Hong Kong aluminum stocks continue to decline; Rusal plunges over 11% after earnings; China Hongqiao falls for 4th consecutive day

MaticHoleFiller · 2026-03-20T16:44:54+00:00

Hong Kong-listed aluminum stocks fell broadly, with Russian aluminum plunging over 11% following earnings, while China Hongqiao Group, Hongqiao, and Nanshan Aluminum also declined. Analysts attribute the selloff to high oil prices impacting supply and economic outlook, with market funds flowing out of aluminum stocks toward safe-haven assets.

MaticHoleFiller

2026-03-20 16:44:54

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On March 18, it was reported that Hong Kong aluminum stocks continued to decline, with Rusal dropping more than 11% after its earnings release. China Aluminum fell nearly 4%, marking four consecutive declines. China Hongqiao dropped over 2%, and Nanshan Aluminum International decreased by 1.46%.

According to reports, Rusal released its performance for the fiscal year ending December 31, 2025. The group achieved revenue of $14.812 billion, up 22.6% year-on-year; adjusted net loss was $787 million, turning from a profit last year. As of December 31, 2025, the group’s annual primary aluminum production was 3.918 million tons, down about 1.9% from 3.992 million tons in the same period in 2024.

Analysts pointed out that the sustained rise in oil prices is a double-edged sword. While it impacts supply, it also threatens the global economic growth outlook. When the market begins to worry about “high oil prices, recession, and demand collapse,” funds tend to withdraw from stocks sensitive to economic cycles (such as aluminum stocks) and shift to safe-haven assets.

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