Inflation comes for aluminum, as the everywhere metal surges

Aluminum is heading for a seismic shift as a long-running supply glut starts to fade, setting the stage for shortages and a price rally that could run for years.

Demand is set to surge on the back of climate-change investment, and mega-producer China — which accounts for more than half of global output — is cracking down on smelting to reduce pollution and meet green targets.

Those combined forces mean the oversupply that’s dominated the market for more than a decade is on the way out, leaving buyers bracing for a new era of scarcity and higher costs.

With aluminum a feature of