- Aluminium prices rise as EGA halts output at Al Taweelah smelter
- EU initiates sunset review of AD duties on Chinese aluminium extrusions
Base metals on the London Metal Exchange (LME) traded higher d-o-d as of close on 01 April 2026, indicating broad-based strength across most metals. Aluminium rose 1.86% to $3,532/t, while zinc gained 1.95% to $3,290/t, and copper increased 0.80% to $12,435/t. Nickel also edged up 0.58% to $17,209/t, whereas lead posted the strongest gain, rising 2.02% to $1,942/t.
On the inventory front, stocks continued to trend lower, suggesting tightening availability across the complex. Aluminium inventories declined 0.45% to 416,775 t, while zinc stocks dropped 0.67% to 114,500 t and lead fell 0.46% to 281,700 t. Nickel inventories remained broadly stable, dipping marginally by 0.02% to 281,526 t, while copper stocks edged down 0.05% to 362,425 t.
Domestic market overview
India’s non-ferrous scrap market showed a mixed trend, reflecting selective buying activity across regions. Aluminium tense scrap (loose), ex-Delhi, remained stable d-o-d at INR 272,000/t with no change reported. In contrast, ex-Chennai prices increased by INR 1,000/t or 0.4% to INR 270,000/t from INR 269,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, witnessed an uptick of INR 12,000/t or 1.1% to INR 1,138,000/t from INR 1,126,000/t, indicating improved demand momentum in the copper segment.
Other updates
EU initiates expiry review of AD duties on Chinese aluminium extrusions
The European Commission has initiated a sunset review of anti-dumping (AD) duties on Chinese aluminium extrusions ahead of their expiry on 31 March 2026. The move follows concerns from EU producers over continued dumping and injury risks. Existing duties, imposed in March 2021, ranged between around 21.2% and 32.1%. The review will assess the likelihood of dumping continuation if measures are withdrawn. Current duties will remain applicable during the investigation period. The outcome will determine the future course of trade protection. The step aims to support domestic producers and maintain market balance.
Middle East aluminium supply disrupted; prices gain on outage
Emirates Global Aluminium (EGA) halted output at its Al Taweelah smelter following Iran-linked strikes. LME aluminium prices increased around 1.9% to around $3,532/t amid supply concerns. Global inventories remained tight, covering around 45 days of consumption. A deficit of around 0.9 million tonnes (mnt) is projected for Q2CY’26. Broader estimates suggest the ongoing Middle East conflict could disrupt up to 3-3.5 Mn t (around 5%) of global aluminium supply in the near term (Q2-Q3’26), further tightening availability and supporting prices This has reinforced bullish sentiment in aluminium markets.
Gulf nations plan alternative oil routes to bypass Hormuz
Gulf countries are exploring alternative oil transport routes to reduce reliance on the Strait of Hormuz, which handles around 20% of global oil trade. The India-Middle East-Europe Economic Corridor (IMEC) is a key proposal under consideration. Plans also include expanding east-west pipelines to the Red Sea. Additional routes via Israel’s Haifa port are being evaluated. These initiatives aim to ensure supply continuity amid geopolitical risks. Structural shifts in global energy logistics are underway. The move reflects long-term risk mitigation strategies.
Iraq’s oil exports hit as Hormuz closure disrupts flows
Iraq’s oil exports have slowed significantly due to the Strait of Hormuz shutdown, restricting key trade routes. Output at the Zubair field has recently declined to around 250,000 bpd from nearly 400,000 bpd over the past week following the Strait of Hormuz disruption. Export logistics have shifted to alternative routes via the UAE, increasing costs and delays. Imports at Umm Qasr Port were also disrupted. Security risks and workforce withdrawal further impacted operations. Oil revenues, contributing around 90% of Iraq’s budget, are under pressure. The crisis highlights vulnerability to chokepoint disruptions.
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