Indonesia Aluminium: Live port tracker: NPI power reallocation to support new aluminium smelters

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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