Gulf smelter outages and century-low LME stocks tighten physical ingot supply
Aluminum Casting Market 2025 to 2032: Giga-Casting Revolution and Supply Chain Transformation →On October 14, 2026, London Metal Exchange (LME) aluminum traded near $3,055 per tonne following a 6.1% drop from late-September highs. Despite the price easing, severe physical tightness persists due to 2.6 million tonnes of annualized capacity closures in Gulf smelters. Registered LME warehouse stocks dropped to 238,625 tonnes—the lowest level of the 21st century—forcing European and Asian buyers to pay elevated regional spot premiums for primary metal.
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LME registered inventory hit a century low of 238,625 tonnes alongside an annualized 2.6 million tonne Gulf primary output deficit, driving up physical regional spot premiums.
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