At what stage has the competition between China and the United States reached?

With Trump’s economic offensive—i.e., the trade war—having failed, and with U.S. military capabilities lagging behind in key areas (e.g., sixth-generation fighter jets and hypersonic missiles), America’s sole remaining relatively stable pillar of hegemony is its financial dominance—specifically, the dollar’s global reserve currency status. Consequently, the current Sino-U.S. rivalry is increasingly centering on the U.S. dollar’s hegemony. This will be the final round of contestation in the broader process of hegemonic transition between China and the United States. In fact, in the era of economic globalization, the dollar’s hegemony has proven far more resilient than many self-media commentators imagine. Since the capitalist world system has entered the stage of transnational industrial capitalism (see: The Rise and Fall of the Capitalist World System (II): Internal Structure of Transnational Production Capitalism), and since China occupies the core position in the global supply chain, all direct U.S. offensives against China inevitably collapse under China’s supply-chain countermeasures. Yet the Trump camp remains unwilling to accept defeat. It seeks instead to leverage its residual dollar hegemony to bolster other pillars of U.S. dominance—a desperate, last-ditch struggle. Economically, Trump pursues a dual-track strategy: first, weakening China’s industrial strength through nearshoring and friend-shoring; second, using tariff policies to incentivize—and coerce—global industrial firms to invest in the United States. Beyond chipmakers like TSMC and strategic resource enterprises such as rare-earth producers, this includes foundational heavy-industrial facilities—for instance, aluminum smelters: Recently, Century Aluminum and Bechtel—the global engineering giant—officially signed a cooperation agreement to jointly advance construction of a new aluminum smelter in Oklahoma. This facility marks the first newly built aluminum smelter in the U.S. since 1980, carrying the strategic mission of boosting domestic aluminum output and reducing import dependence. Its establishment will help break decades of stagnation in U.S. aluminum production capacity. The plant is located outside Tulsa, Oklahoma, with an estimated investment of $4 billion (approx. RMB 27.7 billion), an annual capacity of 750,000 tons, and projected creation of 1,000 permanent jobs plus 4,000 construction-phase jobs. [1] Similarly, steel plants are also being targeted—for example: On March 25, President Trump announced that Hyundai Motor Group pledged a $5.8 billion (approx. RMB 4.21 billion) investment in the United States. Hyundai plans to build a steel plant in Louisiana. This move signals the effectiveness of U.S. tariff threats. Hyundai Motor Group has committed a total of $21 billion in U.S. investments, including the $5.8 billion Louisiana steel plant, which will produce over 2.7 million tons of steel annually and generate more than 1,400 jobs. The plant is expected to supply steel to Hyundai’s automobile factories in Alabama and Georgia. [2] The Trump camp’s objective is clear: leveraging the U.S. dollar’s status as the world’s primary reserve currency—and thus the United States’ position as the world’s largest consumer market—to attract industrial production to American soil and thereby strengthen U.S. industrial capacity. Industrial revitalization is prioritized because the Trump camp’s foremost goal is reviving America’s military-industrial complex, for which foundational heavy industry serves as the essential bedrock.

March 20 Early Analysis of Calcined Alumina

4. According to ALD (Aladdin) research, the calcined alumina market overall maintains steady transaction momentum. Raw material prices continue rising, while downstream buyers procure based on immediate demand. Market trends remain positive. Spot supply is generally stable and slightly increasing, though regional mismatches persist—certain grades remain tight, requiring 1–2 days’ waiting time for pickup. Yesterday, major Shandong-based producers raised prices for legacy-line and lightly calcined series by RMB 50/ton, and for 300ms series by RMB 100/ton, driving upward price adjustments in surrounding new orders. Current spot transaction prices for raw powder stand at RMB 3,400–3,600/ton; for fine powder, RMB 3,700–3,900/ton. 5. According to ALD’s comprehensive news coverage, State Power Investment Corporation’s Shanxi Mining Ningwu Kuancaoping bauxite mine has obtained official approval from competent authorities for permanent use of forest and grassland land—laying the groundwork for full-scale commencement. This approval covers Phase I and Phase II of the mining project. Forest and grassland land permits constitute the core ‘license to operate’ for open-pit mines, directly impacting production continuity and sustainable development. 6. According to ALD’s comprehensive news coverage, the main power station building of SPIC’s Guinea alumina project completed its first concrete pour—marking formal entry into the main structural construction phase. As a supporting facility for the alumina project, the power station will house an 85-MW power generation unit and incorporate high-efficiency dust removal, flue gas desulfurization, and denitrification systems. Upon completion, it will provide stable high- and low-pressure steam and electricity to the Viga Industrial Park. 7. According to ALD’s comprehensive news coverage, the Lao government recently signed a Memorandum of Understanding (MoU) on the Oudomxay Province AI Green Power Aluminum Eco-Industrial Park Project with Jidapeng Group and CGN Laos Co., Ltd. The project’s central objective is to jointly develop—with Guangxi Investment Group Co., Ltd. as the principal industrial investor—a green aluminum industrial base centered on 500,000 tons/year of green electrolytic aluminum capacity, backed by 2,000 MW of clean energy, and gradually expanded into a fully integrated aluminum industry chain. 8. According to ALD’s comprehensive news coverage, Chalco Shanxi New Materials Co., Ltd. and Chalco Shanxi Aluminum Co., Ltd. are vigorously advancing their 1-million-ton alumina energy-saving and efficiency-enhancement upgrading project. Key focus areas include management of digestion-process upgrades, hands-on commissioning and trial operation, post-upgrade production efficiency improvements, and end-to-end process control across the entire alumina production chain. 9. According to ALD’s synthesis of overseas media reports, Guinea’s Presidential Office issued a notice on March 18, 2026, mandating that over 60 state-owned, private, and mixed-ownership enterprises nationwide must remit their fiscal year 2025 dividends by June 30. Private enterprises failing to comply will face revocation of business or mining licenses; general managers of state-owned enterprises will be dismissed and subject to judicial accountability. To ensure enforcement, the Guinean government has established an interdepartmental special task force. 10. According to ALD’s comprehensive news coverage, Century Aluminum Company is benefiting from robust aluminum demand and actively advancing both capacity restoration and new smelter construction. The company operates smelters in the United States and Iceland, with an annual capacity of approximately 770,000 tons. In 2025, its primary aluminum output totaled ~638,000 tons, with shipments exceeding 647,000 tons. Its major facilities include Grundartangi (Iceland), Sebree (Kentucky), and Mt. Holly (South Carolina).

Oklahoma Aluminum Smelter Project Stalls Amid Local Opposition Despite Federal Support

Sep 18, 2026

Emirates Global Aluminium and Century Aluminum face delays on their $4 billion Oklahoma smelter project after local officials extended a permit moratorium until April 2027 pending a referendum, despite support from President Trump and the Justice Department.

reuters

2026-09-18

Oklahoma Aluminum Smelter Project Stalls Amid Local Opposition Despite Federal Support

Oklahoma Aluminum Smelter Project Stalls Amid Local Opposition Despite Federal Support

FAQ