REAL-TIME GLOBAL RESEARCH
Indonesia Aluminium: Live port tracker: NPI power reallocation to support new aluminium smelters
Research evidence excerpt
Indonesia Aluminium: Live port tracker: NPI power reallocation to support new aluminium smelters
Global Research
15 June 2026ab
Indonesia Aluminium Equities
IndonesiaLive port tracker: NPI power reallocation to
support new aluminum smelters Basic Materials
Timothy Handerson
Analyst
timothy.handerson@ubs.com
Re-allocation of power in Morowali to support aluminium smelter? +62-21-2554 5000
Media reports suggested that Tsingshan lowered nickel pig iron output in Morowali to Ivan Reynaldo Sutheja
conserve energy for upcoming aluminium smelter. Our live port data suggests the same, Analyst
with NPI and nickel matte exports from Morowali down to zero in May and in the first ivan-reynaldo.sutheja@ubs.com
two weeks of June. We estimate that the reduction in Morowali NPI production may free +62-21-2554 7037
up ~1GW of power capacity, which may support ~650-700ktpa of aluminium smelter Igor Putra
capacity (Figure 5NPI+matepowerrealocationmaysuportupto~670ktpaaluminiumsmelterinMorowaliand~780k-1.6mtpainWedaBay). This aligns with Xinfa's Taijing project, a 600ktpa aluminium smelter Analyst
in Morowali which started in 2Q26 and is expected to fully ramp up by end of 2026E, igor.putra@ubs.com
though we have yet to record outgoing aluminium shipments from the project at the +62-21-2554 7033
time of writing. Sharon Ding
Can more NPI capacity be curbed to support aluminium smelter? sharon.ding@ubs.com
Incremental power re-allocation in Morowali will likely have to come from shutting +852-2971 6284
down NPI smelters that are currently supplying to the captive stainless steel mills - we Beili Wang
think this scenario is less likely. This raises some questions on the availability of power for Analyst
The English excerpt is extracted automatically from the cited source page and may contain layout or recognition errors. It is never batch translated.
Open report viewer