AMU
January 23, 2026
Written by Greg Wittbecker
This piece was first published by SMU’s nonferrous sister publication, Aluminum Market Update. To learn about AMU, visit their website or sign up for a free trial.
The London Metal Exchange (LME) cash settlement has recently traded to $3,220 per metric ton ($/t), and forecasts from some analysts predict prices reaching $4,000/t, with 2026 averaging well into the $3000s.
Base metals had a mixed week. Tin lost almost 4% on the week, finishing at $53,000/ton. Prices dropped to a low of $51,259/ton at one point. Aluminum was another loser, off by about 1.6% on the week. Investors are expecting more aluminum supply going forward, especially out of China and Indonesia. Copper prices tacked on 1.1%. They have now recovered more than half of the $700/ton loss sustained (over the course of a week) following reports/rumors in mid-September that US tariffs on refined copper imports might not proceed after all.
Recycler forward expectations swung toward oversupply in September as inventory drawdowns eased and export demand lost August’s improving responses.
Kibar Americas said production has started at its aluminum plant in Fairmont, W.Va., where it will manufacture products for the HVAC, packaging, automotive and industrial sectors.
China is bumping up against its official primary production capacity limit of 45.3 million metric tons/year, but production can still increase through “capacity creep.”
Automotive aluminum demand is rising as extrusions, sheet, and castings gain ground across vehicle applications and powertrains.