CRU
November 21, 2021
CRU: Handicapping Potential for Primary Aluminum Capacity Restarts
Written by Greg Wittbecker
By Greg Wittbecker, Advisor, CRU Group
Prices are higher…. why aren’t we seeing more aluminum production?
Latest in CRU
CRU: HR coil futures re-price 2027 forward curve
CME Group’s hot-rolled coil futures have jumped higher as the loss of a reheating line at a large Southern mill have renewed domestic production issues. At market close on Oct. 12, the Q4'26 futures are now pricing in $1,295 per short ton (st) for HR coil, a month-over-month (m/m) increase of $63/st. For 2027, the forward curve is up $80 /st vs. September, at $1,207/st. For November 2026 through March 2027, prices are at an average just above $1,300/st.
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CME Group’s HR coil futures have had a volatile stretch over the past few weeks.
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Americas wire and cable demand held firm through H1 2026, as data center and energy infrastructure buildouts, driven by wider electrification and power supply investments, more than offset weakness in traditional construction sectors such as residential
CRU: High freight to limit iron ore downside, met coal to rise on China supply concerns
For the next month, CRU forecasts that steelmaking raw materials demand will improve as buyers will restock ahead of seasonally stronger steel-demand periods.