Aluminum Prices Extend Advance

2026-03-31 06:52 By Judith Sib-at 1 min. read

Aluminum futures in the UK extended their gains, climbing toward $3,470 per tonne and poised for a monthly increase of around 10%, the strongest performance in nearly two years.

The rally was driven by concerns over a prolonged supply squeeze following Iranian strikes that damaged two aluminum plants in the Gulf region, operated by Aluminium Bahrain and Emirates Global Aluminium.

Both companies have yet to provide updates on the status of their operations.

The Middle East hostilities have had a pronounced impact on aluminum, given that the region is a major source of primary metal, nearly all of which is exported.

Exports are now constrained due to the closure of the Strait of Hormuz.

Signs of tightness in the physical market are also emerging, with LME warehouse inventories falling to 418,675 tonnes as of March 27, the lowest level since July 2025.

Further supporting prices, China's factory activity returned to growth in March, signaling increased demand for industrial metals.



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Aluminum Prices Extend Advance
Aluminum futures in the UK extended their gains, climbing toward $3,470 per tonne and poised for a monthly increase of around 10%, the strongest performance in nearly two years. The rally was driven by concerns over a prolonged supply squeeze following Iranian strikes that damaged two aluminum plants in the Gulf region, operated by Aluminium Bahrain and Emirates Global Aluminium. Both companies have yet to provide updates on the status of their operations. The Middle East hostilities have had a pronounced impact on aluminum, given that the region is a major source of primary metal, nearly all of which is exported. Exports are now constrained due to the closure of the Strait of Hormuz. Signs of tightness in the physical market are also emerging, with LME warehouse inventories falling to 418,675 tonnes as of March 27, the lowest level since July 2025. Further supporting prices, China's factory activity returned to growth in March, signaling increased demand for industrial metals.
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Aluminum Prices Jump as Iran Hit Middle East Producers
Aluminum futures in the UK jumped nearly 5% to around $3,430 per tonne, hovering near their highest level in four years, after two major aluminum production sites in the Middle East were hit by Iranian strikes, heightening fears of prolonged supply disruptions. Emirates Global Aluminium, the region’s top producer, reported “significant damage” at its Abu Dhabi facility, while Aluminium Bahrain said it was assessing the extent of the damage to its plant. Earlier this month, Alba had already shut down 19% of its 1.6-million-tonne-per-year capacity due to shipping disruptions in the Strait of Hormuz. The Middle East accounts for roughly 9% of global supply, and these attacks raise the risk of a more acute supply squeeze, even if maritime traffic through the Strait eventually normalizes. Adding further uncertainty, Guinea, the world’s largest bauxite supplier, is considering the introduction of export quotas, which could tighten raw material availability for global smelters.
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