The global stainless steel market navigated a series of sharp sentiment. The opening weeks saw Indonesia's mill closures and price hikes push the cost narrative to its highest point of the year, before a combination of easing geopolitical tensions triggered the first price reduction since December 2025. The month's defining characteristic was similar to April's. What differentiated May was the sharply higher amplitude of both the policy signals and the emotional swings that accompanied them.

According to foreign media reports, in response to applications from Indian Aluminium Industries Limited (IAIL) and SRF Altech, among other companies, India has decided to extend the deadline for imposing anti-dumping duties on aluminum foil with a thickness of 80 micrometers or less imported from China, Malaysia, Thailand, and Indonesia until December 15, 2026. On September 29, 2025, the Directorate General of Trade Remedies under the Indian Ministry of Commerce and Industry initiated sunset reviews of aluminum foil imports from China, Malaysia, Thailand, and Indonesia.

Qatar Aluminium Manufacturing Company (Qamco) confirmed on Sunday that it has terminated its marketing agency relationship with its partner, Norway's Hydro, in their joint venture, Qatalum. The company did not specify the reason. "Following the termination of the partnership, Qatar Aluminium will temporarily assume responsibility for the marketing and sales of its aluminum products," Qatalum said in a statement. It added that the company will continue constructive communication with Hydro to ensure an orderly transition. It is reported on Friday that Qatar Aluminium cancelled its metal supply agreement with Hydro; Hydro issued a force majeure notice to its customers. Qatalum, established in 2006, has an annual production capacity of 648,000 tons and is a 50/50 joint venture between Hydro and Qatar Energy; Qatar Energy holds a 51% stake in Qamco.

Russian-origin aluminium accounted for 93% of available aluminium stocks in London Metal Exchange (LME) warehouses at the end of May, up from 72% in April, according to exchange data. The increase was largely driven by significant withdrawals of Indian-origin metal from LME warehouses. Total on-warrant aluminium inventories fell 23% during May to 254,625 tonnes and have since declined further to 250,525 tonnes, the lowest level since May 2025. While Russian aluminium inventories fell slightly by 3,950 tonnes to 237,175 tonnes, Indian-origin stocks dropped by 71,750 tonnes, leaving only 17,450 tonnes on warrant. Market participants noted that supply disruptions and logistical challenges in the Middle East continue to tighten global aluminium availability. Despite being eligible for LME trading if produced before April 13, 2024, Russian aluminium remains avoided by many traders.

\LME aluminium prices have retreated steadily from their late-May peak, falling from nearly $3,680 per metric ton to around $3,480 per metric ton. More notably, the LME aluminium Cash-3M spread narrowed sharply over just one week, dropping from a cash premium of $104.56 per metric ton on June 1 to $15.17 per metric ton on June 9, a loss of nearly $90 per metric ton. This marks the steepest contraction in the backwardation structure since the outbreak of the Middle East conflict.

German aluminum producer Trimet has announced a series of investments to expand its recycling operations across Germany. The company has increased capacity at its Gelsenkirchen recycling plant through the installation of new melting units, adding up to 80,000 tones of annual recycled aluminum output. From August 2026, the site will begin using hydrogen-rich process gas to reduce CO₂ emissions. Trimet is also building a new recycling facility in Hamm, scheduled to start operations by the end of 2026, focusing on aluminum scrap sorting, processing and logistics using laser-based analysis technology. In addition, storage upgrades at its Essen site will add around 16,000 tones of capacity. The company is also expanding its portfolio of high-recycled-content aluminum alloys for automotive and industrial applications.