Alcoa sees slower Middle East aluminum restarts on smelter economics

Aluminum prices are down roughly 17% since early June, partly on rising volumes from Middle Eastern smelter restarts. Jefferies says Alcoa expects further restarts of curtailed capacity to be more gradual because smelter economics there are tough, particularly with high alumina import costs. Alcoa also expects much of the Middle Eastern capacity growth slated before the war to be more challenging to bring to market longer term.