《2026–2030年铅市场展望：再生铅——清洁能源与AI基础设施的新核心》 SO OK TRADING 撰文｜2026年4月19日

中东危机最新动态：战争 • 能源 • 金融世界 (2026年4月16日) 中东局势依然炽热而复杂，战斗、外交以及经济影响正在不断扩散到全球。 由于霍尔木兹海峡的封锁和多地的袭击，原油与石脑油价格持续飙升，而全球股市则随着和平谈判的消息而剧烈波动。 这场冲击并不仅限于中东地区，而是向所有国家传递震荡——从能源成本的上升，到化肥价格与运输费用的高企，直接影响着全球人民的日常生活。 请关注最新的 英文信息图表 (Infographic)，它将战争、能源与金融三大维度简明扼要地呈现，帮助您快速理解并转化为商业战略。 SO OK TRADING

An analysis of the aluminum market in 2026 indicates a likely continued market deficit and upward price pressure, driven by constrained supply and resilient demand from green energy sectors. However, significant volatility is expected due to policy uncertainties and the potential for new Indonesian supply to eventually balance the market. Key Drivers and Projections for 2026 Supply Side Analysis Capacity Constraints: China's primary aluminum output is approaching its self-imposed 45 million-tonne capacity cap, limiting global supply growth. Power Challenges: Smelters outside of China face intense competition for power from energy-intensive sectors like AI data centers, which are willing to pay higher prices for long-term contracts. This has kept significant capacity offline in Europe and the US. Production Disruptions: Outages and potential shutdowns at existing smelters in Iceland and Mozambique further tighten the market. Scrap Supply Pressure: The EU's planned implementation of the Carbon Border Adjustment Mechanism (CBAM) and potential scrap export tariffs in spring 2026 are expected to impact global scrap flows, creating regional shortages and price volatility. New Capacity: Indonesia is a key source of new supply, with several projects in the pipeline. However, analysts suggest the pace of the ramp-up may be slower than expected due to infrastructure and policy challenges, meaning it is unlikely to fully offset near-term tightness. Demand Side Analysis Green Transition Demand: Demand from "green" sectors such as solar panels, new energy vehicles, and energy transition infrastructure remains strong, providing fundamental support for the market. Substitution Effect: Aluminum's wide price discount relative to copper has encouraged substitution in electrical applications, acting as a tailwind for demand and prices. Construction and Automotive: The construction and automotive industries continue to be major consumers, with growing demand for lightweight, low-carbon aluminum products. Price Forecasts and Volatility The market is expected to remain in a deficit in 2026, with estimates ranging from 200,000 to 600,000 tonnes. This structural tightness is leading most analysts to forecast sustained or rising prices. Bullish Views: Analysts at Bank of America project prices of $3,000/tonne as early as 2026. J.P. Morgan also expects prices to approach $3,000/tonne in Q1 2026. ING forecasts an average price of $2,900/tonne for the year. Bearish/Conservative Views: Goldman Sachs is an outlier, forecasting prices to decline to $2,350/tonne by Q4 2026, anticipating a market surplus later in the year. SMM forecasts a "high first, then lower" pattern, with prices finding equilibrium in the $2,700–$2,800/tonne range by year-end. Premiums: Regional premiums, particularly the US Midwest premium, are expected to remain high and volatile due to tariffs and regional supply dynamics, creating a disconnect from the LME benchmark price. In essence, 2026 is projected to be a year of high volatility where participants need to focus on scenario readiness rather than relying on a single price forecast, as geopolitical and energy policies significantly influence regional supply and costs

中東戦争：アメリカ – イラン – イスラエルとホルムズ海峡