In May as well, the aluminum market remained heavily influenced by U.S. trade policy. Following a successful trade agreement between the United Kingdom and the United States, the U.S. and China also agreed to significantly—and more than expected—reduce their mutual import tariffs for an initial period of 90 days.

In the first half of April, the 3-month aluminum contract on the LME remained under pressure due to the tariff policies of U.S. President Donald Trump, dropping to a low of USD 2,300/ton on April 9. As the tariffs were postponed, aluminum prices recovered. Over the course of the month, the contract traded within a range of more than USD 250/ton and closed at USD 2,460—around USD 100/ton below the level at the beginning of the month.

The aluminium market remained volatile in March. At the beginning of the month, a weaker US dollar boosted the value of commodities traded in dollars. Aluminium gained significantly in this environment, reaching a high of 2,726 USD per tonne in early March. In mid-March, the previously announced US tariffs came into effect: 25 percent on aluminium imports. The global trade conflict escalated further, with some affected countries responding with counter-tariffs. As a result, market uncertainty increased, accompanied by growing concerns over a potential recession. In this climate, the 3-month contract on the London Metal Exchange declined by the end of the month. Overall, the contract fluctuated within a range of around 200 USD per tonne in March and closed the month at 2,538.50 USD.

The global aluminium market continued to be dominated by geopolitical changes in February. After the first rumours circulated in January, the European Commission adopted the 16th sanctions package against Russia in February and completely banned the import of primary aluminium from Russia after a transitional phase in 2025. The aluminium 3-month contract on the London Metal Exchange reached a 3-month high of USD 2,730/tonne in mid-February, but was unable to maintain this and was trading almost sideways to January at USD 2,620/tonne at the end of the month.

January was marked by trade policy developments that impacted the aluminum market. Midway through the month, initial reports emerged about a potential EU import ban on Russian aluminum. This initially drove up prices for the LME 3-month aluminum contract. However, the proposed one-year transition period in the Commission's proposal, along with Donald Trump's inauguration on January 20, which brought potential US tariffs back into focus, led to a slight decline in prices after reaching a high of $2,705 per ton. By the end of the month, the contract was about $50 per ton above its level at the beginning of the year.