en.Wedoany.com Reported - Australia's ANZ Bank released a forecast on May 6, predicting that the global aluminum market deficit will widen to 2.7 million tons in 2026, with the deficit expected to exceed 1.1 million tons in 2027. The institution stated that aluminum prices remain biased to the upside and will stay above $3,400 per ton in 2026.

ANZ Bank's analysis pointed out that if the Strait of Hormuz reopens, aluminum prices may briefly pull back, but restocking by manufacturers will limit any significant downside. Supply losses are the main reason for the widening market deficit, and the institution expects a relatively large reduction on the global aluminum supply side in 2026, further tightening the market supply-demand balance.

On the demand side, ANZ Bank expects global aluminum demand growth to potentially slow to 2% to 2.3% in 2026, down from 3% in 2025. The institution believes that while the structural demand outlook remains intact, the slowdown in growth will partially offset the upward push on aluminum prices from supply-side contraction.

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