A decline in the aluminium benchmark price is offering only limited relief to European manufacturers, where physical delivery premiums continue to add to the cost of metal.
Trading Economics’ reference stood at $3,122.75 per tonne on 7 October, equivalent to approximately €2,788, down 0.71% on the day and 6.43% over the month. The reference remained 13.18% above its year-earlier level, shaping the latest aluminium price trends October 2026.
The reference is based on financial instruments tracking the market rather than an individual physical delivery offer. It therefore does not represent a specific quotation for metal delivered to an individual European buyer.
Rotterdam premium remains a separate cost
An earlier European market report, published on 25 September, placed the Rotterdam aluminium premium at $533 per tonne on 23 September, or approximately €476. The report attributed the elevated premium to low physical stocks, restricted prompt availability, vessel delays and logistics costs.
The two observations refer to different dates and should not be combined into a single current delivered quotation. They nevertheless show how benchmark prices and regional physical premiums can move according to different market conditions.
A weaker benchmark can therefore coincide with supported regional premiums when physical availability remains constrained. Buyers may consequently capture only part of the benefit from a decline in the underlying aluminium price.
Delivered costs remain important for European buyers
For European manufacturers, the combination of the benchmark and physical premium remains relevant to European aluminium costs. The actual amount payable depends on the terms under which the metal is delivered rather than on the benchmark alone.
The Rotterdam assessment also provides an indication of the additional premium associated with duty paid aluminium, although the reported figure relates specifically to the market assessment on 23 September and should not be treated as a current delivered quotation for 7 October.
CBAM adds another consideration when buyers compare imported aluminium. Where quoted premiums already incorporate some carbon-related costs, procurement teams need to establish which charges are included before adding a separate allowance for import liability.
This makes CBAM aluminium pricing relevant to comparisons between different supply offers, particularly where the treatment of carbon costs differs between quotations.
Procurement decisions depend on complete cost
The euro equivalents in the reported figures use an approximate exchange rate of $1.12 per euro, close to the retrieved 7 October market reference.
For European buyers, aluminium procurement therefore requires consideration of the amount payable for metal delivered under the agreed commercial terms rather than relying on the benchmark price alone.
