The global aluminum market is currently characterized by a distinct divergence between overseas and domestic markets. Overseas markets have performed strongly amid supply-side disruptions, while the domestic market has also strengthened due to similar supply disturbances but remained relatively weak compared with the LME. Details on supply, demand, trade and market structure are as follows: I. Overseas Aluminum Market: Prominent Supply Tightness and Sustained Pressure on Inventories The core contradiction in overseas aluminum markets lies in supply contraction and low inventory levels, exacerbated by geopolitical conflicts, further intensifying supply tightness. In terms of LME inventory data, current inventories remain on a continuous downward trend, greatly weakening their supportive role in the market. Historically and recently, LME cancelled warrants peaked at 178,000 tonnes earlier, accounting for 39% of total inventory. As a result, the effectively available LME inventory has dropped to its lowest level since May 2025, further highlighting tight overseas supply. Supply contraction has widened the market deficit, with production cuts at two key projects—EGA and Alba—having a particularly significant impact.On March 28, EGA’s Al Taweelah smelter in the UAE and Alba’s plant in Bahrain were attacked, causing equipment damage and sharply raising risks of capacity disruptions. This came on top of earlier disruptions: March 15: Alba reduced output at three production lines due to shipping disruptions in the Strait of Hormuz; March 12: Qatar’s Qatalum smelter suspended 40% of capacity due to natural gas supply cuts. Overseas primary aluminum supply deficits are expected to continue widening. Meanwhile, high energy costs in Europe have also reduced local semi-fabricated aluminum output, further tightening supply. Supply tightness has directly driven a sharp rise in overseas spot premiums. Amid supply concerns from escalating Middle East geopolitical conflicts, the Q2 MJP premium rose by approximately USD 156.5/t to USD 351.5/t. Specifically, major regional premiums rose markedly at end-March: CIF South Korea: from USD 168/t (early March) to USD 292/t; CIF Thailand: from USD 183/t to USD 317/t; European Duty Unpaid: from USD 345/t to USD 400/t; US Midwest DDP: from 103.75 cents/lb to 105.5 cents/lb. This fully reflects that expectations of tight primary aluminum supply have enabled sellers to push up quotations. Downstream demand and purchasing patterns vary significantly across regions: South Korea: Phase-wise restocking completed; weak downstream restocking sentiment, limited demand support. Southeast Asia: Dominated by term contract execution with limited spot restocking; insufficient incremental buying momentum. Europe: Rising supply shortage concerns amid production cuts in Qatar and Bahrain; downstream restocking underway, relatively strong demand. United States: Low inventories entering a restocking cycle, providing moderate market support. II. Domestic Aluminum Market: High Inventory Pressure, Weak and Constrained Demand In contrast to strong overseas markets, the domestic aluminum market has strengthened amid supply disruptions but underperformed relative to the LME, characterized by high inventories and constrained demand. High domestic aluminum prices have continued to suppress downstream purchasing. Current buying is mainly order-based rigid demand, with low willingness for active restocking, providing limited upward support. Domestic inventory pressure has not eased effectively: primary aluminum inventories remain elevated, and inventory destocking has progressed slower than expected, likely prolonging the digestion period.High inventories and high prices form dual constraints. Although the domestic market has upward momentum, it is weaker than overseas. Domestic spot premiums are expected to remain under pressure and further widen in the short term.

The current global aluminum market showed a clear divergence between markets outside China and China. LME remained strong amid supply-side disruptions, while the Chinese market also strengthened under supply disruptions, though its overall performance was still relatively weaker than LME. Details on supply and demand, trade, and market structure are as follows: I. Overseas Aluminum Market: Tight Supply Became More Prominent, Inventory Remained Under Pressure The core issue in the overseas aluminum market centered on supply contraction and low inventory, compounded by disruptions from geopolitical conflicts, with the tight supply pattern continuing to intensify. From LME inventory data, inventory was still in a sustained downtrend, and its support for the market weakened significantly. Based on historical and recent data, LME cancelled warrants previously peaked at 178,000 mt, accounting for as much as 39 of total inventory. As a result, LME’s actually available effective inventory fell to the lowest level since May 2025, further highlighting the tight supply pattern outside China. The supply-side contraction further amplified the deficit in overseas markets, with production cuts at the two key projects, EGA and Alba, having a particularly prominent impact. On March 28, EGA’s Al Taweelah production site in the UAE and Alba’s plant in Bahrain were both attacked, and equipment damage sharply increased the risk of capacity disruptions. This, combined with Alba having already started production cuts on three production lines on March 15 due to shipping disruptions in the Strait of Hormuz, and Qatar’s Qatalum smelter having shut down 40 of its capacity on March 12 due to a natural gas supply interruption, means the supply gap in overseas aluminum ingot is expected to continue widening. Meanwhile, high energy costs in Europe also led to production cuts and reduced output of local fabricated products, further exacerbating supply tightness. Tight supply directly pushed premiums in overseas spot markets sharply higher. Affected by supply concerns triggered by escalating geopolitical conflict in the Middle East, the Q2 MJP price rose about $156.5/mt to $351.5/mt. Specifically, by month-end, premiums in major regions all showed a significant upward trend: CIF South Korea premiums rose from $168/mt at the beginning of the month to $292/mt; CIF Thailand premiums rose from $183/mt to $317/mt; European duty-unpaid premiums rose from $345/mt to $400/mt; US Midwest DDP premiums rose from 103.75¢/lb at the beginning of the month to 105.5¢/lb, fully reflecting that current expectations of tight overseas aluminum ingot supply drove sellers to raise offers. From downstream demand and procurement pace across overseas regions, clear divergence was evident: South Korea: Earlier restocking had already been completed in stages, and downstream purchase and restocking sentiment was currently subdued, with demand providing weak support to the market; Southeast Asia: The current market mainly focused on executing long-term contract orders, with only some spot order restocking demand, and overall momentum for new purchases was insufficient; Europe: Affected by production cuts in Qatar and Bahrain’s aluminum industry, market concerns over a supply deficit continued to rise, and downstream players were gradually carrying out restocking purchases, with demand relatively strong; US: Inventory was currently at a low level and was entering a restocking cycle, providing some support to the market. II. China’s Aluminum Market: Under Pressure from Inventory at High Levels, with Suppressed and Weak Demand In contrast to the strength of the LME, although China’s aluminum market was likewise supported by supply disruptions and showed an upward trend, its overall performance remained relatively weaker than the LME, with the core pattern characterized by “elevated inventory and suppressed demand.” On the price front, persistently high aluminum prices in China continued to restrain downstream purchasing demand. At present, the downstream procurement pace is mainly driven by order-based just-in-time procurement, while willingness to restock proactively remains subdued, making it difficult to form stronger demand support. China has not effectively eased inventory pressure—domestic aluminum ingot remains at inventory at high levels, and the pace of inventory drawdown was slower than expectations. Inventory drawdown is expected to take even longer going forward. Inventory at high levels and high aluminum prices have formed a dual constraint, leaving the Chinese market with upward momentum, but weaker than that of the LME. In the short term, spot premiums in China are expected to remain under pressure and widen further. Source: SMM

Interconnect Malta (ICM) has launched a Preliminary Market Consultation (PMC) to assess the feasibility of importing 0.8 TWh of renewable energy annually from North Africa. The proposed project involves a subsea power link designed to supply approximately 25% of Malta’s total electricity demand based on 2025 figures. The government is seeking market interest and non-binding price estimates under a 25-year fixed-price Contract for Difference (CfD) mechanism, aiming to leverage North Africa’s solar and wind potential to bolster national energy resilience and carbon reduction goals.

In Q1 2026, China’s aluminum semis exports showed a pronounced pattern of product-category divergence amid the interplay of three factors: the long-term impact of the cancellation of export tax rebates in December 2024, the divergence in demand structures outside China, and the sudden outbreak of geopolitical conflict in the Strait of Hormuz.....

European Energy has completed the sale of its Jonava renewable energy project in Lithuania to Energix – Renewable Energies. The massive hybrid development features a planned capacity of 470 MW, integrating 140 MW of onshore wind, 330 MWp of solar PV, and 320 MWh of energy storage. Construction is slated to begin shortly with full commercial operations targeted for 2027. This divestment highlights the company’s "develop-and-flip" model, successfully de-risking large-scale, grid-stable assets to recycle capital into its global pipeline of wind and solar projects.

The Metals Company (Nasdaq: TMC) reported a widened annual net loss of $319.8 million for 2025, driven by increased royalty liabilities and administrative costs. Despite the financial results, CEO Gerard Barron expressed confidence in the company's pathway to production, citing strengthened U.S. policy support and progress on a domestic polymetallic nodule processing hub. TMC ended 2026 Q1 with a projected liquidity of $154 million, as it continues to advance feasibility studies and regulatory permitting for its deep-sea mining projects in the Pacific Ocean.

PT Indonesia Morowali Industrial Park (IMIP) has reinforced its sustainability framework by integrating advanced Continuous Emission Monitoring Systems (CEMS) and wastewater tracking (Sispek) directly with Indonesia’s Ministry of Environment (KLH) servers. As of early 2026, 37 tenants have completed independent external safety audits (SMK3) to ensure high operational standards. Beyond environmental compliance, IMIP is scaling up human capital investment through vocational partnerships with top universities like ITB and UGM, alongside international training programs in China, positioning the park as a benchmark for responsible and tech-driven nickel downstreaming.

BAIC Industrial Investment Management Co., Ltd. announced the completion of a strategic investment in Jiangxi Aite Magnetic Material Co., Ltd., aiming to support its R&D innovation and market expansion in the field of soft magnetic powder cores. Founded in 2014, Aite Magnetic Material focuses on soft magnetic powder core products such as Sendust, iron-silicon, iron-based amorphous, and nanocrystalline materials, and holds an important position in the magnetic materials sector.

BAIC Industrial Investment Management Co., Ltd. announced the completion of a strategic investment in Jiangxi Aite Magnetic Material Co., Ltd., aiming to support its R&D innovation and market expansion in the field of soft magnetic powder cores. Founded in 2014, Aite Magnetic Material focuses on soft magnetic powder core products such as iron-silicon-aluminum, iron-silicon, iron-based amorphous, and nanocrystalline materials, and holds an important position in the magnetic materials sector. As a professional investment platform under BAIC Group, BAIC Industrial Investment's move into the magnetic materials field will help Aite Magnetic Material enhance its technology R&D capabilities, expand its market share, and promote technological innovation and industrial upgrading in the automotive industry and related sectors.

Lodestar Minerals disclosed that mineralogical studies at its Virgin Mountain project in Arizona, US, confirmed the presence of high-grade heavy rare earths with xenotime as the principal mineral, including high proportions of dysprosium, terbium, and lutetium—three high-value elements that are in critically short domestic supply in the US and are vital to national defense systems. China currently accounts for most of the global production of the above heavy rare earths and has imposed export restrictions. Lodestar said the findings highlight the project's strategic value and will help the company secure funding and establish partnerships.