Sunday, 4 October 2026 Aluminium LME USD 3,283/t Official dollar ARS 1,543
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ARGENTINA · ACTIVITY · MACRO

Argentina: construction, industry and macro

The activity that drives aluminium demand in the country, with data from INDEC, the BCRA and the Ministry of Economy.

Official data and identified sources · Last sync:

OverviewConstructionIndustryMacro

Overview

Construction (ISAC)147.4 −4.5% y/yJUL 2026Industry (manufacturing IPI)118.2 −4.9% y/yJUL 2026Economic activity (EMAE)151.6 −1.4% y/yJUL 2026Industrial capacity utilisation58.2% −0.2 pp y/yJUL 2026

Activity radar

How the sectors that use aluminium are doing, against the same month a year earlier.

SectorLatesty/yTrend
ConstructionISAC 147.4JUL 2026 −4.5%
worsening
Industrymanufacturing IPI 118.2JUL 2026 −4.9%
steady
Metal products 84.8JUL 2026 −8.4%
worsening
Basic metalsBasic metal industries 88.6JUL 2026 +1.6%
improving
MetalworkingMachinery and equipment 114.2JUL 2026 −26.7%
worsening
AutomotiveVehicles, bodies and parts 126.0JUL 2026 −5.4%
steady
PermitsBuilding permits 1,574,149 m²JUN 2026 +31.6%
improving

Trend: the year-on-year change of the last three months against the three before. Source: INDEC.

Primary aluminium production

37,750 t in July 2026

  • +15.3% vs the same month last year
  • 250,980 t so far this year (+10.9%)
Monthly primary aluminium production, last 24 months010,00020,00030,00040,000Nov 24Mar 25Jul 25Nov 25Mar 26Jul 26

Latest figure: JUL 2026Updated on aluminio.ar: 4 OCT 2026Source: Ministry of EconomyUp to date

Tonnes of primary aluminium produced in the country in the month, according to the Ministry of Economy (based on INDEC, other official bodies and industry chambers). Download CSV

Primary aluminium in Argentina

460.000 t a year

Aluar reports an installed primary aluminium production capacity of 460,000 tonnes a year, at its Puerto Madryn plant (Chubut). This is capacity, not output: monthly output is shown alongside.

Source: Aluar · Production capacity

From the industry

Wages, agreements and data from the UOM, the chambers and the aluminium companies, with their source. The documents are in Spanish.

UOM Wage agreement · 28 July 2026

Acuerdo UOM – ADIMRA (Disposición 207/2026)

Bajo el acuerdo de marras, las partes pactan condiciones salariales en el marco del Convenio Colectivo de Trabajo N° 260/75, de acuerdo a la vigencia y detalles allí previstos.

#UOM #ADIMRA

View in the Official Gazette

UOM Rule or resolution · 26 June 2026

Tope indemnizatorio del acuerdo UOM – ADIMRA N° 2260/25 (Disposición 224/2026)

Fija el promedio de remuneraciones y el tope indemnizatorio (artículo 245 de la Ley de Contrato de Trabajo) que surgen del acuerdo registrado bajo el N° 2260/25. Los importes están en el anexo publicado en el Boletín Oficial.

#UOM #ADIMRA

View in the Official Gazette

UOM Rule or resolution · 26 June 2026

Corrección de la Disposición 224/2026 sobre el acuerdo UOM – ADIMRA N° 2260/25 (Disposición 255/2026)

Corrige un error material de la Disposición 224/2026, sobre el acuerdo registrado bajo el N° 2260/25. El texto corregido está en el Boletín Oficial.

#UOM #ADIMRA

View in the Official Gazette

UOM Wage agreement · 25 November 2025

Acuerdo UOM Seccional Puerto Madryn – Aluar (Disposición 1777/2025)

A través del referido acuerdo las partes pactan una gratificación extraordinaria de carácter no remunerativa, conforme surge de los términos y contenido del texto.

#UOM #Aluar

View in the Official Gazette

See all industry documents

Construction

Construction (ISAC)

Synthetic indicator of construction activity: it measures the use of building inputs.

147.4
  • −4.5% y/y
  • +1.7% year to date

Latest figure: JUL 2026Updated on aluminio.ar: 4 OCT 2026Source: INDECUp to date

Construction (ISAC), index 2004 = 100100.0150.0200.0250.020222023202420252026
Construction (ISAC)
See the data
Periodindex 2004 = 100
July 2026147.4
June 2026146.1
May 2026147.2
April 2026142.2
March 2026149.6
February 2026123.8
January 2026133.0
December 2025136.4
November 2025142.4
October 2025168.4
September 2025160.5
August 2025153.6
July 2025154.4
June 2025140.2
May 2025141.3
April 2025146.3
March 2025132.7
February 2025125.8
January 2025132.5
December 2024132.5
November 2024149.3
October 2024155.7
September 2024150.5
August 2024153.5

Source: INDEC, Official series through the Time Series API (datos.gob.ar) · CC BY 4.0 · Download CSV

Construction cost (ICC)

INDEC construction cost index (Greater Buenos Aires): materials, labour and overheads.

1,752.6
  • +2.5% m/m
  • +33.2% y/y

Latest figure: AUG 2026Updated on aluminio.ar: 4 OCT 2026Source: INDECUp to date

Construction cost (ICC), index Jan 2022 = 1000.0500.01,0001,5002,0002023202420252026
Construction cost (ICC)

INDEC index with base January 2022 = 100. Materials, labour and overheads in the CSV.

See the data
Periodindex Jan 2022 = 100
August 20261,753
July 20261,710
June 20261,675
May 20261,635
April 20261,591
March 20261,531
February 20261,502
January 20261,472
December 20251,437
November 20251,416
October 20251,378
September 20251,355
August 20251,315
July 20251,293
June 20251,269
May 20251,257
April 20251,215
March 20251,209
February 20251,202
January 20251,176
December 20241,166
November 20241,073
October 20241,063
September 20241,050

Source: INDEC, Official tables (CSV and Excel) · Free use with attribution (Law 17,622) · Download CSV

Building permits

Floor area authorised by private building permits in 246 municipalities.

1,574,149 m²
  • +31.6% y/y
  • +8.9% year to date

Latest figure: JUN 2026Updated on aluminio.ar: 4 OCT 2026Source: INDECUp to date

Building permits, m² authorised (246 municipalities)0.0 M0.5 M1.0 M1.5 M2.0 M2023202420252026
Building permits
See the data
Periodm² authorised (246 municipalities)
June 20261.6 M
May 20261.3 M
April 20261.5 M
March 20261.4 M
February 20261.0 M
January 20261.3 M
December 20251.4 M
November 20251.3 M
October 20251.6 M
September 20251.4 M
August 20251.5 M
July 20251.4 M
June 20251.2 M
May 20251.4 M
April 20251.2 M
March 20251.2 M
February 20251.1 M
January 20251.3 M
December 20241.3 M
November 20241.2 M
October 20241.5 M
September 20241.3 M
August 20241.4 M
July 20241.3 M

Source: INDEC, Official tables (CSV and Excel) · Free use with attribution (Law 17,622) · Download CSV

Building inputs

How much of each input was shipped against the same month a year earlier (INDEC, ISAC).

Inputvs a year earlierPeriod
Other inputs (including glass and aluminium) +22.8%JUL 2026
Ceramic sanitary ware +7.0%JUL 2026
Terrazzo and cement tiles +0.7%JUL 2026
Building paints +0.1%JUL 2026
Rebar and steel −2.4%JUL 2026
Ceramic floor and wall tiles −6.9%JUL 2026
Plasterboard −7.2%JUL 2026
Portland cement −8.1%JUL 2026
Ready-mix concrete −9.5%JUL 2026
Lime −9.8%JUL 2026
Hollow bricks −12.9%JUL 2026
Plaster −21.2%JUL 2026
Asphalt −23.1%JUL 2026

Industry

Industry (manufacturing IPI)

INDEC manufacturing production index.

118.2
  • −4.9% y/y
  • −5.0% m/m s.a.
  • −2.6% year to date

Latest figure: JUL 2026Updated on aluminio.ar: 4 OCT 2026Source: INDECUp to date

Industry (manufacturing IPI), index 2016 = 100100.0120.0140.0160.020222023202420252026
Industry (manufacturing IPI)
See the data
Periodindex 2016 = 100
July 2026118.2
June 2026120.0
May 2026117.0
April 2026118.6
March 2026122.1
February 2026100.3
January 2026106.5
December 2025112.0
November 2025114.4
October 2025126.7
September 2025124.9
August 2025123.3
July 2025124.2
June 2025117.5
May 2025124.0
April 2025121.5
March 2025116.3
February 2025110.0
January 2025110.7
December 2024116.7
November 2024125.4
October 2024130.3
September 2024125.2
August 2024128.7

Source: INDEC, Official series through the Time Series API (datos.gob.ar) · CC BY 4.0 · Download CSV

Metal products

Output of metal products: structures, metal joinery, containers, parts.

84.8
  • −8.4% y/y

Latest figure: JUL 2026Updated on aluminio.ar: 4 OCT 2026Source: INDECUp to date

Metal products, index 2016 = 10060.080.0100.0120.0140.020222023202420252026
Metal products
See the data
Periodindex 2016 = 100
July 202684.8
June 202686.5
May 202684.4
April 202683.7
March 202689.2
February 202677.1
January 202679.4
December 202578.9
November 202581.5
October 202590.4
September 202590.4
August 202590.1
July 202592.5
June 202583.5
May 202585.7
April 202585.0
March 202581.5
February 202581.6
January 202586.1
December 202486.0
November 202497.7
October 202499.8
September 2024103.1
August 2024109.6

Source: INDEC, Official series through the Time Series API (datos.gob.ar) · CC BY 4.0 · Download CSV

Basic metal industries

Output of the basic metal industries (manufacturing IPI, division).

88.6
  • +1.6% y/y

Latest figure: JUL 2026Updated on aluminio.ar: 4 OCT 2026Source: INDECUp to date

Basic metal industries, index 2016 = 10040.060.080.0100.0120.020222023202420252026
Basic metal industries
See the data
Periodindex 2016 = 100
July 202688.6
June 202692.3
May 202692.5
April 202684.0
March 202681.0
February 202656.2
January 202684.0
December 202585.7
November 202589.2
October 202597.6
September 202589.7
August 202590.4
July 202587.2
June 202582.5
May 202596.4
April 202593.8
March 202589.2
February 202563.8
January 202583.9
December 202480.0
November 202492.3
October 202496.7
September 202490.3
August 202494.4

Source: INDEC, Official series through the Time Series API (datos.gob.ar) · CC BY 4.0 · Download CSV

Capacity utilisation

How much of its capacity each sector used. The change is in percentage points.

SectorCapacity in usevs a year earlierPeriod
General level58.2% −0.2 ppJUL 2026
Basic metal industries71.8% +7.9 ppJUL 2026
Metalworking excluding motor vehicles38.3% −10.7 ppJUL 2026
Automotive industry39.0% −5.1 ppJUL 2026

Source: INDEC · CSV capacity · CSV basic metals · CSV metalworking · CSV automotive

Capacity utilisation: basic metals

Capacity use in basic metal industries: steel and primary aluminium, among others.

71.8%
  • +7.9 pp y/y

Latest figure: JUL 2026Updated on aluminio.ar: 4 OCT 2026Source: INDECUp to date

Capacity utilisation: basic metals, % in use50.0%60.0%70.0%80.0%90.0%20222023202420252026
Capacity utilisation: basic metals
See the data
Period% in use
July 202671.8%
June 202668.7%
May 202675.4%
April 202673.4%
March 202673.3%
February 202659.7%
January 202667.6%
December 202557.5%
November 202573.3%
October 202571.1%
September 202570.4%
August 202570.4%
July 202563.9%
June 202564.3%
May 202567.4%
April 202563.9%
March 202564.3%
February 202567.3%
January 202559.3%
December 202452.4%
November 202467.2%
October 202468.9%
September 202472.4%
August 202466.8%

Source: INDEC, Official series through the Time Series API (datos.gob.ar) · CC BY 4.0 · Download CSV

Macro

Wholesale dollar

Wholesale market reference exchange rate calculated by the BCRA (Communication A 3500).

ARS 1,523.09
  • +0.8% 30 days

Latest figure: 2 OCT 2026Updated on aluminio.ar: 4 OCT 2026Source: BCRAUp to date

Wholesale dollar, ARS per dollar0.0500.01,0001,5002,000202420252026
Wholesale dollar

Monthly average of the daily rate. The latest daily figure is above.

See the data
PeriodARS per dollar
September 20261,514
August 20261,500
July 20261,487
June 20261,450
May 20261,397
April 20261,381
March 20261,396
February 20261,410
January 20261,449
December 20251,448
November 20251,428
October 20251,432
September 20251,400
August 20251,330
July 20251,267
June 20251,181
May 20251,148
April 20251,122
March 20251,069
February 20251,058
January 20251,044
December 20241,021
November 20241,002
October 2024981.6

Source: BCRA, Monetary statistics API v4.0 · Public information, with attribution · Download CSV

Retail dollar

Average of what banks charge to sell dollars, calculated by the BCRA (Communication B 9791).

ARS 1,543.18
  • +0.6% 30 days

Latest figure: 2 OCT 2026Updated on aluminio.ar: 4 OCT 2026Source: BCRAUp to date

Retail dollar, ARS per dollar0.0500.01,0001,5002,000202420252026
Retail dollar
See the data
PeriodARS per dollar
September 20261,535
August 20261,522
July 20261,509
June 20261,471
May 20261,419
April 20261,407
March 20261,419
February 20261,432
January 20261,470
December 20251,472
November 20251,455
October 20251,465
September 20251,424
August 20251,344
July 20251,288
June 20251,198
May 20251,171
April 20251,151
March 20251,099
February 20251,087
January 20251,071
December 20241,049
November 20241,031
October 20241,013

Source: BCRA, Monetary statistics API v4.0 · Public information, with attribution · Download CSV

Inflation (CPI)

Change in the consumer price index, national general level.

1.7%
  • +33.5% year on year

Latest figure: AUG 2026Updated on aluminio.ar: 4 OCT 2026Source: INDECUp to date

Inflation (CPI), % a month0.0%10.0%20.0%30.0%2023202420252026
Inflation (CPI)
See the data
Period% a month
August 20261.7%
July 20262.1%
June 20261.9%
May 20262.1%
April 20262.6%
March 20263.4%
February 20262.9%
January 20262.9%
December 20252.8%
November 20252.5%
October 20252.3%
September 20252.1%
August 20251.9%
July 20251.9%
June 20251.6%
May 20251.5%
April 20252.8%
March 20253.7%
February 20252.4%
January 20252.2%
December 20242.7%
November 20242.4%
October 20242.7%
September 20243.5%

Source: INDEC, Official series through the Time Series API (datos.gob.ar) · CC BY 4.0 · Download CSV

Economic activity (EMAE)

Monthly economic activity estimator: the monthly preview of GDP.

151.6
  • −1.4% y/y
  • −2.9% m/m s.a.

Latest figure: JUL 2026Updated on aluminio.ar: 4 OCT 2026Source: INDECUp to date

Economic activity (EMAE), index 2004 = 100130.0140.0150.0160.0170.020222023202420252026
Economic activity (EMAE)
See the data
Periodindex 2004 = 100
July 2026151.6
June 2026161.7
May 2026166.3
April 2026162.3
March 2026160.2
February 2026139.3
January 2026149.5
December 2025153.9
November 2025148.0
October 2025152.8
September 2025151.7
August 2025150.4
July 2025153.8
June 2025156.8
May 2025165.1
April 2025158.9
March 2025150.6
February 2025141.4
January 2025146.5
December 2024148.7
November 2024148.2
October 2024148.1
September 2024144.8
August 2024147.3

Source: INDEC, Official series through the Time Series API (datos.gob.ar) · CC BY 4.0 · Download CSV

Other BCRA references

The indices and rates used to update contracts, loans and construction budgets.

VariableLatest figure30 daysDate
UVA (purchasing value unit)Adjusts mortgage loans and many construction contracts.2,142.08 pesos+1.7%05/10/2026
CERUpdates debts and bonds for inflation.849.6708 coefficient+1.8%05/10/2026
Rental contracts index (ICL)Updates rents for contracts signed under Law 27,551.36.63 index+2.1%05/10/2026
BADLAR rate, private banksReference for the cost of borrowing in pesos.23.19 % a year+0.5%01/10/2026
TAMAR rate, private banksReference rate for wholesale deposits.24.44 % a year+2.6%01/10/2026
BCRA international reservesThe Central Bank’s dollar backing.46,092 USD million−4.5%30/09/2026
Expected inflation for the next 12 months (REM)Median of what the analysts surveyed by the BCRA expect.21.0 %−3.7%31/08/2026

Source: BCRA, main variables

Reference information taken from official public sources, cited for each figure. It is not financial advice or a sales quote. International aluminium is a monthly average; the dollar and the BCRA variables are updated every business day.

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