Indonesia Aluminium "Live port tracker: Tracking progress of new smelters..."

研报英文原文证据摘录

Indonesia Aluminium "Live port tracker: Tracking progress of new smelters..."

Global Research

17 July 2026ab

Indonesia Aluminium Equities

IndonesiaLive port tracker: Tracking progress of new

smelters in Morowali and Weda Bay Basic Materials

Timothy Handerson

Analyst

timothy.handerson@ubs.com

Shipments from Huachin and Juwan steady; ADMR's first shipment delayed +62-21-2554 5000

Our tracker showed steady aluminium exports from Huachin and Xinfa's Juwan; Ivan Reynaldo Sutheja

however, our discussions with ADMR suggest that its first aluminium shipment has been Analyst

delayed to Jul (vs. target of Jun delivery previously). Nonetheless, ADMR remains ivan-reynaldo.sutheja@ubs.com

confident on meeting its 2026 sales volume target of 300-340kt, which will be mainly +62-21-2554 7037

slated for the export market. We expect an acceleration in aluminium deliveries from Igor Putra

Indonesian projects in 2H26, mainly driven by Xinfa /Tsingshan and ADMR. Analyst

igor.putra@ubs.com

Tracking progress of new smelters in Morowali and Weda Bay +62-21-2554 7033

Despite concerns around Xinfa potentially pushing back the start timeline of Xianfeng to Sharon Ding

~4Q26 (vs. original plan of late 2Q26/early 3Q26), our tracker suggests that alumina Analyst

shipments into Weda Bay have remained elevated since May 2026. This, coupled with sharon.ding@ubs.com

recent import of aluminium machinery in Apr/May, points to an imminent start up, in our +852-2971 6284

view. That said, our datapoints are unable to fully confirm this. Separately, our tracker Elvis Liu

recorded increased alumina shipments in Jun/Jul to Morowali as well, which suggests a Associate Analyst

ramp up of Xinfa's 600ktpa Taijing smelter, which we think is being supported by the re- elvis.liu@ubs.com