Shares of aluminum producers climbed in Hong Kong trading on Thursday, with sector momentum driven by a major supply disruption in Brazil. CHINAHONGQIAO (01378) advanced 3.84% to HK$23.26, while CHALCO (02600) gained 4.02% to HK$23.30. CHUANGXIN IND (02788) rose 3.68% to HK$16.36, and NANSHAN AL INTL (02610) moved up 2.25% to HK$27.22.

The rally follows an announcement from Norwegian producer Norsk Hydro, which stated that its Alunorte refinery in Brazil has halved alumina production to 50% of capacity due to a natural gas supply disruption. According to BOCI estimates, the monthly output reduction of 30%-50% at Alunorte could cut offshore alumina supply by approximately 160,000 to 260,000 tonnes per month.

The supply shortfall is expected to push up domestic Chinese alumina prices through increased import demand, while simultaneously squeezing overseas smelting margins along the cost chain. With energy costs trending higher and alumina supply facing fresh shocks, the medium-term narrative of rising aluminum price floors has gained renewed strength.

Analysts note that the combination of elevated input costs and tighter raw material availability provides systematic support for aluminum prices, reinforcing expectations that the upward trajectory for the metal's price center remains intact.