Daily aluminium industry digest · Curated for Novelis
Novelis's Oswego, New York hot-rolling mill has missed its earlier restart target and is now expected to resume operations late in Q2 calendar 2026; the outage has removed an estimated 150,000–200,000 tonnes of flat-rolled product shipments, with Novelis purchasing hot band from domestic competitors to fulfil Ford and other automotive customer contracts while Bay Minette's cold mill begins commissioning.
READ FULL STORY ↗JPMorgan Chase raised its price objective on Constellium SE from $29.00 to $30.00, maintaining an 'overweight' rating, on 19 April 2026, following a near-40% year-to-date rally in Constellium's stock driven by elevated aluminium premiums tied to the Gulf supply disruption.
Sustained analyst upgrades on Constellium reflect market consensus that the Gulf-driven P1020 supply squeeze will support European FRP producer margins through 2026, a dynamic that equally benefits Novelis's recycling-intensive cost structure relative to primary-metal-dependent rivals.
LME aluminium cash settlement eased to $3,660/t on 17 April 2026, down from $3,678.50/t the prior day, after Iran's Foreign Minister announced the Strait of Hormuz would reopen for commercial vessels during the ceasefire period, partially unwinding record-level price gains driven by Gulf smelter disruption fears since late February 2026.
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