Mercuria, the Swiss giant, has already taken out nearly 100,000 tonnes from Malaysian storage, while Vitol is preparing withdrawals from Port Klang, according to sources. The timing has surprised market participants since spot aluminium prices are currently higher than forward prices — a structure that usually discourages drawing down inventories.
Shrinking imports and stable exports
Malaysia’s trade data underscores the rationale. Aluminium exports stood at 2.28 million tonnes in 2023, slipped slightly to 2.25 million tonnes in 2024, and reached 903,081 tonnes by May 2025 as per ITA.
