The US-Israeli war with Iran is causing a shift in the global supply of alumina, a key raw material for aluminum production. As a result, Chinese aluminum producers are set to gain from the diversion of this resource. The increased alumina flow into China may lead to an expansion of their domestic aluminum production, boosting profits and supply at local smelters.
Source: https://www.bloomberg.com/news/articles/2026-03-17/china-s-aluminum-industry-draws-raw-material-diverted-by-war