state-of-the-art infrastructure are brought together with the goal of enhancing production capabilities, boosting the use of recycled materials and ensuring reliable access to both primary and secondary aluminium in the region.

Vietnam is currently upholding the sustainability of its booming solar industry through a strategic partnership between IREX Energy and Japan’s Hamada. These firms are working together to create a circular recycling model for photovoltaic panels that have reached the end of their life. By coming into partnership, recovering valuable materials like aluminium, glass and silicon from ageing solar installations will be possible. Moreover, it tackles the growing waste issue while also cutting down on the need for new raw materials and reducing energy use.

India's aluminium industry is making way to reduce carbon emissions, tapping into the country's rich biomass resources and the encouraging policies promoting biofuels and cleaner energy. Bioenergy, which is deemed to include biomass, biogas and biofuels, has the potential to partially substitute fossil fuels in energy-intensive processes like alumina refining and captive power generation. However, its impact is still relatively small compared to the sector's overall energy demands and heavy reliance on electricity. Given that aluminium production is energy-intensive and contributes a lot to industrial emissions and costs, bioenergy is seen more as a complementary solution rather than the main fix.

Sweden’s deposit return system (DRS) has enabled circular packaging efficiency, where as of 2025, over 3 billion aluminium cans and PET bottles were returned, pushing the national return rate to an impressive 88.4 per cent, which is almost near the 90 per cent goal. This shows how effective a well-structured recycling infrastructure can be, especially with the help of high-capacity reverse vending machines that make it easier for people to return their containers.

Toyota, concerning the circular manufacturing within the automotive industry, has incorporated recycled aluminium from end-of-life vehicles right into the production of new Corolla engines in the UK. This has been possible because of the “Toyota Circular Factory” model, where the aluminium has been salvaged from dismantled cars, especially from the alloy wheels and is then reprocessed and utilised in manufacturing engine components across a network of connected facilities. This approach has created a closed-loop supply chain, which not only cuts down on material waste and reduces reliance on primary aluminium but also supports broader goals of decarbonisation and resource efficiency.

China is pushing its regulatory efforts on lithium-ion battery recycling, which marks the part of a larger initiative for enhancing the effective management of EV lifecycles and securing vital material supply chains. This focuses on enlarging formal collection networks, directly involving manufacturers in recycling processes, and implementing digital tracking systems to keep tabs on battery movements from their origin all the way to end-of-life processing.

General Motors is planning to invest USD 150 million in the Saginaw metal casting facility for its ongoing dedication to bolstering the supply chains for internal combustion engines while also pursuing its electrification goals. This funding will enhance the production of next-generation V8 engine components, like aluminium-heavy blocks and cylinder heads, by upgrading tooling and equipment, with production set to kick off in 2027. By ensuring there’s enough capacity for the popular full-size trucks and strengthening domestic manufacturing, this strategy emphasises a dual approach where traditional powertrain technologies remain vital.

Novelis is moving with its commitment to operational excellence by rolling out a standardised global manufacturing framework. By the end of FY2026, 10 of its plants are set to achieve the first level of certification under the Novelis Operating System (NOS). This milestone marks a significant shift from a decentralised approach to continuous improvement towards a more unified, system-driven strategy specifically designed for aluminium rolling and recycling.

From Guinea to the Gulf: Policy shifts, alumina surplus and middle east disruptions split the value chain

Sat, 11 Apr 2026 04:30:00 +0530

Over the past two weeks, the aluminium value chain has unfolded in fragments rather than a single, linear move. What starts as policy shifts and price pressure in bauxite moves through a well-supplied alumina market, before ending in a sudden supply shock in primary aluminium. Each layer is reacting to a different trigger-but together, they are reshaping the balance across the system.

Bauxite: export controls, price signals and new capacity plans

At the upstream end, supply discipline and expansion are moving side by side. Nigeria has stepped forward with plans to build a 1 million tonne alumina refinery, backed by USD 1.3 billion in financing, with expectations of producing 19 million tonnes over 20 years and contributing USD 1.2 billion annually to GDP. The full story is here.

At the same time, Guinea-Conakry is tightening its grip on exports. After shipping 183 million tonnes in 2025-up 25 per cent year-on-year-and targeting 200 million tonnes for 2026, the country is now set to cut volumes from April to stabilise a market where prices have already fallen 25–35 per cent from last year’s highs. Nearly 70 per cent of its exports continue to move to China, keeping demand concentrated even as supply risks grow. Read more.

Pricing trends reflect this tension. FOB Guinea bauxite stood at USD 33–38 per dry metric tonne on March 27, up slightly week-on-week but still down USD 8–11 per dmt since December. Industry views suggest that if exports rise unchecked towards 240 million tonnes, prices could slip further to around USD 50 per tonne, putting additional pressure on producers.

Bauxite supply: structural gaps and emerging players

Beyond immediate policy moves, deeper supply imbalances remain visible. Brazil continues to hold around 1.7 billion tonnes of reserves, yet production has remained unchanged at 30-33 million tonnes for five years, even as exports rose 20 per cent in 2025-highlighting a persistent gap between potential and output. A similar pattern is visible in its rare earth sector, pointing to broader structural constraints. Click here.

Meanwhile, new supply is being lined up to capture opportunity. Canyon Resources is advancing its Minim Martap project in Cameroon, with its first shipment targeted for September, positioning itself within a market still searching for high-grade bauxite.

Alumina: steady supply keeps prices contained

As the story moves downstream, the tone shifts. Alumina continues to reflect a well-supplied market, with prices unable to break past USD 315 per tonne. From USD 321 per tonne in October 2025, prices have eased to around USD 306.8 by the end of Q1 2026, moving within a narrow band despite volatility elsewhere. Click for more.

Operationally, production remains strong. NALCO reported an 11.2 per cent increase in alumina output and a 30.7 per cent rise in sales, supported by higher bauxite handling of over 7.7 million tonnes. Alumina hydrate output stood at 2.3 million tonnes, while calcined alumina rose 11.16 per cent to 2.275 million tonnes, with aluminium production steady at 472,000 tonnes.

Indonesia reflects another layer of imbalance. While alumina output rose from 1.2 million tonnes in 2024 to 1.5 million tonnes in 2025, and bauxite production edged up to 10 million tonnes, the pace of refining and smelting expansion is beginning to outstrip upstream supply, exposing gaps despite large reserves.

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Disruptions: conflict begins to redirect flows

Even within a stable alumina market, disruptions have started to shift material flows. Following strikes linked to the US–Israel–Iran tensions, Emirates Global Aluminium has moved to offload alumina cargoes after impacts on its smelting operations near Abu Dhabi.

What began as a disruption quickly escalated into a direct supply shock. Read the full story.

Primary aluminium: attacks, price surge and market reaction

On March 28, 2026, Iranian missile and drone attacks hit major aluminium facilities in the UAE and Bahrain, including Emirates Global Aluminium’s Al Taweelah smelter and Aluminium Bahrain. The incident brought geopolitical risk directly into a region that supplies around 9 per cent of global aluminium, marking a shift in how supply security is being viewed. Read here.

Markets reacted almost immediately. Aluminium prices climbed from USD 2,986 per tonne to USD 3,585 per tonne by March-end, with momentum accelerating through March and reaching USD 3,520 per tonne on March 13. Click here.

Equities followed the same direction. Alcoa Corporation rose as much as 11.8 per cent intraday before closing 8.23 per cent higher at USD 63.22. Press Metal Aluminium Holdings gained 6.3 per cent, while Century Aluminum advanced around 10 per cent, reflecting tightening supply expectations.

Shifting strategies in a tightening market

As prices rise, companies are adjusting course. Vedanta Limited has extended its demerger deadline to June 30, 2026, citing pending regulatory approvals, while continuing to push large-scale investments in Odisha worth INR 1.8 lakh crore and highlighting over 5 lakh jobs created.

At the same time, RUSAL is redirecting shipments from China to Japan and other Asian markets, as geopolitical tensions begin to redraw trade routes and influence regional premiums.

A critical metal under pressure

Across major economies-including the US, EU, UK, Canada and Africa-aluminium continues to gain ground as a critical mineral, tied closely to industrial growth, defence and decarbonisation. In the United States alone, the sector supports around 400,000 jobs and contributes USD 228 billion to the economy. Read more.

Over the past two weeks, however, the bigger takeaway is not just its importance—but how quickly different parts of its value chain can move out of sync, turning a connected system into a series of diverging pressures.

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Waaree Energies brings its 3,000 MW solar module plant in operation in Gujarat

Sun, 12 Apr 2026 05:30:00 +0530

Image credits: Waaree Energies Ltd

Waaree Energies has started operations at a 3,000 MW per year solar module facility in Gujarat, marking the addition of capacity to its portfolio.

The plant, located in Samakhiali in Kutch, has been set up through its subsidiary Sangam Solar One Private Limited. It runs on four lines of 750 MW each, together taking total output to the 3,000 MW mark.

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The expansion fits into a larger plan. Back in March, the company cleared a capital expenditure of INR 39 billion (USD 468 million) to build a glass manufacturing unit with a capacity of 2,500 tonnes per day under Waaree Green Glass Private Limited. That move is aimed at tightening control over the supply chain as solar demand picks up.

There’s also been activity overseas. Its US arm, Waaree Solar Americas Inc., recently signed a USD 30 million share subscription deal with United Solar Holdings Inc., signalling continued global expansion.

Order flow hasn’t slowed either. Waaree has secured a 500 MW module supply contract from a domestic developer, scheduled for execution in FY27.

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Financials show the same trend. In the December quarter, net profit rose to INR 10.62 billion (USD 127.4 million), up 26 per cent sequentially, while revenue came in at INR 76.56 billion (USD 918.7 million), a 24.7 per cent increase, helped by better operating leverage.

With new capacity coming online and backward integration underway, the company is clearly positioning itself to capture a larger share of the solar manufacturing cycle, where materials like aluminium frames and mounting structures continue to play a key role.

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Glencore buys 45% stake in US aluminium recycling plant, targets 120,000 tonnes recycling capacity

Sat, 11 Apr 2026 05:00:00 +0530

Glencore secured a 45 per cent stake in an aluminium recycling and remelting plant near Charleston, South Carolina, raising its position in the US aluminium market.

The move is due to global supply chains facing pressure because of the conflict in the Middle East, which has affected availability and pushed up aluminium prices. The metal is widely used in sectors such as transport, construction, and packaging, making a stable supply important for the industry.

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Glencore already holds a 30 per cent stake in Century Aluminum and had earlier provided funding for the Charleston-area facility in return for marketing rights. With this new investment, the company is increasing its involvement in aluminium recycling and supply within the United States.

Also read: Europe’s 6.8% dross generation from aluminium recycling reflects global standard- how the continent is scaling its recovery efforts

The company said, “This partnership reinforces Glencore's active participation in supporting a resilient and sustainable domestic aluminium supply chain in the United States."

The remaining 55 per cent stake in the plant will be held and operated by Alumicore. The company currently operates a recycling facility in Pennsylvania and is also developing another plant in Pittsburgh.

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Once all three facilities are operational, they are expected to recycle more than 120,000 tonnes of aluminium each year. This shows a shift to recycling to secure supply and cut reliance on primary metal. The deal reflects how firms are adapting to supply issues by expanding recycling and remelting to get more material and lower global risks.

Moggaro’s aluminium hybrid dive boat wins award for design and performance

Sat, 11 Apr 2026 02:30:00 +0530

Image credits: Moggaro Aluminium Yachts

Spain-based Moggaro Aluminium Yachts has picked up recognition at The Baird Maritime 2025 Work Boat World Awards for its 16-metre hybrid aluminium dive boat, built for operations in Saudi Arabia’s Red Sea.

The vessel stands out mainly for how it blends aluminium construction with hybrid propulsion, something that’s still not very common at this scale. It’s designed for dive tourism but built more like a commercial workboat, fast, efficient, and able to go the distance.

On the power side, the diesel engines drive waterjets, while two retractable 15 kW electric outboards, supported by eight lithium-ion batteries, handle low-emission operation. The idea is simple: run silent and clean in ports or dive zones, then switch to diesel when range and speed matter.

It can travel up to 250 nautical miles, with dive trips planned around 60 nautical miles offshore, and still carry a full load without compromising performance.

Santiago Parga Landa, founder of Moggaro, put it pretty directly, “What makes this vessel special… is the level of integration achieved between performance, hybrid technology, and inclusive design, all within a single platform designed for real commercial operation.”

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That “integration” bit shows up in the layout too. The boat has a completely flush deck, no steps anywhere, which makes full wheelchair access possible, something you don’t usually see on high-speed dive boats.

The build had its challenges, though. Weight was a constant issue.

“The vessel had to reach 25 knots… while fully loaded with 25 people, 40 dive cylinders, 1,600 litres of fuel, 350 litres of water… and the additional weight of the hybrid system,” Parga said.

That’s a lot to balance on a 16-metre platform. Add too much weight, you need more power. Add more power, and weight goes up again. It’s a loop, and they had to keep it under control.

To deal with that, the team focused heavily on hull design and propulsion. Small tweaks, like adding hull flaps beneath the waterjets, ended up improving planing and trim without hurting speed.

The hybrid system itself allows zero-emission operation for about 1 hour and 45 minutes, mainly for sensitive areas like dive sites. But Parga was clear, fully electric isn’t ready for everything yet. “In many professional applications… conventional diesel propulsion is still the only viable solution.”

He also pointed out a growing disconnect in the market. Financing and subsidies are increasingly tied to low-emission tech, even when diesel is still needed for real-world operations.

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Beyond this one vessel, there’s a bigger shift happening. The tourist boat market is getting crowded, especially after a strong growth cycle between 2013 and 2023. Boats last long , often 20 years or more , and there’s no proper recycling system, so older vessels just keep circulating.

At the same time, new builders are entering the space. So demand hasn’t disappeared, but it’s changing. Operators now want something different, not just capacity, but experience. That’s pushing shipyards toward more customised builds.

Parga summed it up simply, “A boat must be engineered as a complete system, where every decision has a direct impact on performance, efficiency, and usability.”

For Moggaro, that approach, combining aluminium construction, hybrid systems, and custom design, is where future opportunities lie, especially as the industry moves toward more specialised and globally competitive vessels.

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Canada emerges as a winner although US tariffs leave mark on jobs and regional economy

Sat, 11 Apr 2026 02:30:00 +0530

Canada’s economy has handled a year of US tariffs better than expected, but the impact has not been equal across sectors and regions, according to a report by Royal Bank of Canada (RBC).

Industries such as steel, aluminium, copper, auto parts, softwood lumber, and some consumer goods have been the most affected. In 2025, steel product exports dropped by 30 per cent, hurting company revenues and hiring plans. Firms are cutting new hires, cutting overtime, and delaying training programs. Some are also shifting toward automation and changing how they run their operations.

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According to RBC, supply chains between Canada and the US are closely linked. But unfortunately, cross-border transactions do not happen the same way prior to tariff implementation, hitting businesses, factories, and jobs.

The impact also varies by region. Ontario and Quebec face higher tariffs of over 6 per cent because they depend more on cars and metals. Other provinces like Newfoundland and Labrador, Alberta, and Saskatchewan face tariffs under 1 per cent. So, growth in Ontario and Quebec should be among the slowest in 2026.

Also read: Ceasefire eases LME aluminium trend from prices to inventories

The Canada‑United States‑Mexico Agreement (CUSMA) has helped limit the damage. About 90 per cent of Canadian exports to the US stayed tariff‑free in 2025, which helped protect jobs and production. But Canada’s share of US imports fell from 12.6 per cent in 2024 to 11.2 per cent in 2025, showing that Canada is becoming less competitive.

RBC found that globally, trade continued to grow. Trade outside the US rose by 4.4 per cent in 2025, while US imports increased by 2.7 per cent. Demand also shifted away from China to other Asian countries.

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Canada’s response to tariffs was limited. Some of the tariffs started in early 2025 but were later removed, except on steel, aluminium, and autos. This kept the prices in check and left space for flexible interest rates.

The report said Canada faces ongoing challenges, including slower productivity and the need to build new supply chains as global trade patterns change.

Alcoa rejects alleged mercury concerns at Wagerup alumina refinery

Fri, 10 Apr 2026 20:30:00 +0530

Alcoa has pushed back against concerns over rising mercury emissions at its Wagerup alumina refinery in Western Australia, even as environmental groups move to challenge its operating licence.

The refinery is located about 120 km south of Perth in the Jarrah forest region and it has come under scrutiny after recent data showed a steady increase in mercury emissions in recent years. Emissions reached around 400 kilograms in 2025, nearly double the levels which were recorded in 2022.

The Conservation Council of Western Australia has formally opposed the state’s decision to approve a revised licence for the facility, arguing that the environmental and public health risks linked to the increase have not been fully addressed.

CCWA executive director Matt Roberts said, “It seems Alcoa has seen increased mercury emissions from the Wagerup refinery for at least three years, with no action taken to remedy that.” He added that the situation raises concerns about regulatory oversight and long-term environmental exposure.

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According to a review by the Department of Water and Environmental Regulation (DWER), the rise in emissions has been linked to higher mercury content in bauxite ore as well as declining performance of condensers at the refinery. The regulator concluded that the increase could be tolerated without posing an unacceptable risk.

Alcoa, however, maintained that there had been no sudden or uncontrolled release of mercury. A company spokesperson said the rise reflects changes in recovery processes, along with increased bauxite processing volumes at the site.

“Mercury is a common element found in low concentrations in rocks and ores,” the spokesperson said, adding that variations in ore composition and higher throughput were likely contributing factors.

Environmental groups, however, remain suspicious and unconvinced, saying that mercury is a known neurotoxin and can accumulate over time in soil, water and wildlife, causing a potential threat to ecosystems surrounding the refinery. The group also mentioned about the limited monitoring data about threatening species such as black cockatoos, numbats and western ringtail possums.

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Further concerns were raised about how the emissions increase was identified. According to CCWA, the spike was detected through the National Pollutant Inventory rather than routine compliance reporting, raising questions about monitoring systems.

Independent experts say the actual risk depends on exposure levels. John Mamo, a professor at Curtin University, noted that mercury exists naturally in the environment but can become harmful depending on how it interacts with water and enters ecosystems.

“In nature, mercury is part of the soil architecture of the planet,” he said, adding that exposure risks vary and depend on concentration and duration.

The appeal against the licence is now under review by the Office of the Appeals Convenor, with DWER declining to comment while the process is ongoing.

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Vedanta Aluminium signs strategic MoU with downstream customers for Aluminium Park in Jharsuguda

Fri, 10 Apr 2026 14:00:00 +0530

Vedanta Aluminium, India’s largest producer of aluminium, has signed a Memorandum of Understanding (MoU) with two leading manufacturing companies, Singhal Steel & Power Pvt. Ltd (a unit of Singhal Group of Industries) and SCOT-AL Metcon Pvt. Ltd. (an associate company of Scottish Chemical Industries and UAL Industries) for setting up their downstream aluminium manufacturing facilities within the upcoming Vedanta Aluminium Park in Jharsuguda, Odisha.

The MoU signing ceremony was held in Bhubaneswar in the presence of senior government officials, including Shri Sampad Chandra Swain, Minister of State, Industries, Skill Development & Technical Education, Odisha and Shri Hemant Sharma, Additional Chief Secretary, Department of Industries, Odisha.

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Envisaged as a dedicated world-class industrial ecosystem for downstream aluminium industries, the Vedanta Aluminium Park in Jharsuguda aims to promote value addition and support the growth of MSMEs while cementing Odisha’s position as a global aluminium hub. The initiative is expected to further enhance the state’s industrial competitiveness, attract fresh investments of over INR 500 crores, and create around 1,500 direct and indirect employment opportunities within the state.

Speaking on the occasion, Shri Sampad Chandra Swain, Minister of State, Industries, Skill Development & Technical Education, Odisha said, “This initiative reinforces Odisha’s position as a leading industrial destination. The Vedanta Aluminium Park will accelerate investments, create large-scale employment and strengthen the state’s manufacturing capabilities across sectors.”

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The proposed Aluminium Park is expected to serve as a catalyst for industrial diversification in the state by creating an enabling environment for downstream enterprises to scale efficiently. It aligns with the Government of Odisha’s broader vision of building future-ready industrial infrastructure. Shri Hemant Sharma, Additional Chief Secretary, Department of Industries, Odisha said, “The Vedanta Aluminium Park is a critical step in deepening Odisha’s industrial value chain. By combining infrastructure readiness with policy support, we are creating a platform that enables industries to scale efficiently and competitively.”

Rajiv Kumar, CEO, Vedanta Aluminium, said: “The Vedanta Aluminium Park reflects our commitment to moving beyond primary production towards value-added manufacturing. By enabling a strong downstream ecosystem, we aim to unlock new opportunities for industries, MSMEs and local entrepreneurs, while further strengthening Odisha’s position in the global aluminium manufacturing landscape.”

Speaking on the initiative, C Chandru, CEO, Vedanta Jharsuguda, said: “Jharsuguda continues to be at the heart of Vedanta Aluminium’s growth journey. The Vedanta Aluminium Park will not only strengthen the downstream ecosystem but also create sustainable livelihoods, foster entrepreneurship, and contribute to the development of the region. We are proud to partner with the Government of Odisha in building a globally competitive manufacturing hub.”

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The Phase 1 development of the Vedanta Aluminium Park, spanning approximately 56 acres, marks an important milestone in Odisha’s industrial growth journey, bringing together industrial capability and investment intent to unlock new opportunities across the aluminium value chain and contribute meaningfully to the state’s socio-economic development. The park is envisioned as a flagship downstream manufacturing hub that will help industries reduce logistics, energy consumption, and production time.

Note: This article has been issued by Vedanta Aluminium and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.

Vedanta Aluminium has encouraged irrigation across 800+ villages in Kalahandi

Sun, 12 Apr 2026 04:30:00 +0530

Vedanta Aluminium Limited has implemented a watershed initiative named Sangam Project. Through this project, irrigation has been extended to more than 800 acres of land located in Kalahandi district, Odisha state, which would benefit almost more than 9,000 people in 41 villages.

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The Sangam project will enhance agricultural efficiency through the rehabilitation or construction of 61 water resources. It has enabled the recharge of more than 11 lakh cubic metres of water, which has also increased the overall availability of groundwater. It would, in turn, enhance the security of the water supply to support farming and household use, and especially help those who have been impacted by unpredictable rainfall in the past years.

Also Read: Korea plans rooftop solar mandate for factories, aluminium demand seen rising with expansion push

Commenting on the initiative, Pranab Kumar Bhattacharya, CEO, Vedanta Alumina Business, said: “Water security is fundamental to sustainable development, especially in regions like Kalahandi, where communities are deeply dependent on agriculture. Through Project Sangam, we are integrating scientific watershed management with community participation to create enduring water assets.”

Through the community-oriented and scientifically grounded strategies of Sangam project towards watershed management, it endeavors to strengthen water security for the coming years through the revitalization of the water bodies, development of irrigation facilities, and proper utilisation of the monsoon runoffs, thus reducing the reliance on seasonal rains.

Krushnacharan Mali, a local farmer from Balabhadrapur, said: “For years, our farming depended entirely on uncertain rainfall. Through Project Sangam, we now have assured irrigation for our fields, which has transformed our farms and our lives. With water available year-round, we are growing better crops, earning more, and no longer worry about leaving our land during dry months.”

Project Sangam is intended not only to provide a reliable irrigation facility to the farmers but also to improve soil moisture, ecological restoration, and more sustainable agricultural practices. It is planning to extend its irrigation facilities across an extra 3,500 acres of land, focusing on increasing the resilience of rural communities through access to water for crop production and household uses round the year.

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UK aerosol filling stable in 2025 despite 2 per cent decline

Sun, 12 Apr 2026 05:30:00 +0530

The British Aerosol Manufacturers’ Association (BAMA) anticipates that the UK aerosol filling industry will remain stable in 2025, with overall volumes dropping 2 per cent year-on-year.

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Patrick Heskins, Chief Executive, BAMA, said that the decline reflects market cycles. “As wider market challenges persist, it is encouraging to see consumers consistently opting for the aerosol packaging format.”

Also Read: https://www.alcircle.com/news/aluminium-beverage-can-sector-to-receive-a-boost-with-amps-bonn-laboratory-117989

Personal care remained the largest segment. Deodorants declined 5 per cent and antiperspirants fell 1.5 per cent. In contrast, shaving products rose 10 per cent.

Household aerosols recorded gains. Starches and fabric sprays jumped 22 per cent, while air fresheners edged up 0.3 per cent. Furniture polish also increased sharply due to category reclassification.

In other segments, paints and lacquers dropped 16 per cent, while insecticides rose nearly 10 per cent.

Aluminium retained dominance, holding a 67 per cent share against 33 per cent for tinplate.

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Middle East geopolitical tensions remained uncertain, aluminium prices mainly fluctuated at highs in the short term

Sat, 11 Apr 2026 04:30:00 +0530

Macro perspective: This week, the global macro front remained focused on geopolitical disruptions. On April 7 local time, US President Trump posted on social media: "I have agreed to a pause on the bombing and strikes on Iran for a period of two weeks." Subsequently, a White House official stated that Israel had agreed to a temporary ceasefire. On the other hand, Iran's Supreme National Security Council issued a statement saying that, based on the Supreme Leader's recommendation and the Council's approval, it accepted Pakistan's ceasefire proposal.

After the US and Iran announced the ceasefire, most of the over a thousand vessels stranded in the Strait of Hormuz were still in a "wait-and-see" mode, with only a very small number passing through. Iran required all vessels to obtain permission before transiting the strait.

US President Trump stated that the US was considering "joint management" of the Strait of Hormuz with Iran. Oman said it had signed an agreement not to charge vessels passing through the Strait of Hormuz. However, as of April 9, Iranian media reported that the Strait of Hormuz had been fully closed, forcing oil tankers to turn back. The US Fed's March meeting minutes indicated that more officials mentioned the possibility of rate hikes, and the Fed's mouthpiece noted that the ceasefire made the Fed's decision-making more difficult.

Fundamentals: The supply side, excluding China, is directly impacted by geopolitical conflicts, and Middle Eastern aluminium enterprises cut production. Recently, the UAE's EGA and Bahrain's Alba were successively hit by missile strikes, with production facilities damaged. The extent of damage was still under comprehensive assessment. The market widely expected large-scale production cuts or even shutdowns, with the global aluminium supply gap expected to widen and concerns over ex-China supply continuing to escalate. In China, the proportion of liquid aluminium rebounded in March as downstream sectors fully resumed work after the holiday, surging 9.3 percentage points M-o-M to 73.7per cent, above early-month expectations.

Entering the traditional peak consumption season in April, downstream operating rates continued to rise, and the proportion of liquid aluminium was expected to climb further. On the inventory side, high aluminium prices in China suppressed downstream willingness to actively restock, with downstream enterprises generally purchasing as needed based on orders and maintaining low inventory operations, with no large-scale stockpiling behaviour for now. On Thursday, China's aluminium ingot social inventory saw an inventory buildup of 35,000 tonnes w-o-w to 1.422 million tonnes, with short-term inventory still at a relatively ample level. Inventories outside China continued to decline, with LME aluminium inventory maintaining a downward trend this week, falling to 414,000 tonnes.

Overall:

On the macro front, although the US and Iran reached a temporary ceasefire agreement, the Strait of Hormuz had not resumed normal transit. Vessels still needed Iranian permission to navigate, with most ships remaining in a wait-and-see mode. Moreover, geopolitical conflicts carried the risk of spreading to surrounding areas, further intensifying market concerns over uncertainty in the Middle Eastern supply chain. Supply side, the substantial damage previously inflicted has become irreversible. Aluminium capacity in the Middle East suffered direct military strikes, with UAE's EGA and Bahrain's Alba successively attacked and production facilities damaged. The expected global aluminium supply gap has widened significantly, and ex-China supply concerns continue to escalate. Meanwhile, China has entered the traditional peak consumption season, with the proportion of liquid aluminium rebounding to around 74per cent and downstream operating rates rising steadily, providing solid demand-side support. Overall, macro-level risks of strait passage restrictions and conflict escalation resonate with fundamental supply hard damage and low global inventory, jointly providing strong floor support for aluminium prices.

However, weak interest rate cut expectations, higher-than-expected domestic aluminium ingot inventory buildup, and adverse expectations on consumption and inflation from recent high oil price fluctuations have notably weighed on the upside room for aluminium prices, with aluminium prices fluctuating at highs in the short term.The most-traded SHFE aluminium contract is expected to trade in the range of RMB 23,800-25,100 per tonne next week, while LME aluminium is expected to trade in the range of USD 3,350-3,530 per tonne.

Note: This article has been issued by SMM and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.

Power produced by China's Three Gorges Group rises 7% Y-o-Y in Q1

Fri, 10 Apr 2026 10:39:00 +0530

CTG generated more than 107.4 billion kilowatt-hours (kWh) of electricity in the January-March period, marking a 7 per cent rise on year and exceeding its quarterly target by about 4.4 billion kWh. The company benefited from above-normal rainfall and strong wind resources during the quarter. The group also revealed that it had maintained steady operations during the Chinese New Year holiday in mid-February.

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The company's hydropower, wind, and solar activities all generated record output during the quarter, underscoring CTG's increasingly diversified and complementary clean-energy portfolio, it said.

Analysts say the company's strong performance in hydro and renewables mirrors China's accelerating structural shift in power mix, reducing reliance on coal-fired power plants that have long dominated the country's electricity supply system.

Also Read: Pioneer Minerals advances US tungsten capability with Mineral Technologies Springfield MOU

Official data for January-February 2026 showed thermal power generation rose only 3.3 per cent on year, lagging behind hydro's 6.8per cent, wind's 5.3 per cent, and solar's 9.9 per cent. With the rainy season approaching, the substitution effect is expected to intensify, weighing on coal consumption at utilities.

During this year's January-March quarter, China's benchmark 5,500 kcal/kg NAR thermal coal prices averaged about 1.4 per cent lower from a year earlier, reaching RMB 702.7 per tonne (USD 102.8 per tonne), according to Mysteel's assessment, reflecting looser supply-demand fundamentals.

Analysts cautioned that clean energy could continue to eat into thermal power's share, putting further pressure on domestic coal prices.

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Hind Aluminium clarifies share price movement, cites market factors

Fri, 10 Apr 2026 09:51:00 +0530

Hind Aluminium Industries Limited has reported to the BSE that fluctuations in its share price are due to overall market trends rather than significant developments at the Company itself.

For the global aluminium value-chain 2026 outlook, book our exclusive report “Global ALuminium Industry Outlook 2026"

On April 8, 2026, the BSE asked a question about stock price volatility. On April 9, the Company responded that the fluctuations in stock prices were due to external forces in their markets.

Hind Aluminium also confirmed compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, adding that all price-sensitive information has been disclosed in a timely manner.

The company said that there is no material undisclosed information that could explain the recent movement in its stock price.

Also Read: India's aluminium extrusion output drops sharply as West Asia crisis disrupts supply

It reiterated its commitment to maintaining disclosure standards and ensuring regular communication with stock exchanges.

The clarification was signed by Ankita Vishwakarma, Company Secretary and Compliance Officer.

Even amid recent fluctuations, the stock has posted gains across key periods, rising by 1.89 per cent in a day, 17.73 per cent over five days, and 17.02 per cent in a month. It has increased 68.41 per cent over a six-month period, 63.42 per cent over a twelve-month period, and 225.22 per cent over a five-year period.

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Europe’s 6.8% dross generation from aluminium recycling reflects global standard- how the continent is scaling its recovery efforts

Fri, 10 Apr 2026 08:50:00 +0530

Did you know? Around 7 per cent of black dross is generated from the total volume of recycled aluminium worldwide, and Europe reflects a similar ratio of black dross generation at around 6.83 per cent.

Aluminium dross occurs in two forms: black and white. White dross is generated mainly in primary aluminium smelters and during the melting of clean or pre-treated scrap in foundries. It forms when molten aluminium reacts with oxygen during smelting, refining, or casting, creating a residue with relatively high aluminium content.

Black dross, by contrast, forms during recycling, particularly where mixed or contaminated scrap is melted. Coatings, oils, and other impurities increase oxidation and slag formation, producing a darker residue with lower aluminium content.

On a global scale, dross generation reflects broader production trends. Europe accounts for around 14 per cent of total output, compared with 64 per cent in the Asia Pacific region, including China, and 13 per cent in North America. With aluminium usage continuing to expand, dross generation is projected to grow at a steady rate of 3 – 4 per cent annually, reinforcing its growing relevance across the industry.

To know more about the global primary aluminium industry 2026 outlook, book the report “Global ALuminium Industry Outlook 2026".

A direct reflection of recycling activity

Dross generation closely follows aluminium production pathways. Primary aluminium typically produces between 0.8 per cent and 1.5 per cent dross, while recycled aluminium generates around 7 per cent, largely due to coatings, impurities, and oxidation during remelting.

This relationship is clearly visible in Europe’s recycling trajectory. Recycled aluminium output reached 5.95 million tonnes in 2023, edged down to 5.82 million tonnes in 2024, and is projected to recover to 6.3 million tonnes in 2025.

In parallel, black dross generation is expected to reach approximately 430,000 tonnes in 2025, equivalent to 6.83 per cent of recycled output. Using the same ratio, dross generation works out to roughly 406,000 tonnes in 2023 and 398,000 tonnes in 2024, showing that dross output closely follows recycling levels.

Also read: Global aluminium extrusion leaders 2025: Top producers with their output capacity and expansion plans

How Europe is scaling recovery and efficiency

Europe’s dross processing ecosystem continues to expand alongside recycling volumes. In 2024, around 573,000 tonnes of dross were collected for further treatment, with approximately 166,000 tonnes of aluminium recovered.

Across the region, more than 25 major facilities collectively process over 550,000 tonnes of dross each year.

Companies such as Alur Aluminium, Befesa, JBMI Group, Tandom Metallurgical Group, and Kratus are key contributors to this network, with JBMI Group operating a 100,000-tonne-per-year facility and Alur Aluminium processing around 15,000 tonnes annually.

Befesa’s German plant, with a capacity of 140,000 tonnes per year, uses GHI tilting rotary furnaces to process hot black dross within two hours at 900°C, recovering around 90 per cent aluminium-equivalent to 25,000 tonnes annually-while utilising 40 per cent of non-metallics in cement and achieving zero landfill through salt-free processing.

Altek’s RAME™ systems, deployed across more than 10 smelters with a combined capacity exceeding 200,000 tonnes per year, mechanically process hot black dross on-site, achieving over 95 per cent aluminium recovery (around 38,000 tonnes annually) while producing construction aggregates and eliminating transport-related emissions.

In France, Aluminium Dunkerque processes 100,000 tonnes per year using a pressing inerting system that increases recovery by 24 per cent, delivering an additional 2,400 tonnes of aluminium annually while reducing CO₂ emissions by 2,530 tonnes and improving storage efficiency.

Meanwhile, REMET’s EUR 58 million facility in Hungary adds 100,000 tonnes of annual capacity, using ball milling and flotation to recover 88 per cent aluminium-around 15,000 tonnes per year-from black dross and scrap. The plant also repurposes 75 per cent of tailings into roadbase materials, supporting regional recycling growth amid EU scrap export constraints.

Together, these facilities-totalling 540,000 tonnes per year, recover over 80,000 tonnes of aluminium annually from black dross, representing an estimated EUR 380 million in value, while contributing to EU targets of 70 per cent by-product recovery and generating additional revenue streams of around EUR 50 per tonne from secondary non-metallic products.

What defines the value of dross?

Dross is not uniform in composition. Black dross accounts for 73 per cent of global generation, while white dross makes up the remainder. White dross contains between 40 -80 per cent, whereas black dross typically holds 5 - 25 per cent.

Despite its lower metal content, black dross-primarily generated during recycled aluminium production-remains a valuable secondary resource. Produced at roughly 7 per cent of input feedstock, it can yield around 15-20 per cent recoverable aluminium, which is used in secondary alloys for applications such as automotive castings and extrusions. The remaining 75-95 per cent non-metallic fraction is increasingly utilised in construction aggregates, supporting broader material efficiency goals.

In Europe, as aluminium recycling expands, dross volumes rise in tandem while maintaining a stable share of output, strengthening its position as a valuable and reusable component of the circular aluminium value chain.

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Runaya reports progress on India’s first gas-atomised aluminium powder JV with Eckart

Fri, 10 Apr 2026 08:20:00 +0530

Runaya Metsource, an Indian sustainable manufacturing company that specialises in resource recovery and green aluminium production, which is by Vedanta, on Thursday announced its achievement in developing green, spherical gas-atomised aluminium powder at its facility in Jharsuguda, Odisha. The project has been initiated in collaboration with Eckart, a firm that develops, produces and distributes metallic effects and pearlescent pigments in powder.

Currently, the facility is deemed to produce aluminium powder with the focus of fostering a sustainable and integrated value chain. With this project, the firm aims to cut down on imports and then further boost different industrial sectors like aerospace, solar energy, catalysts and effect pigments.

The first announcement

Tracing back to January 2026, the firm announced the collaboration with the German company, including the new joint venture facility, which will be located in Jharsuguda, Odisha. This venture marks India’s first plant, which will focus on developing green, spherical gas-atomised aluminium powders.

Also read: TRUNNANO introduces surface-modified alumina powder for advanced aluminium-based thermal applications

The facility is set to manufacture high-precision aluminium powders through cutting-edge atomisation technology and further cater to a variety of sectors, including aerospace, aviation, solar energy, process catalysts, and effect pigments. This initiative not only aims to reduce reliance on imports but also to boost a sustainable and integrated domestic value chain.

Eckart with Altana AG in chemical innovation

Altana Ag, a global player in the speciality chemical field, collaborated with Eckart and has become one of its standout divisions focusing on effect pigments and advanced material solutions. Both firms offer chemical innovation and deep technical know-how, which is deemed to support multiple industries, starting from automotive to cosmetics and packaging.

Both the firms mark the initial phase of the projects, where the operations are expected to start by the end of 2026, and already pose multiple interests from the key industrial players. It is expected that the new facility will be producing high-quality aluminium powder, which is being designed to uphold a sustainable, integrated value chain, reduce import dependency and enhance India’s advanced manufacturing sectors.

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Martin Babilas, the CEO of Altana AG, stated, “Our partnership with Runaya represents a powerful confluence of technology, sustainability, and innovation. With its strong local expertise and shared commitment to responsible manufacturing, Runaya is an ideal partner, and this collaboration further reinforces our commitment to carbon-neutral manufacturing and building long-term global partnerships.”

On the other hand, Naivedya Agarwal, the Managing Director of Runaya, stated, “The milestone demonstrates the consistent progress our teams are making towards establishing an advanced materials facility in India. By enabling the domestic manufacturing of high-value aluminium powders, this JV strengthens India’s ability to move beyond basic metal supply towards the development of engineered materials that support sophisticated, value-driven industries.”

By merging Eckart’s world-leading expertise in effect pigments and aluminium powder technologies with Runaya’s innovative manufacturing and commitment to a circular economy, this joint venture aims to create a competitive advanced materials ecosystem right here in India.

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Global aluminium tightness meets domestic limits: Xingfa’s balancing act

Fri, 10 Apr 2026 07:33:00 +0530

A significant reduction in the shareholder payout has brought Xingfa Aluminium’s current position into sharper focus. The company lowered its annual dividend from HKD 0.64 to HKD 0.50 ( USD 0.082 to USD 0.064) after reporting a 23.5 per cent decline in 2025 profit, which fell to RMB 632 million ( USD 88 million). This reduction reflects a deeper operational strain driven by rising input costs, even as aluminium markets worldwide tighten.

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Globally, the metal is entering a period defined less by cycles and more by constrained supply. Physical availability has thinned considerably, with London Metal Exchange (LME) inventories dropping to 418,675 tonnes as of March 27, 2026. At the same time, geopolitical instability, particularly in the Middle East, has added friction to supply chains. Prices have consequently climbed towards USD 3,500 per tonne, approaching levels seen only during previous peaks.

However, for Chinese producers, the ability to benefit from these conditions is not straightforward. Domestic production is effectively capped at 45 million tonnes in order to strengthen emissions control efforts. Exports have already declined noticeably this year, tightening global supply but also restricting the flexibility of firms such as Xingfa.

Also Read: LME aluminium price and stocks continue to sledge downwards; future contracts rise nearly 1%

The company’s latest financial performance illustrates this imbalance. Revenue rose by 9.8 per cent to approximately RMB 20.7 billion ( USD 2.88 billion), suggesting that pricing has held up to some extent. However, that growth has not translated into profitability. Instead, margins have been eroded by escalating costs, resulting in a sharp drop in net earnings.

Electricity is a key controller of this growing pressure. Aluminium production depends heavily on a stable, long-term power supply, yet the domestic energy market has become increasingly competitive. High-consumption industries, including artificial intelligence and data centres, are securing contracts at rates exceeding USD115 per MWh. By comparison, aluminium smelters typically require long-term agreements often spanning one to two decades at roughly USD 40 per MWh to remain viable. The widening gap between these figures is quite a structural burden.

This imbalance has restricted Xingfa’s ability to translate favourable global pricing into stronger margins. While aluminium prices have seen a global rise, the company is dealing with a domestic cost base which is quite high and difficult to adjust. Passing these costs over to the customers is even more challenging, and profitability is under sustained pressure. In this context, the dividend reduction reflects a reallocation of cash rather than a short-term adjustment.

Xingfa is prioritising financial resilience and reinvestment over shareholder payouts, reflecting the limited scope for expansion within China’s capped aluminium sector. With domestic growth avenues constrained, the focus is shifting abroad, particularly towards Indonesia, where resource availability and supportive industrial conditions are attracting wider industry interest, despite the absence of detailed disclosures from the company itself.

At the same time, the company is strengthening its international profile. Participation in events such as VIETBUILD 2025 points to a deliberate effort to build brand recognition beyond China. These initiatives, alongside continued spending on research and development, indicate a longer-term strategy centred on competitiveness in global markets rather than reliance on domestic demand.

Future performance will depend on several interconnected factors. Aluminium prices remain the most immediate variable. Current levels, supported by tight supply, provide a degree of resilience. However, any sustained decline below USD 3,300 per tonne or a significant rebuild in LME inventories would weaken the underlying case. On the other hand, a return towards the March 2022 peak of USD 4,073.50 per tonne would reinforce favourable conditions.

Policy decisions within China also carry weight. The 45 million tonne production cap is a defining constraint, but discussions around exemptions for renewable-powered smelters could alter the landscape. Any easing of these limits would have implications for both output and cost structures. Without such changes, domestic pressures are likely to persist.

Execution will ultimately determine the outcome. The transition from a domestically focused model to an internationally oriented one requires more than intent. Progress in establishing overseas operations, particularly in regions such as Indonesia, will be a key indicator of whether Xingfa can successfully reposition itself.

The company is operating between two opposing forces. On one side, global supply constraints are supporting prices; on the other, domestic limitations are compressing margins. The dividend cut marks a clear acknowledgement of this tension, as Xingfa shifts its focus from immediate returns to longer-term adaptation in a structurally constrained market.

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LME aluminium price and stocks continue to sledge downwards; future contracts rise nearly 1%

Fri, 10 Apr 2026 07:35:00 +0530

The London Metal Exchange (LME) aluminium prices continued to edge downwards on April 9. As cash prices and near-term contracts eased, the longer-dated contracts improved considerably. Stocks kept sliding down, indicating a continued high demand and supply pressure.

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On April 9, LME aluminium cash bid price stood at USD 3494 per tonne, reflecting a 0.71 per cent decline from USD 3519 per tonne on April 8. The cash offer price settled at USD 3494.5 per tonne, down 0.72 per cent from USD 3520 per tonne on the previous close.

The LME aluminium 3-month bid as well as offer prices marked a decline of 0.23 per cent. The bid dropped from USD 3,463 per tonne on April 8 to USD 3,455 per tonne on April 9. Concurrently, the offer price slipped from 3465 per tonne to USD 3,457 per tonne.

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In contrast to the declining trend, the longer-dated contracts edged upwards on April 9. Both the December 27 bid and offer price improved by 0.83 per cent, as the former rose to USD 3,008 per tonne from USD 2983 per tonne and the latter closed at USD 3013 per tonne, rising from USD 2,988 per tonne on the previous session.

The LME aluminium 3-month Asian Reference Price on April 9 stood at USD 3,444 per tonne.

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On April 9, LME aluminium opening stock came in at 403,875 tonnes, declining further from 409,900 tonnes on April 8, marking a 1.47 per cent difference. Live warrants slipped 1.5 per cent, down from 268,600 tonnes to 264,575 tonnes.

Similarly, cancelled warrants, falling from 135,275 tonnes on April 8, stood at 137,050 tonnes on April 9, decreasing by 1.31 per cent.

On April 9, LME alumina platts price settled at USD 307.38 per tonne.

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Calderys inaugurates Indian state-of-the-art facility in the presence of Odisha's Chief Minister

Fri, 10 Apr 2026 07:14:00 +0530

Calderys officially inaugurated its new facility on April 8, 2026, in a ceremony honoured by the presence of Shri Mohan Charan Majhi, Hon'ble Chief Minister of Odisha, and Shri Sampad Chandra Swain, Hon'ble Minister for Industries and Skill Development & Technical Education, alongside senior government officials, industry leaders, and distinguished guests.

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This ceremony marks an important milestone for Calderys, as the facility has now successfully commissioned its first two production lines and is well advanced in its construction program. The acidic monolithics line entered commercial production in May 2025, followed by the basic monolithics line in November 2025. These two lines are already delivering high-performance refractory solutions to customers across India. Acidic and basic bricks lines, steel casting fluxes and taphole clays lines are currently under development and scheduled to become operational later in 2026.

Michel Cornelissen, President and CEO of Calderys, said: “As we continue to expand our global footprint, this new facility in Odisha opens an important new chapter for Calderys. India is a key market for us, and this investment reflects both our growth ambitions and our commitment to building strong, lasting relationships at the local level.”

Also Read: CMI says high aluminium tariffs raise costs for US can makers, 94% fruit imports show trade imbalance

Ish Mohan Garg, Senior Vice President of the Asia Pacific region of Calderys, said: "Today is a proud moment for Calderys and for everyone who has contributed to the CAPES project. In less than two years since breaking ground, we are already delivering products to our Indian customers—a testament to the dedication of our teams and to the strong support we have received from the people and the Government of Odisha We express our sincere thanks to the Government of Odisha for their continued support. This project reaffirms Calderys' strong belief in India's industrial potential and long-term growth.

Spanning 45 acres, the new plant will ultimately house six advanced production lines dedicated to acidic and basic monolithics and bricks, steel casting fluxes, and tap-hole clays, as well as cutting-edge

quality testing units. Strategically located near major industrial hubs, it is designed to serve India's fast-growing iron & steel, cement, aluminum, petrochemical, energy and foundry sectors.

Satyendra Kumar, Director of Industrial Operations and Projects, Southwest Asia at Calderys added: "CAPES is an investment in India's industrial future and in the communities of Odisha. With two lines already in commercial production and more coming online this year, we are delivering on our promise to bring world-class refractory solutions closer to our customers, faster than ever. We are committed to continuing this momentum to deliver excellence and drive innovation for Odisha and its people."

The facility has been designed with sustainability at its core, incorporating solar energy and clean fuel, dust emission control, rainwater harvesting, zero-water discharge systems, and 33 per cent green cover across the site. Once completed, it will create 350 skilled jobs, with Calderys committed to providing vocational training and long-term career pathways for the youth of Odisha.

By localizing production, reducing India's reliance on imports, and creating skilled employment, this investment embodies the spirit of the Atmanirbhar Bharat and Make in India initiatives, positioning Calderys at the forefront of Odisha's industrial growth.

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Note: This article has been issued by Calderys and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.

Strait stalemate unresolved on the eve of U.S.-Iran talks, supply hard damage supports aluminium prices fluctuating at highs

Fri, 10 Apr 2026 06:30:00 +0530

Futures: SHFE aluminium closed at RMB 24,670 per tonne in the night session, up 0.39per cent. The price stood above all moving averages (MA5=24,656, MA10=24,619.5, MA30=24,559.17, MA60=24,351.92), with the moving average system in a bullish alignment.

The MACD indicator showed a golden cross with DIF (91.95) above DEA (68.71), and the histogram expanded to 46.48, indicating continuously strengthening bullish momentum. The suggested key trading range for SHFE aluminium is 24,500-25,100. LME aluminium closed at USD 3,447.5 per tonne, down 0.79per cent. The price fell below MA5 (3,477.2) but remained above MA10 (3,404.8), MA30 (3,344.08), and MA60 (3,233.28), indicating a short-term pullback while the medium-term bullish structure remained intact. The MACD indicator showed a golden cross with DIF (59.06) above DEA (50.24), but the histogram narrowed to 17.64, suggesting weakening upward momentum. The suggested key trading range for LME aluminium is 3,420-3,500.

Macro front: The US and Iran were set to hold their first round of talks in Pakistan on April 11, but significant differences remained between the two sides on ceasefire terms, mainly centred on Iran's uranium enrichment activities, navigation through the Strait of Hormuz, the Lebanon ceasefire issue, and the withdrawal of US troops from the Middle East.

The US core PCE price index rose 3per cent YoY in February, narrowing slightly from the previous reading of 3.1per cent, in line with market expectations. Services inflation slowed down notably, with real spending up only 0.1per cent m-o-m. US initial jobless claims increased by 16,000 to 219,000 last week, above market expectations.

Fundamentals: Supply side, outside China, directly impacted by geopolitical conflicts, Middle Eastern aluminium enterprises cut production. Recently, UAE's EGA and Bahrain's Alba were successively hit by missile strikes, with production facilities damaged. The extent of damage was still under comprehensive assessment. The market widely expected large-scale production cuts or even shutdowns, with the global aluminium supply gap expected to widen and concerns over ex-China supply continuing to escalate. In China, the proportion of liquid aluminium rebounded in March as downstream sectors fully resumed work after the holiday, surging 9.3 percentage points m-o-m to 73.7per cent, above early-month expectations. Entering the traditional peak consumption season in April, downstream operating rates continued to rise, and the proportion of liquid aluminium is expected to climb further.

On the inventory side, high aluminium prices in China suppressed downstream willingness to actively restock, with downstream enterprises generally purchasing as needed based on orders and maintaining low inventory operations, with no large-scale stockpiling behaviour for now. This Thursday, China's aluminium ingot social inventory saw an inventory buildup of 35,000 mt w-o-w, with short-term inventory still at a relatively ample level. Inventories outside China continued to decline, with LME aluminium inventory maintaining a downward trend this week, having fallen to 414,000 mt.

Primary aluminium market: In the morning session, SHFE aluminium 2604 fluctuated downward, with the trading centre shifting lower than the previous day. Affected by declining aluminium prices, sellers raised their offers, and overall market shipment sentiment weakened. As some downstream players held inventory and aluminium prices remained at highs, overall purchasing sentiment also declined yesterday. Market transactions were mainly concentrated at SMM A00 aluminium at a premium of RMB 10-20 per tonne.

Yesterday, the East China market shipment sentiment index was 3.25, down 0.09 m-o-m; the purchasing sentiment index was 3.24, up 0.56 m-o-m. Yesterday, SHFE aluminium futures prices fluctuated downward in a correction, and the central China market lacked confidence in prices, with a strong wait-and-see atmosphere overall and buying sentiment declining slightly. As futures fell, traders actively shipped out cargoes, but actual transaction prices were weak. Suppliers had a strong willingness to hold prices firm, with offers only edging slightly lower. Ultimately, actual transaction prices in the central China market ranged from parity to a premium of RMB 30 over the central China price. Yesterday, the central China market shipment sentiment index was 2.73, flat m-o-m; the purchasing sentiment index was 2.4, down 0.04 m-o-m.

Aluminium scrap: Yesterday, spot primary aluminium fell RMB 160 per tonne from the previous trading day, and the aluminium scrap market followed the decline overall. Yesterday, the tightening regulatory stance on the "reverse invoicing" policy remained unchanged, with compliance costs in the aluminium scrap recycling process staying elevated, and actually available invoiced cargoes remaining tight. Demand side, the divergence in shipments between aluminium tensile scrap and wrought aluminium alloy scrap intensified. For aluminium tensile scrap, such as shredded aluminium tensile scrap and ADC12 aluminium shavings, downstream scrap utilisation enterprises, including secondary alloy producers, mostly maintained purchasing as needed with low inventory operations.

For wrought aluminium alloy scrap such as baled UBC and 5-series/3-series plate off-cuts, downstream secondary aluminium plate/sheet and strip enterprises were in peak production season with relatively high stockpiling enthusiasm. However, overall, high price levels combined with wild swings in aluminium prices continued to suppress purchasing enthusiasm among scrap utilisation enterprises. Price spread side, the price difference between A00 aluminium and mixed aluminium extrusion scrap free of paint in Foshan was recorded at RMB 3,005 per tonne, and the price difference between A00 aluminium and shredded aluminium tensile scrap was RMB 1,715 per tonne. The aluminium scrap market is expected to hover at highs next week, with the mainstream range for shredded aluminium tensile scrap (priced based on aluminium content) around RMB 20,800-21,300 per tonne (tax-exclusive). Supply side, policy constraints are unlikely to ease in the short term, and tight compliant cargoes combined with suppliers holding back cargoes will continue to underpin prices. Demand side, the divergence between aluminium tensile scrap and wrought aluminium alloy scrap will persist. Primary aluminium remains subject to fluctuations due to factors such as Middle East geopolitical conflicts, and coupled with a lacklustre downstream peak-season recovery, the overall tug-of-war between sellers and buyers will continue. Caution is warranted against market risks arising from aluminium price fluctuations at highs and poor cargo circulation.

Secondary aluminium alloy: Spot cargo side, ADC12 market prices were generally marked down yesterday, with declines concentrated in the range of RMB 100-200 per tonne. The main reasons were the cost side decline driven by the expanding drop in aluminium prices, as well as insufficient support from the demand side. Currently, downstream procurement remains dominated by rigid demand, and market transactions show mediocre performance. Meanwhile, low-priced supplies flowed into some regions, intensifying price competition and further suppressing market confidence. In the short term, demand side weakening is expected, and ADC12 prices still face certain downward pressure.

Aluminium market summary: Macro front, the US and Iran are scheduled to hold their first round of talks on April 11, but significant disagreements remain on core issues such as uranium enrichment and strait navigation, casting doubt on negotiation prospects. Passage through the Strait of Hormuz remains subject to Iranian permit restrictions, with most vessels adopting a wait-and-see approach, and geopolitical risk premiums have not subsided. Supply side, the substantive damage caused earlier is irreversible.

Aluminium capacity in the Middle East suffered direct military strikes, with UAE's EGA and Bahrain's Alba Aluminium successively attacked and production facilities damaged. The global aluminium supply gap is expected to widen significantly, and concerns over ex-China supply continue to escalate. Meanwhile, China has entered the traditional peak consumption season, with the proportion of liquid aluminium rebounding sharply to 73.7per cent, downstream operating rates rising steadily, and demand side support remaining solid. Overall, the macro perspective of restricted strait passage and conflict escalation risks resonated with the fundamental supply hard damage and low global inventory, jointly providing strong bottom support for aluminium prices. However, weak interest rate cut expectations, higher-than-expected aluminium ingot inventory buildup in China, and the adverse expectations on consumption and inflation from recent high fluctuations in oil prices have all notably weighed on the upside room for aluminium prices. In the short term, aluminium prices are fluctuating at highs.

Note: This article has been issued by SMM and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.

Tecnoglass lowers 2026 outlook as US aluminium tariffs weigh down on price margins

Fri, 10 Apr 2026 06:04:00 +0530

Colombia-headquartered Tecnoglass Incorporated, manufacturer of architectural glass, windows and associated aluminium products, has revised its full-year 2026 profit outlook downward, citing the impact of newly implemented US tariffs on aluminium window imports.

Explore- Most accurate data to drive business decisions with Global ALuminium Industry Outlook 2026 across the value chain

Reduced from USD 259 million recorded over the last twelve months through Q4 2025, the extruded aluminium products manufacturer now expects its adjusted EBITDA to reach around 225 million to USD 245 million, with a midpoint of USD 235 million.

Tariff impact drives earnings revision

The updated guidance reflects a USD 50 million net impact compared to the company’s earlier forecast.

The adjustment has come after the April 2 announcement of the Section 232 metals tariffs revision that introduced a 10 per cent tariff on US imports of finished aluminium window products.

Relying on the US market to fetch around 95 per cent of its revenue, Tecnoglass remains highly exposed to the trade policy changes.

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Demand, pricing, management

Despite the downward revision in earnings, the company reported stable Q1 operational performance, reinforced by strong order inflows and a record backlog.

Tecnoglass has reaffirmed its 2026 revenue growth expectations to be in double-digits, maintaining confidence in underlying demand conditions.

Over the past twelve months, the company recorded revenue of USD 984 million, representing a 10.5 per cent growth.

Additionally, Tecnoglass is preparing to counter the tariff impact as new pricing measures, effective from early May, are expected to support performance in the second half of the year. At the same time, the company is aiming to mitigate cost pressures to protect margins with increased automation, logistics optimisation, and workforce rationalisation.

José Manuel Daes, CEO of Tecnoglass, emphasised that the tariff revision would not affect the company’s competitiveness or long-term demand outlook.

Chief Financial Officer Santiago Giraldo noted that the measures implemented at present are expected to partially offset the tariff effect in 2026 and completely neutralise that by 2027.

Market response and valuation trends

Recent months have witnessed a significant decline in the Tecnoglass shares, dropping by a staggering 31 per cent over the past six months and trading well below their 52-week high.

With earnings expectations lowered due to anticipated tariff-related cost pressures, trading at a P/E ratio of 13.3, and analysts settling in the range of USD 62 to USD 68 for price targets, valuation indicators suggest the stock may be undervalued.

The company’s outlook also considers the elevated aluminium prices that might sustain in the second half (H2) of 2026, further influencing cost structures.

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