Aluminum to bloom after Q4 profit for Alcoa

China's announcement on Friday may have major long-term ramifications for the global aluminum supply chain, writes Andy Home.

China’s cancellation of tax relief on exports has left the aluminum industry scrambling to assess the impact on supply flows.

Analysts also raised its 2024 aluminum price forecast from $2,400/tonne to $2,450/tonne to reflect these expectations.

The export tax rebate was also removed for copper and lowered for some refined oil, solar, battery and non-metallic mineral products.