Domestic Aluminum Sector Sees Further Rebound in Liquid Aluminum Proportion as Production Resumes

According to Hydro’s official website on March 12, after Qatalum’s natural gas supplier confirmed that it would maintain a lower supply level, Qatalum decided to stop further production cuts and shutdowns and maintain an operating rate of 60. These production cuts were carried out safely and in a controlled manner, and with the operating rate maintained at 60, this improved the conditions for a future restart. It is not yet known when the restart will begin.

Alumina Transaction: On March 11, 2026, 50,000 mt of alumina was transacted outside China at a transaction price of $302/mt FOB Eastern Australia, for April shipment.

[SMM Aluminum Morning Meeting Summary: The SHFE/LME Price Ratio Continued to Weaken, and Aluminum Prices Were Expected to Fluctuate at Highs in the Short Term] Against the backdrop of continued tightening LME liquidity, LME aluminum still had upward momentum, with strong support from overseas prices, and the backwardation structure was expected to persist in the short term. China was in a phase of high inventory + weak fundamentals, and its upward momentum was clearly weaker than that outside China. Amid diverging domestic and external drivers, the SHFE/LME price ratio was expected to continue weakening, and aluminum prices were expected to continue fluctuating at highs in the short term.