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Thursday, 23 April 2026

3 stories · Alex's Daily Alu Digest

LME Aluminium $3,652/t +$39 (+1.1%) Cash settlement · USD/t
ECDP $585/t $0 (0.0%) P1020A in-whs dp Rotterdam · USD/t

Constellium SE gains on strong aluminium automotive structures segment

Constellium's Automotive Structures & Industry (AS&I) segment generated revenues of approximately $1.6 billion, up 10% year-on-year, on shipments of 202,000 tonnes; the company's shares have gained 22.3% over three months as analyst consensus for 2026 earnings was revised upward 20.6%.

Novelis angle

The same elevated aluminium prices and EV-driven BIW demand powering Constellium's AS&I revenue gains are key tailwinds for Novelis's automotive sheet business, confirming the pricing environment for FRP automotive producers remains constructive heading into H1 2026.

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Why the price volatility in the global aluminium UBC scrap market: LME benchmarks and the underlying economic drivers

The global aluminium UBC scrap benchmark stood at approximately $2,519/t in April 2026 against LME above $3,500/t, leaving a primary-to-scrap spread of $1,000–$1,150/t; the analysis attributes the persistent gap to LME benchmark mechanisms, collection infrastructure constraints, and energy cost differentials in secondary smelting.

Novelis angle

As the world's largest UBC recycler, Novelis benefits directly from the wide primary-to-scrap spread, which expands the cost advantage of recycled inputs versus primary metal and strengthens the business case for its 3×30 recycled-content targets.

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US announced extension of ceasefire but maintained blockage, LME prices still had upward momentum

The US extended the ceasefire with Iran on 22 April while maintaining the shipping blockage in the Persian Gulf; LME aluminium prices sustained upward momentum as the continued supply disruption kept ex-China P1020 availability constrained.

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