Aluminum Hits Near 4-year High

Aluminum futures in the UK surged to $3,340 per tonne in March, the highest in nearly four years, as the outbreak of war in the Middle East magnified an already tight supply backdrop. Iran struck targets in all GCC countries, driving major producers to stop aluminum refining activity and risking the suspension of operations in the region that produces 10% of global supply. Qatar halted its aluminum operation, while major facilities in the UAE and Bahrain were vulnerable to attacks and power interruptions from strikes on energy infrastructure. Additionally, warehouses were isolated from clients as Iran attacked cargo vessels crossing the Strait of Hormuz. Elsewhere, output in China is expected to stall this year as it surpassed the cap of 45 million tons in 2025. The government's campaign against expanding manufacturing capacity limited expectations of an extension, while smelters struggle to build new plants in Indonesia amid higher energy costs and local regulations risks.

Aluminum increased to 3375.00 USD/T, the highest since April 2022. Over the past 4 weeks, Aluminum gained 11.03%, and in the last 12 months, it increased 26.44%.

Aluminum increased to 3227.00 USD/T, the highest since January 2026. Over the past 4 weeks, Aluminum lost 3.68%, and in the last 12 months, it increased 20.66%.