Indonesia Alumina Shipment Detained Over Rare Earth Elements, Market Seeks Regulatory Clarity

[SMM Aluminum Express News] Hydro has signed a long-term renewable power purchase agreement (PPA) with Eviny Fornybar, securing 0.5 TWh of electricity annually from 2031 to 2040 for its Norwegian aluminium operations. The agreement covers a total of 5 TWh of renewable power over the contract period, with supply delivered in Norway's NO5 electricity price area, supporting Hydro's low-carbon aluminium production. The agreement strengthens Hydro's long-term energy security as the company continues to lock in renewable power for its smelters. Hydro said the contract will help meet future power demand and support its roadmap toward net-zero emissions by 2050, following other recently announced long-term renewable power agreements in Norway.

[New 301 Tariffs Strike, Limited Upside Room for Aluminum Prices in the Short Term] Overall forecast: recently macro front sentiment has slightly improved, with sustained geopolitical risk premium in the Middle East and China’s continued destocking of aluminum ingots jointly supporting aluminum prices. However, the continuous addition of long-term aluminum capacity outside China, weak traditional end-use demand in China, coupled with repeated macro perspective uncertainties, put obvious pressure on the upside room for aluminum prices, and in the short term, aluminum prices will maintain a consolidation pattern.