09.09.202511:02:49UTC+00Aluminum Holds Rebound

The aluminum futures market in the United States has seen prices rise above $2,610 per tonne, maintaining a significant upward trend since April, and outperforming most other base metals this year due to ongoing supply concerns. The 50% tariff imposed on aluminum imports by former US President Trump has resulted in major Canadian producers redirecting their metal exports away from the US. During the second quarter, aluminum shipments to the United States made up 78% of Canada's total exports, a decline from 95% recorded in the first quarter. Meanwhile, China's production is expected to hit its annual cap of 45 million tons this year, limiting supply growth from the world's largest producer. Additionally, Guinea Alumina lost all its mining licenses after the military-led government of Guinea transferred all mining concessions to a newly formed state-owned company, which may disrupt ore production that supplies Emirates Global Aluminum, a major producer. This development comes shortly after South32 announced its decision to close its Mozal smelter in Mozambique, citing difficulties in securing power, which will result in the closure of Africa's second largest smelting facility.