Insight
Aluminium cuts in the offing following US sanctions
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The US sanctions against Russian oligarchs and their companies have thrown the aluminium market into a frenzy. Even before the sanctions were announced, smelters were scraping the bottom of the silos for alumina. The Albras smelter in Brazil became the first casualty of the current alumina squeeze. With no clear timeline for the restart of Alunorte and the loss of output from Aughinish, market participants are now questioning which smelter will be the next to curtail output?
Table of contents
- A jaw-dropping announcement
- UC Rusal's alumina footprint
- Atlantic smelters running out of alumina
- Atlantic aluminium smelters may be the unintended casualty of the US sanctions
- Crunching the numbers: Just how much more alumina do the Atlantic smelters need to avoid temporary curtailments?
- Can China come to the rescue?
- How high can alumina prices go?
- What's the risk of temporarycurtailments?
Tables and charts
This report includes the following images and tables:
- Alunorte alumina export destinations
- Ireland alumina exports
- Alumina supply loss
- Alumina prices smash through the historical 22.5% price cap
What's included
This report contains:
Other reports you may be interested in
Insight
Global Oil Supply 10-year investment horizon outlook 2025
Oil demand remains resilient, with energy security and affordability key aspects in the transition to low-carbon energy
$1,350
Insight
Global oil supply short-term update - November 2025
OPEC+ agree to a pause in unwinding cuts in Q1 2026, due to expected over-supply.
$1,350
Country Report
Global aluminium smelter asset cost summary
The Global Aluminium Asset Summary examines the cost environment in the base year as well as historically and forward five years.
$6,750
