15 companies in this supply chain, sorted by market share.
Largest independent calcined petroleum coke (CPC) producer globally; ~25% global market share; part of Rain Industries (India); operates calcining plants in the US (New Orleans, Chalmette LA), Europe, and India; buys green petcoke from Gulf Coast refineries and exports CPC to aluminum smelters worldwide
Supplies these inputs
Calcined Petroleum Coke (CPC) — Aluminum Anodes
Replaceability
Substitutability 45% · 9 mo to replace
Business segments
- Calcined Petroleum Coke (CPC)70% rev
- Green Petroleum Coke (GPC) Trading15% rev
- Specialty Products15% rev
Major calcined petroleum coke producer and trader (~18% global market share); part of Koch Industries (William Koch's company, not Charles/David Koch's Koch Industries); operates calcining facilities in Texas and globally; major US petcoke exporter and supplier to international aluminum smelters
Supplies these inputs
Calcined Petroleum Coke (CPC) — Aluminum Anodes
Replaceability
Substitutability 45% · 9 mo to replace
Business segments
- Calcined Petroleum Coke (CPC)55% rev
- Green Petcoke Trading & Brokerage35% rev
- Power Generation10% rev
Leading global petcoke trading intermediary and calciner; Rain CII Carbon (US subsidiary) is the largest single recipient of Indian GPC import quotas (462,589t in FY2025-26); operates calciners in US, India, Belgium, and Russia; sources green petcoke from Gulf Coast refineries.
Supplies these inputs
Calcined Petroleum Coke (CPC) — Aluminum Anodes
Replaceability
Substitutability 35% · 12 mo to replace
Business segments
- Calcined Petroleum Coke (CPC) — Rain CII Carbon45% rev
- Green Petcoke Trading & Sourcing15% rev
- Coal Tar Chemicals (Rain Chemicals)20% rev
- Cement (Rain Cements, India)15% rev
State-owned Chinese aluminum company (subsidiary of Chinalco); China's largest alumina and primary aluminum producer; operates ~50 bauxite mines and 15+ alumina refineries across China and internationally; ~12% of global alumina production
Supplies these inputs
Alumina (Aluminum Oxide, Al₂O₃)
Replaceability
Substitutability 65% · 3 mo to replace
Business segments
- Bauxite Mining15% rev
- Alumina Refining35% rev
- Primary Aluminum Smelting35% rev
- Downstream Fabrication15% rev
Rio Tinto bauxite and alumina subsidiary; operates Weipa (Queensland, ~34 Mt/yr) and Amrun (Queensland, ~23 Mt/yr) bauxite mines — among the world's largest; also holds Guinea bauxite concessions through CBG JV (Halco); supplies Yarwun and Queensland Alumina Ltd refineries
Supplies these inputs
Alumina (Aluminum Oxide, Al₂O₃) · Bauxite Ore (Primary Aluminum Feedstock) · Calcined Petroleum Coke (CPC) — Aluminum Anodes
Replaceability
Substitutability 25% · 6 mo to replace
Business segments
- Bauxite Mining (Queensland + Guinea)35% rev
- Alumina Refining (Queensland)22% rev
- Primary Aluminum Smelting30% rev
- Downstream & Specialty Aluminum13% rev
Sino-Singaporean consortium (Winning International, Yantai Port Group, Shandong Weiqiao Aluminium, United Mining Suppliers UMS) operating in Guinea's Boke Region; Guinea's largest bauxite exporter (~38.5 Mt in 2024); operates Boffa deepwater terminal; ships almost exclusively to Chinese alumina refineries
Supplies these inputs
Bauxite Ore (Primary Aluminum Feedstock)
Replaceability
Substitutability 55% · 12 mo to replace
Business segments
- Bauxite Mining (Boke Region)80% rev
- Port & Logistics (Boffa Terminal)20% rev
China's largest aluminum producer (private); sources bauxite from Guinea and Indonesia; operates integrated bauxite mines (Guinea operations via Winning Consortium) through parent Shandong Weiqiao; ~10% of global aluminum output
Supplies these inputs
Alumina (Aluminum Oxide, Al₂O₃) · Bauxite Ore (Primary Aluminum Feedstock)
Replaceability
Substitutability 40% · 6 mo to replace
Business segments
- Primary Aluminum Smelting50% rev
- Alumina Refining22% rev
- Bauxite Mining (Guinea — SMB Winning)15% rev
- Captive Power Generation (Coal + Hydro)8% rev
Norwegian state-controlled industrial company; operates Alunorte (Barcarena, Brazil) — the world's largest alumina refinery (6.3 Mt/yr capacity); also Paragominas bauxite mine (Brazil) and Norwegian aluminum smelters; 2018 Alunorte environmental shutdown caused global alumina price to spike 60%
Supplies these inputs
Alumina (Aluminum Oxide, Al₂O₃) · Bauxite Ore (Primary Aluminum Feedstock)
Replaceability
Substitutability 55% · 12 mo to replace
Business segments
- Alumina Refining — Alunorte (Brazil)20% rev
- Bauxite Mining (Paragominas + MRN, Brazil)8% rev
- Primary Aluminum Smelting (Norway)22% rev
- Hydro Extrusions (Global Business)35% rev
US refining, midstream, chemicals, and marketing company (NYSE: PSX, HQ Houston TX); spun off from ConocoPhillips in 2012. Gulf Coast facilities: Sweeny TX (247,000 bpd) and Lake Charles LA (255,000 bpd). Phillips 66 Partners LP (midstream MLP) owns pipelines and terminals feeding crude to its refineries, including the Gray Oak Pipeline (Permian Basin crude to Texas Gulf Coast) and Liberty Pipeline (Rockies crude). The Sweeny refinery includes an 835,000 bpd fractionation hub that also processes NGL from shale formations — same facility handles both crude refining and NGL processing.
Supplies these inputs
Calcined Petroleum Coke (CPC) — Aluminum Anodes
Replaceability
Substitutability 30% · 6 mo to replace
Business segments
- Refining55% rev
- Chemicals (CPChem — 50% joint venture with Chevron)15% rev
- Midstream20% rev
- Marketing & Specialties10% rev
US aluminum producer; operates Pinjarra (~4.7 Mt/yr) and Wagerup (~2.7 Mt/yr) alumina refineries in Western Australia; also Huntly bauxite mine; Australian refineries feed global export market; previously operated Point Comfort refinery (Texas, closed 2016)
Supplies these inputs
Alumina (Aluminum Oxide, Al₂O₃) · Bauxite Ore (Primary Aluminum Feedstock)
Replaceability
Substitutability 60% · 6 mo to replace
Business segments
- Bauxite Mining15% rev
- Alumina Refining40% rev
- Aluminum Smelting35% rev
- Other Operations10% rev
Largest industrial company in UAE outside oil and gas; 2.6 Mt/year primary aluminum (5-6% global). 100% natural gas powered using cheap byproduct fuel from local oil operations. Rapidly growing; researching 5.4 GW solar + wind + 65 GWh storage path to net-zero. Integrated with Guinea bauxite interests.
Supplies these inputs
Alumina (Aluminum Oxide, Al₂O₃) · Bauxite Ore (Primary Aluminum Feedstock)
Business segments
- Primary Aluminum Smelting (DUBAL + EMAL)55% rev
- Guinea Bauxite (Guinea Alumina Corporation — GAC)20% rev
- DX Smelting Technology Licensing8% rev
- Alumina Supply & Future Refining17% rev
World's 2nd-largest primary aluminum producer outside China; 3.7 Mt/year (~6-7% global supply). Operates primarily in Siberia with access to low-cost hydroelectric power. Subject to US OFAC sanctions in 2018 (lifted Jan 2019 after Deripaska ownership restructuring); UK/EU restrictions from 2022 Ukraine war. ~80% of capacity in Russia.
Supplies these inputs
Alumina (Aluminum Oxide, Al₂O₃)
Replaceability
Substitutability 40% · 6 mo to replace
Business segments
- Primary Aluminum Smelting (Siberian Hydro)55% rev
- Alumina Refining (Global Portfolio)22% rev
- Bauxite Mining (Guinea, Jamaica, Russia)12% rev
- Nornickel Stake (~27% ownership)8% rev
UAE state-controlled aluminum company (majority owned by ADQ and Mubadala); world's largest "premium" aluminum producer; operates Al Taweelah integrated aluminum complex including in-house calcining facility; also develops Guinea Alumina Corporation bauxite mine (until license revoked 2024-2025)
Supplies these inputs
Calcined Petroleum Coke (CPC) — Aluminum Anodes
Replaceability
Substitutability 55% · 12 mo to replace
Business segments
- Primary Aluminum Smelting (Al Taweelah)60% rev
- Alumina Refinery (Al Taweelah)20% rev
- Calcined Petroleum Coke (CPC)10% rev
- Guinea Alumina Corp (Bauxite -- suspended)10% rev
Joint venture between Halco Mining (US/European consortium including Alcoa and Rio Tinto) and the Government of Guinea; operates Sangaredi mine, the highest-grade bauxite deposit in the world; ships via Kamsar port; one of the oldest continuous-operation bauxite mines globally
Supplies these inputs
Bauxite Ore (Primary Aluminum Feedstock)
Replaceability
Substitutability 45% · 18 mo to replace
Business segments
- Bauxite Mining (Sangaredi)85% rev
- Port & Logistics (Kamsar)15% rev
Australian diversified mining company (demerged from BHP in 2015); operates Worsley Alumina (WA, ~4.7 Mt/yr), Brazil Alumina (MINERACAO RIO DO NORTE stake), and South Africa Manganese; Worsley is a major seaborne alumina exporter
Supplies these inputs
Alumina (Aluminum Oxide, Al₂O₃)
Replaceability
Substitutability 60% · 6 mo to replace
Business segments
- Alumina (Worsley & Brazil)35% rev
- Manganese (South Africa & Australia)25% rev
- Metallurgical Coal (Illawarra)
- Silver, Lead & Zinc (Cannington)15% rev
