--- title: "The stability of the global aluminum supply chain is under pressure, and rare earth export data confirms the ongoing overseas restocking, while industrial non-ferrous metal ETFs rebound" type: "News" locale: "en" url: "https://longbridge.com/en/news/280240965.md" description: "The global aluminum supply chain is under pressure, with increased risks to electrolytic aluminum production capacity in the Middle East due to the US-Iran conflict. The Industrial Non-ferrous Metal ETF WanJia rose by 0.66%, with a cumulative increase of 26.73% over the past six months. Domestic aluminum processing companies have seen a recovery in operating rates, leading to a release in demand. Rare earth export data indicates strong overseas restocking demand, putting short-term pressure on rare earth prices, but the medium-term outlook is positive. Resource leading enterprises are enhancing their profitability amid tightened quotas" datetime: "2026-03-24T01:54:14.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280240965.md) - [en](https://longbridge.com/en/news/280240965.md) - [zh-HK](https://longbridge.com/zh-HK/news/280240965.md) --- # The stability of the global aluminum supply chain is under pressure, and rare earth export data confirms the ongoing overseas restocking, while industrial non-ferrous metal ETFs rebound As of March 24, 2026, 09:42, the CSI Industrial Non-ferrous Metal Theme Index (H11059) rose by 0.03%. The constituent stocks such as Silver Non-ferrous rose by 4.01%, Luoyang Molybdenum rose by 2.73%, Zijin Mining rose by 2.09%, Xingye Silver Tin rose by 1.80%, and Tongling Nonferrous rose by 1.61%. The Industrial Non-ferrous ETF WanJia (560860) increased by 0.66%, with an intraday high increase of over 2%. Looking at a longer time frame, as of March 23, 2026, the Industrial Non-ferrous ETF WanJia has accumulated a rise of 26.73% in the past six months. The conflict between the U.S. and Iran continues to escalate, posing shutdown risks to Middle Eastern electrolytic aluminum production capacity, putting pressure on the stability of the global aluminum supply chain. Guolian Minsheng Securities pointed out that the actual electrolytic aluminum production in the Middle East is about 6.85 million tons in 2025, accounting for 9% of the global total supply. The spillover of geopolitical risks has led to some production capacity entering a shutdown state; at the same time, shipping through the Strait of Hormuz is hindered, raising energy costs and further increasing the production costs of electrolytic aluminum, with risk premiums continuing to exist. Domestically, the resumption of work in downstream sectors after the holiday has driven demand release, with the operating rate of aluminum processing enterprises rising to 62.9%, and the turning point for social inventory is approaching. The correction in the aluminum sector provides opportunities for low-position layouts, with medium to long-term demand for aluminum in the three major fields of new energy vehicles, photovoltaics, and electricity showing positive trends, and prices still having upward elasticity under the rigid capacity constraints. In terms of rare earths, rare earth prices are under short-term pressure but the mid-term logic is strengthening, with export data confirming ongoing overseas restocking. Guojin Securities pointed out that rare earth exports have significantly increased since the beginning of 2026, in stark contrast to the -1% year-on-year export figure for the entire year of 2025, indicating that overseas restocking demand remains strong. The continuous promotion of industry supply-side reforms, combined with the approaching key window period for resolving competition among peers in 2026, indicates a clear upward trend in both valuation and performance for the rare earth sector. Leading enterprises in the resource sector will continue to enhance their bargaining power and profit stability against the backdrop of tightened quotas and improved strategic reserve mechanisms. Data shows that as of February 27, 2026, the top ten weighted stocks in the CSI Industrial Non-ferrous Metal Theme Index (H11059) are Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Xingye Silver Tin, Xiamen Tungsten, Yun Aluminum, Tongling Nonferrous, China Tungsten High-tech, Jiangxi Copper, and Western Mining, with the top ten weighted stocks accounting for a total of 54.37%. In terms of scale, as of March 23, 2026, the Industrial Non-ferrous ETF WanJia has seen a scale growth of 1.858 billion yuan in the past three months, achieving significant growth. In terms of shares, the Industrial Non-ferrous ETF WanJia has seen an increase of 1.168 billion shares in the past three months, achieving significant growth. Data shows that leveraged funds continue to be deployed. The latest financing purchase amount for the Industrial Non-ferrous ETF WanJia reached 15.295 million yuan, with the latest financing balance reaching 150 million yuan. In terms of fees, the management fee rate for the Industrial Non-ferrous ETF WanJia is 0.50%, and the custody fee rate is 0.10%, which are the lowest among comparable funds. In terms of tracking accuracy, as of March 23, 2026, the tracking error for the Industrial Non-ferrous ETF WanJia this year is 0.026%, the highest tracking accuracy among comparable funds The Industrial Non-ferrous Metal ETF WanJia (560860) closely tracks the CSI Industrial Non-ferrous Metal Theme Index, covering leading strategic resources such as copper, aluminum, and rare earths. 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