BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

l as manufacturing (+20.0% y/y), while those for the automotive 5,600

industry weakened (-19.8% y/y). 5,500

5,400

 EGA restarts limited aluminium output at Al Taweelah after missile disruption: Emirates Global 5,300

5,200 Aluminium has restarted a small portion of production at its Al Taweelah smelter following the 5,100

March missile strike, with one potline operating at just 10–20% capacity using existing inventory, 5,000

according to Fastmarkets. The facility, which produced 1.6Mt in 2025, had initially guided to a full 4,900

restart timeline of up to 12 months after operations were halted and force majeure declared. 4,800 4,700

Sources now indicate a faster recovery, with the entire operation potentially returning within 6 4,600

months, suggesting supply risks may ease sooner than expected. 4,500

26 Mar 26 Apr 26 May 26 Jun

 EU plans 15% aluminium scrap export tax. The Financial Times reports that Brussels is set to

impose a 15% levy on aluminium scrap exports from the bloc from September. The changes had Source: LME, BMO Capital Markets

been tabled earlier but met fierce opposition from scrap dealers. An estimated 15% of the EUs

secondary aluminium capacity is reportedly unused, leaving the potential for 2Mt of additional Spot Gold

scrap use, according to European Aluminium. This move comes as scrap metal becomes a new

focus of “resource nationalism” and supply chain security. 5,000

 China revises gold import and export regulations. The People's Bank of China (PBOC) has drafted 4,800

amendments jointly with the General Administration of Customs to update the existing

regulatory framework for the imports and exports of gold and gold production, to be in line with 4,600

“evolving economic conditions, legal requirements and policy adjustments”.