Aluminum prices hit a nearly four-year high on Wednesday amid fears of supply disruptions from the Middle East.
The price of aluminum futures on the London Metal Exchange (LME) rose 3.1% to $3,379.8 per ton by 3:00 p.m. During the session, the price exceeded $3,400 for the first time since April 2022.
Aluminium Bahrain (Alba, one of the largest aluminium producers in the Middle East) announced force majeure on its contracts on Wednesday because it is unable to ship aluminium products.
“This is due to the situation in the Strait of Hormuz, which prevents us from shipping. Therefore, we are continuing production, but the metal is here in Alba,” he told Reuters.
According to AZ China, the Middle East accounts for about 9% of global aluminum production.
For a more detailed overview of global aluminum production from 1970 to 2024, see the video on the Experts Club YouTube channel.
