For the Quarter Ending September 2025
North America
• In the USA, the Aluminium Sheet Price Index rose by 4.9% quarter-over-quarter, driven by tariff-induced feedstock cost shock.
• The average Aluminium Sheet price for the quarter was approximately USD 5915/MT, reflecting elevated landed costs from Midwest premium expansions.
• Aluminium Sheet Spot Price rose on import bottlenecks while Aluminium Sheet Production Cost Trend reflected inflated Midwest premiums.
• Aluminium Sheet Price Forecast for coming months anticipates volatility driven by tariff policy and inventory rebalancing signals.
• Aluminium Sheet Demand Outlook remains subdued as construction weakness and substitution risk offset automotive sector support.
• Rising inventories and constrained exports tempered the Aluminium Sheet Price Index, pressuring traders to delay discretionary purchases.
• Logistics expenses and duty escalations elevated landed costs, reinforcing the Aluminium Sheet Production Cost Trend and importer pass-through.
• Market participants adjusted procurement timing, influencing short-term Aluminium Sheet Spot Price and smoothing acute volatility pressures.
Why did the price of Aluminium Sheet change in September 2025 in North America?
• Tariff-induced primary aluminum shortages elevated Midwest premium, increasing import landed costs and final sheet prices.
• Weak construction demand and substitution pressures reduced immediate consumption, limiting sustained upward price momentum thereby.
• Elevated logistics and tariff pass-throughs constrained imports while inventory adjustments moderated spot market volatility downside.
APAC
• In Malaysia, the Aluminium Alloy Sheet Price Index rose by 3.05% quarter-over-quarter, reflecting freight-driven cost increases.
• The average Aluminium Alloy Sheet price for the quarter was approximately USD 3142.33/MT, per CFR assessments.
• Aluminium Alloy Sheet Spot Price experienced constrained upside as CFR freight increases limited buyer urgency, reducing transactions.
• Aluminium Alloy Sheet Price Forecast expects modest monthly variation as freight eases and periodic restocking supports limited upside.
• Aluminium Alloy Sheet Production Cost Trend reflects elevated logistics charges, raising landed costs despite stable primary metal pricing.
• Aluminium Alloy Sheet Demand Outlook is cautious; construction supports volumes but private-sector procurement remains selective and measured.
• Aluminium Alloy Sheet Price Index reacted to Chinese export flows, port congestion, and transient seller pass-through of costs.
• Operational statuses and distributor inventories moderated volatility, allowing orderly adjustments rather than abrupt spot price spikes.
Why did the price of Aluminium Alloy Sheet change in September 2025 in APAC?
• Elevated intra-Asia freight and port congestion increased landed costs, passing higher logistics expenses through to buyers.
• Adequate Chinese export availability reduced urgency, so Malaysian buyers tempered bookings despite elevated landed costs.
• Subdued domestic procurement and inventory drawdowns limited demand, constraining price gains despite ongoing cost pressures.
Europe
• In Germany, the Aluminium Price Index fell by 3.42% quarter-over-quarter, reflecting restrained downstream buying activity.
• The average Aluminium price for the quarter was approximately USD 12194.33/MT, FD-Koblenz basis reflecting stability.
• Aluminium Spot Price showed intermittent firmness as front-loaded automotive purchases counterbalanced softer construction demand patterns.
• Aluminium Price Forecast suggests volatility with alternating rebounds driven by automotive ordering and inventory adjustments.
• Aluminium Production Cost Trend remained elevated due to high power tariffs and EU ETS charges.
• Aluminium Demand Outlook shows automotive and aerospace strength offset by weak construction and cautious destocking.
• Aluminium Price Index movements tracked LME volatility, rising exchange stocks, and domestic buying for throughput.
• Mills operated reliably, with Aleris Koblenz avoiding outages, preserving conversion capacity amid logistical cost headwinds.
Why did the price of Aluminium change in September 2025 in Europe?
• Rising LME and exchange inventories increased oversupply, weakening mill pricing power and pressuring domestic terms.
• Elevated energy tariffs and EU ETS charges raised conversion costs, compelling mills to defend margins.
• Automotive and aerospace buying supported niche volumes, but cautious restocking and logistics costs limited recovery.
MEA
• In United Arab Emirates, the Aluminium Sheet Price Index rose by 2.63% quarter-over-quarter, from freight.
• The average Aluminium Sheet price for the quarter was approximately USD 3113.67/MT, reflecting CFR pressures.
• Aluminium Sheet Spot Price stable while Aluminium Sheet Production Cost Trend rose due to freight.
• Aluminium Sheet Price Forecast suggests variation as the Aluminium Sheet Price Index reacts to logistics.
• Aluminium Sheet Demand Outlook largely supported by state infrastructure projects, offsetting softer private sector activity.
• Aluminium Sheet Price Index reflected inventory draws, export demand, Chinese inflows and ongoing logistical tightness.
• Rising alloy input costs drove the Aluminium Sheet Production Cost Trend upward, squeezing supplier margins.
• Importer operational continuity preserved supply, while Aluminium Sheet Price Forecast remains vulnerable to freight risks.
Why did the price of Aluminium Sheet change in September 2025 in MEA?
• State infrastructure procurement sustained demand, offsetting softer private sector activity and supporting CFR import prices.
• Rising freight and input costs increased landed expenses, pressuring importers and translating into CFR pricing.
• Chinese export inflows eased shortages; logistical delays and geopolitical uncertainty maintained overall cautious buyer behaviour.
For the Quarter Ending June 2025
North America
• The Aluminium Sheet (1100-H14) Price Index in the United States rose 2.4% quarter-over-quarter in Q2 2025, with a sharp 6.0% spike in June alone. This increase is not demand-driven; instead, it reflects the cascading impact of U.S. trade policy changes—most notably, the doubling of Section 232 tariffs on primary aluminum imports. As domestic producers struggle to meet sheet production needs, the artificially inflated Midwest premium has become a central cost driver, making imported sheets significantly more expensive. Despite weakening consumption trends in key downstream sectors, the restricted availability of affordable raw material has forced prices upward, underscoring a supply-constrained rather than demand-pull pricing dynamic.
• The Aluminium Sheet (1100-H14) Manufacturing & Supply Dynamics were heavily distorted by protectionist trade measures in Q2. The U.S. government’s decision to double the Section 232 tariff to 50% in June disrupted the supply of primary aluminum ingot used for sheet fabrication. Since the U.S. lacks sufficient domestic capacity to meet its raw aluminum needs, the result has been an acute supply bottleneck, evidenced by the Midwest premium surging to a record $1,323/MT. This surcharge is added before rolling operations begin, inflating the final sheet cost regardless of producer origin. China, the major sheet exporter to the U.S., also experienced restricted output in May due to smelter maintenance and bauxite supply constraints, which lifted FOB prices and compounded U.S. importers' cost burdens. On a CFR basis, stable freight and FX conditions provided minor relief, but could not offset the domestic price inflation stemming from tariffs and premium escalation.
• The Aluminium Sheet (1100-H14) Demand Outlook in the U.S. remains fragile, showing signs of near-term weakness amid elevated costs. In June, downstream consumers—especially in packaging—began exploring material substitutions due to cost pressures. Automotive and non-residential construction sectors continued to absorb material, but only modestly. While May saw a 0.35% MoM rise in U.S. auto sales and steady hiring in commercial construction, high borrowing costs and cautious capital expenditure restrained large-scale restocking. The demand pivot is also visible in the beverage can sector’s strategic turn toward recycled, tariff-exempt aluminum, which reduces dependence on costly imports. Despite a longer-term bullish outlook tied to EVs and infrastructure, the immediate Q2 reality is that consumers are not increasing purchases because of stronger activity but rather paying more for less material in an increasingly protectionist and inflationary environment.
Why did the price of Aluminium Sheet remain stable in July 2025 in the USA?
Early indicators suggest U.S. Aluminium Sheet prices have plateaued in July, consolidating the 6% June surge. The Midwest premium remains elevated, while no meaningful relief has emerged from either tariff adjustments or an influx of raw material. Domestic mills continue to operate at limited capacity utilization, unable to expand output quickly enough to offset policy-driven input shortages. On the demand side, buyers remain wary, and procurement cycles have slowed, particularly in the packaging and residential sectors. Unless the U.S. relaxes tariff, constraints or unlocks new tariff-free supply routes, sheet prices are expected to remain firm despite subdued downstream momentum.
Asia-Pacific (APAC)
• The Aluminium Sheet Price Index in Malaysia declined by 4.0% quarter-over-quarter in Q2 2025, reflecting a volatile blend of logistical cost escalation, intermittent procurement, and fragile domestic demand. While June saw a sharp 3.0% price increase, this was largely logistics-driven rather than demand-led. The net quarterly loss highlights how temporary freight surges failed to compensate for sustained structural weakness in local consumption across the quarter.
• The Aluminium Sheet Production Cost Trend in Q2 was heavily influenced by elevated ocean freight charges from Chinese ports—Malaysia’s primary source of Aluminium Sheet imports. These cost increases were largely exogenous, triggered by shipping lane realignments, port congestion, and environmental inspection-related delays in China. Although Chinese aluminium smelters operated near full capacity, domestic casting ingot output shrank, and casting alloy supply was increasingly diverted to export markets. Despite this, landed costs in Malaysia were driven more by volatile logistics than raw material constraints, exposing importers to margin compression as domestic resale prices could not rise proportionally.
• The Aluminium Sheet Demand Outlook in Malaysia remained largely tepid, with most downstream consumers showing caution. Construction and fabrication sectors continued to struggle with weak project pipelines and limited liquidity, curbing their willingness to stockpile at higher import prices. However, EV-related Aluminium Sheet demand showed promising growth, supported by a 69.3% year-on-year increase in EV registrations and a higher share of aluminium-intensive vehicle platforms. Additionally, expectations of public-sector infrastructure rollouts helped sustain selective restocking in May, even as June’s higher landed costs tested buyer resilience. Looking ahead, demand conditions remain mixed: structurally improving in transport and infrastructure, but tactically weak in general manufacturing.
Why did the price Aluminium Sheet remain stable in July 2025 in Asia?
The Aluminium Sheet Spot Price in July 2025 remained stabilize or soften marginally, as freight rates ease slightly and restocking activity slows following June’s logistics-driven price hike. Domestic manufacturers are unlikely to absorb further cost escalation without clearer signs of end-user demand recovery. While aluminium fundamentals globally remain firm—driven by elevated LME prices and constrained energy inputs—Malaysia’s domestic macro backdrop suggests price resistance at current levels. The Aluminium Sheet Price Forecast leans toward modest downside risk unless construction momentum picks up or China’s export availability tightens materially in Q3.
Europe
• The Aluminium Sheet (2 mm - AW-2017A) Price Index in Germany increased 0.5% quarter-over-quarter in Q2 2025, driven by improving downstream sentiment and persistent cost-push dynamics. While April began with a 3% price decline due to feedstock oversupply, this trend reversed in May and June amid rising logistics costs and a surge in demand from automotive and aerospace sectors. The quarter ended with German sheet producers successfully passing on higher input costs despite ongoing construction sector weakness.
• The Aluminium Sheet (2 mm - AW-2017A) Production Cost Trend remained elevated through Q2, particularly in June, when European producers faced mounting pressure from high power tariffs, carbon cost adjustments under the EU ETS, and increased inland logistics charges. Although ingot availability remained adequate — thanks to consistent production at plants like Hydro Rackwitz and Trimet Voerde — the conversion margin to finished sheet stayed compressed. No major supply disruptions occurred, but elevated container rates and stable-to-tight LME inventories contributed to producer discipline on pricing.
• The Aluminium Sheet (2 mm - AW-2017A) Demand Outlook showed strong improvement in the latter half of Q2. Automotive and aerospace sectors were the primary drivers: EU passenger vehicle production rebounded, and France’s car registrations rose 36.78% MoM in June. German Tier 1 suppliers increased call-offs for EV and lightweight model-year transitions, while Airbus-related fabrication demand lifted sheet orders further. Though construction remained subdued, stable façade system demand in southern Germany and Austria supported specialized sheet applications. Buyers front-loaded procurement in anticipation of further cost escalation, underpinning the Q2 price gains.
Why did the price Aluminium Sheet remain stable in July 2025 in Europe?
Preliminary data suggests Aluminium Sheet prices in July remained firm, consolidating the sharp 3.5% June rise. Domestic producers, shielded from import competition due to lack of EU tariff relief, maintained price floors. Automotive and aerospace order books remained strong, and no cost relief was seen on energy or transport. With port logistics flowing steadily and key mills like Aleris Koblenz operating without outages, supply remained stable — but not loose. As a result, prices are expected to stay range-bound, supported by demand strength in high-spec applications and persistent cost inflation in production and delivery.
Middle East & Africa (MEA)
• The ALUMINUM ALLOY SHEET (AL 1100) Price Index in the UAE declined by 6.9% quarter-over-quarter in Q2 2025, reflecting a volatile pricing cycle driven by high inventory levels, shifting import patterns, and cost-push pressure from Chinese suppliers. The decline captures a complex Q2 progression, where April saw steep corrections due to oversupply, while May and June showed a recovery led by infrastructure-driven demand.
• The ALUMINUM ALLOY SHEET (AL 1100) Production Cost Trend in Q2 remained uneven. While raw material prices from China fluctuated in response to intermittent energy curbs and falling casting ingot output, UAE-based processors faced margin compression due to longer lead times and inconsistent billet availability. Fabricators attempted to buffer against future volatility through precautionary restocking, but persistent logistical friction and port congestion out of Asia strained just-in-time delivery models, lifting final landed costs.
• The ALUMINUM ALLOY SHEET (AL 1100) Demand Outlook in the UAE displayed a strong structural bias toward growth, despite temporary procurement delays. Project-linked demand from megastructures and nationwide development programs—including Etihad Rail, the Dubai Metro Blue Line, and high-end real estate districts—maintained aluminum sheet consumption at elevated levels. Employment in the construction sector hit a 12-month high, while purchasing managers leaned toward risk-mitigation strategies through diversified sourcing and buffer stock policies.
Why did the price Aluminium Sheet change in July 2025 in MEA?
The ALUMINUM ALLOY SHEET (AL 1100) Spot Price edged higher in June, extending momentum into July 2025, as long-haul shipping costs and locked-in demand from public mega-projects outweighed the effects of private sector hesitation. Despite regional tensions dampening sentiment in other sectors, UAE importers were compelled to pay higher CFR rates to meet firm project timelines. This resilience in procurement activity—underpinned by the UAE’s import-heavy aluminum sheet market—helped suppliers maintain elevated FOB offers from China. The ALUMINUM ALLOY SHEET (AL 1100) Price Forecast for Q3 remains moderately bullish, with supply risks and infrastructure consumption expected to exert upward pressure on landed costs.
For the Quarter Ending March 2025
North America
• The Aluminium Sheet Price Index in North American market inclined consistently during the Q1 of 2025, while the Aluminium Sheet Spot Price observed hovering at USD 5,400/MT (AL Sheet 1100-H14-0.8 mm, CFR New York).
• Aluminium Sheet market during January remained stable, as the anticipation of a 25% tariff on aluminium imports led to increased dependencies on domestic scrap aluminium sources.
• In February, prices surged by 2.5% due to pre-tariff buying activity, concerns about limited domestic capacity, and reduced bauxite shipments.
• March saw an additional 3% price rise, as supply tightened and tariffs took full effect, despite demand headwinds from low consumer confidence and economic uncertainty.
• The Aluminium Sheet Production Cost Trend was influenced by higher logistics and raw material costs, particularly under tightened supply chains.
• Why did the Aluminium Sheet prices change in April 2025 in the US market? Prices were high, following the March uptrend due to ongoing effects of the tariff, constrained supply, and limited production expansion.
• The Aluminium Sheet Demand Outlook remains mixed, with support from automotive segments but a cautious construction sector.
• The Aluminium Sheet Price Forecast suggests continued upward pressure in Q2 unless scrap supply improves or demand weakens sharply.
Europe
• The Aluminium Sheet Price Index in Europe saw a moderate rise during Q1 2025, ending at USD 12,777/MT (2 mm-AW-2017A, FD-Koblenz, Germany).
• January began with stable prices, impacted by EU policy proposals to phase out Russian aluminium, creating sourcing uncertainty.
• February witnessed a 2.5% increase, as tightening supplies and automotive sector optimism supported bullish sentiment.
• March added another 2.0% rise, driven by recovering demand in construction and automotive sectors, despite moderate overall activity due to high inventory levels and deferred purchases.
• Elevated energy prices and supply-side stress from U.S. tariffs impacted the Aluminium Sheet Production Cost Trend, creating a challenging pricing environment.
• Why did the price of Aluminium Sheet change in April 2025 in Europe? Prices were high, sustained by supply chain restrictions, recovery in key sectors, and continued energy-related production pressures.
• The Aluminium Sheet Demand Outlook remains cautiously optimistic, hinging on industrial sector momentum and construction recovery.
• The Aluminium Sheet Price Forecast anticipates marginal growth in Q2 as policy changes and energy cost pressures continue to unfold.
Asia-Pacific (APAC)
• The Aluminium Sheet Price Index in APAC was volatile, closing Q1 2025 at USD 3,130/MT (Al 1100, CFR Klang Port, Malaysia)—roughly flat versus Q4 2024.
• January was marked by price stability, backed by steady demand from construction and private investment activity.
• In February, prices rose by 2% due to seasonal tightness, lower output in China, and improved confidence across the region.
• However, March saw a 3% decline, triggered by restored raw material supplies and muted demand, as buyers worked through existing inventories.
• Economic uncertainty and global trade friction weighed on the Aluminium Sheet Demand Outlook, especially within manufacturing and construction sectors.
• The Aluminium Sheet Production Cost Trend improved slightly in March, as supply conditions normalized, reducing input pressures.
• Why did the price of Aluminium Sheet change in April 2025? Prices were low, as March’s downward correction extended into April on the back of soft demand and stable production conditions.
• The Aluminium Sheet Price Forecast for Q2 is mildly bearish unless new infrastructure investments or supply shocks emerge in major markets.
Middle East & Africa (MEA)
• In MEA, the Aluminium Sheet Price Index increased modestly in Q1 2025, with the Aluminium Sheet Spot Price ending at USD 3,240/MT (Al 1100, CFR Mina Jebel Ali).
• January was stable with consistent supply from China, despite marginal cuts in output.
• February prices rose by 2% due to supply tightening and renewed interest from the automotive and construction sectors.
• March saw minor fluctuations as concerns over oversupply and cautious buyer sentiment emerged amid global market volatility.
• The Aluminium Sheet Production Cost Trend remained elevated, with energy input costs and competitive pricing pressures weighing on profitability.
• Why did the price of Aluminium Sheet change in April 2025 in Saudi Arabia? Prices were high, reflecting the continued lag in supply adjustments and pressure from import-related costs.
• The Aluminium Sheet Demand Outlook in MEA is stable, driven by regional construction momentum and automotive industry optimism.
• The Aluminium Sheet Price Forecast suggests slow but steady gains in Q2, dependent on global price direction and regional demand cycles.
For the Quarter Ending December 2024
North America
In Q4 2024, the Aluminium sheet market in North America encountered significant fluctuations, marked by a 2% price decrease in October and a further decline of 6% in November. By December, prices stabilized despite rising global aluminium production and soaring alumina prices. The combination of easing economic conditions and external disruptions, like hurricane impacts and international demand fluctuations, has shaped this quarter's market dynamics.
Supply challenges surfaced as manufacturers offered discounts to address the oversupply situation within the Aluminium sheet market. The production of bauxite and alumina remained constrained, influenced by logistical issues and decreased shipments from key production hubs. Positive indicators emerged in automotive sales, which witnessed a robust increase of 12.8% month-over-month, bolstered by ongoing construction activity that recorded a 4.6% year-over-year rise.
The quarter-ending price for AL Sheet (1100-H14-0.8 mm) DEL New York stood at USD 5,325/MT. Throughout Q4, prices reflected a downward trajectory followed by stabilization in December, driven by heightened inflationary pressures and supply-demand imbalances. Looking ahead, stakeholders face challenges that include fluctuating raw material costs and cautious consumer behaviour in a market influenced by ongoing economic uncertainties and potential regulatory changes.
Europe
In Q4 2024, the European Aluminium sheet market faced significant challenges characterized by a combination of subdued demand, production declines, and external pressures affecting pricing dynamics. Prices for aluminium sheets in Germany remained stable throughout the quarter, despite a 2% decrease in October and stable prices in subsequent months. The construction sector, vital for aluminium sheet consumption, continued to experience contraction, influencing overall market conditions. Manufacturing dynamics revealed that the German aluminium industry is under strain, with ongoing declines in production volumes leading to diminished availability of aluminium semi-finished products. The Manufacturing Index pointed to contraction, indicating a decrease in output, new orders, and employment levels. Several key factors, such as soaring alumina prices and logistical disruptions, were significant drivers of cost pressures, alongside political uncertainties and weaker economic prospects. The quarter-ending price for Aluminium Sheet (2 mm-AW-2017A) FD-Koblenz stood at USD 12,135/MT. Throughout Q4, pricing trends show stability amidst a backdrop of adverse economic conditions and seasonally affected demand. As manufacturers navigate these complexities, they continue to face headwinds from rising operational costs, weak demand from construction and manufacturing sectors, and fluctuating input prices, posing challenges for growth in 2025.
APAC
The Aluminium sheet market in the APAC region exhibited stability in Q4 2024, with prices maintaining equilibrium despite fluctuating production dynamics. The pricing trend showed a notable resilience with price points supported by robust demand from the automotive sector. A healthy increase in vehicle sales, aided by government incentives, underpinned continued consumption of aluminium sheets, while alumina supply constraints helped stabilize pricing despite broader market adjustments. In October, prices rose amidst increased economic activity following the lifting of air pollution advisories in northern China, enabling alumina producers to resume normal operations. However, prices remained stable in November as bauxite supply issues emerged alongside strong alumina prices, cushioning any potential declines. December continued this trend, with production cuts in key regions like Sichuan and Guangxi contributing to a complex supply environment. The quarter-ending price for Aluminium Sheet (3004-1 mm) Ex Shanghai stood at USD 3,044/MT. Overall, Q4 pricing trends reflected stability, driven by solid automotive demand and strategic adjustments to supply amidst seasonal pressures. Looking ahead, market participants must navigate ongoing supply chain challenges and potential shifts in demand as seasonal patterns evolve, indicative of a market in transition with cautious optimism for the coming year.
MEA
In Q4 2024, the Aluminium sheet market in the UAE displayed resilience amidst fluctuating economic conditions. Prices increased by 3.2% in October, driven by strong demand from the construction sector, though they stabilized in November due to low consumption levels causing slight inventory increases in the spot market. By December, prices remained unchanged, reflecting the overall strength in the non-oil sector, underpinned by a rising Purchasing Managers' Index. The market dynamics were shaped by a balance between supply and demand, with elevated inventories in China influencing global pricing trends. The UAE's construction sector remained robust, bolstered by a Construction Sentiment Index score of +55%, although growth in new orders showed signs of slowing. Concurrently, companies faced rising costs for inputs, leading to competitive pressures that affected pricing strategies. The quarter-ending price for Aluminium Alloy Sheet (Al 1100) CFR Mina Jebel Ali stood at USD 3,206/MT. Throughout Q4, pricing trends showed initial increases followed by stabilization, highlighting both the positive demand landscape and the challenges of cost inflation and inventory management. Looking ahead, market participants must navigate these complexities while sustaining momentum in both local and export markets.
