Aluminium prices on Wednesday hit their highest in almost four years due to 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 tonne by 15:00 CET. During the session, the price exceeded $3,400 for the first time since April 2022.
Aluminium Bahrain (Alba, one of the largest aluminum producers in the Middle East) on Wednesday declared force majeure on its contracts, as it cannot ship aluminum products.
"This is due to the situation in the Strait of Hormuz, through which we cannot ship. Therefore, we continue production, but the metal is here in Alba," he said Reuters.
The Middle East accounts for about 9% of global aluminum production, according to AZ China.
A closer look at global production
