Aluminum pricesProducer Price Index, September 2026
Aluminum mill shape prices fell for a third month in September 2026, 6.1% below June's record
The producer price index for aluminum mill shapes fell 0.1% in September 2026 to 370.480, 6.1% below June's record and 25.2% above a year earlier.
- Mill shapes index, September 2026
- 370.4801982=100, preliminary
- From August
- −0.1%Third monthly decline since June
- From June's record
- −6.1%June: 394.359
- From September 2025
- +25.2%Smallest gain on the year since August 2025
Mill shapes fell 6.1% from June's record by September 2026
The Bureau of Labor Statistics producer price index for aluminum mill shapes fell 0.1% in September 2026 to 370.480, its third monthly decline since a record of 394.359 in June. A producer price index tracks the prices U.S. producers receive for what they sell, here the shapes that U.S. aluminum mills ship. September's reading is 6.1% below June and 25.2% above September 2025. BLS released the September figure on October 15, and it is preliminary.
The declines came after twelve monthly gains in a row, from July 2025 through June 2026. June's reading was the highest since the series began in January 1947, and its 53.6% gain on the year was the largest in the series. September's 25.2% is the smallest gain on the year since August 2025. Even after three declines, every month of 2026 sits above every month before it.
After a run of gains, the index fell 1.59% in July, 4.42% in August and 0.12% in September
Aluminum base scrap, the scrap that mills, smelters and foundries buy, fell 3.7% in September to 448.098. That is 4.5% below its record of 469.261 in July and 22.6% above September 2025.
The mill shapes index fell 1.59% in July and 4.42% in August, then 0.12% in September. Over two years, from September 2024, it rose 57.6%.
From scrap to finished parts
Ingot rose 1.2% in September while extrusions fell 1.4%
BLS publishes indexes along the chain from scrap to finished aluminum products. In September they moved in different directions.
- Secondary aluminum ingot, the ingot and billet that smelters make by remelting scrap, rose 1.2% to 294.044. It was 46.5% above September 2025, the largest gain on the year of the six indexes here, and 0.8% below June.
- Extruded aluminum shapes, which include rod, bar and wire, fell 1.4% to 248.675. That is 4.9% below June and 26.1% above a year earlier.
- Aluminum castings rose 0.2% to 287.908, 3.7% above June and 15.0% above September 2025.
- Aluminum cans and can components fell 2.0% to 190.564, about level with June and 11.6% above a year earlier.
Secondary ingot stood 46.5% above a year earlier, the largest gain of the six indexes
| Index | Sep 2026 | From August | From June | From Sep 2025 | |||
|---|---|---|---|---|---|---|---|
| Aluminum base scrapWPU102302, 1982=100 | 448.098 | −3.7% | −3.7% | +22.6% | |||
| Secondary aluminum ingotPCU3313143313142, Dec 2003=100 | 294.044 | +1.2% | −0.8% | +46.5% | |||
| Aluminum mill shapesWPU102501, 1982=100 | 370.480 | −0.1% | −6.1% | +25.2% | |||
| Extruded aluminum shapesWPU10250162, Dec 2004=100 | 248.675 | −1.4% | −4.9% | +26.1% | |||
| Aluminum castingsWPU102802, 1982=100 | 287.908 | +0.2% | +3.7% | +15.0% | |||
| Aluminum cans and can componentsWPU10310331, Dec 2001=100 | 190.564 | −2.0% | 0.0% | +11.6% | |||
Rebased to September 2024, secondary aluminum ingot rose 65.3% in two years, mill shapes 57.6% and aluminum base scrap 54.2%. The International Monetary Fund's global aluminum price rose 33.6% over the same two years.
Over two years, ingot rose 65.3% and the world price 33.6%
The world price
The world price peaked in May at $3,658.22 a metric ton
The International Monetary Fund's Primary Commodity Prices put the global aluminum price at $3,283.05 per metric ton in September 2026, about $1.49 a pound. That is 1.0% above August and 23.7% above September 2025. The world price peaked earlier than the U.S. indexes. Its May average of $3,658.22 is the highest in the series on FRED, which starts in January 1992, and September stood 10.3% below it.
In September the world price stood 10.3% below May's record
The IMF figure is a monthly average of a world benchmark in U.S. dollars, so it shows what aluminum costs before U.S. duties and delivery premiums.
The tariff behind the year
A 50% tariff covers both months in the comparison on the year
Both months in the comparison on the year fall under a 50% tariff on imported aluminum. Section 232 of the Trade Expansion Act of 1962 lets the president adjust imports that threaten national security. Proclamation 10947 raised the Section 232 duty on aluminum articles and their derivatives from 25% to 50% for goods entered on or after June 4, 2025.
From June 4, 2025
25% 50%
Aluminum articles and derivatives, Proclamation 10947
Annex I-A, from April 6, 2026
50%
Aluminum articles and listed derivatives, on full customs value, Proclamation 11021
Annex I-B, from April 6, 2026
25%
Listed derivatives, on full customs value, Proclamation 11021
Russia
200%
Products of Russia, or made with primary aluminum smelted there
Proclamation 11021 changed the regime from April 6, 2026. It applies the duty to the full customs value of an imported product, regardless of metal content. Aluminum articles and the derivatives in its Annex I-A pay 50%, and the derivatives in Annex I-B pay 25%, with lower rates for some United Kingdom products and for derivatives made entirely with U.S. metal. Aluminum products of Russia, or made with primary aluminum smelted in Russia, stay at 200%. The proclamation reports that domestic aluminum capacity utilization rose from about 39% in 2017 to about 50.4%. The price indexes do not separate the effect of a duty from other causes.
Sources: Proclamation 10947 and Proclamation 11021, Federal Register, via govinfo.
Revisions to June through August
The October 15 release cut August scrap by 2.11%
The October 15 release moved the mill shapes index for June, July and August by 0.02% or less. The scrap index moved more. August aluminum base scrap went from 475.545 to 465.526, down 2.11%, so the scrap record now belongs to July instead of August.
Mill shapes moved 0.02% or less; August scrap fell from 475.545 to 465.526
| Index | Month | Before Oct 15 | Oct 15 release | Revision | |
|---|---|---|---|---|---|
| Aluminum mill shapes | Jun 2026 | 394.292 | 394.359 | +0.02% | |
| Aluminum mill shapes | Jul 2026 | 388.048 | 388.092 | +0.01% | |
| Aluminum mill shapes | Aug 2026 | 370.902 | 370.931 | +0.01% | |
| Aluminum base scrap | Jun 2026 | 463.334 | 465.344 | +0.43% | |
| Aluminum base scrap | Jul 2026 | 469.848 | 469.261 | −0.12% | |
| Aluminum base scrap | Aug 2026 | 475.545 | 465.526 | −2.11% | |
What this means for an aluminum quote
A June base month would now call for a price 6.1% lower
- If a contract adjusts price by an index, name it by its full title and series code, such as "Producer Price Index for aluminum mill shapes, WPU102501," or the extruded aluminum shapes index, WPU10250162, for work that is mostly extrusions. State the base month, how often the price adjusts, and whether the calculation uses the first-published value or the value after revisions. Check whether the clause adjusts in both directions. A June base month would now call for a price 6.1% lower on mill shapes.
- Ask a supplier which aluminum price a quote for plate, sheet or extrusions is built on, whether it includes a regional delivery premium, the date of that price, and how many days the quote holds. Exchange prices for aluminum are published daily by the London Metal Exchange and CME Group, and a supplier can tell you which one their price follows.
- On an imported part, ask whether the price includes the Section 232 duty, whether the part falls under Annex I-A or Annex I-B, and whether the supplier is claiming a lower rate for U.S. metal content. A customs broker can check the classification, and a trade attorney can advise on a particular entry.
Caveats
BLS can revise June through September 2026 in later releases
Every value from June 2026 onward is preliminary, and BLS can revise each of those months in later releases.
The indexes are national averages of what U.S. mills, smelters and scrap sellers receive. They leave out the service center's markup, cutting, freight and any delivery premium or surcharge on a particular order, and they cover domestic producers, so they do not price an imported part after duty.
The indexes are not seasonally adjusted, so the change on the year compares each month with the same month a year earlier.
Each index has its own base period, so a higher number on one index does not mean a higher price than on another. Comparing them shows how fast each moved.
The IMF price is a monthly average of a world benchmark in U.S. dollars per metric ton. It does not include U.S. duties or the premium a buyer pays for delivery in the United States, so it does not price metal landed at a U.S. shop.
Aluminum mill shapes index, September 2025 to September 2026
| Month | Index | On the month | On the year | ||
|---|---|---|---|---|---|
| Sep 2025 | 295.898 | +1.59% | +25.8% | ||
| Oct 2025 | 301.541 | +1.91% | +26.3% | ||
| Nov 2025 | 311.964 | +3.46% | +27.5% | ||
| Dec 2025 | 320.588 | +2.76% | +30.0% | ||
| Jan 2026 | 328.673 | +2.52% | +33.1% | ||
| Feb 2026 | 349.365 | +6.30% | +40.0% | ||
| Mar 2026 | 353.170 | +1.09% | +34.8% | ||
| Apr 2026 | 367.769 | +4.13% | +37.9% | ||
| May 2026 | 385.055 | +4.70% | +49.8% | ||
| Jun 2026P | 394.359 | +2.42% | +53.6% | ||
| Jul 2026P | 388.092 | −1.59% | +40.6% | ||
| Aug 2026P | 370.931 | −4.42% | +27.4% | ||
| Sep 2026P | 370.480 | −0.12% | +25.2% | ||